Mirbud builder aims at over PLN 3 bln in revenue, more than PLN 10 bln in order book in 2026

"In 2026, we are aiming to exceed a portfolio value of PLN 10 billion (...) Even without the [Rail Baltica - PAP ed.] investment, the plan is to have a portfolio worth PLN 10 bln by the end of the year," said Mirbud's CFO Pawel Korzeniowski.

"2026 is a period when road construction projects will not yet be fully underway (...). In 2026, revenue will be above PLN 3 billion, but more in line with previous years," he added.

The group's revenues will increase systematically from 2027, when projects enter an advanced stage of implementation and work begins on project that Mirbud will be signing this year, the CFO pointed out, expressing his hope that they would include the rail sector.

"2027–2028 is the time when we can start approaching PLN 5 billion," Korzeniowski believes.

At the end of December 2025, the group's order book stood at PLN 8.46 billion net. At the end of the first quarter of 2026, at end-March, the portfolio's value totalled PLN 8.279 bln net.

In 2025, Mirbud's sales revenue reached PLN 2.95 billion against PLN 3.25 bln in 2024.

"The decline in revenue was mainly due to the fact that most of the road infrastructure contracts signed back in 2024, following the design phase and the process of obtaining ZRID decisions [road investment permits - MI ed.], did not receive them," CFO Korzeniowski explained.

"(...). Had they been granted, construction work would have begun, and we would have had higher revenue. Since the end of 2025, several decisions have been obtained. We hope that these contracts will enter the construction phase in 2026, so an increase in revenue from this source should be expected," he added.

In 2025, contracts nearing PLN 2.7 bln were signed, and in the first quarter of 2026, agreements worth PLN 572.4 mln were inked. Selected bids awaiting contract signing are valued at PLN 840.3 mln, and the bids picked as most favourable are worth almost PLN 2.235 bln, Mirbud announced in a presentation.

According to CEO Jerzy Mirgos, there has been no significant change in the tender market, and there are more appeals because the number of tenders has increased.

"The issue is being somewhat artificially hyped, because there have always been protests, there have always been appeals. Virtually every tender in the past ended in an appeal (...). From my point of view, perhaps there is a little more acrimony, and companies are appealing over finer details, but it hasn’t changed that much," Mirgos assessed.

"The number of proceedings has increased, but so has the number of tenders. This is not some drastic deterioration. (...) This is also due to certain errors at the tender procedure stage, which are not entirely transparent or clear," he added.

In 2026, the management board does not anticipate any significant changes in the area of tenders.

"A great many tenders are being announced. 2026 will undoubtedly be a year of continued drift; Poland's road GDDKiA) is implementing its road programme (...) and the funding there remains similar year on year, with an average of PLN 15 billion," CEO Mirgos pointed out.

"(...) Railways - this will probably be on a smaller scale, but still significant, as we are hearing that there is PLN 10-15 billion for tenders this year, which have already been announced or will be announced," he added.

In the field of tenders held by Poland's central transportation hub company CPK, no contract for a significant scope of works will be signed this year, Mirgos said.

"I think that in the CPK next year, this portfolio will be significantly resolved. Nuclear power stations are also the future, so nothing significant will happen this year or next," he added.

Mirbud is hoping for more military contracts, but also expects this to happen next year.

"There is a great deal of optimism regarding the whole of the next decade, but for this year, I don’t think anything significant will happen in terms of a substantial number of contracts being signed compared to previous years," the CEO assessed.

The builder is awaiting the outcome of the tender for the construction of the Rail Baltica railway line between Bialystok and Elk. The final outcome of this tender will be known in mid-2026.

The tender for the reconstruction of the line was won in November by the consortium of Mirbud with another listed builder Torpol. However, this decision was challenged by the Budimex-PORR consortium, and the National Appeal Chamber (Polish: KIO) partially upheld the appeal, ordering the selection of the Torpol-Mirbud consortium’s bid to be annulled and the offers to be re-evaluated. In February, the consortium lodged a complaint with the Regional Court in Warsaw, demanding that the KIO’s ruling be overturned and that the appeal against the consortium be dismissed in its entirety. The hearing in this case will take place on June 19.

On Monday, listed builder Unibep announced that Poland's railway infrastructure operator PKP PLK had selected the bid from the consortium including Unibep, for a maximum of PLN 4.24 billion net, as the most favourable in the tender for the preparation of detailed design documentation and the execution of construction works under the project: works on the E75 railway line (Rail Baltica).

"The optimistic scenario for Mirbud is for the court to uphold the appeal, (...) to overturn the ruling by the National Appeal Chamber regarding our exclusion, which would automatically reinstate us in the proceedings and reinstate our selection, and there would be no further bids," Mirgos emphasised.

"So, either we’re back in the game and have been selected, or the appeal will be dismissed, in which case we're out of it. The tender itself may still take a few more months," he added.

Monday's decision by PKP PLK to proceed with another tender is significant, as the contracting authority had threatened to cancel this one, Mirbud's CEO assessed.

"If it did not cancel it, but simply chose another bidder - one that is PLN 600 mln more expensive - it means that money is not an issue [for PKP PLK]. This is positive news for us, as it gives us a chance to resolve our dispute in court," he added.

In the real estate sector, Mirbud expects the next sales peak to occur in 2028-2029.

"Things will be better as early as 2027, as some of the projects currently under construction should be completed (...). 2026 will also be better than 2025 - around 300-350 flats, while from 2028 onwards this figure will rise steadily," CFO Korzeniowski anticipate.

"Of course, the economic climate also matters, but we are neither halting nor accelerating the construction cycle. They proceed at their own pace," he added.

In 2025, Mirbud handed over 243 apartments, and 352 preliminary and development agreements were signed.

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