Erbud S.a. · GPW:ERB
Erbud — Investor Presentation (March 2026)
52 slides from Erbud's investor presentation, March 2026
Slide 1: Investor Presentation 2025
yN Investor Presentation 2025 7NERBUD VYNONDE
Slide 2: Key figures for 2025: Revenue
Key figures for 2025 | Revenue PLN 3.26 billion 9% y/y Revenue growth across all business areas of the Group 20% increase in gross profit on sales, to PLN 263m.
Slide 3: Key figures for 2025: Contracting
Key figures for 2025 | Contracting PLN 2.9 billion Selective contracting in a demanding market. Orders worth PLN 0.9bn secured in Q4 2025. From 1 January to the publication date, we signed contracts worth nearly PLN 700m.
Slide 4: Key figures for 2025: Order backlog
Key figures for 2025 | Order backlog PLN 3.2 billion Conservatively built order backlog. PLN 2.0bn backlog of orders from external clients to be delivered in 2026.
Slide 5: Key figures for 2025: Gross profit on sales
Key figures for 2025 | Gross profit on sales PLN 263 million 20% y/y Industrial, RES and building construction segments as drivers of gross margin growth.
Slide 6: Key figures for 2025: EBITDA
Key figures for 2025 | EBITDA PLN 73.3 million 15% y/y Consistent growth in the Group’s operating profitability.
Slide 7: Key figures for 2025: EBITDA of three mature segments
Key figures for 2025 | EBITDA of three mature segments PLN 134.9 million 23% y/y One of the best results in the history of the ERBUD Group’s mature segments.
Slide 8: Agenda
AGENDA • Market environment • Challenges and opportunities • Financial results • The four divisions of the ERBUD Group • Statement of financial situation • Summary
Slide 9: Macroeconomic situation: GDP and CPI
Macroeconomic situation | GDP and CPI GDP growth and inflation 14,4 11,4 5,3 4,5 5,1 3,9 4,8 2,9 2,9 2,9 5,4 3,4 3,6 2,3 2,3 2,4 2,3 1,6 1,6 6,9 3, 0,1 3… 6 - 2,0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026_prog. 2027_prog. 2028_prog. GDP (constant prices, %) Average annual inflation (%) Accor
Slide 10: Macroeconomic situation: Construction and assembly output
Macroeconomic situation | Construction and assembly output Dynamics of construction and assembly output in 2025* 30 + 4,3 % + 2,2 % 4,1% 4,5 % 0,0 % - 1,1% + 0,6 % 0,2 % 0,1% 25 - 4,2 % - 2,9 % - 6,9 % 20 15 10 5 0 -5 -10 -15 I II III IV V VI VII VIII IX X XI XII Construction of buildings Constructi
Slide 11: Macroeconomic situation: Business climate in construction
Macroeconomic situation | Business climate in construction General business climate indicator in construction 30 20 10 - 10 XII 2025 0 -10 -20 -30 -40 -50 2021 2022 2023 2024 2025 Slight increase in the general business climate indicator in construction from - 10.6 at the end of 2024 to - 10.0 in De
Slide 12: Challenges
- Challenges 1) Volatile prices of construction materials. Risk of underestimating contracts. 2) Prolonged recession in construction. 3) Low number of investments + strong price competition = pressure on margins. 4) Weakness of the German economy, limited demand in the Group’s key foreign market. 5)
Slide 13: Opportunities
+ Opportunities 1) Mega - cycle of investments in Poland (over PLN 1 trillion). 2) Long - term project pipeline (RES, grids, nuclear, offshore, Port Polska). 3) Dynamic market for industrial services (PLN 50bn, +8 – 10% y/y). Growing demand for maintenance and engineering services. 4) Local content
Slide 14: Financial results ERBUD Group FY 2025
Financial results ERBUD Group FY 2025
