Slide 1: Investor Presentation
Investor Presentation 7NERBUD VYNONDE
Slide 2: H1 2025 in figures | Revenues
YN H12025 in figures | Revenues PLN 1 53 billion 15% y/y Higher sales in the Group's key business areas Growing revenues with 7.4% gross margin on sales YN ERBUD
Slide 3: H1 2025 in figures | Contract award procedures
YN H1 2025 in figures | Contract award procedures PLN ] . 6 billion Successful contracts award procedures in a demanding market. Significant orders from the healthcare, RES and residential sectors YN ERBUD
Slide 4: H1 2025 in figures | Backlog
YN H12025 in figures | Backlog PLN 3 : 51 billion Reliable backlog Stabilised backlog for external clients (PLN 2.8 billion). YN ERBUD
Slide 5: H1 2025 in figures | EBITDA
YN H12025in figures | EBITDA PLN 2 S : S million Sharp (+144%) increase in EBITDA in Q2 this year, offsetting a weaker beginning of the year Increased profitability of services for industry and residential construction YN ERBUD
Slide 6: Agenda
yN AGENDA * Market environment * Challenges and opportunities « Financial performance ¢ Four divisions of the ERBUD Group * Financial statement * Summary
Slide 7: Macroeconomic background | GDP and CPI
YN Macroeconomic background | GDP and CPI Dynamika PKB oraz inflacja 2020 2021 2022 2023 2024 2025_prog. mmm PKB (ceny state, %) =O=Inflacja Srednioroczna (%) According to NBP forecasts, GDP growth will increase to 3.6% in 2025, while inflation will amount to 3.9%. Source: NBP, Inflation and GDP for
Slide 8: Macroeconomic background | Construction and assembly manufacturing
YN Macroeconomic background | Construction and assembly manufacturing Dynamika produkcji budowlano-montazowej w 2025 r.* 25 44,3% : 0,0% I% 4,2% -2,9% 2.2% +0,6% 20 ° e < 0. . s ° -10 “15 I ul uM IV Vv vi Vil Vill Ix x XI XIl =Budowabudynké6w = = Budowa obiektéw inzynierii ladoweji wodnej = =Roboty
Slide 9: Macroeconomic background | Economic trends in construction
YN. Macroeconomic background | Economic trends in construction Wskaznik ogdélnego klimatu koniunktury w budownictwie -3,9 VII 2025 2020 2021 2022 2023 2024 2025 Increase in the overall economic conditions index in construction from -10.6 at the end of 2024 to -3.9 in August 2025. Source: CSO YYNERBU
Slide 10: Challenges
yN Challenges 1. Supply of tenders still significantly lower than government forecasts. Delayed recovery of several months leads to price war. 2. Capacity utilisation in large construction companies decreased to its lowest level since 2016 (excluding COVID-19 period, according to the CSO). 3. Amendm
Slide 11: Opportunities
yN Opportunities 1. PZPB-Atom initiative: a call to the government regarding local content. 2. Over PLN 500 billion — total investment plans of state-owned companies in the RES sector and transmission networks by 2034 3. PLN 6.7 billion annually (an increase of PLN 2 billion more than in 2025), of w
Slide 12: Financial Performance
yN Financial Performance ERBUD Group H12025 YN ERBUD
Slide 13: Operating results — H1
rN Operating results — H1 EBITDA EBIT [PLN million] [PLN million] Ls 4! I pét. 2023 r. I pdt. 2024 r. I pdt. 2025 r. I pdt. 2023 r. Ipét.2024r. Ipét. 2025 r. Increase in EBITDA for the industrial Increased; by PLN 4.9 million; and residential services segments depreciation reduces EBIT Decreased EBI
Slide 14: Operating results — Q2
rN Operating results — 02 EBITDA [PLN million] 27,2 25,5 74 Ikw. 2023 r. Ikw. 2024 r. Ikw. 2025 r. Dynamic increase in the results of the residential and RES segments Increased loss in the modular segment EBIT [PLN million] 5 Ikw. 2023 r. Ikw. 2024 r. Ikw. 2025 r. Asignificantly higher gross profit
Slide 15: Revenues
r\ Revenues Revenue and gross profit from sales [PLN million] 1582,2 1531,2 1333,5 120,5 101,6 12,7 7,6% 7,6% 7.4% Ipét. 2023 r. Ipot. 2024 r. Ipét. 2025 r. mPrzychody sZyskbruttonasprzedazy —<Marzabrutto Dynamic revenue increase 15% increase in the Group's revenues Increasing sales in key business
Slide 16: Backlog
rN Backlog Backlog os Backlog, segments [PLN million] As of June 30, 2025 [PLN million] 3719 3793 Budownictwo 3508 kubaturowe 913 * get 704* Obiekty 1659 modutowe 205 a Przemyst, 2806 2831 2804 zagranica 234 Przemyst, kraj 1 ONDE - kontrakty 30.06.2024 31.12.2024 30.06.2025 108 wy inzynieryjno-drogo
