Shares of Polimex-Mostostal (PXM.WA) jumped +8.45% to PLN 7.50 on September 24 after the Polish engineering firm signed a PLN 292.2 million net contract with Bechtel, the general contractor building Poland's first nuclear power plant. The deal covers delivery and construction of two large-scale modular assembly halls at the Choczewo site in Pomerania — facilities that Bechtel's Polish chief called essential, saying "without these halls we would not be able to build the nuclear islands and nuclear reactors." Trading volume hit PLN 11.5 million, more than double typical daily activity, signaling genuine institutional interest rather than retail noise.
• The Contract Is Meaningful but Modest Relative to Revenue. Polimex reported PLN 1.9 billion in revenue and PLN 129 million in EBITDA for just the first half of 2025.
Trailing twelve-month revenue reached roughly PLN 4 billion, growing over 60% year-over-year. At PLN 292 million, this Bechtel contract represents about 7% of annual sales — substantial but not transformative on its own. The company already carries a diversified backlog of PLN 6.6 billion.
• The Real Prize Is a Foot in the Door to a PLN 190 Billion Mega-Project. The overall nuclear plant — three reactors operated by Polskie Elektrownie Jądrowe and built by the Westinghouse-Bechtel consortium — carries an estimated total cost of about PLN 190 billion, with the first unit targeted for 2036.
Gaining nuclear-grade references and experience could allow Polimex to compete for additional contracts both domestically and in international nuclear supply chains.
Over ten major contracts with Polish subcontractors have already been signed in 2026, totaling more than PLN 2.2 billion.
• The Assembly Halls Will Be the First Major Structures on Site. Bechtel's project director confirmed Polimex will build crane-equipped halls where reactor modules are assembled — "the first large structures to be completed on the construction site."
The halls are expected to be finished by 2028–2029, ahead of module integration. Early delivery positions Polimex as a proven partner before the heaviest spending phase begins.
• Valuation Still Leaves Room for Debate. At roughly PLN 1.81 billion market cap and a trailing P/E near 15× , with operating margins around 4.4% , PXM trades cheaply for a firm newly plugged into Europe's largest civil nuclear build. The question is whether thin construction margins can absorb nuclear-project complexity — or whether being first on a generational energy program earns a premium investors haven't yet fully priced in.