Professional Polish Investment Research - Expert Analysis for Foreign Investors

Mirbud S.A.

MRB.WA Construction
general-contractor road-infrastructure civil-engineering public-procurement railway-construction residential-development
2845.1M LTM Revenue (PLN)
-18.1% Revenue Growth (YoY)

Company Overview

Mirbud S.A. is a Polish construction company (based in Skierniewice) operating as a general contractor across all major construction segments. Established in 1988 and listed on the Warsaw Stock Exchange since 2008. The group’s activities span general building construction (public buildings, commercial facilities, residential housing) and civil infrastructure (roads, highways, and municipal infrastructure). Mirbud also provides ancillary services like transport and equipment rental. The company operates through several subsidiaries, including JHM Development S.A. (focused on residential property development), Przedsiębiorstwo Budowy Dróg i Mostów Kobylarnia S.A. (roads and bridges construction), Expo Arena S.A. (exhibition/conference projects), and Marywilska 44 Sp. z o.o. (commercial real estate holdings). Mirbud is the second biggest contractor when it comes to contracts values with public road authority (GDDKiA). Mirbud’s revenue is dominated by its construction contracting segment (which includes both general building construction and infrastructure works). This segment generates the majority of revenue, about 87–90% of the group’s sales. Property Development (Residential - JHM Development): The residential development segment accounts for roughly 8–10% of revenue. In H1 2024 it contributed 8.4% of consolidated sales. JHM Development recognizes revenue upon completion and handover of units. Mirbud’s development arm delivered on the order of several hundred apartments in 2024, reflecting steady sales of residential units. Other Activities (Rental & Other): The remaining sliver of revenue (only a few percent) comes from other operations, such as leasing of investment properties and other services. In the first half of 2024, rental of commercial space contributed about 1.7% of revenue

Business Segments

  • Construction & Assembly Services (general construction and infrastructure)
  • Property Development (JHM Development – residential)
  • Other Activities (leasing of investment properties and ancillary services)

Key Drivers

  • Large, multi-year public infrastructure pipeline in Poland (roads/expressways) supporting high backlog and revenue visibility
  • Ability to win large tenders (including consortium road projects) and execute at scale
  • Expansion into railway construction via acquisition of PBS Transkol and cooperation/investment in Torpol
  • Selective higher-margin building projects (e.g., defence-related facilities) complementing core road work
  • Potential longer-term optionality from Ukrainian reconstruction (speculative)

Key Risks

  • Margin pressure from material, labor and subcontractor cost inflation versus contract indexation
  • Execution risk and cost overruns on large projects (including disputes/claims on problematic contracts)
  • High competitive intensity in Polish public tenders, potentially forcing aggressive pricing
  • Dependence on public-sector budgets and timing (GDDKiA/PKP PLK) and administrative delays
  • Working-capital swings (receivables/unbilled work) that can depress cash and increase net debt

What to Watch

  • Backlog trajectory versus management target to reach ~PLN 10bn by end-2025
  • Rail segment scale-up: Transkol integration and rail tender wins (PKP PLK)
  • Progress and execution ramp-up of large infrastructure contracts (including CPK road framework)
  • Mix of higher-margin projects (e.g., defence buildings) vs core road contracts
  • Working capital normalization (receivables/cash) and net debt/EBITDA trend

Foundational Analysis

Foundational Analysis v1.0 Last updated: 2025-06-30

Business Model

Mirbud acts as a general contractor with revenue primarily recognized from construction and assembly services (the dominant share of group sales), complemented by a smaller residential development segment (JHM Development) and minor rental/other activities. The order backlog is the key forward indicator of future revenue execution. Mirbud’s revenue is dominated by its construction contracting segment (which includes both general building construction and infrastructure works). The latest breakdown indicates

Competitive Positioning

A scaled domestic contractor with a strong position in road infrastructure tenders and a large multi-year backlog. The group is among the largest contractors by ongoing contract value in national road programs, giving it consistent access to large projects.

