H1 2026 report
Przychody Grupy Budimex wzrosły o 7,2% r/r do 4,23 mld zł, ale zysk netto przypadający akcjonariuszom Jednostki Dominującej spadł o 7,7% r/r (do 249,7 mln zł) — głównie przez wzrost efektywnej stopy podatkowej (20,0% → 22,9%) i niższe przychody finansowe od kurczącej się gotówki.
Sentiment
●●●●●●
BDX
H1 2026 report
Revenue
3,947.28 m PLN
— YoY
Net income
270.48 m PLN
— YoY
EBITDA
386.15 m PLN
— YoY
Gross margin
12.29%
— YoY
Summary
Investment thesis
- Portfel zamówień 17,9 mld zł (ponad 4x roczne przychody) plus ok. 3,3 mld zł kontraktów z najkorzystniejszą ofertą Grupy daje bardzo dobrą widoczność przychodów na 2027-2028.
- Operacyjny cash flow jest głęboko ujemny (-464,5 mln zł, pogłębienie r/r) i kapitał obrotowy netto stał się ujemny — to typowa dla Budimeksu sezonowość (sprzedaż w II kw. +80% qoq), a nie sygnał erozji jakości zysku, ale wymaga potwierdzenia zapowiedzianej konwersji na gotówkę w II połowie roku.
- Bilans pozostaje bardzo bezpieczny — pozycja gotówkowa netto ponad 1,2 mld zł mimo wypłaty 827,7 mln zł dywidendy (32,42 zł brutto/akcję) w czerwcu 2026 r.
- Korzystna ugoda w sporze o kontrakt Turów (135 mln zł łącznie, Budimex 23,58%) oraz nowe duże kontrakty zagraniczne (Rail Baltica w Estonii, oferta na D35 w Czechach ok. 12,7 mld zł) potwierdzają skuteczność strategii dywersyfikacji geograficznej.
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Financials
BETA
BDX · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,947.28 | — | — | 3,947.28 | — | reported | — | 1.00 |
| Gross profit | 485.24 | — | — | 485.24 | — | reported | — | 1.00 |
| EBITDA | 386.15 | — | — | 386.15 | — | derived | — | 0.90 |
| EBIT | 301.87 | — | — | 301.87 | — | reported | — | 1.00 |
| EBT | 336.25 | — | — | 336.25 | — | reported | — | 1.00 |
| Net income | 270.48 | — | — | 270.48 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 10.59 | — | — | 10.59 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 9.78 | — | — | 9.78 | — | reported | — | 1.00 |
| D&A | 84.28 | — | — | 84.28 | — | reported | — | 1.00 |
| Interest expense | 12.6 | — | — | 12.6 | — | reported | — | 1.00 |
| Income tax | 67.23 | — | — | 67.23 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 25.53 | — | — | 25.53 | — | reported | — | 0.85 |
| Gross margin | 12.29% | — | — | 12.29% | — | derived | — | 0.90 |
| EBITDA margin | 9.78% | — | — | 9.78% | — | derived | — | 0.90 |
| EBIT margin | 7.65% | — | — | 7.65% | — | derived | — | 0.95 |
| EBT margin | 8.52% | — | — | 8.52% | — | derived | — | 0.90 |
| Net margin | 6.85% | — | — | 6.85% | — | derived | — | 0.90 |
| D&A margin | 2.14% | — | — | 2.14% | — | derived | — | 0.90 |
| Cash | 2,899.63 | — | — | 2,899.63 | — | reported | — | 1.00 |
| Total debt | 440.91 | — | — | 440.91 | — | reported | — | 1.00 |
| Net debt | -2,458.72 | — | — | -2,458.72 | — | derived | — | 0.80 |
| Equity | 1,388.94 | — | — | 1,388.94 | — | reported | — | 1.00 |
| Total assets | 8,155.33 | — | — | 8,155.33 | — | reported | — | 1.00 |
| Working capital | 190.91 | — | — | 190.91 | — | derived | — | 1.00 |
| Current assets | 5,687.8 | — | — | 5,687.8 | — | reported | — | 1.00 |
| Current liabilities | 5,496.89 | — | — | 5,496.89 | — | reported | — | 1.00 |
