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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.
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Q2 2025 earnings summary22 Aug, 2025

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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