Market condition and growth outlook for construction companies in Poland

The combined revenue of the 300 largest construction companies in Poland has reached almost PLN 160bn. Despite lower-than-expected growth in the construction market, 2025 brought a moderate improvement in results, and positive inflation in construction allowed the largest players to improve their revenues. Civil engineering remains the key growth driver for large contractors, and the outlook for 2026-2031 is becoming increasingly optimistic.

PLN 160bn in revenue generated by the top 300 contractors

According to the Spectis report titled Construction companies in Poland 2026-2031, the combined revenue of the top 300 construction groups in 2024 reached PLN 157bn, accounting for over 60% of the total revenue generated by medium-sized and large construction companies. Despite the stagnation that prevailed throughout most of 2025, the leading players managed to increase their revenues, largely supported by the continued positive rate of construction inflation.

What revenue threshold grants entry to the group of the 300 largest construction companies in Poland?

• Based on revenue, inclusion on the broader Top 300 list in 2024 required a minimum of PLN 150m.
• To make it into the Top 100 required revenue in excess of PLN 390m.
• Joining the Top 50 required revenue of more than PLN 640m.
• The Top 30 featured in the report were those with revenue just above PLN 1.05bn.

Fragmented market of leading contractors

The Polish construction sector remains fragmented, with consolidation progressing at a slow pace. The market leader (Budimex Group) accounted for 3.8% of total revenue generated by construction firms employing more than nine people in 2024. In turn, the top five construction groups - Budimex, Strabag, Porr, Mirbud, and Erbud - jointly accounted for 11.6% of total revenue in this segment.

Profitability trends among construction companies

• The average net profitability among the Top 300 groups over the past three years stood at 3.8%.
• Among the 300 largest contractors, those with high exposure to commercial and industrial construction (especially warehouse projects) report the highest average profitability.
• Also highly profitable are construction companies delivering in-house development projects using their own execution capacities.
• Companies focused on civil engineering report the lowest profitability rates.
• An important factor supporting profitability for multi-segment construction groups is activity in the residential development market.

As recent financial results show, the construction sector remains unpredictable, marked by volatile inflow of large contracts each year. Most of the largest contractors specialise in a specific area - be it industrial and warehouse, energy, rail, bridge or tunnel construction - making them highly sensitive to cyclical market shifts.

Limited foreign activity of Polish contractors

• In recent years, most companies have seen a decline in the share of export revenue in total revenue.
• Medium and large construction firms still show limited exposure to foreign markets: export revenue among the Top 300 accounts for less than 10% of their total sales.
• Fewer than 40 companies in the Top 300 regularly report export revenue of at least 20%.
• This low figure stems from the presence of numerous local branches of international groups among the Top 300, which already operate abroad through separate, centrally managed entities.
• Despite growing interest in international expansion, efforts by Polish contractors abroad have so far delivered modest results and often ended in failure, negatively affecting domestic financial performance. Nevertheless, many companies continue to pursue or initiate foreign ventures.

Optimistic outlook and rebound in order backlogs

After a disappointing 2025, the outlook for top contractors for the coming years is becoming increasingly optimistic.

By the end of 2025, the order backlogs of leading contractors were already growing at a single-digit pace, driven primarily by:

• unblocking of EU funds (including the National Recovery Plan)
• government decisions to continue strategic megaprojects (e.g., Central Communication Port, High-speed rail, offshore wind farms, nuclear projects)
• steady resolution of large-scale road, rail, and energy tenders.

In addition, the expected continuation of interest rate cuts in 2026 are likely to spark renewed activity in the private investment market—both in multi-family residential and non-residential construction.

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Report methodology

For the purposes of the report, a detailed database of the 300 largest groups and construction companies registered and operating in Poland was compiled.

The report focuses primarily on contractors registered under Section F (Construction) of the Polish Classification of Business Activities and on installation and assembly companies operating at the interface of construction, industry and power sector. The report does not include typical property development companies, which are registered outside Section F of the Polish Classification of Business Activities. However, it does include construction companies that carry out development activities at the same time. A similar assumption was made for the production of construction materials, which is a complementary activity to construction activity.

When the group publishes consolidated data, individual group companies are no longer included in the 300 entity database. In contrast, for the dozen or so major contractors not publishing consolidated financial statements, Spectis analysts have performed a proprietary consolidation of the financial results of related companies, which enables comparison of these entities with the largest construction groups listed on the Warsaw Stock Exchange.