Professional Polish Investment Research - Expert Analysis for Foreign Investors

B-Act S.A.

BAC.WA Industrials
engineering-consulting contract-engineer project-management infrastructure public-sector energy defence
48.4M LTM Revenue (PLN)
-52.3% Revenue Growth (YoY)
19 PLN m Market Cap
7.0x P/E (LTM)
3.6x EV/EBITDA (LTM)

Company Overview

B-Act S.A. is a Polish engineering and consulting company with over 30 years of experience in managing, supervising, and advising on complex investment projects. The company provides contract engineering, investor supervision, project and risk management, feasibility studies, and expert advisory services. B-Act operates primarily in Poland while expanding its activities in Ukraine, delivering services for infrastructure, energy, transport, healthcare, and defence-related projects.

Business Segments

  • Contract Engineer (Inżynier Kontraktu)
  • Investment supervision and investor representation
  • Project and risk management
  • Technical, legal, and economic advisory
  • Feasibility studies and business plans
  • Engineering services for infrastructure and public-sector projects

Key Drivers

  • Large-scale public infrastructure spending in Poland including new central transport hub (CPK)
  • EU and national funding programs (KPO)
  • Potential beneficiary from Ukraine war end. Reconstruction and infrastructure projects in Ukraine
  • Growing demand for professional contract management and supervision
  • Expansion into energy, transport, and defence-related investments

Key Risks

  • Dependence on public-sector investment cycles
  • Geopolitical and operational risks related to Ukraine exposure
  • Project timing and revenue recognition volatility
  • High share of subcontracted services impacting margins
  • Potential delays in EU-funded investment programs

What to Watch

  • New contract wins in Poland and Ukraine
  • Revenue sustainability after strong H1 2025 performance
  • Margin development amid high subcontracting costs
  • Further expansion into international markets

Foundational Analysis

Foundational Analysis v1.0 Last updated: 2025-08-07

Business Model

B-Act operates a project-based engineering and consulting model, generating revenues from long-term service contracts related to investment supervision, project management, and advisory. Revenues are recognized based on project progress, with a significant portion derived from public-sector and infrastructure investments.

Competitive Positioning

An established and recognizable engineering consultant in Poland with a long operating history and strong references in large infrastructure projects. Competitive advantages include experienced management, diversified project portfolio, and growing international presence, particularly in Ukraine.

Economics & Capital Allocation

The business shows strong operating leverage during periods of high project activity. H1 2025 results benefited from accelerated revenue recognition on Ukrainian projects, resulting in elevated profitability compared to historical averages.

Capital allocation is conservative, focused on maintaining liquidity, funding working capital for new projects, and distributing dividends. The company paid a dividend of PLN 0.08 per share in 2025.

Long-term Risks

Cyclicality of public investment, normalization of margins after exceptional periods, and potential disruptions in cross-border projects related to geopolitical developments.

What Would Break the Thesis

  • Sustained decline in public infrastructure spending
  • High competitive pressure, with price as the key criterion, increasing the risk of losing tenders.
  • Escalation of geopolitical risks limiting Ukrainian operations

Contracts Intelligence

Currency Note: All amounts in PLN. Foreign currency contracts converted at announcement date rates.