Slide 15: Results from operations – 2025
Results from operations – 2025 EBITDA EBIT Net profit [PLN million] [PLN million] [PLN million] 73,3 63,8 21,0 - 17,2 20,7 - 28,3 •2024 2024 r. •2025 2025 r. •2024 2024 r. •2025 2025 r. •2024 2024 r. •2025 2025 r. • Double - digit EBITDA growth rate in the • Depreciation and amortisation higher by •
Slide 16: Results from operations – EBIT structure
Results from operations – EBIT structure EBIT segmentation for 2025 [PLN million] - 2,8 • PLN 90.4m EBIT of the ERBUD Group’s mature business segments, 24% more than a year earlier 32,7 • Costs of the modular segment reorganisation and execution of contracts secured before the start of corrective me
Slide 17: Results from operations – Q4 2025
Results from operations – Q4 2025 EBITDA EBIT Net profit [PLN million] [PLN million] [PLN million] 0,0 -5,6 -15,3 19,3 - 24,8 0 - 15,2 - 13,0 -5,6 - 1,3 Q4 2023 * Q4 2024 Q4 2025 Q4 2023 * Q4 2024 Q4 2025 Q4 2023 * Q4 2024 Q4 2025 • Increase in EBITDA by PLN 20.6 million • Increase in EBIT by PLN 18
Slide 18: Revenue
Revenue Revenue and gross profit on sales Revenue structure [PLN million] 2025 [%] 2 979,8 3 258,2 Building construction 49% 263,3 Modular 219,8 construction 6% 7,4% 6,5% 8,1% 2024r. 2024 2025r. 2025 Road and civil engineering Industrial Gross Grossrevenues revenuesfromfrom construction services Rev
Slide 19: Order backlog
Order backlog Backlog Order backlog, segments [PLN million] As at 31 December 2025 [PLN million] 3 793 Building 3 437 construction 3 240 1 301 962 * Modular 961* 781 * facilities 115 foreign, industry 2 831 184 2 397 2 459 ONDE – civil engineering Domestic, and road contracts industry 78 31.12.2023
Slide 20: Borrowings
Borrowings Net debt Safe level of debt [PLN million] • PLN 271.7m of cash • on the accounts of Group companies 138,2 153,6 at the end of the period (including 103,7 66,4 46,4 funds held in VAT accounts) 27,8 - 29,5 - 56,7 - 85,6 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06
Slide 21: Cash flows
Cash flows Cash flow [PLN million] + 52,3 - 29,2 - 59,4 + 38,5 - 25,6 - 1,1 + 18,0 - 26,7 - 25,0 329,8 271,7 Cash and cash Cash and cash Depreciation Other (Repayments) equivalents as Income Other equivalents as Profit before tax and Investing CF /drawdowns Interest Dividends paid at 1 January tax f
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Slide 23: The four business divisions of the ERBUD Group
The four business divisions of the ERBUD Group BUILDING AND RES INDUSTRIAL MODULAR INDUSTRIAL SERVICES FACILITIES CONSTRUCTION ERBUD, ONDE ERBUD INDUSTRY MOD21 CENTRUM, SATCHWELL, ERBUD INTERNATIONAL CKTiS , IVT WEINER ▪ EPC for buildings ▪ Development of RES ▪ Production of modules ▪ EPC for hospit
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Slide 25: Building construction
Building construction 1) Despite the difficult contracting market in 2025, revenue of the building construction segment 2) amounted to PLN 1.6 billion, representing an increase of 6.5% compared with the previous year. 3) Selective choice of contracts in promising areas: • University Hospital in Bydg
Slide 26: Building construction
Building construction Sales revenue Backlog 2025 – comment [PLN million] [PLN million] • Increase in scale of operations, while maintaining solid profitability 1 608 1 523 1 510 • Lower contracting related to the demanding market environment 1 698 1 353 1 301 2023 2024 2025 31.12.2023 31.12.2024 31.