| Non-current liabilities | 1,260.45 | — | — | 1,260.45 | — | reported | — | 1.00 |
| Inventory | 782.34 | — | — | 782.34 | — | reported | — | 1.00 |
| Trade receivables | 1,413.39 | — | — | 1,413.39 | — | reported | — | 0.85 |
| Trade payables | 1,998.2 | — | — | 1,998.2 | — | reported | — | 0.85 |
| Goodwill | 280.49 | — | — | 280.49 | — | reported | — | 0.95 |
| Tangible equity | 543.52 | — | — | 543.52 | — | derived | — | 0.90 |
| CFO | -275.38 | — | — | -275.38 | — | reported | — | 1.00 |
| CapEx | 126.41 | — | — | 126.41 | — | reported | — | 1.00 |
| FCF | -401.79 | — | — | -401.79 | — | derived | — | 0.90 |
| Dividends paid | 649.23 | — | — | 649.23 | — | reported | — | 1.00 |
| ROE | 65.96% | — | — | — | — | derived | — | 0.65 |
| ROA | 9.39% | — | — | — | — | derived | — | 0.65 |
| Current ratio | 0.93x | — | — | 0.93x | — | derived | — | 0.95 |
| Quick ratio | 0.77x | — | — | 0.77x | — | derived | — | 0.90 |
| Cash ratio | 0.29x | — | — | 0.29x | — | derived | — | 0.95 |
| Interest coverage | 23.96x | — | — | 23.96x | — | derived | — | 0.90 |
| Debt / equity | 0.32x | — | — | 0.32x | — | derived | — | 0.95 |
| Debt / assets | 0.07x | — | — | 0.07x | — | derived | — | 0.95 |
| Net debt / equity | -1.26x | — | — | -1.26x | — | derived | — | 0.85 |
| Revenue growth (YoY) | 7.17% | — | — | 7.17% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 9.51% | — | — | 9.51% | — | derived | — | 0.85 |
| EBIT growth (YoY) | 2.35% | — | — | 2.35% | — | derived | — | 0.90 |
| Net income growth (YoY) | -7.7% | — | — | -7.7% | — | derived | — | 0.90 |
| EPS growth (YoY) | -7.65% | — | — | -7.65% | — | derived | — | 0.90 |
| FCF growth (YoY) | -33.67% | — | — | -33.67% | — | derived | — | 0.80 |
| Gross margin Δ (YoY) | 1.39 pp | — | — | 1.39 pp | — | derived | — | 0.85 |
| EBITDA margin Δ (YoY) | 0.21 pp | — | — | 0.21 pp | — | derived | — | 0.85 |
| EBIT margin Δ (YoY) | -0.35 pp | — | — | -0.35 pp | — | derived | — | 0.95 |
| Net margin Δ (YoY) | -0.95 pp | — | — | -0.95 pp | — | derived | — | 0.85 |
H1 2026 · Δ YoY
Revenue
3,947.28
—
3,947.28
—
- H1 2025
- —
- YTD 2026
- 3,947.28
- Δ YoY
- —
Gross profit
485.24
—
485.24
—
- H1 2025
- —
- YTD 2026
- 485.24
- Δ YoY
- —
EBITDA
386.15
—
386.15
—
- H1 2025
- —
- YTD 2026
- 386.15
- Δ YoY
- —
EBIT
301.87
—
301.87
—
- H1 2025
- —
- YTD 2026
- 301.87
- Δ YoY
- —
EBT
336.25
—
336.25
—
- H1 2025
- —
- YTD 2026
- 336.25
- Δ YoY
- —
Net income
270.48
—
270.48
—
- H1 2025
- —
- YTD 2026
- 270.48
- Δ YoY
- —
EPS (basic)
(PLN)
10.59
—
10.59
—
- H1 2025
- —
- YTD 2026
- 10.59
- Δ YoY
- —
EPS (diluted)
(PLN)
9.78
—
9.78
—
- H1 2025
- —
- YTD 2026
- 9.78
- Δ YoY
- —
D&A
84.28
—
84.28
—
- H1 2025
- —
- YTD 2026
- 84.28
- Δ YoY
- —
Interest expense
12.6
—
12.6
—
- H1 2025
- —
- YTD 2026
- 12.6
- Δ YoY
- —
Income tax
67.23
—
67.23
—
- H1 2025
- —
- YTD 2026
- 67.23
- Δ YoY
- —
Shares (basic)
(m units)
25.53
—
25.53
—
- H1 2025
- —
- YTD 2026
- 25.53
- Δ YoY
- —
Gross margin
12.29%
—
12.29%
—
- H1 2025
- —
- YTD 2026
- 12.29%
- Δ YoY
- —
EBITDA margin
9.78%
—
9.78%
—
- H1 2025
- —
- YTD 2026
- 9.78%
- Δ YoY
- —
EBIT margin
7.65%
—
7.65%
—
- H1 2025
- —
- YTD 2026
- 7.65%
- Δ YoY
