Interim report
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THE BUDIMEX GROUP INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS for III quarters of 2025
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand) 1 Table of contents to the interim condensed consolidated financial statements Interim condensed consolidated statement of financial position .................................................................................... 2 Interim condensed consolidated income statement ....................................................................................................... 4 Interim condensed consolidated statement of comprehensive income .......................................................................... 5 Interim condensed consolidated statement of changes in equity................................................................................... 6 Interim condensed consolidated statement of cash flows .............................................................................................. 8 1. Organization of the Budimex Group and changes in the Group structure ......................................................... 10 1.1. The Parent Company ........................................................................................................................................ 10 1.2. Entities subject to consolidation ........................................................................................................................ 10 1.3. Description of the changes in the composition of the Group together with the indication of their consequences ................................................................................................................................................... 12 2. Shareholders of the Parent Company ............................................................................................................... 13 3. Principles applied for the purpose of preparation of interim condensed consolidated financial statements ........................................................................................................................................................ 13 3.1. Accounting policies and basis of preparing the interim condensed consolidated financial statements of the Budimex Group ........................................................................................................................................... 13 3.2. Changes in accounting policies ........................................................................................................................ 15 4. Net sales of finished goods and services, selling expenses, administrative expenses and profitability ............ 15 5. Other operating income and expenses ............................................................................................................. 16 6. Finance income and costs ................................................................................................................................ 17 7. Other important information on activity of the Budimex Group in the period of three quarters 2025 ................. 18 8. Operating segments.......................................................................................................................................... 19 9. Revenue from sale of finished goods, services, goods for resale and raw materials, by category ................... 21 9.1. Sales revenue, by type of good or service ........................................................................................................ 21 9.2. Sales revenue, by geographical area................................................................................................................ 21 9.3. Sales revenue of the segment „Construction business” by construction type ................................................... 22 10. Related party transactions ................................................................................................................................ 22 11. Factors which will affect results achieved by the Group in a period covering at least the next quarter ............. 23 12. Description of significant achievements or failures of the Budimex Group in the period of 9 months of 2025, key events concerning the Group’s operations and significant events after 30 September 2025 ........... 23 13. Issue, redemption and repayment of debt and equity securities ....................................................................... 24 14. The Management Board’s position on the feasibility of results stated in the financial forecasts published earlier for the year in view of the financial results presented in the quarterly report in relation to the projected results ......................................................................................................................... 24 15. Statement of ownership of shares of Budimex SA or rights to such shares (options) held by the managing or supervisory persons of Budimex SA as at the date of publication of this report together with indication of changes in the ownership since the date of publication of the last periodic report ................ 25 16. Proceedings pending as at 30 September 2025 before court, competent arbitration body or any public administration authority ..................................................................................................................................... 25 17. Contingent assets and contingent liabilities ...................................................................................................... 27
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand) 2 Interim condensed consolidated statement of financial position ASSETS 30 September 2025 not audited 31 December 2024 audited Non-current (long-term) assets Property, plant and equipment 1,103,067 946,026 Intangible assets 106,531 115,784 Goodwill of subordinated entities 178,198 178,198 Investments in equity accounted entities 44,441 2,751 Investments in equity instruments 3,974 3,674 Retentions for construction contracts 36,328 43,832 Trade and other receivables 50,884 36,659 Receivables from service concession agreement 45,555 45,893 Other financial assets 83,901 770 Deferred tax assets 741,646 741,937 Total non-current (long-term) assets 2,394,525 2,115,524 Current (short-term) assets Inventories 730,789 626,237 Trade and other receivables 1,318,047 1,044,878 Retentions for construction contracts 80,343 68,282 Valuation of construction contracts 1,161,500 727,067 Current tax assets 2,068 2,136 Other financial assets 8,322 26,832 Cash and cash equivalents 2,066,732 3,205,374 Total current (short-term) assets 5,367,801 5,700,806 TOTAL ASSETS 7,762,326 7,816,330 The most significant changes in the items of the interim condensed consolidated statement of financial position are described in note 7.
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand) 3 Interim condensed consolidated statement of financial position (cont.) EQUITY AND LIABILITIES 30 September 2025 not audited 31 December 2024 audited Equity Issued capital 145,848 145,848 Share premium 80,199 80,199 Other reserves 56,194 51,916 Cumulative translation differences 2,097 1,826 Retained earnings 744,264 952,505 Shareholders’ equity attributable to the shareholders of the Parent 1,028,602 1,232,294 Equity attributable to non-controlling interests 49,933 51,023 Total equity 1,078,535 1,283,317 Liabilities Non-current (long-term) liabilities Loans, borrowings and other external sources of finance 269,650 194,338 Retentions for construction contracts 231,648 225,872 Deferred income 3,180 2,379 Provision for long-term liabilities and other charges 579,613 572,139 Retirement benefits and similar obligations 18,285 18,275 Other financial liabilities 7,176 8,646 Deferred tax liabilities 36 1,477 Total non-current (long-term) liabilities 1,109,588 1,023,126 Current (short-term) liabilities Loans, borrowings and other external sources of finance 80,905 66,693 Trade and other payables 2,000,855 1,839,102 Retentions for construction contracts 234,790 239,934 Provisions for losses on construction contracts 725,834 654,709 Valuation of construction contracts 1,481,609 1,577,462 Deferred income 378,896 364,278 Provision for short-term liabilities and other charges 637,977 713,395 Current tax liability 29,275 50,514 Retirement benefits and similar obligations 2,574 1,987 Other financial liabilities 1,488 1,813 Total current (short-term) liabilities 5,574,203 5,509,887 Total liabilities 6,683,791 6,533,013 TOTAL EQUITY AND LIABILITIES 7,762,326 7,816,330 The most significant changes in the items of the interim condensed consolidated statement of financial position are described in note 7.