Economics & Capital Allocation

Profitability is likewise driven predominantly by construction activities. Mirbud has managed to maintain a mid-single-digit gross margin in its construction segment (around 6–7% gross margin on construction services in 2024, in line with the company’s targets). The development segment can yield higher percentage margins on sales (as is typical for real estate development), helping to lift the overall profit margin when more units are delivered. Due to higher margins, Property Development segment constitutes ~39% of total EBIT, while only 7-8% of Revenue

Historically paid dividends (as shown for 2023–2024) while also pursuing strategic expansion via M&A and minority stakes (e.g., acquisition of PBS Transkol and investment in Torpol) to enter the rail market and diversify beyond roads.

Long-term Risks

Sustained cost inflation without adequate indexation, persistent aggressive bidding leading to structurally weaker margins, multi-quarter working-capital pressure on large public contracts, and execution problems on mega-projects that can trigger claims/disputes and penalties.

What Would Break the Thesis

  • Material deterioration of margins due to structurally underpriced contracts or ineffective cost indexation
  • Significant backlog contraction from reduced/delayed public infrastructure spending or failed diversification into rail
  • Major execution failure/cost overruns on one or more large contracts with limited ability to recover via claims
  • Persistent working-capital strain leading to balance-sheet stress and elevated leverage

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 2035 Q2 2035 Q3 2035 Q4 2036 Q1 2036 Q2 2036 Q3 2036 Q4 2037 Q1 2037 Q2 2037 Q3 2037 Q4 2038 Q1 2038 Q2 2038 Q3 2038 Q4 2039 Q1 2039 Q2 2039 Q3 2039 Q4 2040 Q1 2040 Q2 2040 Q3 2040 Q4 2041 Q1 2041 Q2 2041 Q3 2041 Q4 2042 Q1 2042 Q2 2042 Q3 2042 Q4 2043 Q1 2043 Q2 2043 Q3 2043 Q4 Total
Total Revenue per Quarter 439,049,378.24 453,592,703.73 1,114,757,172.00 449,557,248.36 324,831,869.12 334,428,927.57 290,627,004.26 157,992,417.15 151,804,917.15 157,078,042.83 151,804,917.12 142,708,157.62 142,708,157.62 148,081,683.25 105,270,421.51 105,270,421.57 96,609,170.40 96,609,170.40 96,609,170.40 96,609,170.40 96,609,170.40 96,609,170.40 96,609,170.40 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 5,429,904,539.72
Demolition of existing Building D and construction of a new 4-storey production building with installations and associated infrastructure in Warsaw, ul. Jana Nowaka-Jeziorańskiego 28
View Source 2026-03-04 - 2027-03-04
- - 17,827,400.00 17,827,400.00 17,827,400.00 17,827,400.00 17,827,400.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 89,137,000.00
Purchase of investment property in Poznan (Komandoria plot 1/8)
View Source 2026-01-30 - 2027-01-30
- - 421,180,000.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 421,180,000.00
Construction of 7R Park Gdańsk V warehouse and production hall (Barniewice)
View Source 2026-01-23 - 2027-01-22
- - 14,806,702.81 14,806,702.81 14,806,702.81 14,806,702.81 14,806,702.77 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 74,033,514.01
Construction and Maintenance of Municipal Roads in Marki (public-private partnership)
View Source 2026-01-19 - 2044-01-18
- - 149,610,083.16 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 1,648,566.82 266,658,327.38
Construction of the Sidzina bypass on national road No. 46
View Source 2026-01-12 - 2029-04-12
- - 8,661,251.11 8,661,251.11 8,661,251.11 8,661,251.11 8,661,251.11 8,661,251.11 8,661,251.11 8,661,251.11 8,661,251.11 8,661,251.11 8,661,251.11 8,661,251.11 8,661,251.11 8,661,251.17 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 121,257,515.60
Reconstruction, extension and superstructure of a residential building complex and construction of a new residential building with underground garage at Stawowa Street in Wrocław
View Source 2026-01-12 - 2027-01-11
- - 9,717,819.20 9,717,819.20 9,717,819.20 9,717,819.20 9,717,819.20 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 48,589,096.00
Continuous replacement of rails and sleepers on railway lines Oleśnica - Chojnice and Poznań Wschód - Bydgoszcz Główna (sections Kcynia - Nakło nad Notecią and border IZ - Kcynia) including ancillary works
View Source 2025-07-21 - 2025-12-13
22,943,237.84 23,580,550.22 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 46,523,788.06
Design and construction of the S11 expressway Ostrów Wlkp. - Kępno; Section I Przygodzice interchange - Ostrzeszów North interchange (excluding interchange)
View Source 2025-07-21 - 2028-10-21
30,589,041.10 35,177,297.27 30,589,041.10 30,589,041.10 30,589,041.10 35,177,297.27 30,589,041.10 30,589,041.10 30,589,041.10 35,177,297.27 30,589,041.10 30,589,041.10 30,589,041.10 35,277,697.19 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 446,700,000.00
Design and construction of the second carriageway of the Wyrzysk bypass on expressway S10 including reinforcement of the existing carriageway to KR6
View Source 2025-07-21 - 2028-10-21
