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
2951.0M LTM Revenue (PLN)
+11.8% 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 2044 Q1 Total
Total Revenue per Quarter 439,049,378.24 453,592,703.73 1,243,586,965.04 1,079,656,500.63 806,969,604.66 835,449,339.63 772,764,739.80 361,123,039.18 200,811,277.49 207,183,505.67 200,811,277.46 191,714,517.98 174,664,749.54 149,730,250.07 106,918,988.33 106,918,988.39 98,257,737.22 98,257,737.22 98,257,737.22 98,257,737.22 98,257,737.22 98,257,737.22 98,257,737.22 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 3,297,133.64 1,648,566.82 8,188,552,368.84
Design of executive project and execution of construction works on section LOT B1_1 Sitkówka Nowiny - Miąsowa (without stations), Stage II of works on railway line No. 8 Skarżysko - Kamienna - Kielce - Kozłów
View Source 2026-06-01 - 2027-05-31
- - - 100,888,879.33 100,888,879.33 100,888,879.33 100,888,879.33 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 403,555,517.32
Construction of new route of Voivodeship Road No. 527 (Nowobałtycka Street) in Olsztyn
View Source 2026-05-19 - 2028-05-19
- - - 17,049,768.51 17,049,768.51 17,049,768.51 17,049,768.51 17,049,768.51 17,049,768.51 17,049,768.51 17,049,768.51 17,049,768.53 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 153,447,916.61
Design and expansion of national road No. 25 (Kokanin - Biskupice Ołoboczne, Kalisz bypass)
View Source 2026-05-19 - 2027-05-18
- - - 111,143,340.00 111,143,340.00 111,143,340.00 111,143,340.00 111,143,340.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 555,716,700.00
Construction of the Prudnik bypass on national road No. 41
View Source 2026-05-18 - 2027-05-17
- - - 14,188,586.41 14,188,586.41 16,316,874.37 14,188,586.41 14,188,566.40 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 73,071,200.00
Construction and maintenance of municipal roads in the Municipality of Marki
View Source 2026-04-29 - 2044-04-29
- - - 149,610,083.55 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 1,648,566.82 266,658,327.77
Expansion of county road No. 3040P Niezgoda - Sierakowo and construction of new road section Sierakowo-DK92-A2 (design and build)
View Source 2026-04-27 - 2028-08-27
- - - 10,991,025.02 10,991,025.02 12,090,127.52 10,991,025.02 10,991,025.02 10,991,025.02 12,090,127.52 10,991,025.02 10,991,025.02 10,991,025.02 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 112,108,455.20
Construction of a warehouse-production building with office and social facilities and necessary infrastructure in Jawor municipality
View Source 2026-04-20 - 2027-04-19
- - - 28,792,355.29 28,792,355.29 28,792,355.29 28,792,355.29 28,792,355.29 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 143,961,776.45
Construction of a sports and entertainment hall with surface parking and infrastructure at Wawelska 5 - Phase II
View Source 2026-04-14 - 2028-07-03
- - - 19,316,999.99 19,316,999.99 19,316,999.99 19,316,999.99 19,316,999.99 19,316,999.99 19,316,999.99 19,316,999.99 19,316,999.99 19,317,000.08 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 193,169,999.99
Expansion of County Road No. 3040P (Niezgoda - Sierakowo) and construction of new section Sierakowo-DK92-A2 (design and build)
View Source 2026-04-01 - 2027-03-31
- - - 28,029,250.00 28,029,250.00 28,029,250.00 28,029,250.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 112,117,000.00
Design and construction of A2 motorway section from Biała Podlaska to state border (section X)
View Source 2026-03-27 - 2027-03-26
- - 90,195,793.04 90,195,793.04 90,195,793.04 103,725,161.99 90,195,793.04 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 464,508,334.15
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
Construction of a sports and entertainment hall with surface parking and infrastructure at Wawelska 5, Warsaw (Modernization - Stage II)
View Source None - None
- - 38,634,000.00 38,634,000.00 38,634,000.00 38,634,000.00 38,634,000.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 193,170,000.00
Construction of a double-track tramway along Solskiego Street from Kujawskie Roundabout to Bielicka loop including Bielicka terminus
View Source None - None
- - - 21,259,171.13 21,259,171.13 23,385,088.24 21,259,171.13 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 87,162,601.63