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand) 4 Interim condensed consolidated income statement 9-month period ended 30 September 3-month period ended 30 September Note 2025 2024 (restated) 2025 2024 (restated) not audited not audited Continuing operations Net sales of finished goods, goods for resale, raw materials and services 4, 9 6,408,966 6,510,389 2,461,683 2,470,209 Cost of finished goods, goods for resale, raw materials and services sold (5,618,778) (5,726,226) (2,156,737) (2,164,979) Gross profit on sales 790,188 784,163 304,946 305,230 Selling expenses 4 (10,892) (9,559) (4,137) (3,007) Administrative expenses 4 (329,742) (291,495) (113,830) (105,662) Net profit/ (loss) on impairment of receivables 10,507 (5,636) (386) (6,095) Other operating income 5 85,941 53,774 34,195 29,856 Other operating expenses 5 (36,554) (22,979) (13,205) (7,891) Operating profit 509,448 508,268 207,583 212,431 Finance income, of which: 6 96,915 130,432 24,001 33,698 -interest calculated using the effective interest rate method 6 92,744 122,990 22,403 31,770 Finance costs 6 (51,818) (49,218) (13,178) (22,373) Share in net profits / (losses) of equity accounted subordinates (50) 106 (157) 40 Profit before tax 554,495 589,588 218,249 223,796 Income tax 7 (113,514) (138,265) (46,287) (53,225) Net profit from continuing operations 440,981 451,323 171,962 170,571 Net profit for the period 440,981 451,323 171,962 170,571 of which: Attributable to the shareholders of the Parent 440,989 447,028 170,506 170,250 Attributable to non-controlling interests (8) 4,295 1,456 321 Basic and diluted earnings per share attributable to the shareholders of the Parent (in PLN) 17.27 17.51 6.68 6.67
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand) 5 Interim condensed consolidated statement of comprehensive income 9-month period ended 30 September 3-month period ended 30 September 2025 2024 2025 2024 not audited not audited Net profit for the period 440,981 451,323 171,962 170,571 Other comprehensive income which: Items to be reclassified to profit or loss upon satisfaction of certain conditions: Cumulative translation differences 271 (1,552) 665 (799) Income tax related to components of other comprehensive income - - - - Items not to be subsequently reclassified to profit or loss: - - - - Actuarial gains/(losses) - - - - Income tax related to components of other comprehensive income - - - - Other comprehensive income 271 (1,552) 665 (799) Total comprehensive income for the period 441,252 449,771 172,627 169,772 of which: Attributable to the shareholders of the Parent 441,260 445,476 171,171 169,451 Attributable to non-controlling interests (8) 4,295 1,456 321
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand) 6 Interim condensed consolidated statement of changes in equity Issued capital Share premium Other reserves Cumulative translation differences Retained earnings Equity attributable to the shareholders of the Parent, total Non- controlling interests Total equity Balance as at 1 January 2025 audited 145,848 80,199 51,916 1,826 952,505 1,232,294 51,023 1,283,317 Profit for the period - - - - 440,989 440,989 (8) 440,981 Other comprehensive income - - - 271 - 271 - 271 Total comprehensive income - - - 271 440,989 441,260 (8) 441,252 Profit distribution - dividend - - - - (649,230) (649,230) - (649,230) Declared dividend to non-controlling shareholders - - - - - - (5,982) (5,982) Contribution of capital by non- controlling shareholders - - - - - - 4,900 4,900 Incentive program costs - - 4,278 - - 4,278 - 4,278 Balance as at 30 September 2025 not audited 145,848 80,199 56,194 2,097 744,264 1,028,602 49,933 1,078,535
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand) 7 Interim condensed consolidated statement of changes in equity (cont.) Issued capital Share premium Other reserves Cumulative translation differences Retained earnings Equity attributable to the shareholders of the Parent, total Non-controlling interests Total equity Balance as at 1 January 2024 audited 145,848 80,199 54,555 2,471 1,247,742 1,530,815 39,483 1,570,298 Profit for the period - - - - 447,028 447,028 4,295 451,323 Other comprehensive income - - - (1,552) - (1,552) - (1,552) Total comprehensive income - - - (1,552) 447,028 445,476 4,295 449,771 Profit distribution - dividend - - - - (911,169) (911,169) - (911,169) Declared dividend to non-controlling shareholders - - - - - - (11,496) (11,496) Contribution of capital by non- controlling shareholders - - - - - - 23,520 23,520 Sale of non-controlling block of shares in a subsidiary - - - - 10 10 (7) 3 Balance as at 30 September 2024 not audited 145,848 80,199 54,555 919 783,611 1,065,132 55,795 1,120,927 Profit for the period - - - - 168,894 168,894 3,392 172,286 Other comprehensive income - - (2,639) 907 - (1,732) - (1,732) Total comprehensive income - - (2,639) 907 168,894 167,162 3,392 170,554 Declared dividend to non-controlling shareholders - - - - - - (8,163) (8,163) Sale of non-controlling block of shares in a subsidiary - - - - - - (1) (1) Balance as at 31 December 2024 audited 145,848 80,199 51,916 1,826 952,505 1,232,294 51,023 1,283,317
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand) 8 Interim condensed consolidated statement of cash flows 9-month period ended 30 September 2025 2024 (restated) not audited CASH FLOW FROM OPERATING ACTIVITIES Profit before tax 554,495 589,588 Adjustments for: Depreciation/ amortization 131,509 116,896 Share in net (profits)/losses of equity accounted companies 50 (106) Foreign exchange (profits)/ losses (1,416) (3,140) Interest and shares in profits (dividends) 10,236 8,945 (Profit) on investing activities (1,091) (3,884) Change in valuation of derivative financial instruments 18,065 15,079 Change in provisions and liabilities arising from retirement benefits and similar obligations (67,346) 20,178 Other adjustments 4,374 320 Operating profit before changes in working capital 648,876 743,876 Change in receivables and retentions for construction contracts (290,696) 65,724 Change in inventories (104,706) 41,760 Change in retentions for construction contracts and in liabilities, except for loans and borrowings 162,241 88,646 Change in deferred income 15,419 (105,069) Change in valuation of construction contracts and in provision for losses (459,161) (975,049) Cash flow (used in) operating activities (28,027) (140,112) Income tax paid (135,835) (165,031) NET CASH FLOW (USED IN) OPERATING ACTIVITIES (163,862) (305,143)
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand) 9 Interim condensed consolidated statement of cash flows (continued) 9-month period ended 30 September 2025 2024 (restated) not audited CASH FLOW FROM INVESTING ACTIVITIES Proceeds from sale of intangible assets and property, plant and equipment 3,284 4,422 Purchase of intangible assets and property, plant and equipment (198,295) (146,006) Purchase of shares/ Increase in share capital of related entities (42,052) (33,861) Dividends received 12 24 Loans granted (81,314) - Deferred payment for the purchase of subsidiaries (2,000) - Proceeds from partial sale of a related entity - 2 NET CASH FLOW (USED IN) INVESTING ACTIVITIES (320,365) (175,419) CASH FLOW FROM FINANCING ACTIVITIES Loans and borrowing taken out 81,858 7,350 Repayment of loans and borrowings (22,112) (6,906) Contribution of capital by non-controlling shareholders 4,900 23,520 Payment of dividend by Budimex SA (649,230) (911,169) Dividends paid to non-controlling shareholders (5,982) (10,859) Payment of lease liabilities (54,689) (51,059) Interest paid (10,189) (10,203) Other finance inflows / (expenditure) 249 282 NET CASH (USED IN) FINANCING ACTIVITIES (655,195) (959,044) TOTAL NET CASH FLOW (1,139,422) (1,439,606) Foreign exchange differences on cash and cash equivalents, net 780 2,388 CASH AND CASH EQUIVALENTS - OPENING BALANCE 3,205,374 3,900,290 CASH AND CASH EQUIVALENTS - CLOSING BALANCE 2,066,732 2,463,072
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 10 1. Organization of the Budimex Group and changes in the Group structure 1.1. The Parent Company The parent company of the Budimex Group is Budimex SA (the „Parent Company”), whose main area of business is building, rendering of management and advisory services for the Budimex Group companies. The main areas of the business activities of the Group are widely understood construction -assembly services realized in the system of general contracting at home and abroad, services and production. Budimex SA serves in the Group as an advisory, management and financial center. Realization of these three functions is to facilitate: • efficient flow of information within Group structures, • strengthening the efficiency of cash and financial management of individual Group companies, • strengthening market position of the entire Group. 1.2. Entities subject to consolidation As at 3 0 September 2025, 31 December 20 24 and 3 0 September 2024 the following entities were subject to consolidation: Company name Registered office % in the share capital as at Operating segments 30 September 2025 31 December 2024 30 September 2024 Parent company: Budimex SA Warsaw / Poland construction business Subsidiaries: Mostostal Kraków SA Cracow / Poland 100.00% 100.00% 100.00% construction business Mostostal Kraków Serwis Sp. z o.o.