6,848,695.01 7,533,564.52 6,848,695.01 6,848,695.01 6,848,695.01 7,533,564.52 6,848,695.01 6,848,695.01 6,848,695.01 7,533,564.52 6,848,695.01 6,848,695.01 6,848,695.01 7,533,564.55 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 98,621,208.21
General contractor agreement for construction of a multi-family residential building with technical infrastructure, parking and road reconstruction
View Source 2025-07-18 - 2027-04-30
6,187,500.00 6,187,500.00 6,187,500.00 6,187,500.00 6,187,500.00 6,187,500.00 6,187,500.00 6,187,500.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 49,500,000.00
Continuous replacement of rails and sleepers on track No.1 of railway line No.281 Oleśnica - Chojnice and on track No.1 of railway line No.356 Poznań Wschód - Bydgoszcz Główna including ancillary works
View Source 2025-07-04 - 2026-07-03
9,304,757.61 9,304,757.61 9,304,757.61 9,304,757.61 9,304,757.62 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 46,523,788.06
Contract award for Task No. 42282 (SVA/466-100/2025) - AMW SINEVIA
View Source 2025-07-03 - 2026-07-02
7,867,500.00 7,867,500.00 7,867,500.00 7,867,500.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 31,470,000.00
Construction of the Regional Prosecutor's Office building in Gdańsk including site development
View Source 2025-05-14 - 2026-05-14
19,385,805.39 19,385,805.39 19,385,805.39 19,385,805.39 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 77,543,221.56
Construction of provincial road class G - western bypass of Mława (section between Gdyńska Street and planned national road S7)
View Source 2025-05-12 - 2028-05-12
9,096,759.53 9,096,759.53 9,096,759.53 9,096,759.53 9,096,759.53 9,096,759.53 9,096,759.53 9,096,759.53 9,096,759.53 9,096,759.53 9,096,759.50 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 100,064,354.80
Framework Agreement for Design and Construction of Road System Connecting CPK Airport to Public Road Network
View Source 2025-04-23 - 2031-04-22
94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 94,960,603.58 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,184,093,882.34
Construction of a building for the District Court in Suwałki, Utrata Street
View Source 2025-03-28 - 2026-03-27
11,399,479.04 13,109,400.90 11,399,479.04 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 35,908,358.98
Creation of transport infrastructure for the development of the Miękinia Subzone within the Legnica Special Economic Zone - COMMUNICATION SYSTEM
View Source 2025-01-21 - 2026-12-31
11,188,316.81 12,866,564.33 11,188,316.81 11,188,316.81 11,188,316.81 12,866,564.33 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 70,486,395.90
Construction of Sława Bypass - Stage II (design and build)
View Source 2024-11-25 - 2025-11-24
6,983,569.73 8,031,105.19 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 15,014,674.92
Construction of the Podkarpackie Athletics Centre in Rzeszów
View Source 2024-04-24 - 2026-10-31
13,711,790.39 15,768,558.95 13,711,790.39 13,711,790.39 13,711,790.39 15,768,558.98 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 86,384,279.49
Demolition of existing building D and construction of a new 4-storey production building with installations and accompanying infrastructure in Warsaw, Jana Nowaka-Jeziorańskiego 28
View Source None - None
26,656,546.75 26,656,546.75 26,656,546.75 26,656,546.74 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 106,626,186.99
Design and construction of the Wschowa and Dębowa Łęka bypass on national road No. 12
View Source None - None
31,021,778.73 31,021,778.73 31,021,778.73 35,675,045.56 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 128,740,381.75
Contract SVA/466-21/2025 with AMW SINEVIA Sp. z o.o.
View Source None - None
13,736,341.46 13,736,341.46 13,736,341.46 13,736,341.48 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 54,945,365.86
Construction of a provincial road class G - western bypass of Mława (between Gdyńska Street and planned S7 national road)
View Source None - None
21,404,140.06 23,544,554.07 21,404,140.06 21,404,140.08 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 87,756,974.27
Design and construction of the S11 expressway Ostrów Wlkp. - Kępno; Section I Przygodzice junction - Ostrzeszów North junction (excluding junction)
View Source None - None
89,312,195.12 89,312,195.12 89,312,195.12 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 267,936,585.36
Creation of conditions for development of investment areas on the former Biskupice mine at Szyb Franciszek Street in Zabrze
View Source None - None
6,451,320.09 6,451,320.11 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 12,902,640.20
Design and construction of A2 motorway section from Biała Podlaska junction to Dobryń junction
View Source None - None
- - 72,974,509.80 72,974,509.80 72,974,509.80 80,271,960.78 72,974,509.80 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 372,169,999.98
Demolition of existing Building D and construction of new 4-storey production building with installations and accompanying infrastructure in Warsaw, ul. Jana Nowaka-Jeziorańskiego 28
View Source None - None
- - 17,308,155.34 17,308,155.34 17,308,155.34 19,904,378.64 17,308,155.34 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 89,137,000.00

