Slide 1: Investor Presentation Q1 2026
Investor Presentation Q1 2026
Slide 2: Key figures Q1 2026: revenue of the three mature segments
Key figures for Q1 2026 | Revenue of the three mature segments PLN 539 million (22%) y/y 15% increase in gross profit on sales to PLN 44.3 million, with the gross margin improving by 2.7 percentage points. Negative impact of adverse weather conditions during the winter season
Slide 3: Key figures Q1 2026: Group revenue
Key figures for Q1 2026 | Group revenue PLN 587 million (20%) y/y Gross profit on sales maintained at PLN 37 million, with margin up by 1.2 p.p.
Slide 4: Key figures Q1 2026: contract awards
Key figures for Q1 2026 | Contract awards PLN 1.1 billion Contracts worth PLN 0.8 billion signed in the first quarter, supplemented by additional contracts worth PLN 0.33 billion signed up to the publication date of the results.
Slide 5: Key figures Q1 2026: order backlog
Key figures for Q1 2026 | Order backlog PLN 3.5 billion Conservatively built order backlog. PLN 1.8 billion external order backlog scheduled for execution in 2026
Slide 6: Key figures Q1 2026: EBITDA of the three mature segments
Key figures for Q1 2026 | EBITDA of the three mature segments PLN 12.4 million (4.8%) y/y Performance of the three mature business segments close to last year’s level.
Slide 7: Key figures Q1 2026: total Group EBITDA
Key figures for Q1 2026 | Total Group EBITDA PLN (2.6) million PLN 5.9 million less y/y The Group’s result impacted by restructuring costs related to the modular construction segment.
Slide 8: Key figures Q1 2026: financial resources
Key figures for Q1 2026 | Financial resources PLN 291.3 million PLN 157.2 million in cash and cash equivalents, supported by credit facilities of approximately PLN 134.1 million.
Slide 9: Agenda
AGENDANDA • Market environment • Challenges and opportunities • Financial results • The four divisions of the ERBUD Group • Statement of financial situation • Summary
Slide 10: Macroeconomic situation | GDP and CPI
Macroeconomic situation | GDP and CPI GDP growth and inflation 14.4 11.4 5.1 3.4 6.9 3.6 3.6 4.8 5.4 2.3 4.5 5.3 2.5 2.5 2.4 2.4 3.6 2.2 1.6 1.6 3.6 3.1 2.9 2.6 2.9 2.2 -2.0 0.1 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026_prog. 2027_prog. 2028_prog. 2029_prog. 2030_prog. GDP (constant prices,
Slide 11: Macroeconomic situation | Construction and assembly output
Macroeconomic situation | Construction and assembly output Dynamics of construction and assembly output in 2026* 30 0.4% 20 -12.9% -13.7% 10 0 -10 -20 -30 I II III IV V VI VII VIII IX X XI XII Construction of buildings Construction of civil engineering structures Specialist construction works Constr
Slide 12: Macroeconomic situation | Business climate in construction
Macroeconomic situation | Business climate in construction General business climate indicator in construction 30 20 -2.4 10 IV 2026 r. 0 -10 -20 -30 -40 -50 2022 2023 2024 2025 2026 Improvement in the general business climate indicator for the construction sector from -10 at the end of 2025 to -2.4
Slide 13: Challenges
- Challenges 1) Volatile prices of construction materials. Risk of underestimating contracts. 2) Prolonged downturn in the construction sector: low number of investments + strong price competition = pressure on margins. 3) Rapid technological development and the digitalisation of the construction ma
Slide 14: Opportunities
+ Opportunities 1) The energy transition and the development of critical infrastructure are creating long-term demand for specialised construction and industrial services. Mega-cycle of investments in Poland (over PLN 1 trillion). 2) Long-term project pipeline (RES, grids, nuclear, offshore, Port Po
Slide 15: Financial results ERBUD Group Q1 2026
Financial results ERBUD Group Q1 2026
Slide 16: Results from operations – Q1 2026
Results from operations – Q1 2026 EBITDA EBIT Net profit Mature segment performance [PLN million] [PLN million] [PLN million] Modular segment performance ∑ Reported performance ∑ 3.3 ∑ -2.6 ∑ -9.1 ∑ -16.4 13.1 12.4 2.8 0.5 -9.8 -11.9 -15.0 -16.9 -15.6 -20.2 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1
Slide 17: Results from operations – EBITDA structure
Results from operations – EBITDA structure EBITDA breakdown for Q1 2026 [PLN million] Mature segments in Building construction Industrial services RES Other total Modular segment Reported EBITDA -0.8 • Reorganisation costs related to the modular construction segment as the primary factor 0.2 affecti
