Mirbud builder has order backlog until 2027; wants to focus on development of rail segment

"In fact, the group has secured its order backlog at a satisfactory level until 2027. We will focus at the moment on the development of the railway part," Mirbud's CFO and board member Pawel Korzeniowski said.

"We have already made the first moves - for some time we have been preparing organically to participate in tenders, we have been building human resources internally in the company," he added.

The value of the Mirbud group's order backlog at the end of October was PLN 7.9 billion (EUR 1.84 bln) net.

"Moreover, we made share purchases in one of the listed companies where we are a significant shareholder. We hope that this will turn into cooperation in the field of bidding," the CFO said.

"In addition, we are looking around for an acquisition of a smaller entity, which may come to fruition in the near future. We will then be completely prepared to bid fully for rail contracts. We are already preparing bids and participating in tenders in this segment," he added.

In September, Mirbud announced that it had exceeded 10 percent of the total number of votes at Torpol's general meeting.

Mirbud had a net profit of PLN 65 million (EUR 15.1 mln) and revenues of PLN 2.4 billion (EUR 557.9 mln) after three quarters of 2024.

The Mirbud group's revenue in the third quarter alone was PLN 893.7 million (EUR 207.8 mln) versus PLN 872.4 million (EUR 202.8 mln) in the prior year period. Attributable net profit was PLN 10.2 million (EUR 2.4 mln), down from PLN 27.5 million (EUR 6.4 mln) in the third quarter of 2023.

"The fourth quarter's revenue will certainly not be comparable year-on-year, because then there were additional one-off events - like revaluation (...)," Mirbud's board member assessed.

"The revenue will be rather comparable to the third quarter's [result], and the profitability to the second quarter of 2024," he added.

For the whole of 2025, the board expects no less revenue than in 2024.

"Certainly, revenues not less than in 2024 and net margins on the group in the region of 3 percent is the level that would allow us to maintain the current status. There won't be a situation where the rail market takes off or we win other tenders from the volume market that will affect revenues in 2025," Korzeniowski said.

"The only contract that could change the outlook in 2025 and significantly increase revenues would be if we were to implement the programme with ElectroMobility Poland in any formula," he added.

In March, Mirbud signed a letter of intent with ElectroMobility Poland to build the Polish Izera electric car production plant.

"If the letter of intent were to take the shape of a contract, it could significantly change the picture for 2025," he said.

The board believes that the CJEU ruling on public procurement is needed, as there is more and more talk about protecting the market.

"We are all seeing stiffer competition for the acquisition of works. We are seeing a lot of activity from non-EU entities that do not have the right facilities in the country, and this can create problems," a spokesman for Mirbud Pawel Bruger assessed.

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