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

Financial Performance

PLN Showing 11 quarters | Metric: Revenue (Quarterly)

Quarterly Data

Metric 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3
Income Statement Revenue (Quarterly) 515.3M 679.9M 872.4M 1.3B 646.6M 815.7M 893.7M 896.2M 496.7M 720.2M 732.0M
Income Statement Gross Profit (Quarterly) 43.4M 56.7M 74.1M 161.4M 78.3M 65.4M 70.0M 77.7M 43.1M 45.1M 55.1M
Income Statement EBITDA (Quarterly) 30.1M 37.0M 48.0M 127.5M 59.1M 37.4M 138.6M -30.7M 32.3M 39.5M 28.4M
Income Statement EBIT (Quarterly) 25.6M 32.4M 43.3M 122.6M 54.1M 32.0M 16.2M 79.8M 25.3M 31.8M 20.4M
Income Statement Net Income (Quarterly) 13.1M 15.7M 27.5M 79.1M 33.2M 21.1M 10.2M 56.9M 15.0M 21.1M 14.1M
Costs Selling & Distribution Costs 0 0 0 7.5M 0 0 5.6M 2.2M 0 0 5.1M
Costs Administrative Expenses 17.1M 21.1M -38.2M 88.1M 0 0 70.8M 24.4M 0 0 67.6M
Cash Flow Operating Cash Flow -202.5M -14.3M -62.5M 427.0M -107.8M -45.7M -5.9M 111.3M -329.9M 21.4M 1.0M
Cash Flow Capital Expenditure -3.0M -7.0M -11.6M -114.2M -26.1M -52.2M -84.5M -95.7M -5.5M -34.8M -39.2M
Cash Flow Free Cash Flow -199.5M -7.4M -50.9M 541.2M -81.7M 6.5M 78.6M 206.9M -324.4M 56.2M 40.3M
Cash Flow Depreciation & Amortization 4.5M 4.6M 4.8M 4.9M 5.0M 5.4M 5.2M 6.7M 7.0M 7.7M 8.0M
LTM Metrics Revenue (LTM) 515.3M 1.2B 2.1B 3.3B 3.5B 3.6B 3.6B 3.3B 3.1B 3.0B 2.8B
LTM Metrics EBITDA (LTM) 30.1M 67.0M 115.1M 242.6M 271.6M 272.1M 362.6M 204.4M 177.6M 179.8M 69.6M
LTM Metrics Net Income (LTM) 13.1M 28.8M 56.3M 135.4M 155.5M 160.9M 143.6M 121.4M 103.1M 103.2M 107.1M
Profitability Gross Margin 8.4% 8.3% 8.5% 12.9% 12.1% 8.0% 7.8% 8.7% 8.7% 6.3% 7.5%
Profitability EBITDA Margin 5.8% 5.4% 5.5% 10.2% 9.1% 4.6% 15.5% -3.4% 6.5% 5.5% 3.9%
Profitability EBIT Margin 5.0% 4.8% 5.0% 9.8% 8.4% 3.9% 1.8% 8.9% 5.1% 4.4% 2.8%
Profitability Net Margin 2.5% 2.3% 3.1% 6.3% 5.1% 2.6% 1.1% 6.3% 3.0% 2.9% 1.9%
Profitability ROIC - - - - 20.6% 18.5% 14.3% 12.3% 7.5% 7.5% 7.8%
Profitability Cash Conversion -1544.0% -91.0% -227.0% 540.0% -324.0% -217.0% -57.0% 196.0% -2199.0% 101.0% 7.0%
Balance Sheet Current Assets 1.4B 1.4B 1.4B 1.4B 1.2B 1.5B 1.5B 1.6B 1.5B 1.7B 1.7B