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Slide 28: RES and roads
RES and roads 1) Optimisation and commercialisation of the Group’s own RES project portfolio 2) Sale of own projects under the Develop – Sell – Build model - > 216 MW 3) First contract for the construction of an energy storage facility in Poland – leveraging a key megatrend in the energy sector 4) D
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Slide 30: Industrial services
Industrial services 1) In 2025, revenue of the service segment amounted to PLN 626 million, i.e. as much as 13.6% more than a year earlier. 2) The service business generated a total EBIT result of PLN 32.6 million, with a spectacular increase of nearly 43% compared with the previous year. 3) The seg
Slide 31: Industrial services
Industrial services Sales revenue Backlog 2025 – comment [PLN million] [PLN million] • Dynamic growth in sales abroad ∑ 474 627 • Increase in operating profitability (by 0.7 573 579 ∑ 356 ∑ 323 pp in 2025), to 5.2% 315 184 275 159 173 48 2023 2024 2025 31/12/2023 31/12/2024 31/12/2025 Domestic backl
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Slide 33: Modular construction
Modular construction Sales revenue Backlog 2025 – comment [PLN million] [PLN million] • Reorganisation costs and execution of contracts secured before the start of corrective measures determine the negative result 174 163 138 91 52 48 2023 2024 2025 31.12.2023 31.12.2024 31.12.2025 Change Change Out
Slide 34: ERBUD Group: summary of 2025
ERBUD Group: summary of 2025 1) 9% revenue growth, to PLN 3.26 billion; with a conservative contracting policy. 2) In the three leading segments, EBITDA amounted to PLN 135 million. Our three ‘mature’ business lines generated over PLN 90 million in operating profit – nearly 25% more than in 2024”. •
Slide 35: Statement of financial position – selected data
Statement of financial position – selected data PLN thousand 31 December 2025 31/12/2024 Assets, of which: 1,987,293 2,027,937 Inventories 171,878 172,339 Valuation of construction contracts – assets 346,054 351,536 Trade receivables 496,592 458,438 Receivables under construction contracts – retenti
Slide 36: Statement of financial position – selected data
Statement of financial position – selected data PLN thousand 2025 2024 Change y/y Revenue from sales of goods and services 3,258,215 2,979,789 9.3% Cost of goods and services sold 2,994,916 2,760,026 8.5% Gross profit on sales 263,299 219,763 19.8% Sales costs 29,038 22,889 26.9% General management
Slide 37: Operational and financial results for 2025 ONDE Group
POWERING THE ENERGY OF TOMORROW OPERATIONAL AND FINANCIAL RESULTS FOR 2025 20 ONDE GROUP 25
Slide 38: Key figures for 2025: Revenue
Key figures for 2025 | REVENUE PLN 864 million Revenue increased by 7% year - on - year accompanied by an increase in gross sales margin from 11.3% to 12.7%
Slide 39: Key figures for 2025: Order backlog
Key figures for 2025 | ORDER BACKLOG PLN 689 million Backlog level was 36% higher than at the same point in 2024 The largest contract secured in 2025 was an approximately PLN 240 million EPC contract for the construction of the Serby photovoltaic farm – one of the largest PV installations in Poland.
