diff --git a/app/components/admin/budgets/links_component.html.erb b/app/components/admin/budgets/links_component.html.erb
index bc6799b80..db6b436bd 100644
--- a/app/components/admin/budgets/links_component.html.erb
+++ b/app/components/admin/budgets/links_component.html.erb
@@ -1,8 +1,6 @@
 <div class="budgets-links">
-  <% if budget.has_winning_investments? %>
-    <%= action(:results,
-               text: t("budgets.show.see_results"),
-               path: budget_results_path(budget)) %>
+  <% if can?(:read_results, budget) %>
+    <%= action(:results, text: results_text, path: budget_results_path(budget)) %>
   <% end %>
 
   <%= action(:preview, text: t("admin.budgets.actions.preview"), path: budget_path(budget), target: "_blank") %>
diff --git a/app/components/admin/budgets/links_component.rb b/app/components/admin/budgets/links_component.rb
index ffec46c93..909a4002b 100644
--- a/app/components/admin/budgets/links_component.rb
+++ b/app/components/admin/budgets/links_component.rb
@@ -1,5 +1,6 @@
 class Admin::Budgets::LinksComponent < ApplicationComponent
   attr_reader :budget
+  delegate :can?, to: :helpers
 
   def initialize(budget)
     @budget = budget
@@ -10,4 +11,12 @@ class Admin::Budgets::LinksComponent < ApplicationComponent
     def action(action_name, **options)
       render Admin::ActionComponent.new(action_name, budget, **options)
     end
+
+    def results_text
+      if Abilities::Everyone.new(User.new).can?(:read_results, budget)
+        t("budgets.show.see_results")
+      else
+        t("admin.budgets.actions.preview_results")
+      end
+    end
 end
diff --git a/app/models/abilities/administrator.rb b/app/models/abilities/administrator.rb
index 287611c02..e04545147 100644
--- a/app/models/abilities/administrator.rb
+++ b/app/models/abilities/administrator.rb
@@ -64,6 +64,9 @@ module Abilities
       can [:index, :read, :new, :create, :update, :destroy], Budget
       can :publish, Budget, id: Budget.drafting.ids
       can :calculate_winners, Budget, &:reviewing_ballots?
+      can :read_results, Budget do |budget|
+        budget.balloting_finished? && budget.has_winning_investments?
+      end
 
       can [:read, :create, :update, :destroy], Budget::Group
       can [:read, :create, :update, :destroy], Budget::Heading
diff --git a/app/models/budget.rb b/app/models/budget.rb
index 64433042e..9ea47bed7 100644
--- a/app/models/budget.rb
+++ b/app/models/budget.rb
@@ -158,6 +158,10 @@ class Budget < ApplicationRecord
     current_phase&.balloting_or_later?
   end
 