Balance Sheet Current Liabilities 836.0M 948.6M 900.0M 994.1M 772.1M 774.4M 782.2M 823.9M 717.3M 788.7M 806.1M
Balance Sheet Inventories 417.0M 454.2M 484.8M 389.9M 426.2M 404.8M 397.4M 360.6M 393.8M 410.7M 442.9M
Balance Sheet Total Equity 695.1M 686.9M 714.4M 793.5M 826.8M 1.0B 1.0B 1.1B 1.1B 1.1B 1.1B
Balance Sheet Total Debt 453.5M 443.2M 443.8M 404.8M 385.4M 321.0M 304.8M 355.8M 421.2M 460.3M 494.5M
Balance Sheet Cash & Equivalents 302.2M 197.7M 112.5M 395.8M 239.3M 323.0M 250.3M 396.8M 120.1M 117.4M 129.9M
Balance Sheet Invested Capital 846.4M 932.4M 1.0B 802.6M 972.9M 1.0B 1.1B 1.1B 1.4B 1.5B 1.5B
Ratios Current Ratio 1.64 1.52 1.59 1.45 1.59 1.96 1.91 1.92 2.15 2.19 2.16

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 81%
Neutral 5%
Negative 14%

Based on 21 articles

2026-03-04
ESPI positive

Mirbud S.A. Secures Contract for Construction of New Production Facility in Warsaw

Mirbud S.A., a leading Polish construction group, has signed a significant contract with PCO S.A. for the demolition of an existing building and the construction of a new four-story production facility in Warsaw. The project, located at Jana Nowaka-Jeziorańskiego 28, includes comprehensive installations and accompanying infrastructure. The total value of the contract amounts to PLN 109,638,510 gross.

The agreement underscores Mirbud's strong presence in the general construction sector, particularly in commercial and industrial projects. This development aligns with the company’s strategy of diversifying its portfolio beyond road and railway infrastructure.

View source
2026-02-27
ESPI positive

Mirbud S.A. Announces New Board Appointment: Michał Niemyt Joins as Member of the Management Board

On February 27, 2026, the Supervisory Board of Mirbud S.A. appointed Michał Niemyt as a new member of the company’s Management Board, effective March 1, 2026. Mr. Niemyt has been a key figure in the infrastructure construction sector, serving as Vice President and Technical Director at KOBYLARNIA S.A., a subsidiary of the Mirbud Group, since 2013. With a degree in civil engineering from the Gdańsk University of Technology and extensive experience in overseeing road infrastructure projects, Mr. Niemyt brings valuable expertise to Mirbud S.A.’s leadership team.