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

Financial Performance

PLN Showing 12 quarters | Metric: Revenue (Quarterly)

Quarterly Data

Metric 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4
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 1.0B
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 83.6M
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 -100.2M
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 -77.6M
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 61.8M
Costs Selling & Distribution Costs 0 0 0 7.5M 0 0 5.6M 2.2M 0 0 5.1M -5.1M
Costs Administrative Expenses 17.1M 21.1M -38.2M 88.1M 0 0 70.8M 24.4M 0 0 67.6M -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 307.5M
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 0
Cash Flow Free Cash Flow -205.5M -21.3M -74.1M 312.8M -133.9M -97.9M -90.3M 15.6M -335.4M -13.4M -38.2M 307.5M
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 -22.7M
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 3.0B
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 0
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 112.0M
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% 8.3%
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% -10.0%
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% -7.7%
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% 6.2%
Profitability ROIC 2.6% 5.2% 8.0% 18.0% 20.0% 18.9% 15.7% 11.0% 7.8% 7.5% 7.4% -2.4%
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% 498.0%
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 0
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 0
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 0
Balance Sheet Trade Receivables 612.1M 747.7M 774.4M 595.9M 547.2M 670.2M 715.4M 794.8M 860.9M 1.1B 1.0B 0
Balance Sheet Trade Payables 726.8M 856.8M 827.2M 895.2M 672.1M 672.1M 786.5M 663.6M 566.6M 686.1M 673.1M 0
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 0
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 0
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 0
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 0
Balance Sheet Net Working Capital 302.3M 345.2M 431.9M 90.6M 301.4M 402.9M 326.4M 491.9M 688.1M 871.6M 809.2M 0
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 -
Ratios Net Working Capital to Revenue 0.59 0.51 0.50 0.07 0.47 0.49 0.37 0.55 1.39 1.21 1.11 0.00

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 90%
Neutral 0%
Negative 10%

Based on 30 articles

2026-05-22
ESPI positive

Transkol, a Subsidiary of Mirbud S.A., Secures Key Railway Contract Worth Over PLN 496 Million

On May 22, 2026, Mirbud S.A. announced that its subsidiary, Transkol Sp. z o.o., has been selected as a partner in a consortium to execute a significant railway infrastructure project. The tender, issued by PKP Polskie Linie Kolejowe S.A., involves the preparation of a detailed design and the execution of construction works on the LOT B1_1 Sitkówka Nowiny - Miąsowa section of railway line no. 8. The project, part of the broader investment initiative "Works on railway line no. 8 on the Skarżysko-Kamienna - Kielce - Kozłów section," is valued at PLN 496,373,286.92 gross.

The consortium, led by Pomorskie Przedsiębiorstwo Mechaniczno-Torowe Sp. z o.o. from Gdańsk, includes Transkol Sp. z o.o. as a key partner. Mirbud S.A. has classified this contract as a significant development due to its substantial value and strategic importance for the company. A formal agreement will be signed, and further updates will be provided in a separate report.

Relevance: This contract aligns with Mirbud S.A.'s strategic focus on expanding its presence in the railway infrastructure sector, a key growth area for the company as it diversifies beyond road construction.

View source
2026-05-20
ESPI positive

Mirbud S.A. Secures Major Contract for Expansion of National Road No. 25

Mirbud S.A., a leading Polish construction group, has been selected as the preferred contractor for the design and expansion of National Road No. 25 on the Kokanin to Biskupice Ołoboczne section, including the Kalisz bypass. The contract, awarded by the General Directorate for National Roads and Motorways (GDDKiA) in Poznań, is valued at PLN 683,531,541 gross. The company announced that it will provide further updates upon the signing of the agreement.

This project represents a significant addition to Mirbud's portfolio, aligning with its dominant focus on road and engineering works, which constitute approximately 80-83% of its order backlog. The contract further solidifies Mirbud's strong position in the public infrastructure sector and its strategic partnership with GDDKiA.

