Slide 1: Investor Presentation Q3 2025
Investor Presentation Q3 2025
Slide 2: 9 months of 2025 in figures | Revenues
9 months of 2025 in figures | Revenues PLN 2.44 billion 16% y/y Revenue growth throughout all areas of the Group's operations Reliable, 7.1% gross margin on sales (9% in three segments: residential industry, RES, industrial services).
Slide 3: 9 months of 2025 in figures | Contracting
9 months of 2025 in figures | Contracting PLN 2.0 billion Selective contracting in a challenging market Autumn sales acceleration – securing orders with a value of PLN 0.4 billion in October and November 2025
Slide 4: 9 months of 2025 in figures | Backlog
9 months of 2025 in figures | Backlog PLN 3.1 billion Secure, conservatively composed backlog PLN 0.9 billion backlog from external clients to be executed in Q4 2025
Slide 5: 9 months of 2025 in figures | EBITDA
9 months of 2025 in figures | EBITDA PLN 54.0 million Reliable PLN 25.2 million EBITDA generated in Q3 Increased profitability of the RES and residential construction segments
Slide 6: Agenda
AGENDA NDA • Market environment • Challenges and opportunities • Financial performance • Four divisions of the ERBUD Group • Statement of financial position • Summary
Slide 7: Macroeconomic background | GDP and CPI
Macroeconomic background | GDP and CPI GDP trend and inflation 14.4 11.4 5.1 6,9 3.4 3.5 3.6 3.0 2.9 5.4 3.4 3.0 3.0 4,5 5.3 2.6 2.5 2,3 1.6 1.6 2.9 4,8 - 2.0 0,1 2017 2018 2019 2020 2021 2022 2023 2024 2025_forec. 2026_forec. 2027_forec. 2028_forec. GDP (constant prices, %) Average annual inflation
Slide 8: Macroeconomic background | Construction and assembly production
Macroeconomic background | Construction and assembly production Construction and assembly production trends in 2025 * 25 +4.3% +2.2% 0.0% - 1.1% +0.6% 0.2% - 4.2% - 2.9% 20 - 6.9% 15 10 5 0 -5 -10 -15 I II III IV V VI VII VIII IX X XI XII Construction of buildings Construction of civil engineering s
Slide 9: Macroeconomic background | Economic situation in the construction industry
Macroeconomic background | Economic situation in the construction industry General economic climate indicator in the construction industry 30 20 10 - 7.3 X 2025 0 -10 -20 -30 -40 -50 2020 2021 2022 2023 2024 2025 Decrease in the general economic conditions indicator in construction from - 4.7 at the
Slide 10: Challenges
Challenges 1. The industry has been in decline negatively affected the market. The for two years underutilisation - now. Low level of investments . The PMI indicator has of production capacity in large construction companies intensifies the price war . A long - unseen elevated number of bids in tend
Slide 11: Opportunities
Opportunities 1. The Ministry of State Assets has established a + „Team for the Participation of the National Component in Key Investment Processes ” which is expected to define the concept of „local content ”. The ERBUD Group is the third largest CIT payer among construction companies. 2. Another i
Slide 12: Financial Performance ERBUD Group 9 months of 2025
Financial Performance ERBUD Group 9 months of 2025
Slide 13: Operating performance – 9 months of 2025
Operating performance – 9 months of 2025 EBITDA EBIT Net result [PLN million ] [PLN million ] [PLN million ] 65.1 54.0 41.0 7.7 33.6 - 14.3 - 13.0 13.7 15.5 9 months of 9 months of 9 months of 9 months of 9 months of 9 months of 2023 2024 2025 9 months of 9 months of 9 months of 2023 2024 2025 2023
Slide 14: Operating performance – EBIT structure
Operating performance – EBIT structure EBIT segmentation for the first 9 months of 2025 [PLN million] - 2.1 • PLN 66.7 million EBIT of the core business segments of the ERBUD Group, an increase of 19.1 43% compared to the previous year • Reorganisation costs and costs of executing orders acquired in
Slide 15: Revenues
Revenues Revenue and gross profit from sales Revenue structure [PLN million] 2025 [%] 2,447.2 2,443.6 2,104.6 Residential construction 50% Modular 177.0 174.1 174.6 construction 5% 8.3 % 7.2 % 7.1% 9 months of 9 months of 9 months of 2023 2024 2025 RES and civil engineering and Industry road constru
Slide 16: Backlog
Backlog Backlog Backlog, segments [PLN million ] As of September 30, 2025 [PLN million] 3,864 3,793 Residential 3,074 construction 913* 961* Modular 1502 719* structures 188 2,951 Industry , 2,831 2,355 international 178 Industry , domestic ONDE - civil engineering and 30.09.2024 31.12.2024 30.09.20
Slide 17: Debt
Debt Net debt Secure level of debt [PLN million ] • PLN 201.3 million in cash in the accounts of Group companies at the 153.6 end of the period (including funds 136.0 138.2 103.7 accumulated in VAT accounts) ) 66.4 27.8 - 29.5 - 56.7 - 85.6 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.1