Mr. Niemyt has no affiliations with competitive entities and is not listed in the Insolvent Debtors Register, ensuring his full alignment with Mirbud S.A.’s strategic goals.

This appointment underscores Mirbud S.A.’s commitment to strengthening its leadership in infrastructure construction, particularly in roadworks, which constitute the dominant segment of its business portfolio.

Relevance: The article is highly relevant as it highlights leadership changes within Mirbud S.A., directly impacting the company’s strategic direction and operational efficiency in its core infrastructure projects.

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2026-02-23
ESPI negative

Mirbud S.A. Challenges KIO Ruling on Key Infrastructure Contract

On February 23, 2026, the management board of Mirbud S.A. announced that it has filed a complaint with the District Court in Warsaw against the ruling of the National Appeals Chamber (KIO) dated January 19, 2026 (case no. KIO 5144/25). The complaint challenges the KIO's decision to overturn the selection of the Torpol-Mirbud consortium's bid in favor of the Budimex-PORR consortium. Mirbud S.A. alleges procedural violations and misapplication of substantive law by the KIO and has requested the court to reinstate the original decision, which had awarded the contract to the Torpol-Mirbud consortium. The company emphasized the significant value of the contract and its strategic importance to Mirbud S.A.'s operations.

This development is highly relevant to Mirbud S.A.'s business profile as it directly impacts the company's backlog and its position in the competitive infrastructure market, particularly in the road and railway construction segments.

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2026-02-20
ESPI positive

Mirbud S.A. Secures Contract for Construction of New Production Facility in Warsaw

Mirbud S.A., a leading Polish construction group, has been selected as the contractor for the demolition of an existing building and the construction of a new four-story production facility, along with accompanying installations and infrastructure, at Jana Nowaka-Jeziorańskiego Street in Warsaw. The contract, awarded by PCO S.A., is valued at PLN 109,638,510 gross. The company announced that the formal agreement will be signed shortly, with further updates to be provided in a separate report.

This development aligns with Mirbud S.A.'s strategic focus on general construction projects, particularly in the commercial and industrial sectors, and underscores its ability to secure high-value contracts in competitive tenders.

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2026-02-18
ESPI negative

Mirbud S.A. Challenges Tender Decision for Rail Baltica Projects

Mirbud S.A., a leading Polish construction group, has filed a motion with the District Court in Warsaw to secure its claim regarding the rejection of its bid as the most advantageous offer in a public procurement process. The tender, issued by PKP Polskie Linie Kolejowe S.A., pertains to the preparation of executive documentation and execution of construction works for the Rail Baltica project on the E75 railway line, covering sections from Białystok to Ełk. The total value of the tender exceeds PLN 400 million.

The company argues that the rejection of its bid, submitted as part of a consortium with Torpol, will result in the selection of a more expensive offer, costing over PLN 400 million more than the consortium's proposal. Mirbud S.A. has requested the court to prohibit PKP Polskie Linie Kolejowe S.A. from signing a contract with the next bidder until the court resolves the appeal against the ruling of the National Appeals Chamber (KIO) issued on January 19, 2026. The company emphasizes the significant financial implications of the decision and its impact on public funds.

This development highlights Mirbud S.A.'s active participation in high-value infrastructure projects and its commitment to ensuring fair competition in public procurement processes.

Relevance: This article is highly relevant to Mirbud S.A.'s business profile as it involves a significant tender in the railway infrastructure segment, a key area of the company's strategic expansion and diversification efforts.

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2026-02-17
ESPI positive

Mirbud S.A. Leads Consortium to Secure A2 Highway Construction Contract Worth PLN 457.8 Million

Mirbud S.A., a leading Polish construction group, has been selected as the leader of a consortium to execute a significant infrastructure project. The consortium, comprising Mirbud S.A. and Budpol Sp. z o.o., has been awarded the contract for the design and construction of the A2 highway section from the "Biała Podlaska" interchange to the state border, specifically the XI section spanning from km 641+011 to the "Dobryń" interchange at km 650+287. The total value of the contract is PLN 457,769,100 gross.