Slide 17: Debt
™\ Debt 136,4 136,0 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 [PLN million] Secure debt level PLN 211.2 million in cash in the accounts of Group companies at the 138.2 end of the period (including funds 103,7 accumulated in VAT accounts) 27.8
Slide 18: Financial flows
”\ Financial flows Cash flow [PLN million] +25,4 “18,0 139.0 -5,6 “133, =—- Hm = -53,3 -10,9 " a +26,7 +0,0 Ye 300,3 181,5 Cash and cash (Repayments)/i Cash and cash equivalents aS Grossresult Amortisation — Incometax theroperating investment CF ncurringbank _Interest Dividend Other financial equiva
Slide 19: Divisions
Sima
Slide 20: Four robust business divisions of the ERBUD Group
”\ Four robust business divisions of the ERBUD Group RESIDENTIAL AND INDUSTRIAL CONSTRUCTION ERBUD, ERBUD INTERNATIONAL = EPC for buildings = EPC for hospitals and special facilities = EPC for manufacturing, energy and logistics facilities = Construction scope for large- scale industrial and energy
Slide 21: Slide 21
Slide 22: Residential construction
yN Residential construction 1. Signing of contracts amounting to approximately PLN 800 million in H125 in the residential segment. 2. Contracts in the resisential segment amounting to over PLN 865 million to be completed in 2025; over PLN 700 million for 2026. 3. Contract backlog exceeding PLN 260 m
Slide 23: Residential construction
”\ Residential construction Revenue from sales Backlog [PLN million] [PLN million] 814 780 I pét. 2023 r. I pdt. 2024 r. I pét. 2025 r. 30.06.2024 31.12.2024 30.06.2025 PLN million (CyPILy = Q2 2024 H12024 MPL Change Revenues 385.6 1 viciene) 13% EBIT 6.1 9.5 (1.7) - Orders acquired 303.5 3 783.9 95
Slide 24: Slide 24
Slide 25: RES and roads
”\ RES and roads 1. Amendment to the wind farm law vetoed by the President of Poland, 2. The Ministry of Climate announces a bill to deregulate the RES market. 3. Reconsideration of the National Energy and Climate Plan 2040 is underway: RES capacity is expected to increase from the current 30 GW to
Slide 26: Slide 26
Slide 27: Services to industry
XN . . "\ Services to industry 1. Increased activity on the Polish market, particularly in the petrochemical segment (implementation of works for the PKN Orlen Group). 2. Acquisition of high-potential orders from PGE Energia Ciepta 3. Continuation of business-strategic work at Siegfried Pharma's Ger
Slide 28: Services to industry
"\ Services to industry Sales revenue Backlog [PLN million] [PLN million] 5430 2474 2342 302 248 315 253 256 234 191 159 me I pdt. 2023 r. I pdt. 2024r. I pét. 2025 r. 30.06.2024 31.12.2024 30.06.2025 mBacklogkrajowy s=Backlogzagranica YRazem Change PLN million leyyieyisy) §=Q2 2024 H12025 H12024 Re
Slide 29: Slide 29
Slide 30: Modular timber construction
”\ Modular timber construction 1. New MOD21 management board in Germany: Michael Doerr and Lukasz Swiatkowski 2. Signing of three contracts in Poland for the construction of nurseries and kindergartens: Gizycko, Legionowo, Krakow. 3. MOD21 in Ostaszewo will manufacture 2D wooden prefabricated elemen
Slide 31: Modular timber construction
”\ Modular timber construction Sales revenue Backlog H12025-— note [PLN million] [PLN million] Continuation of the process of reorganising and restructuring operations (mainly in the area of implementation) Higher than originally anticipated costs 83 205 of executing orders acquired in 2024 148 163
Slide 32: Creating the Energy of Tomorrow
CREATING THE ENERGY OF TOMORROW 7\ ONDE vw uN ‘s jase ae OPERATING AND FINANCIAL RESULTS FOR H1 2025 | 1H ONDE GROUP | 25
Slide 33: H1 2025 in figures | Revenues
YN H12025 in figures | REVENUES PLN 373 million +5.1% y/y Robust increase in gross sales profitability RES execution margin returns to satisfactory levels VN ONDE
Slide 34: H1 2025 in figures | Backlog
YN H12025 in figures | BACKLOG PLN Ol] million +1.7% y/y Orders value in PV doubled y/y RES share in the portfolio at 87%. VN ONDE
Slide 35: H1 2025 in figures | EBITDA
YN H12025 in figures | EBITDA PLN 19.4 million (28.5)% y/y Decreased revenue from the sale of own projects VN ONDE
Slide 36: H1 2025 in figures | Own projects
