Report by Bankinter
The precarious financial situation of Mostostal, Acciona’s Polish subsidiary listed on the Warsaw Stock Exchange, has forced its board of directors to seek solutions to avert the risk of bankruptcy for the construction group. Acciona – which controls 62 per cent of the share capital – having undertaken several capital increases and capitalised debt in recent years, has submitted to the board a proposal for a takeover bid for 100 per cent of the company at a price yet to be agreed with the Polish regulators.
Mostostal’s financial problems stem from a series of cost overruns on major projects, such as the contract to build the S19 motorway (Rzeszów Południe–Babica), where the group has filed a claim against the government. It has also incurred cost overruns that have led it to initiate international arbitration against its French partner GE Hydro over a power station for the Polish group PGE. The construction firm, one of Poland’s leading public works contractors, reported losses in 2025, has negative equity and, at the start of 2026, continues to post operating losses.
Bankinter analysis team’s view: This is negative news, although Mostostal’s financial problems were already well known and the Polish subsidiary is small in scale relative to the group. Over the last six months, Mostostal’s share price has fallen by more than 50%.
Acciona is the controlling shareholder with a 62% stake, followed by the OFE pension fund, with around 20%
Mostostal’s market capitalisation as of today is less than €20 million, so the value of the remaining 38 per cent not controlled by Acciona would be approximately €8 million, representing 0.1 per cent of its market capitalisation (€15,200 million).
The reason for this offer is to prevent the bankruptcy of a company that no longer has the support of the banks. Acciona’s challenge at Mostostal is to improve the profitability of the portfolio and turn the group’s financial situation around.