+  def balloting_finished?
+    balloting_or_later? && !balloting?
+  end
+
   def single_group?
     groups.one?
   end
diff --git a/app/views/admin/budget_investments/index.html.erb b/app/views/admin/budget_investments/index.html.erb
index 1a5c6686f..4878421cd 100644
--- a/app/views/admin/budget_investments/index.html.erb
+++ b/app/views/admin/budget_investments/index.html.erb
@@ -1,4 +1,4 @@
-<% if @budget.has_winning_investments? %>
+<% if can?(:read_results, @budget) %>
   <div class="float-right">
     <%= link_to t("admin.budget_investments.index.see_results"),
                 budget_results_path(@budget, heading_id: @budget.headings.first),
diff --git a/config/locales/en/admin.yml b/config/locales/en/admin.yml
index 27720a9c1..5a1a5e52d 100644
--- a/config/locales/en/admin.yml
+++ b/config/locales/en/admin.yml
@@ -71,6 +71,7 @@ en:
       actions:
         edit: "Edit budget"
         preview: "Preview"
+        preview_results: "Preview results"
       index:
         title: Participatory budgets
         new_link: Create new budget
diff --git a/config/locales/es/admin.yml b/config/locales/es/admin.yml
index 1b8ac73ad..f4af55f64 100644
--- a/config/locales/es/admin.yml
+++ b/config/locales/es/admin.yml
@@ -71,6 +71,7 @@ es:
       actions:
         edit: "Editar presupuesto"
         preview: "Previsualizar"
+        preview_results: "Previsualizar resultados"
       index:
         title: Presupuestos participativos
         new_link: Crear nuevo presupuesto
diff --git a/spec/components/admin/budgets/links_component_spec.rb b/spec/components/admin/budgets/links_component_spec.rb
new file mode 100644
index 000000000..18968f515
--- /dev/null
+++ b/spec/components/admin/budgets/links_component_spec.rb
@@ -0,0 +1,59 @@
+require "rails_helper"
+
+describe Admin::Budgets::LinksComponent, controller: Admin::BaseController do
+  before { sign_in(create(:administrator).user) }
+
+  describe "see results link" do
+    let(:budget) { create(:budget, :finished) }
+    let(:component) { Admin::Budgets::LinksComponent.new(budget) }
+
+    it "is shown for budgets with results enabled" do
+      budget.update!(results_enabled: true)
+
+      render_inline component
+
+      expect(page).to have_link "See results"
+      expect(page).not_to have_link "Preview results"
+    end
+
+    it "is not shown for budgets with results disabled" do
+      budget.update!(results_enabled: false)
+
+      render_inline component
+
+      expect(page).not_to have_link "See results"
+      expect(page).not_to have_link "Preview results"
+    end
+
+    context "after calculating winners" do
+      let(:budget) { create(:budget, :with_winner) }
+
+      it "is shown as a preview link after finishing the process" do
+        budget.update!(phase: "finished", results_enabled: false)
+
+        render_inline component
+
+        expect(page).to have_link "Preview results"
+        expect(page).not_to have_link "See results"
+      end
+
+      it "is shown as a preview link after balloting has finished" do
+        budget.update!(phase: "reviewing_ballots", results_enabled: false)
+
+        render_inline component
+
+        expect(page).to have_link "Preview results"
+        expect(page).not_to have_link "See results"
+      end
+
+      it "is not shown while balloting" do
+        budget.update!(phase: "balloting", results_enabled: true)
+
+        render_inline component
+
+        expect(page).not_to have_link "Preview results"
+        expect(page).not_to have_link "See results"
+      end
+    end
+  end
+end
diff --git a/spec/factories/budgets.rb b/spec/factories/budgets.rb
index ed78d2a32..81f2089ec 100644
--- a/spec/factories/budgets.rb
+++ b/spec/factories/budgets.rb
@@ -64,6 +64,10 @@ FactoryBot.define do
     trait :approval do
       voting_style { "approval" }
     end
+
+    trait :with_winner do
+      after(:create) { |budget| create(:budget_investment, :winner, budget: budget) }
+    end
   end
 
   factory :budget_group, class: "Budget::Group" do
diff --git a/spec/models/abilities/administrator_spec.rb b/spec/models/abilities/administrator_spec.rb
index 425400388..7a82b4482 100644
--- a/spec/models/abilities/administrator_spec.rb
+++ b/spec/models/abilities/administrator_spec.rb
@@ -77,7 +77,14 @@ describe Abilities::Administrator do
 
   it { should be_able_to(:create, Budget) }
   it { should be_able_to(:update, Budget) }
-  it { should be_able_to(:read_results, Budget) }
+
+  it { should be_able_to(:read_results, create(:budget, :reviewing_ballots, :with_winner)) }
+  it { should be_able_to(:read_results, create(:budget, :finished, :with_winner)) }
+  it { should be_able_to(:read_results, create(:budget, :finished, results_enabled: true)) }
+  it { should_not be_able_to(:read_results, create(:budget, :balloting, :with_winner, results_enabled: true)) }
+  it { should_not be_able_to(:read_results, create(:budget, :reviewing_ballots, results_enabled: true)) }
+  it { should_not be_able_to(:read_results, create(:budget, :finished, results_enabled: false)) }
+
   it { should be_able_to(:calculate_winners, create(:budget, :reviewing_ballots)) }
   it { should_not be_able_to(:calculate_winners, create(:budget, :balloting)) }
   it { should_not be_able_to(:calculate_winners, create(:budget, :finished)) }
diff --git a/spec/system/admin/budgets_spec.rb b/spec/system/admin/budgets_spec.rb
index cc024981b..cb0620543 100644
--- a/spec/system/admin/budgets_spec.rb
+++ b/spec/system/admin/budgets_spec.rb
@@ -351,6 +351,14 @@ describe "Admin budgets", :admin do
 
       visit admin_budget_path(budget)
 
+      expect(page).not_to have_link "See results"
+
+      click_link "Edit budget"
+      select "Finished budget", from: "Active phase"
+      check "Show results"
+      click_button "Update Budget"
+
+      expect(page).to have_content "Participatory budget updated successfully"
       expect(page).to have_link "See results"
     end