Budimex (BDX) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue rose 10.1% YoY to PLN 7,057.839m; operating profit increased 1.3% to PLN 515.884m.

• Net profit was PLN 439.230m, while net profit attributable to parent shareholders was PLN 432.071m.

• Operating margin was 7.31%, down from 7.95% YoY; severe January–February winter weather constrained early-year output and fixed-cost absorption.

• September-end backlog reached PLN 17.3bn, supporting production prospects into 2027–2028.

Financial highlights

• 9M gross profit rose to PLN 895.941m from PLN 790.188m; gross margin improved to 12.69% from 12.33%.

• 9M pretax profit was PLN 544.575m versus PLN 554.495m; net profit was PLN 439.230m versus PLN 440.981m.

• Q3 revenue increased to PLN 2,827.495m from PLN 2,461.683m; operating profit was PLN 206.927m versus PLN 207.583m.

• 9M operating cash flow was PLN 204.482m, compared with an outflow of PLN 163.862m; September-end cash was PLN 2,072.585m.

Outlook and guidance

• Backlog was PLN 17.3bn; 9M signed contracts exceeded PLN 6.4bn, up 64% YoY, with post-period awards above PLN 955m.

• Contracts awaiting signature totaled PLN 7.1bn, with a 90–95% conversion rate; additional Baltic-market opportunities were valued at ~PLN 5bn.

• Highest-ranked or lowest-priced bids totaled ~PLN 3.5bn; major backlog contracts moving from design to execution are expected to support high production volumes.

• Elevated seasonal working capital was expected to convert into cash in Q4; sensitivities include input prices and availability, labor, logistics, FX, competition, receivables, litigation and tax changes.