Contract 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3 2026 Q4 2027 Q1 2027 Q2 2027 Q3 2027 Q4 2028 Q1 2028 Q2 2028 Q3 2028 Q4 2029 Q1 2029 Q2 2029 Q3 2029 Q4 2030 Q1 2030 Q2 2030 Q3 2030 Q4 2031 Q1 2031 Q2 2031 Q3 2031 Q4 2032 Q1 2032 Q2 2032 Q3 2032 Q4 2033 Q1 2033 Q2 2033 Q3 2033 Q4 2034 Q1 2034 Q2 2034 Q3 2034 Q4 2035 Q1 Total
Total Revenue per Quarter 4,171,638.59 4,237,942.16 3,652,022.99 4,491,874.12 3,835,962.75 3,835,962.75 3,508,259.02 3,399,966.29 2,471,213.11 2,231,239.63 2,003,239.63 2,003,239.65 1,468,761.06 1,468,761.06 1,468,761.06 1,468,761.13 1,269,525.75 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 921,228.71 805,502.92 805,502.92 805,502.80 66,906,984.88
S6 Western Road Bypass of Szczecin - Section 3 (Police to Goleniów): Supervision and Contract Management Services
View Source 2026-06-17 - 2035-03-17
- - - 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.92 805,502.80 28,998,105.00
Design and construction of S12 expressway Piaski - Dorohusk section No.3 (earthworks and drainage)
View Source 2026-06-01 - 2027-06-30
- - - 395,942.44 395,942.44 395,942.44 395,942.44 395,942.42 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,979,712.18
Provision of Contract Engineer Services for preparatory works at Central Communication Port (CPK) - amendment
View Source 2026-05-12 - 2027-05-12
- - - 532,810.77 532,810.77 532,810.77 532,810.77 532,810.76 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,664,053.84
Construction Management and Supervision Agreement for Sidłowo-Kikowo-Dobrowo PV Power Plant (approx. 722 MWp)
View Source 2026-04-22 - 2028-04-21
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Contract for contract engineer and investor supervision services for the BELMA production capacity development project
View Source 2026-04-17 - 2027-12-31
- - - 228,000.00 228,000.00 228,000.00 228,000.00 228,000.00 228,000.00 228,000.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,596,000.00
Scientific and Technical Supervision with Investor Control for S7 Expressway (Kiełpin - Trasa Armii Krajowej)
View Source 2025-09-05 - 2029-09-04
348,297.06 348,297.06 348,297.06 348,297.06 348,297.06 348,297.06 348,297.06 348,297.06 348,297.06 348,297.06 348,297.06 348,297.06 348,297.06 348,297.06 348,297.06 348,297.06 348,297.04 - - - - - - - - - - - - - - - - - - - - - - 5,921,050.00
Reconstruction and expansion of the former Signal Box into a Concert Hall with administrative and technical facilities for the Polish Baltic Philharmonic (Project advisory and supervision)
View Source 2025-08-25 - 2034-05-25
115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 115,725.79 - - - 4,166,128.44
Contract Engineer services for removal of HV line collisions at Central Communication Port
View Source 2025-07-23 - 2027-08-23
239,973.48 239,973.48 239,973.48 239,973.48 239,973.48 239,973.48 239,973.48 239,973.48 239,973.48 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,159,761.32
Management and supervision of the construction of the rapid tram line from Kasprzaka Street to Wilanów (design and execution)
View Source 2025-07-01 - 2025-12-31
519,615.60 519,615.60 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,039,231.20
Construction of Organ Diagnostic Center - Contract Engineer Services
View Source 2025-05-21 - 2027-02-21
108,292.68 108,292.68 108,292.68 108,292.68 108,292.68 108,292.68 108,292.70 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 758,048.78
Engineering advisory services for design and major road refurbishment at the Polish-Ukrainian border (Development of border and road infrastructure on the Polish-Ukrainian border)
View Source 2025-05-08 - 2026-05-07
213,887.53 213,887.53 213,887.53 213,887.53 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 855,550.12
Engineering and consulting services for design and construction of water intake and pipeline (Sections I-II-III)
View Source 2025-04-24 - 2026-04-24
442,023.84 508,327.41 442,023.84 442,023.84 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,834,398.93
Contract Engineer services for design and construction works under FEnIKS 2021-2027, FEdKP 2021-2027 and KPO
View Source 2025-04-23 - 2029-06-30
199,235.29 199,235.29 199,235.29 199,235.29 199,235.29 199,235.29 199,235.29 199,235.29 199,235.29 199,235.29 199,235.29 199,235.29 199,235.29 199,235.29 199,235.29 199,235.36 - - - - - - - - - - - - - - - - - - - - - - - 3,187,764.71
Agreement for performing the role of Contract Engineer (consortium)
View Source 2025-04-02 - 2026-04-01
1,122,405.00 1,122,405.00 1,122,405.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3,367,215.00
Contract Engineer services for the investment in the military complex in Sulejówek
View Source 2025-03-12 - 2028-06-17
534,478.57 534,478.57 534,478.57 534,478.57 534,478.57 534,478.57 534,478.57 534,478.57 534,478.57 534,478.57 534,478.57 534,478.59 - - - - - - - - - - - - - - - - - - - - - - - - - - - 6,413,742.86
Management and supervision of the execution of the contract: Design and execution of works for the construction of the rapid tram route from Kasprzaka Street to Wilanów (sections: Puławska–Św. Bonifacego and Św. Bonifacego–Branickiego)
View Source 2025-01-28 - 2025-04-30
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Comprehensive investor supervision and final as-built report for Bemowo-Piskie construction works
View Source 2025-01-17 - 2026-12-30
327,703.75 327,703.75 327,703.75 327,703.75 327,703.75 327,703.75 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,966,222.50

