Mirbud builder expects growth in sales from its development activities at end-2025

"(...) We expect sales to increase at the end of the year and with the commissioning of further investments, so the result should improve in 2025, although we should not necessarily expect sales results similar to those of the entire previous year," said Mirbud's spokesman Pawel Bruger.

He pointed out that, in addition to its activities in the railway sector, the company continues to work intensively on tenders and road infrastructure construction projects.

"In the case of building construction, if we were to summarize the market, we continue to observe (...) a defensive building construction market in Poland, this is, a lack or a definite shortage of such contracts on the market. This is felt by the entire industry," Pawel Bruger told the press conference.

Mirbud's CFO Pawel Korzeniowski pointed out that construction activities in the broadly understood defence segment are beginning to account for an increasing share of the company's portfolio, but currently, engineering and road construction still constitute the main share of the portfolio.

"At the end of July 2025, the value of the Mirbud group's order portfolio amounted to PLN 8.78 billion net, to be completed by 2029. When it comes to building construction, public buildings still account for a significant percentage," he said.

"However, when it comes to industrial facilities, (...) we are definitely seeing a collapse of this market. The reasons for this can be found in many circumstances, certainly the price of money, i.e., interest rates, which quite effectively discourage private investors from investing in industrial or warehouse buildings. Overall, the situation in this market is quite uncertain," he added.

CFO Korzeniowski said that the company is considering entering the energy market.

"We are reviewing possible options for development in this market, and one of them is acquisition. That's all we can say at this point," he said.

In the first half of 2025, Mirbud had PLN 36 million (EUR 8.4 million) in consolidated net profit and PLN 1.2 billion (EUR 281.2 mln) in revenue, and the results are in line with earlier estimates.

Mirbud's operating profit amounted to PLN 57.1 million (EUR 13.4 million).

"The group's primary goal remains to grow the scale of its operations while maintaining attractive margins at the EBITDA and net profit levels. In the medium term, the group aims to achieve revenues of PLN 5 billion per year while improving profitability," Mirbud said in the report.

In the first half of 2025, the group's overall sales profitability declined slightly to 6.2 percent from 6.6 percent in the prior year period. There were changes in sales profitability in individual business segments.

The profitability of construction and assembly services in the area of engineering and road works increased, as did the profitability of development activities, albeit slightly. On the other hand, the profitability of commercial property leasing and industrial construction activities declined.

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