Price Revision Indices in Public Contracts Q2 2025: What Contractors Must Do

Key data

Contractor companies in the public sector with price revision clauses in their contracts now have available the official indices to adjust their invoices for the second quarter of 2025. The Order HAC/423/2026, of April 29, published on May 4, 2026, establishes the reference values that allow compensation for cost variations suffered during that period.

This type of order is published periodically by the Ministry of Finance and is the technical instrument that makes price revision operational in contracts of Public Administrations. Without these indices, it is not possible to correctly calculate the economic adjustment to which the contractor is entitled.

What does this regulation establish?

Order HAC/423/2026 sets three categories of price indices applicable to the revision of public contracts under execution during the second quarter of 2025:

These indices are integrated into the price revision formulas agreed in each contract. The variation between the index of the contract's base period and the Q2 2025 index determines the percentage of adjustment applicable to the contract price.

The regulation does not establish a single revision percentage: each contract applies its own formula, and the published indices are the necessary input data for that calculation.

Economic and operational impact

For contractor companies, this order has a direct economic impact: it allows recovery of part of the increase in labor and material costs incurred during Q2 2025. In an environment of high costs, not applying price revision is equivalent to assuming that additional cost without compensation.

The impact varies depending on:

• The volume of the contract: the larger the amount, the greater the recoverable amount through revision.
• The agreed revision formula: contracts with greater weight of labor or materials with greater price variation generate higher revisions.
• The type of contract: works, supplies or services have different formulas and components.
• The specific sector: defense and road passenger transport contracts have their own differentiated indices.

From an operational perspective, the publication of these indices activates the right to request revision. Companies must initiate the calculation and submission process with the contracting Administration without delay, as the deadlines for claiming price revisions are subject to the terms of the contract and public procurement regulations.

Who does it affect?

• Construction and civil engineering companies with public works contracts under execution during Q2 2025.
• Supply companies to the Administration (materials, equipment, products) with price revision clauses.
• Public service companies contracted by the Administration with agreed price revision.
• Manufacturers and suppliers of armament and equipment for the Administration with active supply contracts.
• Road passenger transport operators with public service contracts.
• Financial managers and CFOs of companies with multi-year public contracts that must calculate and claim periodic revisions.
• Advisors and consultants who manage billing and settlement of public contracts for their clients.

Practical example

A construction company has a public works contract worth 5 million euros, with a price revision formula that weights labor and construction materials. To calculate the revision corresponding to Q2 2025:

1. Identify the revision formula agreed in the contract (for example, the standard formula for building works).
2. Locate in Order HAC/423/2026 the labor and materials indices corresponding to Q2 2025.
3. Compare those indices with those of the contract's base period (date of bidding or award).
4. Apply the formula with the values obtained to calculate the revision coefficient.
5. Multiply that coefficient by the work certificates of Q2 2025 to obtain the amount to claim from the Administration.

If the variation of the indices between the base period and Q2 2025 represents a 3% increase in the formula components, on 1 million euros certified in that quarter, the company could claim an additional 30,000 euros for price revision. This amount is not recovered if not explicitly requested.

What should companies do now?

1. Review which public contracts have an active price revision clause: Not all public contracts include price revision. Check the specifications and signed contract to confirm if it applies.
2. Identify the revision formula applicable to each contract: The formula determines which indices from Order HAC/423/2026 are relevant to your case (general labor and materials, armament and equipment, or passenger transport).
3. Download and consult Order HAC/423/2026: Access the full text in the BOE to extract the specific values of the Q2 2025 indices that correspond to your formula.
4. Calculate the amount of revision for Q2 2025: Apply the formula with the Q2 2025 indices and those of the contract's base period. If you do not have internal technical capacity, commission the calculation to your public contracts advisor.
5. Submit the revision request to the contracting Administration: Prepare the supporting documentation and submit it within the deadlines established in the contract and public procurement regulations. Do not wait for the final settlement of the contract.
6. Document the process: Keep the calculations, the indices used and communication with the Administration. In case of discrepancy, this documentation is essential to defend the claimed amount.