Slide 40: Key figures for 2025: EBITDA
Key figures for 2025 | EBITDA PLN 53 million Solid profitability despite challenging market conditions EBITDA decreased by 5% year - on - year, due to lower revenues from the development segment
Slide 41: Key figures for 2025: Own projects
Key figures for 2025 | OWN PROJECTS 2,052 MW Achievement of the planned renewable energy project portfolio size Significant increase (+51% year - on - year) in the volume of own renewable energy development projects Projects with grid connection agreements: 387 MW (326 MW – PV, 36 MW – wind projects
Slide 42: Revenue – structure and segment operating profitability
REVENUE – STRUCTURE AND SEGMENT OPERATING PROFITABILITY Revenue and gross profit on sales Revenue structure Segment operating result [PLN million] 2025 [%] [PLN million] 1 083,8 2,5 1,8 2,2 864,0 Energy *803,9 generation 62,4 1% RES 49,2 12,7% 84% Other 11,3% 1% 9,9% - 18,8 - 15,6 Road and civil eng
Slide 43: ONDE profits for 2025
ONDE PROFITS FOR 2025 EBITDA EBIT Net profit [PLN million] [PLN million] [PLN million] 56,0 53,2 46,1 37,6 30,3 18,9 2024 2025 2024 2025 2024 2025 • EBITDA margin of 6.2% vs. 7.0% in the • Operating margin decreased from 5.7% to • Higher effective tax rate (31.0% vs. 24.1%) previous year 4.3% • Fina
Slide 44: ONDE profits for Q4 2025
ONDE PROFITS FOR Q4 2025 EBITDA EBIT Net profit [PLN million] [PLN million] [PLN million] 12,0 14,8 9,0 10,3 5,8 0,9 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 • Profit generated entirely from construction • Result impacted by provisions for • Higher financing costs activities receivables
Slide 45: Cash flows during 2025
CASH FLOWS DURING 2025 Cash and Result on Disposal of Loan - cash Depreciation disposal of Changes in interests in Purchase of Repayment Dividends Cash and cash Profit before related Other equivalents and jointly Tax working jointly property, plant Borrowings of Interest paid equivalents as at tax i
Slide 46: Debt
DEBT Net debt* [PLN million] 59,7 72,7 4,9 16,0 25,8 37,9 52,2 30,1 28,1 - 33,0 - 32,1 - 59,5 - 93,4 Safe level of debt 31.12.2022 31.12.2023 31.12.2025 31.12.2024 31.03.2023 31.03.2025 31.03.2024 30.06.2023 30.09.2023 30.06.2025 30.09.2025 30.06.2024 30.09.2024 • Very low net debt / EBITDA ratio •
Slide 47: Order backlog
ORDER BACKLOG Backlog Order backlog by segment [PLN million] As at 31 December 2025 1 469 1 470 Other Own RES 1% projects 1 241 53% Road and civil * 781 * 961 engineering * 830 5% 689 508 411 31.12.2024 30.09.2025 31.12.2025 RES – PV 37% RES – wind * Backlog of internal RES projects includes only pr
Slide 48: Key contracts in progress
KEY CONTRACTS IN PROGRESS PV plants in the Miejska Górka Wind Serby Photovoltaic Małopolskie and Farm Plant Świętokrzyskie provinces • Client: VSB Energie Odnawialne Polska • Client: Energa Green Development • Client: SUNLY • Installed capacity: 190.8 MW • Installed capacity: 112 MW • Installed capa
Slide 49: Progress of RES development projects
PROGRESS OF RES DEVELOPMENT PROJECTS Energy Portfolio as at 20 March 2026 (MW) PV Wind storage Projects for sale in 2026 180 36 Hybridisation projects 238 294 125 PV projects 380 Wind projects – greenfield 924 Total 798 1254 125 Total portfolio capacity (excluding storage) 2052 • Grid connection con
Slide 50: Plans and outlook: Operating activities
PLANS AND OUTLOOK Operating activities 1. Optimisation and commercialisation of the Group’s own RES project portfolio 2. Sale of own projects under the Develop – Sell – Build model - > MW 3. First contract for the construction of an energy storage facility in Poland – leveraging a key megatrend in t
Slide 51: Plans and outlook: Market environment
PLANS AND OUTLOOK Market environment 1. Revision of the National Energy and Climate Plan until 2040 underway: RES capacity is expected to increase from 30 GW currently to approx. 56 GW by 2030 and approx. 88 GW by 2040; by 2030, investment in renewable capacity (wind and PV) is projected to reach EU
Slide 52: Contact: Investor Relations
CONTACT: CONTACT: INVESTOR RELATIONS MEDIA RELATIONS (ERBUD) (ERBUD) Agnieszka Głowacka Marcin Kasprzak Vice President of the marcin.kasprzak@erbud.pl Management Board 792 280 805 CONTACT: CONTACT: INVESTOR RELATIONS MEDIA RELATIONS (ONDE) (ONDE) Paweł Przybylski Daniel Mackiewicz President of the d