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Budimex (BDX) investor relations material
Budimex Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Backlog reached 17.0 bn PLN with about 220 active contracts, including a 1.4 bn PLN Rail Baltica Estonia agreement, securing revenues through 2027.
EBIT margin in construction rose to 7.6% (+0.3% y/y), and service segment margin grew to 10.3% (+2.0 p.p. y/y), with operating profitability at 7.65%.
Revenues for H1 2025 were 4,040 M PLN (up 2.4% y/y) or 3.95 bn PLN (down 2.3% y/y), with net profit for shareholders at 302 M PLN or 269 M PLN.
Dividend of 649 M PLN paid in June 2025, impacting net cash position.
Financial highlights
Construction segment revenues were 3,885 M PLN (+7.2% y/y), with EBIT at 257 M PLN (+8.0% y/y); service segment revenues were 444 M PLN, with EBIT margin at 10.3%.
FBSerwis Group revenues reached 435 M PLN in H1 2025, with operating profitability at 11.8%.
Gross profit on sales for H1 2025 was 485 M PLN, up 1.3% y/y, with gross margin at 12.29%.
Net cash used in operating activities was -275 M PLN, with total net cash outflow of -1.14 bn PLN, mainly due to dividend payment.
Cash and cash equivalents at period end were 2.06 bn PLN, down from 3.21 bn PLN at year-end 2024.
Outlook and guidance
Backlog secures revenues through 2027, with stable prospects for maintaining optimal order levels.
Increased foreign market activity, including new contracts in Estonia and Latvia, supports geographical diversification.
Poland's GDP is projected to grow by 3.7% in 2025, with inflation expected to remain elevated.
GDDKiA plans to announce tenders for at least 330 km of roads worth 13.5 bn PLN in 2025.
PKP PLK plans railway tenders worth about 16 bn PLN per year.
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