Commentary of the President of the Management Board of Budimex SA, Artur Popko, on the financial data of the Budimex Group for the third quarter of 2026

• Sales revenues of the Budimex Group after the third quarter of 2026

After three quarters of 2026, the Budimex Group recorded a high level of key financial and operational indicators, confirming the effectiveness of the strategy and its strong market position.

Revenues increased by PLN 649 million, reaching PLN 7,058 million. The Group generated a solid operating profit of PLN 516 million, achieving a high profitability of 7.3%.

The Budimex Group’s gross profit amounted to PLN 545 million with a profitability of 7.7% compared to 8.7% for the first nine months of the previous year, which results from a lower result on financial activities, which is a consequence of lower interest on cash held.

The services segment continued its very strong operating results, increasing sales by 17% year-on-year to PLN 788 million, while EBIT increased by 40% and improved EBIT margin from 9.4% to 11.2%. The construction segment recorded a stable operating profitability of 6.8% after 3 quarters of this year.

The Group’s order book at the end of September 2026 exceeded PLN 17 billion, which secures the work front for 2027 and partly 2028. In addition, the value of contracts awaiting signing is approximately PLN 4 billion, which builds strong foundations for further revenue growth in subsequent reporting periods.

The stable trend in the Group’s results confirms the effectiveness in cost management, resource allocation and process optimization. Maintaining high financial efficiency, despite the volatile market environment and price pressure in the currently decided tender processes, demonstrates the resilience of the Budimex Group’s business model and properly selected operating strategy.

Construction and assembly production for the three quarters of 2026 (current prices) increased by 0.5% year-on-year from PLN 108.3 billion to PLN 108.8 billion. In the buildings segment, sold production decreased by 4.1%, while in the infrastructure area an increase of 4.9% was recorded.

Sales of the construction segment of the Budimex Group after three quarters of 2026 amounted to PLN 6,306 million and are higher compared to the corresponding period of the previous year. An increase in sales revenues in the first three quarters of 2026, compared to the same period last year, was recorded mainly in the area of railway and road construction. Despite the adverse weather conditions prevailing in the first quarter of 2026 (a cold winter lasting much longer than in the previous year), production generated in the second and third quarters was noticeably higher. This is a consequence of a high and well-diversified order book, in which most of the key contracts have moved from the design phase to the implementation phase, which will translate into high production throughput in the following quarters. ‎

The segment recorded an operating profitability of 6.8% compared to 8.1% in the prior-year period.

Despite the demanding construction and assembly market, the segment’s profitability remains at a solid level, and the observed change is in line with expectations and does not affect the operational stability of the segment.

As a result of the Monetary Policy Council’s interest rate cuts, we observed a further decline in the yield on deposits during the first three quarters of 2026, which contributed to a decrease in interest income and, as a consequence, a decline in the profitability of gross profit.

In an environment of limited supply of tenders and strong competitive pressure, the company focuses on maintaining operational efficiency and optimal use of execution resources. These effects strengthen the Group’s position as a stable, predictable and responsible leader in the construction industry.

Sales revenues in neighbouring markets after three quarters of 2026 showed a significant increase compared to the same period last year, reflecting the company’s growing operational efficiency outside Poland. The level of revenues generated by foreign branches operating within the Budimex Group increased primarily on the Czech and Latvian markets. The development of foreign revenues is the result of consistent implementation of the expansion strategy and effective adaptation to local conditions. Budimex effectively uses the experience gained on the domestic market, transferring proven standards and management tools to new markets, which increases the predictability of implementation and the competitiveness of offers. The growing share of revenues generated outside Poland indicates a gradual strengthening of the Group’s international presence and progressive diversification of revenue sources.  

Fulfilling the assumptions of the adopted dividend policy. In June 2026, Budimex SA paid a dividend from the profit generated for 2025 in the amount of PLN 828 million, which is PLN 32.42 per share. 

In the three quarters of 2026, we signed contracts worth PLN 6.4 billion, which is an increase of 67% compared to the comparable period. The Budimex Group’s order book at the end of September 2026 amounted to PLN 17.3 billion.

The order book, which remains at a high level, provides the Budimex Group with a work front for 2027 and part of 2028, and thus creates a solid basis for further, stable growth while maintaining a satisfactory level of operating margin. Most of the contracts implemented use indexation mechanisms that limit the impact of cost volatility and support the predictability of financial results.