View source
2026-05-19
ESPI positive

Mirbud S.A. Secures Contract for Prudnik Bypass Construction Worth Nearly PLN 90 Million

Mirbud S.A., a leading Polish construction group, has been selected as the preferred contractor for the construction of the Prudnik bypass on National Road No. 41. The General Directorate for National Roads and Motorways (GDDKiA) in Opole announced on May 18, 2026, that Mirbud's bid of PLN 89,877,600.60 gross was deemed the most advantageous in the public procurement process. The company will provide further updates upon the signing of the contract.

The project is a significant addition to Mirbud's portfolio, reinforcing its dominant position in the road construction sector, which constitutes approximately 80–83% of its order backlog. This contract further solidifies Mirbud's strong relationship with GDDKiA, a key client in the public infrastructure sector.

View source
2026-05-19
ESPI positive

Mirbud S.A. Announces Annual General Meeting and Proposes Dividend Payout

Mirbud S.A., a leading Polish construction and infrastructure company headquartered in Skierniewice, has announced the convening of its Ordinary General Meeting of Shareholders, scheduled for June 19, 2026, at its headquarters. The meeting will address key matters, including the approval of the company's financial statements for 2025, the allocation of profits, and the distribution of dividends.

According to the company's management board, Mirbud S.A. achieved a net profit of PLN 138.48 million in 2025. The board has proposed allocating PLN 22.02 million for dividend distribution, equating to PLN 0.20 gross per share, while the remaining PLN 116.46 million will be transferred to the company's reserve capital. The Supervisory Board has positively evaluated this proposal, and the final decision will be made during the meeting. The dividend day is proposed for July 1, 2026, with the payout scheduled for July 8, 2026.

Additionally, the meeting will include discussions on the approval of the consolidated financial statements of the Mirbud Capital Group, the review of the Supervisory Board's report on the remuneration of the management and supervisory board members, and the granting of discharge to the company's management and supervisory board members for their activities in 2025.

Relevance to Mirbud S.A. Business Profile

This announcement is highly relevant to Mirbud S.A.'s business profile as it highlights the company's financial performance, governance practices, and commitment to shareholder value through dividend distribution, reflecting its strong position in the construction and infrastructure sector.

View source
2026-05-19
ESPI positive

Mirbud S.A. Proposes Dividend Payout and Allocation of 2025 Net Profit

On May 18, 2026, the Management Board of Mirbud S.A., a leading Polish construction group, submitted a proposal to the Ordinary General Meeting of Shareholders regarding the allocation of the company's net profit for the fiscal year 2025. The total net profit amounted to PLN 138.48 million. The proposal includes a dividend payout of PLN 22.02 million, equivalent to PLN 0.20 gross per share, while the remaining PLN 116.46 million is to be allocated to the company's reserve capital. The Supervisory Board of Mirbud S.A. unanimously approved the proposal during its meeting on May 19, 2026.

The information was classified as confidential due to its potential impact on the company's stock price, in accordance with the EU Market Abuse Regulation (MAR).

Relevance: This development is significant for Mirbud S.A. as it reflects the company's strong financial performance in 2025 and its strategic decision to balance shareholder returns with reinvestment into the company's reserve capital, ensuring financial stability and future growth opportunities.

View source
2026-05-19
ESPI positive

Mirbud S.A. Secures Contract for Construction of New Provincial Road in Olsztyn

Mirbud S.A., a leading Polish construction group, has signed a significant contract with the Municipality of Olsztyn for the construction of a new section of Provincial Road No. 527. The project, valued at PLN 188,740,937.43 gross, involves building the road segment from the city boundary to the railway overpass on Nowobałtycka Street in Olsztyn. The contract stipulates a completion timeline of 24 months from the signing date, May 19, 2026.

The agreement, classified as confidential information under the EU Market Abuse Regulation (MAR), underscores the strategic importance of this project for Mirbud S.A., given its substantial value and contribution to the company's growing portfolio of infrastructure projects.

Relevance: This contract aligns with Mirbud S.A.'s core business focus on road and infrastructure projects, which constitute the majority of its order backlog, and further strengthens its position in the public procurement market.