Slide 18: Cash flow
Cash flow Cash flow [PLN million ] +38.6 - 26.2 - 143.0 +75.0 - 1.3 - 18.4 - 26.7 - 75.6 +52.6 +8.7 300.3 184.1 Cash and cash Cash and cash (Repayments) equivalents Other Dividend Other financial equivalents Gross result Amortisation Income tax Investment CF /incurrence of Bond issue Interest as of
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Slide 20: Four robust business divisions of the ERBUD Group
Four robust business divisions of the ERBUD Group RESIDENTIAL AND RES MODULAR INDUSTRY INDUSTRIAL FACILITIES SERVICE CONSTRUCTION ERBUD , ONDE MOD21 ERBUD INDUSTRY CENTRUM, SATCHWELL , ERBUD INTERNATIONAL CKTiS , IVT WEINER ▪ Development for RES ▪ Manufacturing of + REIMANN, IKR ▪ EPC for buildings
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Slide 22: Residential construction
Residential construction 1. By the end of September – construction contracts for more than PLN 1 billion signed ( by the date of publication, an additional PLN 170 million ). 2. Public procurement accounts for 62.3% of the residential construction segment. 3. Backlog for 2025: 438 million , for 2026
Slide 23: Residential construction
Residential construction Revenues from sales Backlog Q3 and 9 months of 2025 – remarks [PLN million ] [PLN million ] • Double - digit revenue increase • Sharp increase in business profitability, 1,215 1,143 achieved in part through a focus on more 1,041 complex, high - return projects 1,695 1,698 •
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Slide 25: RES and roads
RES and roads 1. Further optimisation and commercialisation of the own project backlog , 2. Acquisition of further greenfield RES projects - > target: 2 GW in the RES portfolio by the beginning of 2026 , 3. The Ministry of Climate announces a legislation to deregulate the RES market , 4. Over PLN 50
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Slide 27: Industry services
Industry services 1. High (20 %) increase in overseas sales . 2. Conclusion of a contract amounting to PLN 48 million with SMS Group by IKR for the manufacturing, assembly and maintenance of pipelines and equipment (November 2025). 3. Increased activity on the Polish market, particularly in the petr
Slide 28: Industry services
Industry services Sales revenue Backlog Q3 and 9 months of 2025 – remarks [PLN million ] [PLN million ] • Dynamic increase in international sales ∑ 466 ∑ 474 • Satisfactory business profitability 470 425 412 315 ∑ 263 317 178 149 159 85 9 mon. of 2023 9 mon. of 2024 9 mon. of 2025 30.09.2024 31.12.2
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Slide 30: Modular construction
Modular construction 1. ERBUD Group's continuation of investment in the modular segment . 2. Completion of the Wolbeck - Nord primary school in Münster . The two - storey building with an area of 1,246 m² was developed in just five months and will be a learning environment for 120 pupils. . 3. Addit
Slide 31: Modular construction
Modular construction Sales revenue Backlog Q3 and 9 months of 2025 – remarks [PLN million ] [PLN million ] • Continuation of remedial measures • The costs of reorganisation and the execution of orders acquired in 2024 determine the negative result 127 179 163 69 138 38 9 mon. of 2023 9 mon. of 2024
Slide 32: ERBUD Group in the first 9 months of 2025 – summary
ERBUD Group in the first 9 months of 2025 – summary 1. 16% increase in revenue, up to PLN 2.44 billion, satisfactory profitability of mature business segments 2. Residential, RES and industrial segments drive the company's performance , 3. Reorganisation of the modular construction segment underway
Slide 33: Statement of financial position – selected data
Statement of financial position – selected data PLN thousand 30.09.2025 31.12.2024 Assets , including : 2,173,256 2,027,937 Inventories 167,620 172,339 Valuation of construction contracts - assets 519,175 351,536 Trade receivables 576,636 458,438 Receivables from construction contracts - deposits 36
Slide 34: Statement of financial position – selected data
Statement of financial position – selected data 9 months of 9 months of PLN thousand Q3 2025 Q3 2024 Change y/y Change y/y 2025 2024 Revenue from the sale of goods and services 910,434 771,123 18% 2,443,562 2,104,588 16% Cost s of goods and services sold 841,511 698,617 20% 2,261,897 1,930,496 17% G
Slide 35: Operating and financial performance for the first 9 months of 2025 ONDE Group
CREATING THE ENERGY OF TOMORROW OPERATING AND FINANCIAL PERFORMANCE 3Q FOR THE FIRST 9 MONTHS OF 2025 25 ONDE GROUP
