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Budimex has recorded annual dividend payments since 2015, but the amount per share has moved sharply from year to year rather than following a steady growth path. The official payment was PLN 35.69 per share for the 2023 period and PLN 25.43 for 2024.
The 2024 dividend requires particular scrutiny: PLN 649.230 million was roughly equal to standalone net profit, higher than consolidated profit attributable to Budimex’s parent, and greater than consolidated operating cash flow. That does not by itself prove the payment is unsafe, but it means future sustainability depends on recurring earnings, cash conversion, working-capital movements, investment needs, balance-sheet capacity and each year’s shareholder approval—not on headline yield alone.
Budimex dividend history at a glance
Budimex’s official investor-relations dividend history records annual payments from 2015 onward. The available per-share figures show a fluctuating policy rather than a simple upward trend.
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| Dividend period | Dividend per share | Total dividend reported | What the figure shows |
|---|---|---|---|
| 2018 | PLN 6.30 | Not stated in the available summary | Lower than the later exceptional payments |
| 2019 | PLN 4.56 | Not stated in the available summary | Another year of reduced distribution |
| 2020 | PLN 31.60 | Not stated in the available summary | Large increase from 2019 |
| 2021 | PLN 23.47 | Not stated in the available summary | Payment fell from the 2020 level |
| 2022 | PLN 17.99 | Not stated in the available summary | Further reduction |
| 2023 | PLN 35.69 | PLN 911.169 million | Highest listed payment in this series |
| 2024 | PLN 25.43 | PLN 649.230 million | Lower than 2023, but still a large distribution |
The 2023 and 2024 totals and per-share amounts come from Budimex S.A.’s official dividend table for the relevant payment cycles. The table also identifies the ex-dividend date, payment status and shareholder-meeting date for each resolution. The amount approved for one year should therefore be treated as a historical decision, not as a standing promise for the next year.
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What the pattern means for an income investor
- The record is long enough to establish that Budimex has paid dividends across multiple years.
- The per-share amount has been materially volatile: PLN 4.56 in 2019 was followed by PLN 31.60 in 2020, and PLN 17.99 in 2022 was followed by PLN 35.69 in 2023.
- A high recent payment does not establish a fixed minimum or a guaranteed growth rate.
- Comparisons should use the same definition of period, because the AGM may approve a payment in a later calendar year for the preceding financial year.
How Budimex dividend dates work
Budimex’s official history includes several dates that answer different questions. The shareholder meeting date is when owners vote on the recommendation and resolution. The ex-dividend date is the first trading date on which a buyer no longer acquires the right to that dividend under the applicable market rules. The record date identifies the shareholders entitled to receive it, and the payment date is when the cash is scheduled to be distributed.
Why the dates matter
- AGM or shareholder-meeting date: confirms whether the proposed distribution was actually approved.
- Ex-dividend date: determines the trading cutoff for dividend entitlement; buying after it normally does not create entitlement to that payment.
- Record date: provides the formal shareholder register date used for entitlement.
- Payment date: indicates when the approved amount should reach the shareholder’s account, subject to broker processing.
Always check the current resolution and market announcement. An earlier ex-dividend date cannot be safely carried forward to a new year, and a board recommendation is not equivalent to shareholder approval.
The 2023 and 2024 payments in context
For the 2023 period, Budimex’s official table reports PLN 35.69 per share and PLN 911.169 million in total. For the 2024 period, it reports PLN 25.43 per share and PLN 649.230 million in total. The 2024 per-share amount was about 28.7% below the 2023 amount, while the total distribution was about 28.7% lower as well. That close relationship is consistent with the same ordinary share count, although the official table—not an inferred calculation—should be used for the authoritative total.
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What is known about the 2025-period figure
A secondary market-data page reports PLN 32.42 per share for the 2025 period, an indicated yield of 4.75%, a last cum-dividend purchase date of 1 June 2026 and payment on 10 June 2026. Those details should be treated as provisional until they are matched to Budimex’s own AGM resolution and investor-relations announcement.
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Do not use the PLN 32.42 figure as an established company payout merely because it appears in a market-data feed. Verify all of the following in the primary announcement:
- the financial year to which the dividend relates;
- the exact per-share amount and total appropriation;
- the AGM approval date;
- the record and ex-dividend dates;
- the payment date and whether the payment is complete or scheduled.