- —
EBT margin
8.52%
—
8.52%
—
- H1 2025
- —
- YTD 2026
- 8.52%
- Δ YoY
- —
Net margin
6.85%
—
6.85%
—
- H1 2025
- —
- YTD 2026
- 6.85%
- Δ YoY
- —
D&A margin
2.14%
—
2.14%
—
- H1 2025
- —
- YTD 2026
- 2.14%
- Δ YoY
- —
Cash
2,899.63
—
2,899.63
—
- H1 2025
- —
- YTD 2026
- 2,899.63
- Δ YoY
- —
Total debt
440.91
—
440.91
—
- H1 2025
- —
- YTD 2026
- 440.91
- Δ YoY
- —
Net debt
-2,458.72
—
-2,458.72
—
- H1 2025
- —
- YTD 2026
- -2,458.72
- Δ YoY
- —
Equity
1,388.94
—
1,388.94
—
- H1 2025
- —
- YTD 2026
- 1,388.94
- Δ YoY
- —
Total assets
8,155.33
—
8,155.33
—
- H1 2025
- —
- YTD 2026
- 8,155.33
- Δ YoY
- —
Working capital
190.91
—
190.91
—
- H1 2025
- —
- YTD 2026
- 190.91
- Δ YoY
- —
Current assets
5,687.8
—
5,687.8
—
- H1 2025
- —
- YTD 2026
- 5,687.8
- Δ YoY
- —
Current liabilities
5,496.89
—
5,496.89
—
- H1 2025
- —
- YTD 2026
- 5,496.89
- Δ YoY
- —
Non-current liabilities
1,260.45
—
1,260.45
—
- H1 2025
- —
- YTD 2026
- 1,260.45
- Δ YoY
- —
Inventory
782.34
—
782.34
—
- H1 2025
- —
- YTD 2026
- 782.34
- Δ YoY
- —
Trade receivables
1,413.39
—
1,413.39
—
- H1 2025
- —
- YTD 2026
- 1,413.39
- Δ YoY
- —
Trade payables
1,998.2
—
1,998.2
—
- H1 2025
- —
- YTD 2026
- 1,998.2
- Δ YoY
- —
Goodwill
280.49
—
280.49
—
- H1 2025
- —
- YTD 2026
- 280.49
- Δ YoY
- —
Tangible equity
543.52
—
543.52
—
- H1 2025
- —
- YTD 2026
- 543.52
- Δ YoY
- —
CFO
-275.38
—
-275.38
—
- H1 2025
- —
- YTD 2026
- -275.38
- Δ YoY
- —
CapEx
126.41
—
126.41
—
- H1 2025
- —
- YTD 2026
- 126.41
- Δ YoY
- —
FCF
-401.79
—
-401.79
—
- H1 2025
- —
- YTD 2026
- -401.79
- Δ YoY
- —
Dividends paid
649.23
—
649.23
—
- H1 2025
- —
- YTD 2026
- 649.23
- Δ YoY
- —
ROE
65.96%
—
65.96%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROA
9.39%
—
9.39%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
0.93x
—
0.93x
—
- H1 2025
- —
- YTD 2026
- 0.93x
- Δ YoY
- —
Quick ratio
0.77x
—
0.77x
—
- H1 2025
- —
- YTD 2026
- 0.77x
- Δ YoY
- —
Cash ratio
0.29x
—
0.29x
—
- H1 2025
- —
- YTD 2026
- 0.29x
- Δ YoY
- —
Interest coverage
23.96x
—
23.96x
—
- H1 2025
- —
- YTD 2026
- 23.96x
- Δ YoY
- —
Debt / equity
0.32x
—
0.32x
—
- H1 2025
- —
- YTD 2026
- 0.32x
- Δ YoY
- —
Debt / assets
0.07x
—
0.07x
—
- H1 2025
- —
- YTD 2026
- 0.07x
- Δ YoY
- —
Net debt / equity
-1.26x
—
-1.26x
—
- H1 2025
- —
- YTD 2026
- -1.26x
- Δ YoY
- —
Revenue growth (YoY)
7.17%
—
7.17%
—
- H1 2025
- —
- YTD 2026
- 7.17%
- Δ YoY
- —
EBITDA growth (YoY)
9.51%
—
9.51%
—
- H1 2025
- —
- YTD 2026
- 9.51%
- Δ YoY
- —
EBIT growth (YoY)
2.35%
—
2.35%
—
- H1 2025
- —
- YTD 2026
- 2.35%
- Δ YoY
- —
Net income growth (YoY)
-7.7%
—
-7.7%
—
- H1 2025
- —
- YTD 2026
- -7.7%
- Δ YoY
- —
EPS growth (YoY)
-7.65%
—
-7.65%
—
- H1 2025
- —
- YTD 2026
- -7.65%
- Δ YoY
- —
FCF growth (YoY)
-33.67%
—
-33.67%
—
- H1 2025
- —
- YTD 2026
- -33.67%
- Δ YoY
- —
Gross margin Δ (YoY)
1.39 pp
—
1.39 pp
—
- H1 2025
- —
- YTD 2026
- 1.39 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
0.21 pp
—
0.21 pp
—
- H1 2025
- —
- YTD 2026
- 0.21 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-0.35 pp
—
-0.35 pp
—
- H1 2025
- —
- YTD 2026
- -0.35 pp
- Δ YoY
- —
Net margin Δ (YoY)
-0.95 pp
—
-0.95 pp
—
- H1 2025
- —
- YTD 2026
- -0.95 pp
- Δ YoY
- —