* Cracow / Poland 100.00% 100.00% 100.00% construction business Konstalex Sp. z o.o. Radomsko / Poland 100.00% 100.00% 100.00% construction business Budimex Bau GmbH Berlin / Germany 100.00% 100.00% 100.00% construction business Budimex Budownictwo Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% construction business Budimex Kolejnictwo SA Warsaw / Poland 100.00% 100.00% 100.00% construction business FBSerwis SA Warsaw / Poland 100.00% 100.00% 100.00% service activities FBSerwis A Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities FBSerwis B Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities FBSerwis Karpatia Sp. z o.o. Tarnów / Poland 100.00% 100.00% 100.00% service activities FBSerwis Wrocław Sp. z o.o. Bielany Wrocławskie / Poland 100.00% 100.00% 100.00% service activities FBSerwis Dolny Śląsk Sp. z o.o. Ścinawka Dolna / Poland 100.00% 100.00% 100.00% service activities FBSerwis Odbiór Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities FBSerwis Paliwa Alternatywne Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities FBSerwis Zawisty Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities FBSerwis Zielone Zawisty Sp. z o.o Zawisty Podleśne / Poland 100.00% 100.00% 100.00% service activities FBSerwis Zielona Karpatia Sp. z o.o. Tarnów / Poland 100.00% 100.00% 100.00% service activities FBSerwis Zielony Wrocław Sp. z o.o. Bielany Wrocławskie / Poland 100.00% 100.00% 100.00% service activities FBSerwis Zielony Dolny Śląsk Sp. z o.o. Ścinawka Dolna / Poland 100.00% 100.00% 100.00% service activities Green Waste Management 5 Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities Green Waste Management 6 Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 11 Company name Registered office % in the share capital as at Operating segments 30 September 2025 31 December 2024 30 September 2024 Budimex Most Wschodni SA Warsaw / Poland 100.00% 100.00% 100.00% service activities Circular Construction SA Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex Mobility SA Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex Slovakia s.r.o. Bratislava / Slovakia 100.00% 100.00% 100.00% construction business Magnolia Energy Sp. z o.o Warsaw / Poland 100.00% 100.00% 100.00% service activities Fotowoltaika HIG XIV Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities RailBX GmbH Berlin / Germany 100.00% 100.00% 100.00% construction business Budimex F Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex A Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex O Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex P Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex R Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities ARGE Brücke Oderberg Berlin / Germany 100.00% 100.00% 100.00% construction business ARGE Brücke Wittstock Berlin / Germany 100.00% 100.00% 100.00% construction business ARGE Oberkrämmer Berlin / Germany 100.00% 100.00% 100.00% construction business ARGE Campus Düppel Berlin / Germany 100.00% 100.00% 100.00% construction business ARGE Wollin Berlin / Germany 100.00% 100.00% 100.00% construction business ARGE Delmenhorst Berlin / Germany 100.00% 100.00% 100.00% construction business Budimex C Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex H Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex I Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex J Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex K Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex M Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex N Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex S Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex T Sp. z o.o. Warsaw / Poland 100.00% 100.00% 100.00% service activities ConVentures Sp. z o.o. (in liquidation) Warsaw / Poland 100.00% 100.00% 100.00% service activities ASI 1 ConVentures Sp. z o.o. SKA (in liquidation)** Warsaw / Poland 100.00% 100.00% 100.00% service activities Budimex Construction Prague s.r.o Pragua/ Czechia 100.00% 100.00% 100.00% construction business WM Serwis SA Warsaw / Poland 100.00% 100.00% 100.00% service activities FBSerwis Kamieńsk Sp. z o.o. Ruszczyn / Poland 80.00% 80.00% 80.00% service activities FBSerwis Zielony Kamieńsk Sp. z o.o. Ruszczyn / Poland 80.00% 80.00% 100.00% service activities Budimex D Sp. z o.o. Warsaw / Poland 75.50% 75.50% 75,50% construction business Budimex Parking Wrocław Sp. z o.o. Warsaw / Poland 51.00% 51.00% 51.00% service activities BxF Energia Sp. z o.o. Warsaw / Poland 51.00% 51.00% 51.00% service activities Azalia Sp. z o.o. Warsaw / Poland 51.00% 51.00% 51.00% service activities *Mostostal Kraków Energetyka Sp. z o.o. changed its name to Mostostal Kraków Serwis Sp. z o.o. on 18 August 2025 **On 1 October 2025, the liquidation process of ASI 1 ConVentures Sp. z o.o. S.K.A. in liquidation was completed. On 15 October 2025, the company was deleted from the National Court Register
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 12 As at 3 0 September 2025, 31 December 20 24 and 30 September 2024 stand-alone data of Budimex SA and other Group companies, which are partners in consortiums (treated as joint operations according to IFRS 11), included their share in assets, liabilities, revenue and expenses of the following joint operations: Joint operation name Share in the issued capital and in the number of votes (%) Operating segments 30 September 2025 31 December 2024 30 September 2024 Budimex SA Cadagua SA IV s.c. 99.90% 99.90% 99.90% construction business Budimex SA Cadagua SA V s.c. 99.90% 99.90% 99.90% construction business Budimex Ferrovial L3 s.c. 80,00% - - construction business Budimex Ferrovial L4 s.c. 70,00% - - construction business Budimex SA Sygnity SA Sp.j. 67.00% 67.00% 67.00% construction business Budimex SA Tecnicas Reunidas SA Turów s.c. 50.00% 50.00% 50.00% construction business Budimex - Gülermak s.c. 50.00% 50.00% 50.00% construction business Budimex - Rover s.c. 50.00% 50.00% - construction business Gülermak - Budimex s.c. 50.00% 50.00% - construction business Budimex-Gülermak H s.c. 50,00% - - construction business E.R.B. Rail JV PS 37.50% 37.50% 37.50% construction business As at 30 September 2025, 31 December 2024 and 30 September 2024 equity accounted companies included: Associate/joint venture name Share Operating segments 30 September 2025 31 December 2024 30 September 2024 Sien Real Sp. z o.o. 50.00% - - service activities Promos Sp. z o.o. 26.31% 26.31% 26.31% service activities 1.3. Description of the changes in the composition of the Group together with the indication of their consequences Establishment of Budimex Ferrovial L3 s.c. On 8 August 2025, Budimex SA, Budimex Kolejnictwo SA and Ferrovial Construction (UK) Limited, jointly established a civil partnership agreement, in which Budimex SA cash contribution is PLN 7,5 thousand , and the cash contribution of Ferrovial Construction (UK) Limited and Budimex Kolejnictwo SA is PLN 2 thousand and PLN 0,5 thousand respectively. Budimex SA has been set as the company leader. Budimex Group's share in the company's profits and losses is 80%. The subject of the company's activity will be the execution of a possible task for the submitted offer for the implementation of a public procurement awarded by PKP Polskie Linie Kolejowe SA for: "design ( in the scope of Interlocking) & Build railway line no 622 on section F+J Podłęże R401 – Gdów / Podłęże R301 – Podłęże Balachówka in the scope of project: „Construction works of new train l ine Podłęże - Szczyrzyc - Tymbark/Mszana Dolna and modernization of existing train line no 104 Chabówka - Nowy Sącz – stage II”. The company's financial data will be recognized in accordance with IFRS 11 as a joint operation. Establishment of Budimex Ferrovial L4 s.c. On 8 August 2025, Budimex SA, Budimex Kolejnictwo SA and Ferrovial Construction (UK) Limited, jointly established a civil partnership agreement, in which Budimex SA cash contribution is PLN 6,5 thousand , and the cash contribution of Ferrovial Construction (UK) Limited and Budimex Kolejnictwo SA is PLN 3 thousand and PLN 0,5 thousand respectively. Budimex SA has been set as the company leader. Budimex Group's share in the company's profits and losses is 70%. The subject of the company's activity will be the execution of a possible task for the submitted offer for the implementation of a public procurement awarded by PKP Polskie Linie Kolejowe SA for: "design ( in the scope of
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 13 Interlocking) & Build railway line no 104 on section C1 Tymbark – Limanowa in the scope of project: „Construction works of new train line Podłęże - Szczyrzyc - Tymbark/Mszana Dolna and modernization of existing train line no 104 Chabówka - Nowy Sącz – stage II”. The company's financial data will be recognized in accordance with IFRS 11 as a joint operation. Establishment of Budimex – Gülermak H s.c. On 10 September 2025, Budimex SA, Gülermak SA and Budimex Kolejnictwo SA, jointly established a civil partnership agreement, in which Budimex SA cash contribution is PLN 5 thousand, and the cash contribution of Gülermak SA and Budimex Kolejnictwo SA is PLN 4,7 thousand and PLN 0,3 thousand respectively. Budimex SA has been set as the company leader. Budimex Group's share in the company's profits and losses is 50%. The subject of the company's activity is the performance of an procurement awarded by PKP Polskie Linie Kolejowe SA for: "design (in the field of railway traffic control system) and comprehensive execution of construction works on railway line no. 622 on the section H Szczyrzyc – Tymbark as part of the Project entitled: “Construction of a new railway line Podłęże – Szczyrzyc – Tymbark/Mszana Dolna and modernization of the existing railway line No. 104 Chabówka – Nowy Sącz – Stage II” ". The company's financial data will be recognized in accordance with IFRS 11 as a joint operation. 