AI-Generated Revenue Allocation: Revenue allocations follow IFRS 15 principles with AI-derived timing assumptions. Verify with official financial statements.

Financial Performance

Quarterly Data

Click a metric row to chart it below. Click a second row to overlay it on a dual axis; click a selected row again to remove it.

Metric 2023Q4 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1
Income Statement Revenue (Quarterly) 16.3M 4.2M 5.6M 22.3M 8.0M 11.6M 6.3M 26.6M 3.8M
Income Statement Gross Profit (Quarterly) 2.4M 364.7K -107.9K 2.4M -375.3K 2.2M -76.6K 2.5M -817.0K
Income Statement EBITDA (Quarterly) 2.4M 462.8K -95.1K 2.8M -241.7K 2.3M 0 3.2M -685.3K
Income Statement EBIT (Quarterly) 2.3M 447.1K -109.0K 2.5M -349.6K 2.2M 204.2K 2.5M -818.4K
Income Statement Net Income (Quarterly) 1.6M 314.9K -149.8K 1.8M -386.7K 1.8M 101.0K 1.7M -855.6K
Costs Selling & Distribution Costs 0 0 0 0 0 0 0 0 0
Costs Administrative Expenses 0 0 0 0 0 0 0 0 0
Costs Administrative Expenses (LTM) 0 0 0 0 0 0 0 0 0
Cash Flow Operating Cash Flow 2.7M -425.9K 343.7K -197.9K -1.4M 170.7K 2.3M 349.0K -3.4M
Cash Flow Capital Expenditure -170.3K -2.9K -142 -2.6M -1.0K -653.7K -523 -655.4K -57.2K
Cash Flow Free Cash Flow 2.5M -428.8K 343.6K -2.8M -1.4M -483.0K 2.3M -306.4K -3.5M
Cash Flow Depreciation & Amortization 109.7K 15.7K 13.8K 322.1K 107.8K 136.7K 134.6K 377.3K 133.1K
LTM Metrics Revenue (LTM) 16.3M 20.5M 26.2M 48.4M 40.1M 47.5M 48.2M 52.6M 48.4M
LTM Metrics EBITDA (LTM) 2.4M 2.9M 2.8M 5.6M 3.0M 4.8M 4.9M 5.3M 4.8M
LTM Metrics Net Income (LTM) 1.6M 1.9M 1.8M 3.6M 1.6M 3.1M 3.3M 3.2M 2.7M
LTM Metrics Net Profit Attributable (LTM) 1.6M 1.9M 1.8M 3.6M 1.6M 3.1M 3.3M 3.2M 2.7M
LTM Metrics Operating Cash Flow (LTM) 2.7M 2.2M 2.6M 2.4M -1.7M -1.1M 869.8K 1.4M -554.5K
Profitability Gross Margin 14.8% 8.6% -1.9% 11.0% -4.7% 18.8% -1.2% 9.3% -21.3%
Profitability EBITDA Margin 14.8% 11.0% -1.7% 12.7% -3.0% 19.9% 0.0% 12.0% -17.9%
Profitability EBIT Margin 14.1% 10.6% -1.9% 11.3% -4.3% 18.8% 3.2% 9.3% -21.3%
Profitability Net Margin 9.8% 7.5% -2.7% 8.3% -4.8% 15.2% 1.6% 6.4% -22.3%
Profitability ROIC 73.9% 57.3% 50.9% 93.0% 34.6% 53.7% 54.0% 53.3% 43.5%
Profitability Cash Conversion 167.0% -135.0% -229.0% -11.0% 370.0% 10.0% 2305.0% 21.0% 398.0%
