Budimex (BDX) Q2 2026 earnings summary

Executive summary

• Revenue grew by 8% year-over-year in H1 2026, reaching PLN 4.3 billion, driven by strong performance in railway and road construction segments and a well-diversified order backlog.

• Net profit for H1 2026 was PLN 309 million, up from PLN 270 million in H1 2025, though some sources report PLN 251.59 million, a 6.5% decrease year-over-year.

• Dividend of PLN 828 million (PLN 32.42 per share) paid for the 18th consecutive year in June 2026.

• Major contracts signed include PLN 2.3 billion for the Gdów–Podłęże railway, PLN 260 million for a bridge in Berlin, and significant projects in Slovakia, Czech Republic, Latvia, and Estonia.

• Net cash position exceeded PLN 1.2 billion at June 2026, down from PLN 2.6 billion at end-2025, mainly due to the dividend payment and seasonal working capital needs.

Financial highlights

• Revenue: PLN 4,230.3 million in H1 2026 vs. PLN 3,947.3 million in H1 2025 (+7–8%).

• EBIT rose to PLN 309 million from PLN 302 million year-over-year; operating margin at 7.2–7.3%.

• Gross margin stood at 13.68–14.2%.

• Net cash position at Q2 2026 was impacted by seasonal working capital needs, with a PLN 400 million change year-over-year.

• Dividend paid: PLN 828 million in June 2026.

Outlook and guidance

• High order backlog and strong contract pipeline support stable revenue and operational activity for 2027–2028.

• Expected production increase in construction segments for 2026 is 3–5%.

• Large pipeline of contracts awaiting signature, valued at PLN 3.4 billion, with high conversion rates.

• Government investment programs in roads, railways, and energy sectors provide a robust market outlook.

• No significant direct impact from the Ukraine war or Middle East conflict; indirect risks include raw material price and transport cost volatility.