2. Shareholders of the Parent Company According to the information held by Budimex SA, the shareholding structure of Budimex SA as at the report date was as follows: Shareholder Type of shares Number of shares % of the share capital Number of votes % of voting rights at the AGM Ferrovial Construction International SE ordinary 12,801,654 50.14% 12,801,654 50.14% Nationale-Nederlanden OFE ordinary 2,132,000 8.35% 2,132,000 8.35% Allianz OFE ordinary 2,049,486 8.03% 2,049,486 8.03% Other shareholders ordinary 8,546,958 33.48% 8,546,958 33.48% Total 25,530,098 100.00% 25,530,098 100.00% The above data presents the shareholding structure as at the last Extraordinary General Meeting of Shareholders of 30 September 2025. According to the information held by Budimex SA, the shareholding structure of Budimex SA as at 31 December 2024 was as follows: Shareholder Type of shares Number of shares % of the share capital Number of votes % of voting rights at the AGM Ferrovial Construction International SE ordinary 12,801,654 50.14% 12,801,654 50.14% Nationale-Nederlanden OFE ordinary 2,399,223 9.40% 2,399,223 9.40% Allianz OFE ordinary 2,085,000 8.17% 2,085,000 8.17% Other shareholders ordinary 8,244,221 32.29% 8,244,221 32.29% Total 25,530,098 100.00% 25,530,098 100.00% 3. Principles applied for the purpose of preparation of interim condensed consolidated financial statements 3.1. Accounting policies and basis of preparing the interim condensed consolidated financial statements of the Budimex Group These interim condensed consolidated financial statements were prepared in accordance with IAS 34 “Interim Financial Reporting” and appropriate accounting standards applicable for preparation of the interim financial statements adopted by the European Union issued and effective when preparing the interim condensed consolidated financial statements applying the same principles for the current and comparable period, except for the changed presentation principles
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 14 described in note 3.2. Details of accounting policies adopted by the Group were described in the consolidated financial statements of the Group for the year ended 31 December 2024, published on 11 April 2025. The interim condensed consolidated financial statements were prepared on the assumption that the Parent Company and all entities included in the Budimex Group will continue as a going concern in the foreseeable future, except ConVentures Sp. z o.o. and ASI 1 ConVentures Sp. z o.o. SKA, that have been put into liquidation. The liquidation process of ASI 1 ConVentures Sp. z o.o. S.K.A. was completed on 1 October 2025. In turn, ConVentures Sp. z o.o. does not conduct any significant business activities. As of 30 September 2025, the Group's current liabilities exceed current assets by PLN 206,402 thousand. This situation results from the dividend payment by Budimex SA in June 2025 and is temporary. In the near future, the Group plans to rebuild working capital through profitable operating activities. Thus, as at the date of signing of the interim condensed consolidated financial statements, the Parent Entity's Management Board does not identify any threat to the Group’s ability to continue as a going concern in the foreseeable future. Amendments to standards first applied in 2025 The Group first applied the Amendment to IAS 21 "The Effects of Changes in Foreign Exchange Rates" – No Exchange Possibility, which had no significant impact on the Group's existing accounting policies. Amendments to standards already published but not yet effective • Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments (effective for annual periods beginning on or after 1 January 2026), • Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity (effective for annual periods beginning on or after 1 January 2026), • "Annual Improvements to IFRS - Volume 11" (effective for annual periods beginning on or after 1 January 2026). Standards and amendments to standards issued by IASB but not yet adopted by the EU The IFRSs endorsed by the EU do not differ materially from regulations adopted by the International Accounting Standards Board (IASB), except for the below Standards and amendments to Standards, which as at the date of the preparation of interim condensed consolidated financial statements were not yet adopted for use: • IFRS 18 “Presentation and Disclosure in Financial Statements” (effective for annual periods beginning on or after 1 January 2027), • IFRS 19 “Subsidiaries without Public Accountability: Disclosures” (effective for annual periods beginning on or after 1 January 2027), • IFRS 14 „Regulatory Deferral Accounts” – according to the decision of the European Union, endorsement process of the standard in its draft form will not be initiated before the publication of standard’s final version (effective for annual periods beginning on or after 1 January 2016), • Amendments to IFRS 10 „Consolidated Financial Statements” and IAS 28 „Investments in Associates and Joint Ventures” – “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture” – the work leading to the endorsement of these cha nges was postponed by the EU indefinitely – the date of amendments becoming effective was postponed indefinitely by the IASB. • Amendments to IFRS 19 “Subsidiaries without Public Accountability: Disclosures” (effective for annual periods beginning on or after 1 January 2027). The Group has analyzed the impact of IFRS 18 on its future financial statements and plans to begin work on adapting their layout to the new requirements in the second half of 2026. As IFRS 18 primarily provides for changes in presentation and disclosure, the Group does not anticipate any impact of the implementation of IFRS 18 on basic and diluted earnings per share attributable to shareholders of the Parent Entity. Other above mentioned standards and amendments to standards would not have any material impact on the interim condensed consolidated financial statements, had they been applied by the Group at the reporting date.
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 15 3.2. Changes in accounting policies Changes in the presentation of the interim condensed consolidated income statement In the interim condensed consolidated income statement, interest calculated using the effective interest rate method was separated from financial income. A new reporting line, "Net profit/(loss) on impairment of receivables," has also been created. It presents the net balance of items previously presented in the "Other operating income" line (Reversal of impairment losses on receivables) and in the "Other operating expenses" line (Creation of impairment losses on receivables). The changes are presented in the table below (items in which there was no change have been omitted): 9-month period ended 30 September 2024 3-month period ended 30 September 2024 restated before restatement difference restated before restatement difference Net profit/ (loss) on impairment of receivables (5,636) - (5,636) (6,095) - (6,095) Other operating income 53,774 69,651 (15,877) 29,856 32,206 (2,350) Other operating expenses (22,979) (44,492) 21,513 (7,891) (16,336) 8,445 The reason for making the above-mentioned changes are the requirements of IAS 1. The main subtotals of the interim condensed consolidated income statement have not changed, therefore there is no impact on the basic and diluted earnings per share attributable to the shareholders of the Parent Company. Changes in the presentation of the interim condensed consolidated cash flow statement The Budimex Group has decided to discontinue the separation of restricted cash for the purposes of preparing the interim condensed consolidated cash flow statement and thus to discontinue the presentation of its changes within cash flows from operating activities. Consequently, cash flows from operating activities, total net cash flows, and cash and cash equivalents at the beginning and end of the reporting period were changed. This change results from adjusting to the definition of cash as described in IAS 7. The changes are presented in the table below (items in which there was no change have been omitted): 9-month period ending 30 September 2024 restated before restatement difference Change in cash and cash equivalents of restricted use - (20,455) 20,455 Net cash flow (used in) operating activities (305,143) (325,598) 20,455 Total net cash flow (1,439,606) (1,460,061) 20,455 Cash and cash equivalents – opening balance 3,900,290 3,877,894 22,396 Cash and cash equivalents – closing balance 2,463,072 2,420,221 42,851 4. Net sales of finished goods and services, selling expenses, administrative expenses and profitability Sale of construction -assembly services in Poland is characterized by seasonality mainly connected with weather conditions and the highest revenues are usually achieved in the second and third quarter, while the lowest – in the first quarter. In the 9-month period of 2025 construction-assembly production in Polan d expressed in current prices increased by 2.5% compared to the corresponding period of the previous year (decrease by 0.8% in fixed prices), while sales of the construction segment of the Budimex Group on the home market decreased by 4.8% on the corresponding period.