Balance Sheet Current Assets 12.0M 8.4M 11.7M 10.9M 10.4M 12.6M 11.1M 11.3M 9.6M
Balance Sheet Current Liabilities 4.6M 1.2M 4.7M 3.1M 3.0M 4.6M 3.0M 2.9M 2.0M
Balance Sheet Inventories 391.5K 553.4K 2.2M 610.2K 757.0K 1.1M 2.3M 81.0K 1.5M
Balance Sheet Trade Receivables 3.4M 3.7M 5.0M 3.9M 5.4M 8.2M 4.0M 3.8M 4.9M
Balance Sheet Trade Payables 936.1K 550.7K 3.9M 1.4M 2.1M 2.9M 1.8M 922.6K 1.0M
Balance Sheet Total Equity 8.4M 8.2M 8.1M 9.4M 9.0M 9.9M 10.0M 10.4M 9.6M
Balance Sheet Total Debt 68.3K 46.9K 32.7K 423.0K 409.9K 872.9K 831.1K 809.1K 787.1K
Balance Sheet Cash & Equivalents 6.0M 3.2M 3.6M 4.6M 3.1M 2.1M 4.5M 6.0M 2.4M
Balance Sheet Invested Capital 2.5M 5.0M 4.6M 5.2M 6.3M 8.7M 6.3M 5.2M 8.0M
Balance Sheet Net Working Capital 2.9M 3.7M 3.3M 3.1M 4.0M 6.4M 4.4M 3.0M 5.4M
Ratios Current Ratio 2.58 6.86 2.49 3.49 3.45 2.72 3.65 3.97 4.78
Ratios Net Working Capital to Revenue 0.18 0.88 0.58 0.14 0.50 0.56 0.70 0.11 1.40
Ratios Administrative Expenses as % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Ratios Days Inventory Outstanding (DIO) 8.80 9.80 30 4.60 6.90 8.60 17 0.60 11
Ratios Days Sales Outstanding (DSO) 77 66 70 29 49 63 30 26 37
Ratios Days Payables Outstanding (DPO) 21 9.80 55 11 20 22 14 6.40 7.70
Ratios Cash Conversion Cycle (days) 65 66 45 23 37 50 33 20 41

Revenue (Quarterly) - Visual Analysis

Revenue (Quarterly) (PLN)
Growth Rates (QoQ% and YoY%)
Quarter-over-Quarter Year-over-Year

Data Source: Financial data sourced from company filings and periodic reports. Values in PLN. Margins and ratios stored as decimals converted to percentages for display.

Recent News & Developments

Sentiment Analysis (Last 6 Months)
Positive 77%
Neutral 8%
Negative 15%

Based on 13 articles

2026-06-17
ESPI positive

B-Act S.A. Leads Consortium in Securing Major Contract for S6 Szczecin Western Bypass

B-Act S.A., a leading Polish engineering and consulting firm based in Bydgoszcz, has announced the successful acquisition of a significant contract as the leader of a consortium. The consortium, which includes Transprojekt Gdański Sp. z o.o., Przedsiębiorstwo Usług Inwestycyjnych EKO-INWEST S.A., and ARX Group S.A., signed an agreement with the State Treasury represented by the General Directorate for National Roads and Motorways (GDDKiA) in Szczecin on June 17, 2026.