Slide 18: Revenue
Revenue Revenue and gross profit on sales Revenue structure [PLN million] 733.1 Q1 2026 2026 [%] 586.6 Building construction 49% Modular construction 6% 6.2% 5.0% 36.9 36.6 Q1 2025 Q1 2026 Road and civil engineering Industrial construction services Revenue Gross profit on sales Gross margin 26% 19%
Slide 19: Order backlog
Order backlog Backlog Order backlog, segments [PLN million] As at 31 March 2026 [PLN million] 3 890 3 500 Modular facilities Building 3 240 construction 961* 69 781 * 1 576 781 * foreign, industry 217 2 929 2 719 Domestic, industry 2 459 195 ONDE – civil engineering and 3/31/2025 12/31/2025 3/31/202
Slide 20: Borrowings
Borrowings Net debt Seasonal increase in debt levels [PLN million] • Increase in net debt related to the investment execution cycle and restructuring costs 193.2 138.2 153.6 associated with the modular construction 103.7 segment 66.4 46.4 27.8 -29.5 • PLN 157.2 million in cash held by Group -56.7 -8
Slide 21: Cash flows
Cash flows Cash flow [PLN million] -21.4 +13.8 -3.1 -133.8 - 6.8 -27.1 -6.7 +16.4 271.7 157.1 157.2 (Repayments) Cash and cash Income Other Other Cash and cash Depreciation and equivalents Profit before tax Investing CF /drawdowns Interest equivalents as at 31 amortisation as at 1 January 2024 tax o
Slide 22: Slide 22
Slide 23: The four business divisions of the ERBUD Group
The four business divisions of the ERBUD Group BUILDING AND RES MODULAR INDUSTRIAL INDUSTRIAL FACILITIES SERVICES CONSTRUCTION ERBUD, ONDE MOD21 ERBUD INDUSTRY CENTRUM, SATCHWELL, CKTiS, IVT WEINER ERBUD INTERNATIONAL + REIMANN, IKR ▪ Development of RES facilities, ▪ Production of modules ▪ EPC for
Slide 24: Slide 24
Slide 25: Building construction
Building construction Sales revenue Backlog Q1 2026 – comment [PLN million] [PLN million] • Temporary reduction in the scale of operations accompanied by a significant improvement in profitability 394 342 319 • Double-digit growth in the value of secured 1,757 1,576 contracts 1,301 Q1 2024 Q1 2025 Q
Slide 26: Contract with GETEC Energia for four cogeneration units
1. The ERBUD Group signed a contract with GETEC Energia for the construction of four cogeneration units in Ostrów Wielkopolski, together with the modernisation of the power infrastructure. Completion date: 11.2027 2. The project is valued at more than PLN 225 million net and EUR 6.3 million, while t
Slide 27: Slide 27
Slide 28: Industrial services
Industrial services Sales revenue Backlog Q1 2026 – comment [PLN million] [PLN million] • Growth in domestic sales despite the challenging ∑ 428 market environment ∑ 412 ∑ 356 • Decline in international sales, driven primarily by a 148 121 296 217 high comparative base (a significant one-off 115 184
Slide 29: Slide 29
Slide 30: RES and roads
RES and roads 1) Achievement of the target capacity for the proprietary renewable energy project portfolio — 2 GW (equivalent to the electricity demand of approximately 3 million residents) 2) First contracts for the construction of energy storage facilities in Poland – leveraging a key megatrend in
Slide 31: Slide 31
Slide 32: Modular construction
Modular construction Sales revenue Backlog Q1 2026 – comment [PLN million] [PLN million] • Reorganisation costs and the low scale of operations weighed on the segment’s performance 231 48 138 38 69 20 Q1 2024 Q1 2025 Q1 2026 31.03.2025 31.12.2025 31.03.2026 Q1 Q1 Outlook for 2026 PLN million Change
Slide 33: ERBUD Group: Q1 2026 Summary
ERBUD Group: Q1 2026 Summary 1. Strong level of contract awards, with contracts worth PLN 1.13 billion secured year-to-date as of the publication date (including, among others, the contract with GETEC Energia and orders for the construction of energy storage projects). 2. Revenue of PLN 0.58 billion
Slide 34: Statement of financial position – selected data
Statement of financial position – selected data PLN thousand 31/03/2026 31/12/2025 Assets, of which: 1,924,697 1,987,293 Inventories 198,124 171,878 Valuation of construction contracts – assets 376,528 346,054 Trade receivables 477,837 496,592 Receivables under construction contracts – retention amo
Slide 35: Statement of financial position – selected data
Statement of financial position – selected data PLN thousand Q1 2026 Q1 2025 Change y/y Revenue from sales of goods and services 586,608 733,118 (20.0%) Cost of goods and services sold 549,980 696,261 (21.0%) Gross profit on sales 36,628 36,857 (0.6%) Sales costs 6,829 5,935 +15.1% General managemen