Active activities in the area of acquisition of new contracts translated into an increase in the value of projects in the final arrangement phase and those in which the bids of Budimex Group companies were rated the highest – as at 30 September, their total value exceeds PLN 4 billion. In the coming quarters, it is expected to maintain a high level of the order book, which will enable the company to maintain a selective and balanced approach to bidding, with particular emphasis on projects with an optimal risk structure and attractive margins.

The Budimex Group ended the first three quarters of 2026 with a strong net cash position of nearly PLN 1.8 billion. The stable financial situation enables the Company to implement a growth strategy based not only on executive activities, but also on active investment of its own capital in projects of long-term economic importance. The company invests its own capital in projects with high development potential, increasing Polish’s competitiveness and supporting the transformation towards a modern, sustainable economy. Every year we develop our equipment base – both road and rail – which gives us independence in operation and the ability to carry out the most demanding investments in a comprehensive, timely and effective manner.

Thanks to the synergy with other companies of the Group, m.in. Mostostal Kraków or FBSerwis Budimex create an integrated value chain – from production and design to implementation and maintenance of investments.

Double-digit year-on-year revenue growth in the FBSerwis Group while maintaining good profitability

The financial results of the FBSerwis Group confirm the stable development of its operations. The revenues of the FBSerwis Group, which is a key asset within the services segment (the results of the service part also include the activities of companies from the RES area, Budimex Mobility and Budimex Parking Wrocław) amounted to PLN 747 million, which means an increase of 14.1% year-on-year. The FBSerwis Group generated an operating profit of PLN 80 million (compared to PLN 70 million after three quarters of 2025), while maintaining profitability of 10.7%. 

The Group is analysing the possibilities of increasing energy efficiency and integrating various RES technologies, including in particular hybrid and storage solutions, responding to current market conditions. In 2026 , the Group’s strategic goal is to achieve a level where the production of energy from RES installations owned by the Budimex Group will exceed 100% of electricity consumption for the Group’s own needs. The implementation of this goal is in line with the Group’s long-term strategy of decarbonisation, reducing exposure to energy price volatility and supporting the energy transition, while maintaining investment discipline and focusing on project profitability.

Mostostal Krakow

The Mostostal Kraków Group ended the third quarter of 2026 in accordance with its operating assumptions, achieving satisfactory financial results and maintaining a stable market position.

After nine months of 2026, the Group generated sales revenues of PLN 587 million, achieved EBIT of PLN 13.3 million and acquired new contracts worth PLN 842 million. Revenue dynamics remain in line with the adopted assumptions and exceed the level achieved in the corresponding period last year. EBIT was by 0.3 p.p. lower than the assumptions adopted in the revision of the plan. Excluding one-off events and taking into account temporary disruptions while maintaining production continuity in steel fabrication plants, operating profitability remained at a level comparable to that achieved a year earlier.

A decline in net cash (NTP) was recorded, mainly due to the increased involvement of working capital in foreign contracts and the transition from projects financed by advances to contracts with a different settlement model. An additional, temporary factor was the disruption of production continuity in the Group’s three steel construction plants. ‎

Along with the progress of the implementation of new contracts, the Mostostal Kraków Group expects a gradual normalization of the level of working capital involvement and cash flow generation.

We build where the future begins

The third quarter of 2026 was a period of consistent implementation of projects of strategic importance for Polish and further strengthening of its position on foreign markets for the Budimex Group.

The next step in nuclear energy is of particular importance to us. In August, we signed a contract with Bechtel Polska worth PLN 208.9 million net for earthworks and site preparation for Poland’s first nuclear power plant – an investment that will strengthen Polish’s energy security for decades to come. On the area of over 300 hectares in the Choczewo commune, we will make m.in. levelling, temporary roads, facilities and drainage. We will use our experience in carrying out large investments, while developing the competencies required in the nuclear sector. We want the construction of the power plant to also increase the domestic base of contractors and suppliers, capable of participating in further projects in this sector.

