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THE FINANCEBASE List yours

Guide

Budimex dividend history and how to assess its payout sustainability

By TheFinanceBase Team 8 min read

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Budimex has paid an annual dividend for many years, but the amount is cyclical rather than steadily rising. The company’s official record shows PLN 35.69 per share for the 2023 period and PLN 25.43 for the 2024 period. A secondary market-data page reports PLN 32.42 for the 2025 period, with a last cum-dividend purchase date of 1 June 2026 and payment on 10 June 2026; that figure and those dates should be checked against Budimex’s general-meeting resolution before you rely on them.

The main sustainability warning is the 2024 payment: PLN 649.230 million was about 105% of consolidated profit attributable to Budimex’s parent and was greater than consolidated operating cash flow of PLN 564.053 million. That does not by itself prove the dividend is unsafe, but it means cash conversion, working capital, investment needs and the balance sheet matter more than the headline yield.

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Budimex dividend history at a glance

Budimex’s official dividend-history table records annual payments from 2015 onward. The selected per-share amounts below show why the record should be viewed as a series of company-approved distributions rather than a fixed-growth income stream.

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Dividend period Dividend per share
2018 PLN 6.30
2019 PLN 4.56
2020 PLN 31.60
2021 PLN 23.47
2022 PLN 17.99
2023 PLN 35.69
2024 PLN 25.43
2025 PLN 32.42, reported by a secondary market-data page and requiring confirmation from Budimex’s shareholder resolution

The sequence is deliberately uneven: the payment fell from PLN 6.30 in 2018 to PLN 4.56 in 2019, jumped to PLN 31.60 in 2020, then moved down to PLN 23.47 and PLN 17.99 before reaching PLN 35.69 in 2023. The official 2024-period payment then fell to PLN 25.43. A high point in one year therefore should not be treated as a new minimum or a guaranteed base for the next year.

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What the two latest official payments represented

Dividend period Per share Total dividend Payment-cycle description
2023 PLN 35.69 PLN 911.169 million Payment made in the 2024 cycle
2024 PLN 25.43 PLN 649.230 million Payment made in the 2025 cycle

Budimex’s official table also records the relevant total amount, ex-dividend date, payment status and shareholder-meeting date for each distribution. Use those primary records when checking a particular year; a quoted per-share amount without the resolution and dates is incomplete.

How much dividend does Budimex pay per share?

The answer depends on the dividend period and the resolution approved by shareholders. For the latest two periods with official figures in the company’s record, the amounts are PLN 35.69 (2023) and PLN 25.43 (2024). The 2025-period amount of PLN 32.42 appears on a secondary market-data page, not in the official figures supplied here, so treat it as provisional until the company’s general-meeting resolution confirms it.

Per-share dividend is not the same as dividend yield. Yield is calculated by dividing the annual dividend by the share price, and the result changes whenever the market price changes. The secondary page indicates a 4.75% yield for its reported 2025-period figure; that is a market-data snapshot, not a promise of return, and it should be recalculated using the current price and a verified dividend.

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What is Budimex’s payout ratio?

A payout ratio compares dividends with an earnings measure. At the per-share level, the basic formula is dividend per share ÷ recurring earnings per share × 100. At the company level, use total dividends divided by profit attributable to the parent for a consolidated ratio, while keeping standalone profit as a separate comparison.

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2024 earnings coverage

Budimex paid PLN 649.230 million for the 2024 period. Consolidated net profit attributable to Budimex’s parent was PLN 615.922 million, so the dividend was approximately 105% of that profit. Standalone net profit was PLN 649.242 million, making the dividend approximately 100% of standalone profit.

A payout above 100% means the distribution exceeded the selected year’s reported profit. It can occur when the company uses cash retained from earlier periods, recognizes one-off gains or losses, or pays a dividend whose timing does not line up neatly with the accounting period. It is a reason to investigate, not a standalone verdict that the payment must be cut.

2025 earnings context

For 2025, Budimex reported consolidated revenue of PLN 9.439 billion and parent-attributable net profit of PLN 748.014 million. Those figures indicate stronger reported earnings than in 2024, but they do not establish what dividend the board will recommend or what shareholders will approve. A sustainable payout analysis must wait for the proposed amount and the applicable resolution.

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Why cash-flow coverage is the critical test

Dividends are paid in cash, so compare the distribution with operating cash flow as well as accounting profit. In 2024, consolidated operating cash flow was PLN 564.053 million, below the PLN 649.230 million dividend. On these reported figures, the dividend represented about 115% of operating cash flow, or operating cash flow covered about 87% of the distribution.

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That gap can reflect temporary working-capital movements. A construction company may show profit while cash is tied up in receivables, contract assets, inventories or advances, and cash can improve when those balances reverse. One year of cash conversion therefore cannot establish a permanent ability to pay, but a dividend repeatedly above operating cash flow deserves close scrutiny.

Calculate cash available after maintenance investment

Operating cash flow is only the first screen. A practical cash-coverage test is:

  1. Start with consolidated operating cash flow.
  2. Subtract maintenance capital expenditure—the spending needed to keep the existing business operating.
  3. Compare the remainder with the proposed dividend.
  4. Check whether the company had to draw debt, sell assets or consume an unusually large cash reserve to complete the payment.