View source
2026-05-14
ESPI positive

Mirbud S.A. Reports Preliminary Financial Results for Q1 2026

Mirbud S.A., a leading Polish construction group, has announced its preliminary financial results for the first quarter of 2026. The company reported consolidated revenues of PLN 547 million, with a gross profit of PLN 55 million and a net profit of PLN 9 million. On a standalone basis, Mirbud recorded revenues of PLN 424 million, a gross profit of PLN 36 million, and a net profit of PLN 10 million. These figures are approximate and subject to adjustments in the final financial report for the period ending March 31, 2026.

The results highlight Mirbud's continued growth and stability in its core construction and infrastructure projects, supported by its robust order backlog and diversified business segments.

Relevance: The article is highly relevant as it provides insight into Mirbud S.A.'s financial performance, reflecting its operational efficiency and market position in the construction and infrastructure sectors.

View source
2026-04-29
ESPI positive

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

On April 29, 2026, MRB2 Sp. z o.o., a subsidiary of Mirbud S.A., signed a significant public-private partnership agreement with the Municipality of Marki. The contract, valued at a total of PLN 327,989,742.99 gross, involves the construction, modernization, and maintenance of municipal roads in Marki over an 18-year period. The agreement includes a payment of PLN 181,992,665.10 gross for construction works. This development underscores Mirbud S.A.'s strong position in the infrastructure sector and its ability to secure high-value public contracts.

The announcement was classified as inside information under the EU Market Abuse Regulation (MAR) due to the contract's substantial value and strategic importance to the company.

Relevance: This contract aligns with Mirbud S.A.'s core business focus on road construction and infrastructure projects, further strengthening its backlog and long-term revenue visibility.

View source
2026-04-27
ESPI positive

Mirbud S.A. Secures PLN 137.9 Million Contract for Road Expansion in Słupca County

Mirbud S.A., a leading Polish construction group, has signed a significant contract with Słupca County for the expansion of the county road no. 3040P between Niezgoda and Sierakowo, as well as the construction of a new section connecting Sierakowo to DK92 and the A2 motorway. The project, valued at PLN 137,903,910 gross, will be executed under the "design and build" formula, with a completion timeline of 28 months from the contract signing date on April 27, 2026.

The agreement, classified as confidential information under the EU Market Abuse Regulation (MAR), underscores Mirbud's strong position in the public infrastructure sector and its ability to secure high-value contracts that contribute to its growing backlog.

Relevance: This contract aligns with Mirbud S.A.'s core business focus on road and infrastructure projects, which constitute the majority of its order portfolio, further strengthening its market position and revenue visibility.

View source
2026-04-23
ESPI positive

Mirbud S.A. Secures Legal Victory in Environmental Penalty Case, Potentially Reopening Key Rail Tender Opportunity

On April 21, 2026, the Supreme Administrative Court (NSA) in Warsaw ruled in favor of Mirbud S.A., overturning a previous decision by the Provincial Administrative Court (WSA) from April 2023. The WSA had dismissed Mirbud's appeal against a financial penalty imposed by the Chief Inspector of Environmental Protection (GIOŚ) in October 2022. The NSA found that the WSA failed to assess whether Mirbud was the actual party responsible for violating the environmental decision issued by the Regional Director for Environmental Protection in Katowice. Mirbud argued that it was not the addressee of the environmental decision, which was instead directed at the General Directorate for National Roads and Motorways (GDDKiA). Consequently, the NSA ruled that Mirbud could not be held liable for the penalty.

This ruling has significant implications for Mirbud, as it challenges the legal basis for the January 2026 decision by the National Appeals Chamber (KIO) to exclude the Torpol-Mirbud consortium from a major PKP Polish Railway Lines tender. The tender, valued at billions of PLN, involves the design and construction of key sections of the Rail Baltica project, including the Białystok-Knyszyn, Knyszyn-Osowiec, and Osowiec-Ełk railway lines. Mirbud has announced that it will provide further updates after reviewing the written justification of the NSA's decision.

Relevance to Mirbud S.A.: This legal victory is highly relevant to Mirbud S.A.'s business profile as it could restore the company's eligibility to participate in lucrative railway infrastructure projects, a key growth segment for the company. The decision also mitigates reputational and financial risks associated with the penalty and tender exclusion.

View source

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.

Periodic Report Publication Calendar

No report publication schedule available yet for this company.