The contract involves providing comprehensive supervision and management services for the design and construction of the "S6 Szczecin Western Bypass, Section 3: Police - Goleniów" project, covering a stretch from km 27+403 to km 50+810.20. The scope of services includes acting as the contract engineer, overseeing project design and construction, ensuring compliance with contractual terms, monitoring progress, quality, and timelines, and assisting the client in contract management and settlements.

The agreement stipulates a service period ranging from a minimum of 105 months to a maximum of 129 months. The total gross remuneration for the consortium is set at PLN 35,667,669.15, with B-Act S.A., as the consortium leader, receiving the full payment and distributing profits among partners based on their respective contributions and responsibilities.

The management of B-Act S.A. has deemed this contract significant due to its substantial value and its potential to positively impact the company's financial and operational standing in the coming years.

Relevance to B-Act S.A. Profile

This development is highly relevant to B-Act S.A.'s business profile as it strengthens the company's position in the infrastructure sector, particularly in road construction projects, and aligns with its expertise in contract management and investment supervision.

View source
2026-05-26
ESPI positive

Adam Białachowski Reappointed as CEO of B-Act S.A. for a New Term

B-Act S.A., a leading Polish engineering and consulting firm, has announced the reappointment of Adam Białachowski as the President of the Management Board for a new three-year term. The decision was made by the Supervisory Board on May 25, 2026, and his tenure will now extend until December 31, 2029. Białachowski, who has been serving as CEO, brings over 15 years of experience in infrastructure investment management, contract administration, and international negotiations. He is also the Vice President of FIDIC, making him the first Polish professional to hold such a prestigious position in the global consulting engineering community.

Białachowski's extensive academic background includes a master's degree in management from Harvard University, a degree in finance and accounting from Kozminski University, and a bachelor's degree in Business Administration from Saint Joseph’s University in Philadelphia. His leadership is expected to further strengthen B-Act S.A.'s position in the construction and infrastructure sectors across Poland, Ukraine, Romania, and other international markets.

The reappointment underscores the company's commitment to maintaining its leadership in investment management, technical consulting, and infrastructure development, particularly in key sectors such as public utility buildings, road construction, water and sewage infrastructure, industrial projects, railway infrastructure, and military infrastructure.

Relevance to B-Act S.A.: This development is highly relevant as it ensures continuity in leadership under Adam Białachowski, whose expertise and international standing are critical to B-Act S.A.'s strategic growth and its operations in both domestic and international markets.

View source
2026-05-25
ESPI positive

B-Act S.A. Announces Dividend Payout for 2026

B-Act S.A., a leading Polish engineering and consulting firm based in Bydgoszcz, has announced a dividend payout following a resolution passed during the Ordinary General Meeting of Shareholders on May 25, 2026. The company will distribute a total dividend of PLN 881,325.00, equating to PLN 0.09 per share. The dividend will cover all 9,792,500 shares of the company. The dividend record date has been set for June 10, 2026, with the payout scheduled for June 24, 2026.

Relevance: This announcement is of high relevance as it reflects the financial health and shareholder value strategy of B-Act S.A., which is critical for maintaining investor confidence and supporting the company’s operations in its key markets, including Poland, Ukraine, and Romania.

View source
2026-05-23
ESPI neutral

B-Act S.A. Reports Q1 2026 Financial Results and Secures Key Contracts

Bydgoszcz-based engineering and consulting firm B-Act S.A., with over 30 years of experience in managing construction investments, has released its financial report for Q1 2026. The company reported net sales revenue of PLN 3.83 million, a significant decrease compared to PLN 8.03 million in the same period last year. The company also posted a net loss of PLN 855,628.57, compared to a loss of PLN 386,747.42 in Q1 2025. The decline in revenue and increased losses were attributed to the seasonal nature of the construction consulting market, delays in project milestones, and the preparatory phase of several contracts.