Was the 2024 dividend covered by profit?
Coverage depends on which profit measure is used. Budimex reported PLN 615.922 million of consolidated net profit attributable to the parent for 2024 and PLN 649.242 million of standalone net profit. Against the PLN 649.230 million dividend, the resulting ratios are:
| Measure | 2024 amount | Dividend divided by measure | Interpretation |
|---|---|---|---|
| Consolidated net profit attributable to Budimex’s parent | PLN 615.922 million | Approximately 105.4% | The distribution exceeded one year of parent-attributable consolidated profit. |
| Standalone net profit | PLN 649.242 million | Approximately 100.0% | The distribution was essentially equal to the parent company’s standalone profit. |
The calculations are obtained by dividing PLN 649.230 million by each reported profit figure. They are not a company-published payout target. A ratio above 100% can occur when a company uses retained cash, distributes profits accumulated from earlier periods, or experiences timing and one-off effects. It does, however, leave less room for a repeat payment if the same earnings level must fund the dividend again.
Per-share earnings coverage
For a share-level check, divide the dividend per share by recurring earnings per share (EPS):
Payout ratio = dividend per share ÷ recurring EPS × 100
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Use recurring EPS rather than a figure inflated by an unusual asset sale, reversal or other one-time item. If the result is above 100%, identify the source of the excess before calling the dividend sustainable. The total-profit calculation and the per-share calculation should use matching periods and the same consolidation basis.
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Cash-flow coverage is the key 2024 warning
Budimex reported consolidated operating cash flow of PLN 564.053 million for 2024. The PLN 649.230 million dividend was therefore approximately 115.1% of that operating cash flow. In other words, the year’s reported operating cash generation did not cover the cash distribution on its own.
That comparison is important in construction, where customer advances, contract billing, inventories, receivables and payables can move substantially between reporting dates. A weak single-year conversion can reflect temporary working-capital investment rather than permanently weak economics; conversely, a high accounting profit with chronically poor cash conversion is a serious warning.
Use two cash tests, not one
- Operating-cash-flow test: compare the dividend with cash generated from operations for the same financial year.
- Free-cash-flow test: subtract maintenance capital expenditure and other unavoidable investment from operating cash flow, then compare the remaining cash with the dividend.
If operating cash flow is PLN 564.053 million and the dividend is PLN 649.230 million, the first test fails for 2024. The second test would be weaker still if maintenance capital expenditure was material. The figures supplied here do not establish Budimex’s maintenance-capital amount, so no precise 2024 free-cash-flow payout ratio can be stated.
What the 2025 financial figures suggest
For 2025, Budimex reported consolidated revenue of PLN 9.439 billion, parent-attributable net profit of PLN 748.014 million and operating cash flow of PLN 718.866 million. Compared with the 2024 figures above, parent-attributable profit was approximately 21.4% higher and operating cash flow approximately 27.4% higher.
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| Metric | 2024 | 2025 | Change indicated by the reported figures |
|---|---|---|---|
| Consolidated revenue | Not stated in the available 2024 figures | PLN 9.439 billion | Year-over-year change cannot be calculated from the stated data. |
| Parent-attributable net profit | PLN 615.922 million | PLN 748.014 million | Approximately 21.4% increase |
| Operating cash flow | PLN 564.053 million | PLN 718.866 million | Approximately 27.4% increase |
The improvement in absolute earnings and operating cash generation is supportive, but it does not settle the dividend question. Sustainability also depends on how much cash is tied up in contracts, the level of capital investment, debt and lease commitments, guarantees, and the board’s recommendation followed by shareholder approval. Without the approved 2025 dividend resolution, it is not possible to calculate a definitive 2025 payout ratio.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A five-part framework for testing sustainability
1. Test recurring earnings coverage
Start with normalized EPS and the consolidated net profit attributable to the parent. Remove or separately identify gains that are unlikely to recur. Then compare the proposed dividend with that recurring base. A payout comfortably below recurring earnings leaves a buffer; a payout near or above 100% requires a documented explanation and evidence that retained cash can bridge the gap.
2. Test cash conversion
Review at least three years of operating cash flow, not just the latest year. Reconcile profit to cash by examining receivables, contract assets, inventories, customer advances and supplier balances. Construction companies can shift cash between periods as projects progress, so one unusually weak or strong year should be tested against the trend.