We are also developing our activities in the power infrastructure. In August, Polskie Sieci Elektroenergetyczne selected our offer for the expansion of the Ełk Bis substation and the reconstruction of the Ełk substation , and on 27 October, together with the Ordering Party, we signed a contract for the implementation of this task. Investments in grids are essential for new energy sources to power households and industry. This is an area in which we use the competences of our power teams and see opportunities for further development. We have completed test piling as part of preparations for the foundation of the passenger terminal of the Port of Poland. Further preparatory works are underway at the new airport. Currently, tests and test loads of the piles are being carried out, the results of which will allow to verify the adopted design solutions before the start of the main stage of piling.

We also participate in the railway component of the program. In Łódź, we are responsible for the completion of the turnout chamber of the PKP PLK diameter tunnel, adjacent to the tunnel chamber of the high-speed rail. Both investments are technologically interconnected, so the implementation of the scope entrusted to us will enable further work on the long-distance tunnel.

On the Podłęże-Gdów section , we have started work on key bridges and a viaduct, reaching the first four milestones of the contract. On the Szczyrzyc–Tymbark section, the “Kinga” and “Jadwiga” TBM shields have begun drilling more tunnels.

In the road segment, we are implementing six sections of the S10 with a total length of over 78 km. The decision of the ZRID issued in July for the Łowicz Wałecki-Piecnik section made it possible to start works on another of them. We have also put the Nidzica bypass into use.

We also carry out investments for flood protection and health protection. We completed the works on the Góra Ropczycka reservoir seven months ahead of schedule. In general construction, we have obtained a contract to complete the expansion of the University Hospital No. 2 im. dr. Jan Biziel in Bydgoszcz.

We develop foreign operations, using the experience gained on Polish construction sites and combining it with the knowledge of the local markets of our partners. In Germany , we carried out the sliding of a 330-tonne bridge structure in Oderberg over an active waterway. In the Czech Republic, we have started the reconstruction of the I/43 road near Černá Hora. Subsequent projects allow our teams to confirm their skills outside Poland and build the relationships needed to win the next orders.

An important step was also the selection of our offer (in a consortium) in the procedure for the construction of the D35 motorway in the PPP formula. The total value of the offer is approximately PLN 12.8 billion. The project includes the design and construction of sections of the motorway and the financing, operation and maintenance of infrastructure under a 28-year concession. After obtaining the required approvals and signing the contracts, we will participate in it as a contractor and investor. It is an opportunity for us to develop competences in infrastructure financing, which we want to use in Poland as well.

Growing opportunities, demanding market

The planned investments in energy, railways and airport infrastructure create conditions for the development of the industry in the coming years. The most important thing today is to translate investment plans into a predictable schedule of tenders, signing contracts and starting works. Postponing procedures reduces the current number of orders and intensifies price competition. It can also lead to the accumulation of work in the following years, when many investments will need the same specialists, materials and equipment at the same time.

From the perspective of contractors, stable, long-term financing and realistic schedules of contracting authorities are therefore crucial. They allow you to prepare teams and facilities in advance, plan purchases and cooperate with subcontractors. The efficiency of appeal procedures and the appropriate allocation of risk in long-term contracts also remain important.

We invest in future staff

The development of business in the energy and railway sectors requires the preparation of new specialists. That is why we associate cooperation with schools and universities with specific professional needs – in electric power, automation and infrastructure construction.

In September, we launched further patronage classes of Budimex. In Kłuszki, we support 25 students studying in professions related to electric power engineering, rail transport and automation, and in Krakow – 31 future automation engineers. Programs include workshops, classes with our experts and site visits. We also equip school laboratories so that students can learn about devices and solutions and the way in which 
use them.

We continued the internship program and started recruiting for its autumn edition. We also invited students to the sixth edition of the Ambassador Program. Currently, we cooperate with 57 schools and 29 universities. We want our commitment to help young people gain experience and prepare them for work in the industry.

At the same time, we are testing solutions to support safety on construction sites. Together with Brigade Electronics, we tested a 360° camera system that recognises people in areas not visible from the cab and alerts the operator. 

Record ten

Ten Budimex investments were awarded in the PZITB “Construction of the Year 2025” competition – the most in the history of our participation in one edition. Among them were m.in. T3 Baltic Hub terminal, Warszawa Zachodnia station, S7 Modlin–Czosnów section and the onshore part of the installation terminal in Świnoujście. Eight of our projects were also appreciated in the “Modernization of the Year & Construction of the 21st Century” competition. These awards are a recognition of the work of teams and partners who are responsible for the quality, organization and safety of the implemented investments.