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 16 Net sales and profitability 9 months ended 3 months ended 30 September 2025 30 September 2024 Change in % 30 September 2025 30 September 2024 Change in % Net sales of finished goods and services 6,408,966 6,510,389 (1.56%) 2,461,683 2,470,209 (0.35%) Gross profit on sales 790,188 784,163 0.77% 304,946 305,230 (0.09%) Gross profitability on sales 12.33% 12.04% 0.29 p.p. 12.39% 12.36% 0.03 p.p. Operating profit 509,448 508,268 0.23% 207,583 212,431 (2.28%) Operating profitability 7.95% 7.81% 0.14 p.p. 8.43% 8.60% (0.17 p.p.) Operating profit in construction segment 476,000 446,480 6.61% 190,094 189,021 0.57% Operating profitability in construction segment 8.13% 7.60% 0.53 p.p. 8.40% 8.27% 0.13 p.p. Operating profit in service segment 63,205 61,831 2.22% 17,413 23,431 (25.68%) Operating profitability in service segment 9.43% 9.01% 0.42 p.p. 7.70% 10.50% (2.80 p.p.) Profit before tax 554,495 589,588 (5.95%) 218,249 223,796 (2.48%) Profitability before tax 8.65% 9.06% (0.41 p.p.) 8.87% 9.06% (0.19 p.p.) Net profit 440,981 451,323 (2.29%) 171,962 170,571 0.82% Net profitability 6.88% 6.93% (0.05 p.p.) 6.99% 6.91% 0.08 p.p. Selling expenses and administrative expenses 9 months ended Change in % 3 months ended Change in % 30 September 2025 30 September 2024 30 September 2025 30 September 2024 Selling expenses (10,892) (9,559) 13.94% (4,137) (3,007) 37.58% Administrative expenses (329,742) (291,495) 13.12% (113,830) (105,662) 7.73% Total selling & administrative expenses (340,634) (301,054) 13.15% (117,967) (108,669) 8.56% Share of selling & administrative expenses in net sales of finished goods and services 5.31% 4.62% 0.69 p.p. 4.79% 4.40% 0.39 p.p. 5. Other operating income and expenses Other operating income 9 months ended 3 months ended 30 September 2025 30 September 2024 30 September 2025 30 September 2024 Reversal of impairment losses on property, plant and equipment 86 - 1 - Reversal of impairment losses on inventory - 2,015 - 1,126 Penalties/ compensations awarded 29,206 18,425 9,517 8,893 Statute-barred liabilities written-off 170 351 - 13 Gains on derivative financial instruments 26,233 28,430 6,103 17,523 Subsidies received 173 629 (243) 247 Gains on sale of non-financial non-current assets 1,862 1,272 666 403 Reversal of provisions for litigation 24,109 777 18,181 777 Reversal of provisions for penalties and other sanctions 2,322 425 (906) (66) Other 1,780 1,450 876 940 Total 85,941 53,774 34,195 29,856
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 17 Other operating expenses 9 months ended 3 months ended 30 September 2025 30 September 2024 30 September 2025 30 September 2024 Compensations and liquidated damages paid (10,916) (4,013) (2,672) (934) Loss on derivative financial instruments (17,075) (15,137) (5,087) (5,570) Court charges and executions, costs of legal proceedings (1,995) (1,085) (370) (490) Creation of provision for for penalties and other sanctions - (458) - (244) Creation of provision for litigation (4,476) (135) (4,476) - Donations given (1,339) (1,293) (162) (417) Other (753) (858) (438) (236) Total (36,554) (22,979) (13,205) (7,891) 6. Finance income and costs Finance income 9 months ended 3 months ended 30 September 2025 30 September 2024 30 September 2025 30 September 2024 Interest earned, of which: 96,234 129,456 23,837 34,807 Interest calculated using effective interest rate method 92,744 122,990 22,403 31,770 Gains on derivative financial instruments 271 367 74 (313) Foreign exchange gains - - - (1,144) Other 410 609 90 348 Total 96,915 130,432 24,001 33,698 Finance costs 9 months ended 3 months ended 30 September 2025 30 September 2024 30 September 2025 30 September 2024 Interest expense (17,063) (11,266) (4,461) (3,693) Discount of retentions for construction contracts (9,685) (8,464) (2,945) (2,807) Cost of bank commissions and guarantees (19,480) (19,742) (6,051) (6,233) Loss on derivative financial instruments (990) - (514) - Foreign exchange loss (4,343) (9,207) 878 (9,207) Other (257) (539) (85) (433) Total (51,818) (49,218) (13,178) (22,373) All valued derivative instrument contracts (presented both in the operating and financing activity) were classified as level 2 in the fair value hierarchy. The value of these instruments as of 30 September 2025 amounted to PLN 7,602 thousand (as of 31 December 2024: PLN 26,801 thousand). The valuation techniques and inputs used for their fair value measurement were disclosed in the Group’s consolidated financial statements for the year ended 31 December 2024 and have not changed. During the 9 months ended 30 September 2025 there was no transfers between Level 1 and Level 2 of fair value hierarchy, nor were there any transfers to/ from Level 3 of fair value hierarchy. The fair value of financial instruments held by the Group companies is similar to their carrying value.
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 18 7. Other important information on activity of the Budimex Group in the period of three quarters 2025 Provisions for liabilities and other charges 30 September 2025 31 December 2024 Provisions for litigation 12,730 35,562 Provisions for penalties and other sanctions 364,805 418,866 Provisions for warranty repairs 748,611 741,514 Provisions for land reclamation 52,924 52,912 Provisions for waste storage fee 29,322 26,334 Other provisions 9,198 10,346 Total 1,217,590 1,285,534 of which: - long-term 579,613 572,139 - short-term 637,977 713,395 Income tax in the interim condensed consolidated income statement 9 months ended 9 months ended 30 September 2025 30 September 2024 Income tax – current (114,659) (63,728) Income tax – deferred 1,145 (74,537) Income tax in the interim condensed consolidated income statement (113,514) (138,265) As a result of the adoption by EU member states of Council Directive (EU) 2022/2523 of 14 December 2022, on ensuring a global minimum level of taxation for international corporate groups and large national groups within the European Union, entities that ar e members of corporate groups with annual revenues exceeding 750 million euros may be required to pay a top -up tax if, in principle, the effective income tax rate in the jurisdiction does not exceed 15%. The purpose of the directive is to implement the Glo bal Anti-Base Erosion (GloBE) rules within the European Union, which constitute the main component of the OECD’s Pillar II. The Polish act implementing Directive 2022/2523 was passed, and the implementation date of the new regulations was 1 January 2025. At the level of individual jurisdictions in which foreign subsidiaries of Budimex SA operate – including Germany, Slovakia and the Czech Republic – the relevant regulations were implemented from 1 January 2024. The Group has conducted preliminary assessments of "transitional safe harbors" (TSH). Based on these analyses, the Group expects to be able to benefit from TSH in each jurisdiction where global minimum tax rules have already been implemented. The Group will continue to monitor and analyze the global minimum taxation rules, and this analysis will be updated as needed for each jurisdiction based on relevant data. The Group has applied the exemption from recognizing and disclosing information about deferred tax assets and liabilities related to Pillar II income taxes (concerning changes to IAS 12 "International Tax Reform – Pillar II Model Rules," published in May 2023). Other information 9 months ended 30 September 2025 30 September 2024 Value of property, plant and equipment and intangible assets purchased or started to be leased: 348,408 202,363 - of which: plant and machinery 96,932 28,269 As at 30 September 2025 contractual obligations made by the Group for the purchase of property, plant and equipment amounted to PLN 34,176 thousand and concerned the purchase of machinery and equipment. As at 31 December 2024 the Group's contractual investment commitments amounted to PLN 130,797 thousand related to the purchase and lease of vehicles, machinery and equipment.
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 19 In the 9-month period of 2025 the Budimex Group recorded a decrease in the level of cash and cash equivalents, which is mainly related to the payment of dividend. The increase in the balance of inventories, trade receivables and the valuation of construction contracts on the assets side is primarily due to seasonality and high production throughput values in the second and third quarter of this year. This is a recurring trend observed in recent years. As in previous years, Group companies expect a decrease in under-invoicing at year-end. The increase in the balance of investments in equity-accounted entities observed results from the acquisition of a joint venture, while the increase in the balance of other long-term financial assets is primarily the result of the subrogation of the aforementioned entity's loan. In turn, the increase in the balance of property, plant and equipment results from expenditures on the construction of installations for re newable energy sources in the group companies and from the expansion of the machinery park, primarily in railway construction. In the 9 -month period of 2025 the Budimex Group observed a decrease in the balance of valuation of construction contracts (overbilling) on rail and road contracts, which resulted primarily from the completed throughput of construction works. Additionally, the Budimex Group recorded an increase in short-term liabilities compared to 31 December 2024, which was mainly due to the seasonality of construction works and related settlements with subcontractors. The increase in the balance of long -term loans, borr owings and other external sources of finance is the result of obtaining a bank loan by Azalia Sp. z o.o. and initiating a lease agreement for specialized construction machinery dedicated to the implementation of one of the railway contracts. The significant change in income tax settlements was a consequence of the final tax settlement for 2024. The line "Valuation of construction contracts" on the liabilities side and a significant part of the short -term balance of "Deferred income" (PLN 373,466 thousand) in the interim condensed consolidated statement of financial position are contract liabilities arising from contracts with customers. Apart from that, there were no other significant changes in the items of the interim condensed consolidated statement of financial position. 8. Operating segments For the management purposes the Group has been divided into segments based on the products and services offered. The Group operates in the following operating segments: • construction business, • service activities. Construction business covers rendering of widely understood construction -assembly services at home and abroad. The segment of service activities comprises comprehensive services in the field of municipal waste management, road and lighting infrastructure maintenance and technical maintenance of buildings, also in the form of public -private partnership (PPP). This segment also includes electricity generation from renewable energy sources. Segment performance is evaluated based on sales revenue, gross profit (loss) on sales, operating profit (loss) and net profit (loss) for the period.