Slide 36: Operating and financial results for Q1 2026 ONDE Group
POWERING THE ENERGY OF TOMORROW OPERATING AND FINANCIAL RESULTS FOR Q1 2026 1Q ONDE GROUP 36 26
Slide 37: Key figures Q1 2026: EBITDA
Key figures for Q1 2026 | EBITDA PLN 0.2 million negative PLN 0.7 million in Q1 2025 Impact of seasonality and the absence of project sale transactions Significantly higher gross sales profitability supported positive EBITDA generation
Slide 38: Key figures Q1 2026: order backlog
Key figures for Q1 2026 | Order backlog PLN 663 million +25.3% y/y The value of orders in the PV segment more than doubled year on year At the same time, orders from the wind farm segment declined by nearly 80% Following the balance sheet date, contracts worth approximately PLN 230 million were sign
Slide 39: Key figures Q1 2026: revenue
Key figures for Q1 2026 | Revenue PLN 98.8 million (-36.5)% y/y Exceptionally cold and prolonged winter resulted in lower construction output Revenue remained under pressure from seasonality and market slowdown Construction output in Poland declined by 12.8% year on year in January alone
Slide 40: Key figures Q1 2026: own projects
Key figures for Q1 2026 | Own projects 2,052 MW Significant increase (+50% year-on-year) in the volume of own renewable energy development projects More than half of the portfolio (1,254 MW) consists of high-margin wind projects Projects with secured grid connection conditions represent 387 MW
Slide 41: 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] [PLN million] Q1 2026 2026 168.0 155.6 Energy sales 2% 11.9% Other 0.1 98.8 0,2% 7.7% 7.8% 0.6 0,5 - 1.5 - 1.2 13.0 12.1 11.7 - 3.0 - 3.8 Q1 2024 Q1 2025
Slide 42: ONDE results for Q1 2026
ONDE RESULTS FOR Q1 2026 EBITDA EBIT Net profit [PLN million] [PLN million] [PLN million] - 0.7 0.2 - 3.9 - 4.4 Q1 Q1 - 4.5 2025 2026 - 5.6 Q1 Q1 2025 2026 Q1 Q1 2025 2026 • Higher gross sales profitability, but revenues • No contribution from development-related • High effective tax rate (26% vs. 6
Slide 43: Cash flows in Q1 2026
CASH FLOWS IN Q1 2026 -06 05 -72 129 02 -03 -05 -02 00 48 Cash and cash Other financing Cash and cash equivalents as Depreciation and Changes in working Other operating cash Repayment of Profit before tax Investing cash flows Interest cash flows equivalents as at at 1 January amortisation capital fl
Slide 44: Debt
DEBT Net debt* [PLN million] 28.1 59.7 72.7 4.9 52.2 16.0 92.3 Safe level of debt 25.8 37.9 30.1 - 59.5 - 32.1 - 93.4 - 33.0 • Increase in Net Debt/EBITDA driven by lower 31.12.2022 31.03.2023 30.06.2024 31.12.2025 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.09.2024 31.12.2024 31.03.2025 30.06.20
Slide 45: Order backlog
ORDER BACKLOG Order backlog, segments Backlog As at 31 March 2026 [PLN million] [PLN million] RES – wind RES – PV 1 470 1 444 49 551 1 218 * 781 * 781 * 689 689 663 529 Road and civil engineering 63 3/31/2025 12/31/2025 3/31/2026 * Backlog of internal RES projects includes only projects with grid co
Slide 46: Key contracts in progress
KEY CONTRACTS IN PROGRESS PV plants in the Miejska Górka Wind Farm Serby Photovoltaic Plant Małopolskie and 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 47: Progress of RES development projects
PROGRESS OF RES DEVELOPMENT PROJECTS Energy Portfolio as at 12 April 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 1.254 125 Total portfolio capacity (excluding storage) 2052 • Grid connection co
Slide 48: 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 contracts for the construction of BESS energy storage facilities in Poland – leveraging a key megatrend in t
Slide 49: Plans and outlook: market environment
PLANS AND OUTLOOK Market environment 1. Revision of the National Energy and Climate Plan (NECP) 2040: growth in renewable energy capacity (from approximately 37 GW currently to 54 GW by 2030 and 87 GW by 2040 under the WEM scenario); investment expenditure on wind and photovoltaic projects is expect
Slide 50: Contact: investor relations and media relations
CONTACT: CONTACT: INVESTOR RELATIONS MEDIA RELATIONS (ERBUD) (ERBUD) Agnieszka Głowacka Marcin Kasprzak Vice President of the Management marcin.kasprzak@erbud.pl Board 792 280 805 CONTACT: CONTACT: INVESTOR RELATIONS MEDIA RELATIONS (ONDE) (ONDE) Paweł Przybylski Daniel Mackiewicz President of the M