3. Deduct maintenance investment
Operating cash flow is not all available for distribution. Separate maintenance capital expenditure from growth investment where the accounts allow it, and include recurring spending needed to keep equipment, systems and operating capacity functional. A dividend covered by operating cash flow before essential investment may still require borrowing or cash reserves after investment.
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Inspect cash, gross and net debt, lease liabilities, guarantee commitments and covenant headroom. A company can fund a dividend despite a weak cash year if it has substantial net cash and limited obligations; the same payout can be risky if liquidity is tight or guarantees may become cash calls. The dividend should be judged alongside the balance sheet, not in isolation from it.
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5. Test the business cycle and backlog
Budimex’s earnings depend on construction activity, project execution, contract margins, input costs, labor availability and the timing of its order backlog. Check whether current margins are supported by signed work and realistic cost assumptions. A large backlog is useful only when projects can be delivered profitably and converted into cash.
Common mistakes when interpreting Budimex’s yield
- Annualizing a single payment: a one-off high distribution can make a trailing yield look attractive without establishing a recurring rate.
- Using the wrong profit denominator: consolidated parent-attributable profit and standalone profit answer different questions; label the basis explicitly.
- Ignoring cash flow: the 2024 distribution exceeded consolidated operating cash flow, so earnings alone provide an incomplete picture.
- Confusing recommendation with entitlement: the board’s proposal must be followed by the shareholder resolution and the published dates.
- Assuming a market-data date is final: secondary feeds can show an estimated or later-updated date; confirm it against Budimex’s primary announcement.
- Forgetting investment and guarantees: cash needed for maintenance, expansion, leases or guarantees is not freely distributable.
- Treating a high payout as automatically unsafe: retained cash and prior-year reserves can support a payment, but the source of that support should be identified rather than assumed.
How to compare Budimex with another dividend stock
A useful comparison goes beyond the displayed yield. Put both companies on the same financial-year and currency basis, then assess the following dimensions:
| Comparison axis | Questions to answer |
|---|---|
| Dividend-growth stability | Have payments risen consistently, or do they swing with project cycles and exceptional distributions? |
| Earnings payout ratio | What percentage of recurring EPS and parent-attributable profit is distributed? |
| Operating-cash-flow coverage | Does cash from operations cover the dividend over several years? |
| Free-cash-flow coverage | What remains after maintenance capital expenditure? |
| Balance-sheet strength | Is the company net cash or net debt, and how significant are leases and guarantees? |
| Cyclicality | How sensitive are margins, backlog and cash conversion to construction and economic conditions? |
| Dividend timing | Are the ex-dividend and payment dates confirmed, and how do they fit the investor’s cash-flow needs? |
This framework prevents a direct comparison between Budimex’s potentially cyclical payout and a company whose distributions are supported by steadier recurring cash flows.
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- Open Budimex’s latest investor-relations dividend announcement and AGM resolution.
- Record the approved dividend per share, total amount, financial period and whether any amount is an interim payment.
- Confirm the record date, ex-dividend date and payment date from the primary notice.
- Calculate the payout against recurring EPS and parent-attributable consolidated profit.
- Compare the dividend with operating cash flow for the same year and with cash flow after maintenance investment.
- Review cash, debt, lease liabilities, guarantees and covenant headroom.
- Read the annual report for working-capital movements, contract margins and backlog execution.
- Check whether any market-data service is showing an estimate, a stale date or a figure that has not yet been approved.
Bottom line on Budimex’s payout sustainability
Budimex has a substantial annual dividend record, but the history is uneven: the listed per-share payments range from PLN 4.56 in 2019 to PLN 35.69 in 2023, with PLN 25.43 paid for 2024. The 2024 distribution was approximately 105.4% of consolidated parent-attributable profit, about 100.0% of standalone profit and 115.1% of consolidated operating cash flow. Those figures make cash conversion and balance-sheet capacity more important than the indicated yield.
The 2025 figures—PLN 748.014 million of parent-attributable profit and PLN 718.866 million of operating cash flow—show a stronger absolute base than in 2024, but they do not guarantee a particular dividend. Treat the reported PLN 32.42 per-share 2025-period figure as unconfirmed until Budimex’s AGM resolution establishes it, and reassess the payout each year using earnings, cash flow, investment needs, balance-sheet obligations and the legally approved dates.
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