Despite the financial challenges, B-Act S.A. secured two significant contracts during the quarter. The company, as the leader of a consortium with Transprojekt Gdański Sp. z o.o., signed a contract with the State Treasury – 17th Territorial Military Unit in Gdańsk to act as Contract Engineer for the construction of hangars and related infrastructure at Mirosławiec Airport. The contract is valued at PLN 1.21 million gross. Additionally, B-Act S.A. entered into an agreement with ZDI Sp. z o.o. to provide Contract Engineer services for preparatory works related to the construction of the Central Communication Port (CPK) in the energy and telecommunications infrastructure segment. The maximum remuneration for this contract is set at PLN 3.48 million net, pending formal approvals.

Post-Q1, B-Act S.A. further strengthened its portfolio by signing two major contracts. The first, with Bydgoskie Zakłady Elektromechaniczne "BELMA" S.A., involves project supervision under the "Tarcza Wschód" program. The second, in partnership with Optima Sidlowo PV Sp. z o.o., is for "Construction Management" services for one of Europe’s largest photovoltaic projects, with a capacity of approximately 722 MWp.

In addition to its public sector projects, B-Act S.A. is actively expanding its presence in the private sector, focusing on industrial, energy, and logistics investments. The company has also been recognized in the "Gazele Biznesu 2025" ranking, improving its position by over 500 places to rank 20th in the Kuyavian-Pomeranian Voivodeship and 458th nationwide.

Despite the challenging quarter, B-Act S.A. maintained a stable financial position with a balance sheet total of PLN 13.86 million and cash reserves of PLN 2.4 million. The company remains optimistic about its growth prospects for the remainder of 2026, citing a robust pipeline of planned investments and ongoing participation in domestic and international tenders.

Relevance to B-Act S.A. Business Profile

This article is highly relevant as it provides an update on B-Act S.A.'s financial performance, key contract wins, and strategic initiatives, directly reflecting its core business activities in construction investment management and consulting services across various infrastructure sectors.

View source
2026-05-18
ESPI positive

B-Act S.A. Secures Subcontract for S12 Expressway Project

B-Act S.A., a leading Polish engineering and consulting firm based in Bydgoszcz, has signed a subcontract agreement with SKABUD Infrastruktura sp. z o.o. for the execution of earthworks and pipe drainage on the S12 expressway project. The project, titled "Design and Construction of the S12 Expressway Lublin - Dorohusk, Section 3: WD-15 Structure to Chełm West Junction," excludes the construction of the Chełm bypass. The contract, valued at PLN 2,435,045.98 gross, will be executed between June 2026 and June 2027.

The management of B-Act S.A. has deemed this agreement significant due to its financial value and its potential impact on the company's future financial and asset position.

Relevance: This development is highly relevant to B-Act S.A.'s business profile as it involves a substantial infrastructure project in Poland, aligning with the company's expertise in road construction and investment management. The contract also contributes to the company's backlog and financial stability.

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2026-05-13
ESPI positive

B-Act S.A. Secures Revised Contract for Central Transport Hub Preparatory Works

B-Act S.A., a leading Polish engineering and consulting firm, has announced the signing of an amendment to its agreement with ZDI sp. z o.o., the Contract Engineer for the preparatory works related to the construction of the Central Transport Hub (CPK). The project involves investment tasks in the development and modernization of energy and telecommunications infrastructure.

The amendment, finalized on May 12, 2026, introduces changes to the organizational scope of the agreement, particularly concerning personnel arrangements, and revises the financial terms. As per the updated contract, B-Act S.A.'s maximum remuneration will now amount to PLN 3,069,225.34 net, including VAT, while the base order remuneration remains a lump sum of PLN 2,258,882.34 net, including VAT. Other key provisions of the agreement remain unchanged.