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 20 The results of segments for nine months of 2025 are presented in the table below: Segment name Construction business Service activities Consolidation adjustments Consolidated value External sales 5,743,511 665,455 - 6,408,966 Inter-segment sales 108,346 4,713 (113,059) - Total net sales of finished goods, goods for resale, raw materials and services 5,851,857 670,168 (113,059) 6,408,966 Cost of finished goods, goods for resale, raw materials and services sold externally (5,063,690) (555,088) - (5,618,778) Cost of finished goods, goods for resale, raw materials and services sold to other segments (71,343) (2,520) 73,863 - Total cost of finished goods, goods for resale, raw materials and services sold (5,135,033) (557,608) 73,863 (5,618,778) Gross profit on sales 716,824 112,560 (39,196) 790,188 Selling expenses (10,892) - - (10,892) Administrative expenses (288,137) (51,044) 9,439 (329,742) Other operating activity, net 58,205 1,689 - 59,894 Operating profit 476,000 63,205 (29,757) 509,448 Finance income/ (costs), net 51,547 (2,318) (4,132) 45,097 Shares in (losses) of equity accounted subordinates - (50) - (50) Income tax expense (106,825) (13,128) 6,439 (113,514) Net profit for the period 420,722 47,709 (27,450) 440,981 The results of segments for nine months of 2024 are presented in the table below: Segment name Construction business Service activities Consolidation adjustments Consolidated value External sales 5,829,488 680,901 - 6,510,389 Inter-segment sales 45,450 5,562 (51,012) - Total net sales of finished goods, goods for resale, raw materials and services 5,874,938 686,463 (51,012) 6,510,389 Cost of finished goods, goods for resale, raw materials and services sold externally (5,153,364) (572,862) - (5,726,226) Cost of finished goods, goods for resale, raw materials and services sold to other segments (40,412) (3,547) 43,959 - Total cost of finished goods, goods for resale, raw materials and services sold (5,193,776) (576,409) 43,959 (5,726,226) Gross profit on sales 681,162 110,054 (7,053) 784,163 Selling expenses (9,559) - - (9,559) Administrative expenses (249,396) (49,109) 7,010 (291,495) Other operating activity, net 24,273 886 - 25,159 Operating profit 446,480 61,831 (43) 508,268 Finance income/ (costs), net 82,103 3,266 (4,155) 81,214 Shares in profits of equity accounted subordinates - 106 - 106 Income tax expense (120,221) (18,842) 798 (138,265) Net profit for the period 408,362 46,361 (3,400) 451,323
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 21 9. Revenue from sale of finish ed goods, services, goods for resale and raw materials, by category 9.1. Sales revenue, by type of good or service During the period of nine months of 2025 net sales of finished goods, services, goods for resale and raw materials, by type of good or service, were as follows: Segment name Construction business Service activities Consolidation adjustments Consolidated financial data Sales of construction and assembly services 5,708,777 - (97,862) 5,610,915 Sales of other services 48,933 666,841 (15,163) 700,611 Sales of finished goods 82,162 - - 82,162 Sales of goods for resale and raw materials 11,985 3,327 (34) 15,278 Total sales of finished goods, services, goods for resale and raw materials 5,851,857 670,168 (113,059) 6,408,966 During the period of nine months of 2024 net sales of finished goods, services, goods for resale and raw materials, by type of good or service, were as follows: Segment name Construction business Service activities Consolidation adjustments Consolidated financial data Sales of construction and assembly services 5,753,342 - (38,534) 5,714,808 Sales of other services 40,443 683,308 (12,455) 711,296 Sales of finished goods 57,251 - - 57,251 Sales of goods for resale and raw materials 23,902 3,155 (23) 27,034 Total sales of finished goods, services, goods for resale and raw materials 5,874,938 686,463 (51,012) 6,510,389 9.2. Sales revenue, by geographical area In the nine months of 2025 net sales of finished goods, services, goods for resale and raw materials , by geographical area, were as follows: Segment name Construction business Service activities Consolidation adjustments Consolidated financial data Poland 5,225,858 663,816 (113,059) 5,776,615 Germany 250,095 611 - 250,706 Slovakia 146,455 - - 146,455 The Czech Republic 163,000 - - 163,000 Latvia 24,575 - - 24,575 Other EU countries 41,874 5,741 - 47,615 Total sales of finished goods, services, goods for resale and raw materials 5,851,857 670,168 (113,059) 6,408,966
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 22 In the nine months of 2024 net sales of finished goods, services, goods for resale and raw materials, by geographical area, were as follows: Segment name Construction business Service activities Consolidation adjustments Consolidated financial data Poland 5,488,391 686,172 (51,012) 6,123,551 Germany 229,742 91 - 229,833 Slovakia 102,559 - - 102,559 The Czech Republic 21,828 - - 21,828 Latvia 9,663 - - 9,663 Other EU countries 22,755 200 - 22,955 Total sales of finished goods, services, goods for resale and raw materials 5,874,938 686,463 (51,012) 6,510,389 9.3. Sales revenue of the segment „Construction business” by construction type Net sales of finished goods, services, goods for resale and raw materials of the „Construction business” as the most significant operating segment in the Budimex Group were additionally analysed by type of construction objects. Data for the nine months of 2025 and the nine months of 2024 were as follows: Type of construction Sales revenue for a 9-month period ended: 30 September 2025 30 September 2024 Land-engineering 2,680,969 2,794,296 Railway 1,156,526 1,263,847 General construction, of which: 2,014,362 1,816,795 - non-housing 1,647,240 1,663,144 - housing 367,122 153,651 Net sales of finished goods, services, goods for resale and raw materials – Construction business segment 5,851,857 5,874,938 10. Related party transactions Transactions with related parties made in the period of nine months ended 30 September 202 5 and in the period of nine months ended 30 September of 202 4 and unsettled balances of receivables and liabilities as at 30 September 2025 and 31 December 2024 are presented in the tables below: Receivables Liabilities 30 September 2025 31 December 2024 30 September 2025 31 December 2024 Related parties of the Parent (the Ferrovial Group) 1,397 - 25,830 30,892 Jointly controlled entities 17,524 24,107 4,874 1,842 Associates 3 3 6 5 Other related entities 77 190 - - Total settlements with related parties 19,001 24,300 30,710 32,739 Loans granted Loans taken out 30 September 2025 31 December 2024 30 September 2025 31 December 2024 Related parties of the Parent (the Ferrovial Group) - - (40,075) (18,025) Jointly controlled entities 83,674 - - - Total transactions with related parties 83,674 - (40,075) (18,025)
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 23 Sales of finished goods and services & other operating and finance income Purchase of finished goods and services & other operating and finance costs 9-month period ended 30 September 9-month period ended 30 September 2025 2024 2025 2024 Related parties of the Parent (the Ferrovial Group) - - (26,103) (24,421) Jointly controlled entities 26,068 2,481 - - Associates 21 21 (48) (71) Other related entities 119 16 - - Total transactions with related parties 26,208 2,518 (26,151) (24,492) The remuneration of the Members of the Management Board of the Parent Company for the first 9 months of 2025 amounted to PLN 13,904 thousand (of which, PLN 5,742 thousand represented performance bonus for completed tasks from 2024, the costs of Ferrovial’s share-based payments amounted to PLN 940 thousand and the costs of Budimex’s share-based payments amounted to PLN 203 thousand). In the same period of 2024, the remuneration of the Members of the Management Board of the Parent Company amounted to PLN 12,821 thousand (of which, PLN 5,292 thousand represented performance bonus for completed tasks from 2023 and the costs of Ferrovial’s share -based payments amounted to PLN 931 thousand). As at 30 September 2025 and 31 December 2024, the Group's companies did not have debt securities purchased from related entities, nor any debt securities sold to these entities. Inter-Group transactions are made on an arm’s length basis. 11. Factors which will affect results achieved by the Group in a period covering at least the next quarter The most important factors that may have an impact on the Group's financial position in the perspective of at least the next quarter include: • economic uncertainty related to the war in Ukraine, • availability of qualified staff, • availability and level of prices of construction materials and services affecting the amount of direct costs of the contracts being performed, • risks related to logistics and transport of construction materials, • volatility of exchange rates that affect the amount of sales revenues and operating costs as well as the result on the valuation and settlement of derivative currency transactions, • level of competition in announced public tenders, • intensification of activities aimed at recovering overdue receivables, • results of pending court cases, which are described in more detail in Note 16 to these interim condensed consolidated financial statements, • changes in tax regulations affecting the construction industry, • increased import tariffs imposed by the United States of America towards EU countries. 12. Description of significant achievements or failures of the Budimex Group in the period of 9 months of 2025, key events concerning the Group’s operations and significant events after 30 September 2025 The Budimex Group's sales revenue in the first three quarters of 2025 decreased by 1.6% compared to the same period of the previous year, while operational profitability improved by 0.1 percentage point. The main reason for the decline of sales was the construction segment's increased involvement in intra-group contracts (including the construction of photovoltaic farms), revenue from which was eliminated at the Group level. Although this resulted in a short -term reduction in consolidated revenue, in the long term the launch of the photovoltaic farms will strengthen the Group's operating profitability and positively support generated cash flow. In the first three quarters of 2025, the share of revenue generated on foreign markets, primarily in the Czech Republic and Slovakia, increased noticeably ( note 9.2). This increase is a result of the realization of foreign construction