Slide 36: 9 months of 2025 in figures | Revenues
9 MONTHS of 2025 in figures | REVENUES PLN 641 million + 10.1% y/y Higher revenues despite a difficult market RES execution margin at a solid double - digit level
Slide 37: 9 months of 2025 in figures | EBITDA
9 MONTHS of 2025 in figures | EBITDA PLN 42,9 million +4% y/y Lower revenues from the sale of own RES developments Challenging Q1 2025
Slide 38: 9 months of 2025 in figures | Backlog
9 MONTHS of 2025 in figures | BACKLOG PLN 411 million (34)% y/y After the balance sheet date, the company concluded contracts amounting to over PLN 310 million in the PV segment alone Low supply of high - budget WF developments
Slide 39: 9 months of 2025 in figures | Own projects
9 MONTHS of 2025 in figures | OWN PROJECTS 1.8 GW Significant (+80% y/y) increase in the volume of own RES development projects Projects with connection conditions of 360 MW
Slide 40: Revenues – structure and operating profitability of segments
REVENUES – STRUCTURE AND OPERATING PROFITABILITY OF SEGMENTS Revenue and gross profit from sales Revenue structure Operating profit/ losss of segments [PLN million] 9 months of 2025 [PLN million ] 838.7 641.2 RES Other Energy 86% Energy sales 582.4 Civil engineering and road construction 12% product
Slide 41: Profit for the first 9 months of 2025
PROFIT FOR THE FIRST 9 MONTHS OF 2025 EBIT EBITDA Net result [PLN million ] [PLN million ] [PLN million ] 41.2 42.8 34.1 31.8 21.2 18.0 9 months of 9 months of 9 months of 9 month of 9 months of 9 months of 2024 2025 2024 2025 2024 2025 • Previous year's operating profit • 56% increase in amortisati
Slide 42: ONDE profits for Q3 2025
ONDE PROFITS FOR Q3 2025 EBIT EBITDA Net result [PLN million ] [PLN million ] [PLN million ] 19.4 23.4 14.0 11.4 13.1 5.3 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 • Margin generated entirely from executive • 67% increase in EBITDA y/y in Q3 2025 • Significant improvement in profitability y/y
Slide 43: Cash flow during the first 9 months of 2025
CASH FLOW DURING THE FIRST 9 MONTHS OF 2025 3,6 11,1 24,5 - 4,9 22,4 - 12,4 135,5 - 9,3 10,2 - 12,5 - 37,3 - 9,7 - 5,1 2,7 101,9 - 16,9 Share in net Result from the Proceeds from losses of Balance of Cash and cash sale of shares Change in the sale of Dividend Cash and cash Gross entities Repayment o
Slide 44: Debt
DEBT Net debt [PLN million ] 36.3 93.3 Secure debt level 44.5 8.5 62.6 30.8 32.1 - 38.7 • Net debt reduced 72 % - 91.5 - 13.7 - 23.6 • DN /EBITDA lowest this year, at a secure level 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025 30.09.20
Slide 45: Backlog
BACKLOG Backlog Backlog, segments [PLN million ] As of 30.09.2025 [PLN million] 1,536 WF 1,315 117.7 1,130 Civil engineering *913 and roads *704 Own RES project 87.4 *719 backlog External project backlog 623 611 PV 411 206.2 30.09.2024 30.06.2025 30.09.2025 * Internal RES project backlog, including
Slide 46: Major contracts in progress
MAJOR CONTRACTS IN PROGRESS Drzeżewo I- III and Miejska Górka Wind Serby Photovoltaic Drzeżewo IV Wind Farm Farm Farm • Ordering Party: VSB Energie Odnawialne • Ordering Party: Energa Green Development • Ordering Party: Grupa Cyfrowy POLSAT Polska • Nominal capacity : 112 MW • Nominal capacity: 138.
Slide 47: Advancement of RES development projects
ADVANCEMENT OF RES DEVELOPMENT PROJECTS Storage Backlog as of 31.10.2025 [MW] PV Wind facilities Projects for sale 2025/2026 180 36 Projects for hybridisation 215 294 125 PV projects 320 Wind projects - greenfield 708 Total 715 1,038 125 Total backlog potential (excluding storage facilities) 1,753 1
Slide 48: Future plans and prospects: Operational activities
FUTURE PLANS AND PROSPECTS Operational activities 1. Further optimisation and commercialisation of the own project backlog , 2. Acquisition of additional greenfield RES projects - > target: 2 GW in the RES backlog by early 2026 , 3. Energy storage facilities – commencement of development of initial
Slide 49: Future plans and prospects: Market environment
FUTURE PLANS AND PROSPECTS Market environment 1. The Ministry of Climate announces a legislation to deregulate the RES market , 2. The next revision of National Energy and Climate Plan 2040 is expected to be pending: RES capacity is expected to increase from the current 30 GW to approx. 56 GW in 203
Slide 50: Investor Relations and Media Contact
INVESTOR RELATIONS MEDIA CONTACT ( ERBUD ) ( ERBUD ) Agnieszka Głowacka Marcin Kasprzak Vice - President of the marcin.kasprzak@erbud.pl Management Board 792 280 805 INVESTOR RELATIONS MEDIA CONTACT ( ONDE ) ( ONDE ) Paweł Przybylski Daniel Mackiewicz President of the daniel.mackiewicz@onde.pl Manag