B-Act S.A. and ZDI sp. z o.o. are continuing efforts to finalize conditions for obtaining the approval of the contracting authority. The company’s management has deemed this development significant due to the increased contract value and its potential impact on B-Act S.A.'s financial standing.

Relevance: This article is highly relevant to B-Act S.A.'s business profile as it highlights a key development in a major infrastructure project, the Central Transport Hub, which aligns with the company’s expertise in contract engineering and administration.

View source
2026-04-28
ESPI positive

B-Act S.A. Holds Annual General Meeting, Approves 2025 Financial Results and Dividend Distribution

B-Act S.A., a leading Polish engineering and consulting firm, convened its Ordinary General Meeting on May 25, 2026, in Bydgoszcz. During the meeting, shareholders approved the company’s financial and management reports for 2025 and resolved to distribute a portion of the year’s net profit as dividends.

The company reported a net profit of PLN 1,083,447.82 for 2025. Of this, PLN 881,325.00 (PLN 0.09 per share) will be allocated for dividend payments to shareholders, with June 10, 2026, set as the dividend record date and June 24, 2026, as the payment date. The remaining PLN 922,122.82 will be transferred to the company’s reserve capital. Additionally, the General Meeting granted discharge to all members of the Management Board and Supervisory Board for their performance in 2025.

The meeting also reaffirmed the company’s commitment to transparency and compliance with corporate governance standards, as detailed in the resolutions and procedural guidelines shared with shareholders.

Relevance to B-Act S.A. Business Profile

This article is highly relevant as it highlights the company’s financial health, dividend distribution, and governance practices, which are critical indicators of its stability and attractiveness to investors and stakeholders in the construction and infrastructure sectors.

View source
2026-04-23
ESPI positive

B-Act S.A. Secures Major Contract for 722 MWp Photovoltaic Power Plant Project

B-Act S.A., a leading Polish engineering and consulting firm based in Bydgoszcz, has announced the signing of a significant contract as part of a consortium with Emi Energy Sp. z o.o. The agreement, finalized on April 22, 2026, with OPTIMA SIDLOWO PV Sp. z o.o., involves the management and supervision of the construction of a large-scale photovoltaic power plant complex in Sidłowo, Kikowo, and Dobrowo. The project, with a total capacity of approximately 722 MWp, includes the development of associated infrastructure such as substations and high-voltage cable lines.

The scope of services under the contract includes project management, coordination of stakeholders, supervision of construction works, schedule and budget control, technical documentation review, and support in dealings with contractors and institutions. The contract is set for a 24-month duration, with the total remuneration remaining confidential due to competitive considerations. However, B-Act S.A. disclosed that the contract value is equivalent to several times its share capital, highlighting its financial significance. As the consortium leader, B-Act S.A. will manage the project funds and equally share the profits with its partner, Emi Energy Sp. z o.o.

The company’s management has classified this agreement as a key milestone, emphasizing its potential to significantly impact B-Act S.A.'s financial and operational standing in the coming years.

Relevance: This contract aligns with B-Act S.A.'s expertise in managing large-scale infrastructure projects and reinforces its position in the renewable energy sector, a growing market segment with strategic importance for the company’s future growth.

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2026-04-17
ESPI positive

B-Act S.A. Secures Key Contract for Strategic Defense Project in Poland

B-Act S.A., a leading engineering and consulting firm based in Bydgoszcz, has announced the signing of a significant contract as part of a consortium with Transprojekt Gdański Sp. z o.o. The agreement, finalized on April 17, 2026, involves providing contract engineering and investor supervision services for the development of production capabilities at Bydgoskie Zakłady Elektromechaniczne "BELMA" S.A. The project, funded by the Capital Investment Fund, is part of the National Security Plan "Tarcza Wschód" and the Polish Armed Forces' needs.