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 24 contracts, acquired as part of the geographical diversification of the Group's construction portfolio, adopted several years ago and consistently implemented. Also, as part of its activities on foreign markets, Budimex SA as a part of joint venture won the tender for the design and construction of the Rail Baltica main line in Estonia, on the Pärnu – Latvian border section. The Polish market saw a slight decline in sales, primarily in the road construction segment. The primary cause was delays in obtaining building permits for several key contracts. Furthermore, a significant portion of road infrastructure contracts were in t he early stages of implementation, generating relatively low revenues, which was particularly noticeable for contracts executed under the "Design and Build" formula. At the same time, operating profitability increased, primarily in the general construction sector, largely due to continued price stabilization and the greater availability of building materials and subcontractor services. These improved results are also a result of maintaining cost discipline, but also a consequence of intensive work on adapting the client portfolio and building projects to optimize margins and achieve sustainable profitability in this business. In the first three quarters of 2025, the services segment, whose pillar is the FBSerwis Group, saw a decline in sales revenue (by 2.4%) compared to the same period of the previous year, accompanied by significant increase in operating profitability (from 9.0% to 9.4%) and decline in profitability before tax (from 9.5% to 9.1%) . The backlog of the Budimex Group is profitable and largely secures revenues until the end of 202 7. The structure of the portfolio has not changed significantly over the last year - the backlog is based mainly on road infrastructure and railway contracts, which account for approximately 2/3 of its value. The Budimex Group conducts regular budget updates of long -term contracts, and changes in material prices are taken into account in the revised cost estimates. A significant portion of the order portfolio is attributable to the strategic involvement in a key infrastructure project, namely the S10 route construction contract. The backlog of the Budimex Group as of 30 September 2025 amounted to PLN 16.2 billion. The value of contracts signed between January and September 2025 amounted to PLN 3.9 billion (and additionally over PLN 800 million after 1 October 2025, including the LK622 Szczyrzyc -Tymbark contract worth over PLN 700 millio n). As of 30 September 2025, the value of bids from the Group's companies with the lowest prices or those rated highest by clients was approximately PLN 10.5 billion, of which over PLN 5 billion rela tes to the Rail Baltica contract in Latvia and Estonia. This provides the Budimex Group with stable prospects for maintaining an optimal order backlog in the coming quarters and stabilizes the foundations for operational activities for the years 2026 -2027. Additionally, in March 2025, a joint venture including Budimex S.A. signed a framework agreement for the design and construction of the Rail Baltica main line in Estonia, on the Pärnu – Latvian border section, with a total value of €332 million (approximately PLN 1.4 billion). Budimex will hold a 40% share in the construction part of the contract. This represents another step towards expansion and development in foreign markets. On 30 September 2025 the Budimex Group reported a cash position exceeding PLN 1.8 billion. The decrease in cash level compared to the end of 2024 was driven by the payment of a dividend of PLN 649 million, high CIT payments, the realization of investment programs in the area of renewable energy sources, the extension of the road and rail equipment base, as well as the expansion of developer activities. At the same time, a seasonal increase in the use of financial resources in working capital was recorded, p artly due to the execution of contracts under the “Pol ish Deal” program. The ongoing war in Ukraine has no direct impact on the operations of the Budimex Group. The Group does not execute contracts in Ukraine, Russia or Belarus. Moreover, the Budimex Group companies have no significant exposure to services provided by entities from those countries. In the period from 30 September 20 25 to the date of preparation of the interim condensed consolidated financial statements, no other significant events took place. 13. Issue, redemption and repayment of debt and equity securities In the period of nine months of 2025 neither Budimex SA nor Group companies issue d, redeemed or repaid debt or equity securities. 14. The Management Board’s position on the feasibility of results stated in the financial forecasts published earlier for the year in view of the financial results presented in the quarterly report in relation to the projected results Budimex SA did not publish any forecasts.
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 25 15. Statement of ownership of shares of Budimex SA or rights to such shares (options) held by the managing or supervisory persons of Budimex SA as at the date of publication of this report together with indication of changes in the ow nership since the date of publication of the last periodic report As at the date of publication of the report members of the Management Board and Supervisory Board of Budimex SA held the following number of shares: Artur Popko (President of the Management Board) 2 031 shares Marcin Węgłowski (Management Board member) 2 830 shares Marek Michałowski (chairman of the Supervisory Board) 4 000 shares In accordance with current report no. 38/2025 of 2 July 2025, the Members of the Management Board of Budimex SA entered into an agreement to participate in the long -term incentive program for the years 2025 -2027. The participation agreements grant a conditional right to acquire the shares of Budimex SA, subject to the fulfilment of certain conditions, in particular the achievement of specific financial and non -financial objectives. The final number of the shares of Budimex SA to which the above-mentioned persons will be entitled to will depend in particular on the level of achievement of the above-mentioned goals. The above mentioned members of the Management Board and Supervisory Board do not own share options of the company. As at the date of publication of this report other managing and supervisory persons of Budimex SA do not hold its shares or share options. This status has not changed since 31 December 2024. 16. Proceedings pending as at 30 September 2025 before court, competent arbitration body or any public administration authority The total value of legal proceedings pending in respect of liabilities and receivables as at 30 September 2025 was PLN 1,353,059 thousand. The excess of the value of proceedings relating to proceedings against the Group companies over claims of the Group companies amounted to PLN 35,227 thousand. On the basis of the information held by Budimex SA, the total value of legal proceedings pending in respect of liabilities of Budimex SA and subsidiaries as at 30 September 2025 was PLN 694,143 thousand. The proceedings pending in respect of Budimex SA and subsidiaries relate to the operating activities of the Group companies. On 17 January 2025 Budimex SA, as a member of the consortium, received a lawsuit for a total amount of PLN 1,046,115 thousand, mainly covering debit notes for contractual penalties issued by the ordering party in 2022 and 2024 in the total amount of PLN 918,372 thousand. The lawsuit includes a demand for payment of contractual penalties for the unavailability of the power unit and delay in removing defects and certain other categories of damage, as well as an order to remove the defects or possibly cover the costs of their removal. The lawsuit was filed by PGE Górnictwo i Energetyka Konwencjonalna SA against a consortium consisting of Mitsubishi Power Europe GmbH (technology leader), Tecnicas Reunidas SA and Budimex SA, which completed an EPC contract for the construction of a new power unit at the Turów Power Plant. The lawsuit is directed against all consortium members as joint and several debtors, with Budimex's share amounting to 23.58%. In February 2025, another lawsuit was served against the consortium members for the removal of defects or payment of PLN 200 million. The parties are still in the course of mediation proceedings covering the mutual claims of both parties. In December 2024, the consortium filed lawsuits against the ordering party for a total amount of PLN 627,181 thousand and EUR 16,867 thousand for additional works and damages incurred. There was an exchange of procedural documents. The next largest claim in terms of value is the lawsuit filed against Budimex SA and Ferrovial Agroman SA in Madrid (currently Ferrovial Construcción SA), members of the consortium related to implementation of the contract “Construction of the new premises for the Silesian Museum in Katowice” concluded on 7 June 2011, filed on 24 July 2017 by the claimant – the Silesian Museum in Katowice. The claimant requests that the defendants are either condemned in solidum to pay the amount of PLN 122,758 thousan d plus statutory interest from the date the lawsuit was filed for improper performance of the obligation under the contract, either alternatively the court adjudges the claim for decreasing the price by PLN 34,675 thousand as the reimbursement of part of the remuneration, which was wrongly paid in claimant’s opinion. Article 471 of the Civil Code was specified as the grounds for pursuing the main claim, and the provisions on statutory warranty were specified for the alternative claim.