YN H12025 in figures | OWN PROJECTS 1.8 Gw Doubling of the volume of own RES development projects y/y. Hybridisation allows for a significant increase in the nominal power of selected projects. Projects with connection conditions of 328 MW. VN ONDE
Slide 37: ONDE profits for H1 2025
ONDE PROFITS FOR H1 2025 EBIT [PLN million] 22,7 12,4 I pétrocze Ipétrocze 2024 r. 2025 r. Last year's operating profit well supported by sales of development projects EBITDA [PLN million] 27,2 19,4 Ipétrocze I pétrocze 2024 r. 2025 r. 56% increase in amortisation y/y Net result [PLN million] 15,9 I
Slide 38: Profits for Q2 2025
PROFITS FOR Q2 2025 EBIT EBITDA Net result [PLN million] [PLN million] [PLN million] 16,3 20,1 10,6 Ea a a Ikwartat Ikwartat 20241. 2025r. Ikwartat I kwartat 20241. 2025 r. IWkwartat IWkwartat 20241. 2025r. Significant improvement also visible + 9.3% EBITDA margin in Q2 2025 Significant improvement
Slide 39: Cash flow during H1 2025
CASH FLOW DURING HI] 2025 135,5 m= 2 — “55,4 10.2 “65 | oo SF 24 ” 6.4 -16,9 Result from inflow trom Cashand cash thesaleof the sale of Cashand cash equivalentsas Gross rtisation wekee” tax sharesina —_sharesina Loan Expenditureon Debt pebtrepaid Interests Dividendpald Other 4c auhandeash ofJanuary1
Slide 40: Net debt
Net debt [PLN million] 93 & 305 321 Secure debt level + Net debt increased due to investment loan for PV Lewatd mm 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 + DN/EBITDA ata secure, low level Net debt/EBITDALTM 31.03.2023 30.06.2023
Slide 41: Backlog
BAC Backlog [PLN million] 1490 1490 1315 * 889 * 961 * 704 601 529 611 30.06.2024 31.03.2025 30.06.2025 * Backlog of internal RES projects, including only those with connection conditions Backlog under market pressure Backlog increased by 16% q/q and remained comparable y/y, + PV projects dominate t
Slide 42: Miejska Górka Wind Farm, Serby Photovoltaic Farm, Drzeżewo I-IV Wind Farm
Miejska Górka Wind Farm Serby Photovoltaic Farm Drzeżewo I-IV Wind Farm • • • • • • • • • • • • • • • • •
Slide 43: Number of PV farms / Number of wind farms
3 1 14 1a 1 1b 1 4 2 • • 1 3 • 1 NUMBER OF PV FARMS NUMBER OF WIND FARMS
Slide 44: Operational activities
Operational activities - NO Optimisation and commercialisation of the portfolio of own RES projects, Sale of own projects under the Develop-Sell-Build formula -> approx. 112 MW, Acquisition of further greenfield RES projects -> goal: 2 GW in the RES backlog by the beginning of 2026 Energy storage fa
Slide 45: Market environment
MARKET ENVIRONMENT Market conditions 1. Amendment to the "wind farm law" — vetoed by the President of Poland, 2. Ministry of Climate announces legislation to deregulate the RES market, 3. Revision of the National Energy and Climate Plan 2040 in progress: RES capacity is expected to increase from the
Slide 46: The ERBUD Group in H1 2025 — summary
”\ The ERBUD Group in H1 2025 — summary _ R WN 15% increase in revenue, to PLN 1.53 billion, significant increase in profitability in Q2 2025 The residential, RES and industrial segments are the drivers of the Group's value increase Systematic implementation of the modular construction segment reorg
Slide 47: Financial statement — selected figures
”\ Financial statement — selected figures PLN thousand 30.06.2025 31.12.2024 Assets, including: 2,202,955 2,027,937 Inventories 189,695 172,339 Valuation of construction contracts - assets 450,558 351,536 Trade receivables 631,457 458,438 Receivables from construction contracts - deposits 37,274 44,
Slide 48: Financial statement — selected figures
”\ Financial statement — selected figures PLN thousand Q2 2025 Q2 2024 Change y/y H12025 H12024 Change y/y Revenue from the sale of goods and services 798,057 689,200 16% 1,531,75 1,333,466 15% Cost of goods and services sold 719,384 630,281 14% 1,415,645 1,231,878 15% Gross profit on sales 78,673 5
Slide 49: Investors / Media Relations
INVESTORS MEDIA RELATIONS RELATIONS (ERBUD) (ERBUD) Marcin Kasprzak Agnieszka Gtowacka mMarcin.kasprzak@erbud.pl Vice-President of the Management Board 792 280 805 INVESTORS MEDIA RELATIONS RELATIONS (ONDE) (ONDE) Daniel Mackiewicz Pawet Przybylski daniel.mackiewicz@onde.pl President of the Manageme