Poland Construction industry waiting to boom

The sector is maintaining stable revenue growth and remains one of the key engines of the Polish economy. Two-thirds of construction companies expect the economic situation to improve within the next 24 months, driven in part by planned large-scale infrastructure investments, including the Central Communication Port (CPK).

The report provides a comprehensive financial analysis of the 15 largest Polish construction companies in 2024. As in previous years, the Budimex Group remains the revenue leader, generating over PLN 9.1 bln—7 pct less than a year earlier. Strabag ranks second with PLN 6.7 bln (+16.7 pct year-on-year), followed by the Porr Group with over PLN 4.0 bln (-10.3 pct year-on-year). In total, the companies surveyed recorded PLN 47 bln in revenue, a slight increase of approximately 0.7 pct year-on-year.

The ranking also highlights both nominal and percentage changes. Strabag achieved the largest nominal increase (+PLN 958 mln), while PUT Intercor recorded the highest percentage growth (+32.3 pct year-on-year).

Despite cost pressures and a limited number of new projects, the Polish construction sector has proven resilient, having generally maintaining average sales levels. The stable sales margin compared with previous years further confirms the industry’s ability to generate solid results. Major infrastructure projects—particularly in energy, CPK, and road and rail construction—are expected to remain the primary drivers of industry growth in the coming years. Public investments should help large companies stabilise their contract portfolios, supporting development and partially offsetting challenges such as innovation requirements, high operating costs, and labour shortages.
Łukasz Michorowski, partner and construction sector leader at Deloitte.

Profitability Under Cost Pressure

The report also details companies’ net results for 2024. Budimex ranked first for the eighth consecutive year with PLN 623.6 mln in net profit. Strabag followed with PLN 220.3 mln, while PUT Intercor took third place with PLN 205.7 mln.

The average net profit among all companies surveyed was PLN 90.2 mln—PLN 8.7 mln less than the year before. The average net margin reached 2.9 pct (0.3 percentage points lower than in 2023), reflecting the capital-intensive nature of the sector. According to the report, persistently high project development costs—driven partly by increased financing expenses resulting from higher interest rates—had the biggest impact on final outcomes. These financing costs offset positive trends such as construction material prices stabilising and subcontractor services.

Listed construction companies also experienced volatility. In 2024, the WIG-Construction index fell by around 11 pct. Mid-2024 saw a weakening of stock performance and capital outflows. In the first half of 2025, the index grew at a pace similar to the broader market, reaching summer peaks supported by improving infrastructure order forecasts. However, in late September, the index fell by several per cent, mirroring deteriorating economic sentiment.

Optimistic Prospects and Outlook

As well as the economic and financial analysis, the report includes a survey of managers from the construction sector. When asked about key challenges for the next 24 months, one-third cited delays in the announcement of new infrastructure projects. Limited labour availability was mentioned by 31 pct of respondents, while 16 pct pointed to geopolitical instability.

Respondents were also asked to assess the short-term (up to 24 months) and long-term (over two years) prospects. A total of 43 pct expect an economic recovery in the near term, including 25 pct anticipating a significant improvement. Two-thirds are optimistic about the longer term.

Positive sentiment is driven mainly by expectations of increased public and commercial project volumes (cited by one in three respondents), the launch of EU-funded tenders (18 pct), and a recovery in the housing market.

The construction industry has repeatedly shown its ability to adapt to challenging market conditions. At the same time, it recognises its strengths and opportunities, reflected in its optimistic outlook. Cautious yet positive sentiment is reinforced by economic indicators such as stabilising inflation. Combined with the expected revival in public investment, the coming months are likely to bring growth and new opportunities for construction companies.
Maciej Niemierka, director of financial advisory at Deloitte.