The available figures do not provide a maintenance-capital-expenditure amount, so a post-investment coverage ratio cannot be calculated from them. Do not label the dividend “fully covered by free cash flow” without that subtraction.

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A five-part framework for testing sustainability

1. Earnings coverage and quality

Calculate the payout using recurring EPS or parent-attributable profit, then investigate any ratio above 100%. Separate recurring construction margins from one-off asset disposals, reversals, tax effects or other exceptional items. A dividend supported by recurring earnings is more repeatable than one supported by a single accounting gain.

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2. Operating-cash-flow and working-capital behavior

Review at least several years of operating cash flow, not only the latest result. Compare cash generated with profit and identify movements in receivables, contract balances, payables and advances. A temporary cash shortfall may be manageable; a pattern of weak conversion while dividends rise is a more serious warning.

3. Balance-sheet capacity

Before assuming a high payout can recur, examine cash, interest-bearing debt, lease liabilities and guarantees. Also check debt maturities and financing headroom. A company can fund one dividend from cash on hand while reducing its resilience to a downturn; the same amount may be less risky when the balance sheet has substantial net cash and limited near-term commitments.

4. Construction cycle and backlog execution

Construction earnings depend on the timing and profitability of projects. Test whether the order backlog is converting into revenue at the margins assumed in the earnings forecast. Look for delays, claims, cost inflation, fixed-price exposure and concentration in major contracts. Strong backlog value alone does not guarantee cash generation or profit.

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5. Corporate-action and event risk

Do not infer a future dividend from the previous year’s rate. Each year, verify the board’s recommendation, the general-meeting resolution, the record date, the ex-dividend date and the payment date. The official table includes those event details, and they determine eligibility and timing.

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How ex-dividend and payment dates affect an investor

The ex-dividend date is the date from which a buyer is no longer entitled to the declared distribution under the applicable market rules. The record date identifies the shareholders entitled to receive it, while the payment date is when the approved cash is scheduled to be paid. Brokers may display a “last cum-dividend purchase date,” which is a trading deadline rather than a substitute for reading the company’s formal resolution.

For the reported 2025-period figure of PLN 32.42, a secondary page shows 1 June 2026 as the last cum-dividend purchase date and 10 June 2026 as the payment date. Confirm the official ex-dividend and record-date wording before trading on that information, because a data vendor’s label may not match the terminology in Budimex’s resolution.

What the 2024 numbers say—and do not say

  • They do say: the PLN 649.230 million payment was approximately equal to standalone profit and higher than consolidated parent-attributable profit.
  • They do say: consolidated operating cash flow of PLN 564.053 million did not cover the dividend in that year.
  • They do not say: that Budimex must cut its next dividend. Retained cash, timing effects and working-capital reversals can bridge a one-year difference.
  • They do not say: that a 4.75% indicated yield will persist. Yield moves with the share price and with the dividend ultimately approved.

How to compare Budimex with another dividend stock

Use the same measures for both companies and use matching periods. The most informative comparison axes are:

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  • Stability of dividend growth, including the size and frequency of cuts.
  • Earnings payout ratio based on recurring profit.
  • Operating-cash-flow coverage and cash remaining after maintenance capital expenditure.
  • Net cash or debt, lease obligations and guarantees.
  • Cyclicality of construction earnings and the visibility of profitable backlog.
  • Ex-dividend and payment timing, including whether the date is official or only vendor-reported.

A lower headline yield can be preferable when earnings and cash coverage are stronger. Conversely, a high yield may simply reflect a falling share price or a dividend that is drawing on reserves.

Practical checklist before buying for the dividend

  1. Find Budimex’s latest investor-relations dividend table and the relevant general-meeting resolution.
  2. Confirm the dividend period, amount per share, total amount, ex-dividend or record date, payment date and approval status.
  3. Recalculate yield using the current share price rather than relying on an old market-data snapshot.
  4. Compute the payout against recurring EPS and parent-attributable profit.
  5. Compare the dividend with operating cash flow and, where disclosed, cash flow after maintenance capital expenditure.
  6. Review cash, debt, lease liabilities, guarantees, working-capital trends and capital spending.
  7. Read the latest results for backlog margins, project delays, claims and other construction-cycle risks.
  8. Treat any future amount as uncertain until the board recommendation and shareholder approval are public.

Is Budimex’s dividend sustainable?

Budimex has a substantial annual dividend record, but its per-share payment has fluctuated materially. The 2024 distribution was around or above one year’s net profit and exceeded consolidated operating cash flow, so it was not covered by that year’s operating cash generation alone. The 2025 results—PLN 748.014 million of parent-attributable profit and PLN 718.866 million of operating cash flow on PLN 9.439 billion of revenue—show improved earnings and cash generation, but they do not settle the sustainability question.

The defensible conclusion is conditional: Budimex may be able to sustain a meaningful dividend, but the repeatability of any particular rate depends on recurring earnings, working-capital release or consumption, maintenance investment, debt and guarantees, backlog execution, and the amount formally recommended and approved. No binding multi-year payout target or official management guarantee is established here, so investors should treat every future payment as a new decision rather than an entitlement.

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