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 26 According to the Management Board of Budimex SA, the claims covered by the action are groundless. The irregularities which, in the opinion of the plaintiff, constitute the factual basis for the claims – if they occurred – were not a consequence of the acti ons or omissions of the defendants’ consortium. Furthermore, the proper execution of the Silesian Museum facility in Katowice by the defendants’ consortium was confirmed by the plaintiff by issuing a Takeover Certificate and a Performance Certificate for t he facility. The reserves created for warranty repairs and court proceedings cover, in the Management Board’s opinion, the risks related to the subject court case. The first hearing took place in March 2019, during which the court ordered the parties to pa y an advance on the expert's fee. By order of August 2022, the court referred the parties to mediation, simultaneously appointing a mediator from the Arbitration Court at the General Attorney of the Treasury. Mediation was conducted from August 2022 to Apr il 2024, but did not lead to a settlement between the parties. Due to the unsuccessful conclusion of mediation, the case returned to court proceedings. At the hearing in August 2024, the court ordered the parties' attorneys to indicate the entity to take evidence from the opinion of the scientific and research institute. After the parties exchanged procedural documents, the court announced the selection of the institute, acceptance of the cost of the opinion proposed by the institute and commissioning the execution of the opinion to the selected institute within 6 months, expiring in February 2026. Another legal proceedings with a material value related to the claim filed on 5 September 2008 by Miejskie Wodociągi i Kanalizacja w Bydgoszczy Sp. z o.o. requesting that the amount of PLN 25,252 thousand be awarded jointly and severally against the consortium to which the Budimex SA and Budimex Dromex SA belonged. The claim related to the replacement of contractor costs incurred by the investor when the consortium rescinded the contract. The Budimex Group’s share in consortium was 90%, therefore the value of the claim for which Budimex SA is liable is PLN 22,727 thousand. On 12 July 2017, the court of the first instance awarded against Budimex SA only the amount of PLN 22 thousand (towards reimbursement of the costs of expert opinions commissioned by the cl aimant), and dismissed the claim in its entirety. An appeal against the judgment was filed both by the claimant (against the entire judgment) and the defendant (against a part of the judgement – i.e. the amount of PLN 22 thousand). The hearing before the second instance court took place on 10 July 2025. The expert confirmed the conclusions drawn from the supplementary opinion. After hearing the expert, the court of appeal, in its judgment of 30 September 2025, dismissed both appeals, finding the first instance court's ruling correct and justified. The case was therefore finally and finally resolved. However, due to the value of the subject matter of the dispute in the part relating to the plaint iff's dismissed claim, Miejskie Przedsiębiorstwo Wodociągów i Kanalizacji w Bydgoszczy Sp. z o.o. may still file a cassation appeal with the Supreme Court. However, in Budimex SA's opinion, there are no grounds for granting it. As at the date of this report, the final outcome of the remaining proceedings is not known. For all legal proceedings which – according to the Group – may finish in an unfavourable way, provisions were recognised in the amount that takes into account the r isk estimated by the Group. The value of provisions for legal cases was disclosed in note 7 (provision for litigation, provision for penalties and other sanctions and part of the provision for warranty repairs). The total value of legal proceedings pending in respect of claims of Budimex SA and its subsidiaries amounted to PLN 658,916 thousand as at 30 September 2025. The remaining proceedings relate mainly to the recovery of overdue receivables from business partners and to additional claims in respect of the construction work performed. As at the date of this report, the final outcome of the proceedings is not known.
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 27 17. Contingent assets and contingent liabilities 30 September 2025 31 December 2024 Contingent assets From related entities: – guarantees and sureties received 567 1,311 From related entities, total 567 1,311 From other entities – guarantees and sureties received 732,907 728 859 – bills of exchange received as security 30,177 58 663 From other entities, total 763,084 787,522 Other contingent assets 8,050 7,750 Total contingent assets 771,701 796,583 Contingent liabilities To other entities, of which: – guarantees and sureties issued 4,819,724 4,822,076 – promissory notes issued as performance bond 8,478 8,467 To other entities, total 4,828,202 4,830,543 Other contingent liabilities - 34 Total contingent liabilities 4,828,202 4,830,577 Total contingent items (4,056,501) (4,033,994) Contingent assets arising from guarantees and sureties represent guarantees and sureties issued by banks or other entities in favour of the Budimex Group companies serving as security for the Group’s claims against contractors in connection with executed construction contracts. Contingent liabilities arising from guarantees and sureties comprise mainly guarantees issued by banks to business partners of the Group companies to secure their claims against the Group companies that may arise on the grounds of executed construction contracts. The banks are entitled to recourse claims against the Group companies under these guarantees. Guarantees issued to the investors of the Group represent an alternative, to the retentions held, method of securing potential investor claims relating to construction contracts. At the same time, the risk relating to warranty repairs assessed by the Group companies as probable was appropriately reflected in the warranty repair provision, as described in note 7 to these interim condensed consolidated financial statements. The promissory notes issued represent security for liabilities settlement towards strategic suppliers of Group companies, while bills of exchange received and recognised under contingent assets represent security for receivables payment due to Group companies from their customers.
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 28 Guarantees and sureties issued by Budimex SA and its subsidiaries as at 30 September 2025: Name of the company which issued a guarantee or surety Name of the (company) entity which received a surety or a guarantee Total value of guarantees or sureties issued Maximum period of guarantees or sureties issuance Financial conditions in respect of guarantees and sureties issued Type of relations between Budimex SA and the entity which took out a guarantee or surety Budimex SA Mostostal Kraków SA 155,074 indefinitely against payment subsidiary Budimex SA Budimex Budownictwo Sp. z o.o. 80,849* 2030-01-14 free of charge subsidiary Budimex SA Azalia Sp. z o.o. 12,015 2030-12-31 against payment subsidiary Budimex SA Budimex Bau GmbH 10,826 indefinitely against payment subsidiary Budimex SA FBSerwis SA 10,373 2030-07-12 against payment subsidiary Budimex SA Budimex Kolejnictwo SA 5,786 2030-12-30 against payment subsidiary Budimex SA Konstalex Sp. z o.o. 5,456 indefinitely against payment subsidiary Budimex SA Budimex Mobility SA 4,359 2035-04-30 against payment subsidiary Budimex SA RailBX GmbH 2,218 indefinitely against payment subsidiary Budimex SA Fotowoltaika HIG XIV Sp. z o.o. 1,712 2028-01-31 against payment subsidiary Budimex SA ARGE Oberkrämer 793 indefinitely against payment subsidiary Budimex SA Circular Construction SA 12 2044-09-24 against payment subsidiary Budimex SA Budimex D Sp. z o.o. 9 2027-12-24 against payment subsidiary Konstalex Sp. z o.o. Budimex SA 697 2029-03-31 contractual guarantee subsidiary TOTAL 290,179 *sureties were issued for contracts carried out by Budimex SA Guarantees and sureties issued by Budimex SA and its subsidiaries as at 31 December 2024: Name of the company which issued a guarantee or surety Name of the (company) entity which received a surety or a guarantee Total value of guarantees or sureties issued Maximum period of guarantees or sureties issuance Financial conditions in respect of guarantees and sureties issued Type of relations between Budimex SA and the entity which took out a guarantee or surety Budimex SA Mostostal Kraków SA 230,462 indefinitely against payment subsidiary Budimex SA Budimex Budownictwo Sp. z o.o. 77,649* 2030-01-14 free of charge subsidiary Budimex SA Azalia Sp. z o.o. 16,731 2028-01-31 against payment subsidiary Budimex SA FBSerwis SA 11,131 2030-07-12 against payment subsidiary Budimex SA Budimex Bau GmbH 9,942 indefinitely against payment subsidiary Budimex SA Budimex Mobility SA 4,336 2044-07-15 against payment subsidiary Budimex SA Budimex Kolejnictwo SA 3,760 2030-04-30 against payment subsidiary Budimex SA Fotowoltaika HIG XIV Sp. z o.o. 1,712 2028-01-31 against payment subsidiary Budimex SA Konstalex Sp. z o.o. 1,159 indefinitely against payment subsidiary Budimex SA ARGE Oberkrämer 794 indefinitely against payment subsidiary Budimex SA RailBX GmbH 496 indefinitely against payment subsidiary Budimex SA Circular Construction SA 12 2044-09-24 against payment subsidiary Budimex SA Budimex D Sp. z o.o. 9 2027-12-24 against payment subsidiary Konstalex Sp. z o.o. Budimex SA 697 2029-03-31 contractual guarantee subsidiary TOTAL 358,890 *sureties were issued for contracts carried out by Budimex SA
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The BUDIMEX Group The interim condensed consolidated financial statements for III quarters of 2025 (all amounts are expressed in PLN thousand, unless stated otherwise) 29 President of the Management Board Member of the Management Board Artur Popko Marcin Węgłowski Warsaw, 27 October 2025 This is a translation of interim condensed consolidated financial statements originally issued in Polish. In case of any inconsistencies between the Polish and English version, the Polish version shall prevail.