The scope of the contract includes managing, coordinating, supervising, and settling the investment process, as well as overseeing construction works, monitoring schedules and budgets, and coordinating project participants. The project is expected to be completed and settled by December 31, 2027. The total value of the contract is PLN 1,963,080.00 gross, with B-Act S.A. receiving approximately 95% of the remuneration as the consortium leader.

The company has deemed this contract significant due to its financial value and its potential impact on B-Act S.A.'s future financial and asset position.

Relevance: This article is highly relevant as it highlights a new contract acquisition in the defense infrastructure sector, directly impacting B-Act S.A.'s backlog and financial outlook.

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2026-04-16
ESPI positive

B-Act S.A. Reports Strong Financial Growth and Strategic Expansion in 2025

Bydgoszcz, Poland – B-Act S.A., a leading Polish engineering and consulting firm, has reported significant financial growth and strategic advancements in its 2025 annual report. The company achieved a revenue of PLN 33.0 million, marking an 18% increase compared to PLN 27.9 million in 2024. Net profit also rose to PLN 1.8 million, up from PLN 1.7 million in the previous year. The company attributes this growth to its effective execution of contracts, strategic focus on high-value projects, and expansion into new markets.

Key achievements in 2025 included securing major contracts in the infrastructure and defense sectors. Notable agreements were signed with the Polish government for projects such as the construction of military infrastructure in Bemowo Piskie and Sulejówek, as well as the supervision of the S7 highway project in Warsaw. Additionally, B-Act S.A. expanded its international presence by joining the American Council of Engineering Companies (ACEC) and continued its operations in Ukraine and Romania, focusing on critical infrastructure and strategic investments.

The company also made strides in innovation by integrating artificial intelligence into its operations to enhance efficiency and improve project management. Looking ahead, B-Act S.A. plans to capitalize on opportunities in the Central Communication Port (CPK) program, increased defense spending in Poland, and the growing demand for dual-use infrastructure projects across Europe.

B-Act S.A. remains optimistic about its future, emphasizing its commitment to diversifying revenue streams, expanding its international footprint, and maintaining its leadership in the engineering and consulting sectors.

Relevance to B-Act S.A. Company Profile

This article is highly relevant to B-Act S.A.'s business profile as it highlights the company's financial performance, strategic growth in key sectors such as infrastructure and defense, and its ongoing expansion into international markets, aligning with its core services and long-term objectives.

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2026 EPS Estimates

Last updated: 2025-08-07
Bear Case
2026 EPS: PLN 0.2
Assumptions:
  • Revenue growth: 0%
  • Net profit margin: 5%
Base Case
2026 EPS: PLN 0.4
Assumptions:
  • Revenue growth: 10%
  • Net profit margin: 7.5%
Bull Case
2026 EPS: PLN 0.6
Assumptions:
  • Revenue growth: 20%
  • Net profit margin: 10%

Note: EPS estimates are for informational purposes only and represent our analytical framework, not investment recommendations. These financial results estimates are based on stated assumptions and may change as new information becomes available.

Key Metrics

Company-specific performance indicators tailored to B-Act S.A.'s business model.

No key metrics available yet

Custom performance indicators for B-Act S.A. will appear here once available.

Examples of metrics we track:

Recurring Revenue
Order Backlog
MRR/ARR
Customer Count
ARPU

Data Source: Key metrics are extracted from company disclosures, periodic reports, and management commentary.

Periodic Report Publication Calendar

FY 2026 Last updated: 2026-04-28
Quarter Publication date
Q1 2026-05-12
H1 2026-08-11
Q3 2026-11-09

View source ESPI report

FY 2025 Last updated: 2026-04-28
Quarter Publication date
FY 2026-03-23

View source ESPI report

Schedule reflects the most recent ESPI announcement for each fiscal year. Past publication dates are shown in grey.