The project, commissioned by the General Directorate for National Roads and Motorways (GDDKiA), represents a major milestone for Mirbud S.A., further solidifying its position as a key player in Poland's road infrastructure sector. The company will provide additional updates upon the formal signing of the agreement.

Relevance: This contract aligns with Mirbud S.A.'s core business focus on road and engineering works, which constitute the dominant segment of its order backlog, and underscores its strong presence in public infrastructure tenders.

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2026-01-30
ESPI positive

JHM Development Secures Major Investment Property in Poznań for Residential Project

On January 30, 2026, JHM Development S.A., a subsidiary of Mirbud S.A., finalized the acquisition of a significant investment property in Poznań, located in the Komandoria district. The purchased plot, covering an area of 12.2285 hectares, was acquired for a net value of PLN 421,180,000. The company plans to develop a large-scale residential project on the site, which will include over 2,000 multifamily housing units. The payment terms of the agreement include installment-based payments, and the contract adheres to standard provisions for such transactions.

This development aligns with Mirbud S.A.'s strategic focus on expanding its real estate segment through JHM Development, which contributes to the company's diversification and high-margin business activities.

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2026-01-23
ESPI positive

Mirbud S.A. Secures €17.6 Million Contract for Construction of 7R Park Gdańsk V

Mirbud S.A., a leading Polish construction group, has signed a contract with 7R Projekt 47 Sp. z o.o. for the development of a warehouse and production hall, complete with social-office facilities and technical infrastructure. The project, named 7R Park Gdańsk V, will be located in Barniewice, Żukowo municipality, Pomeranian Voivodeship. The contract is valued at €17,606,067.54 net, marking a significant addition to Mirbud's portfolio.

The agreement underscores Mirbud's expertise in general construction and its ability to secure high-value contracts, further strengthening its position in the commercial construction segment.

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2026-01-20
ESPI positive

Mirbud S.A. Secures Major Public-Private Partnership Contract in Marki

Mirbud S.A., a leading Polish construction group, has been selected as the preferred contractor for a significant public-private partnership project in Marki. The contract, awarded by the Municipality of Marki, involves the construction and modernization of three municipal roads and their maintenance over an 18-year period. The total value of the project amounts to PLN 327,989,742.99 gross, with PLN 181,992,665.10 allocated for construction works. The company will provide further updates upon signing the agreement.

Relevance: This contract aligns with Mirbud S.A.'s core business focus on road construction and infrastructure projects, reinforcing its dominant position in the sector and expanding its backlog of high-value contracts.

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2026-01-20
ESPI negative

PKP PLK Cancels Selection of Consortium Including Mirbud S.A. for Rail Baltica Projects

Mirbud S.A., in partnership with Torpol S.A., has been informed by PKP Polskie Linie Kolejowe S.A. about the cancellation of the consortium's offer selection for major Rail Baltica projects. The decision, based on a ruling by the National Appeals Chamber, affects contracts for the preparation of documentation and execution of construction works on the E75 railway line segments: Białystok-Knyszyn, Knyszyn-Osowiec, and Osowiec-Ełk. The unselected offer was deemed significant due to its substantial value and strategic importance for Mirbud S.A.

Relevance: This development directly impacts Mirbud S.A.'s expansion into the railway infrastructure segment, a key area of diversification outlined in its business strategy.

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2026 EPS Estimates

Last updated: 2025-06-30
Bear Case
2026 EPS: PLN None
Assumptions:
  • Not provided in the project document
Base Case
2026 EPS: PLN None
Assumptions:
  • Not provided in the project document (June 2025 overview contains TTM revenue/net profit, ROIC and backlog commentary, but does not include a forward EPS valuation model)
Bull Case
2026 EPS: PLN None
Assumptions:
  • Not provided in the project document

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 Mirbud S.A.'s business model.

No key metrics available yet

Custom performance indicators for Mirbud 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.