Slide 1: Investor Presentation Q1 2025
Investor Presentation O01 2025 7NERBUD VYNONDE
Slide 2: Q1 2025 in figures | Revenue
YN Q12025 in figures | Revenue PLN O 13 billion 14% y/y Higher sales in almost every area of the Group's business. Growing revenues with a 5% gross margin on sales. YN ERBUD
Slide 3: Q1 2025 in figures | Contracting
YN. Q12025 in figures] Contracting PLN O : S/ billion Effective contracting in a demanding market. Significant orders for military and healthcare facilities YN ERBUD
Slide 4: Q1 2025 in figures | Backlog
YN Q12025 in figures| Backlog PLN 3 : S 9 billion Sound backlog 4% increase (y/y) in backlog for external customers, to PLN 2.93 billion YN ERBUD
Slide 5: Q1 2025 in figures | EBITDA
YN Q12025 in figures| EBITDA PLN 3.3 million Seasonality and strong base determine negative EBITDA growth Increased profitability of services for industry, stable results in the residential construction segment. YN ERBUD
Slide 6: Agenda
AGENDA * Market environment * Challenges and opportunities ¢ Financial results ¢ Four divisions of the ERBUD Group « Statement of financial position * Summary
Slide 7: Macroeconomic environment | GDP and CPI
YN Macroeconomic environment | GDP and CPI GDB dynamics andinflation 2017 2018 2019 2020 2021 2022 2023 2024 2025 _forec. 2026_forec. 2027_forec. 2028_forec. 2029 forec. mm GDP (constant prices, %) =—O-Average annual inflation (%) According to government forecasts, GDP growth will reach 3.7% in 2025
Slide 8: Macroeconomic environment | Construction and assembly manufacturing
YN Macroeconomic environment | Construction and assembly manufacturing Dynamics of construction and assembly manufacturing in 2025* 3.6% 3.6% 3.8% e ° e | I I fe) I ul uM IV Vv vi Vil Vill Ix x XI XIl = Building construction =Construction of civil and water engineering structures = Construction work
Slide 9: Macroeconomic environment | Economic situation in the construction industry
YN. Macroeconomic environment | Economic situation in the construction industry General economic trend indicator for the construction industry -4.0 IV 2025 2020 2021 2022 2023 2024 2025 Improvement in the overall economic trend indicator for the construction industry from -10.6 at the end of 2024 to
Slide 10: Challenges
VX Challenges 1. Downgraded economic growth forecasts for 2025 due to, among other things, decisions made by the US (Goldman Sachs lowered its GDP growth forecast for Poland to 3.4%). 2. Recession in Germany. The Q1 of this year is the seventh consecutive quarter in which GDP growth has been negativ
Slide 11: Opportunities
yN Opportunities 1. The decision of the General Directorate for National Roads and Motorways (GDDKiA) excluding contractors from outside the EU from the tender for a section of the A2 motorway is good practice and an opportunity to limit the participation of companies from so-called ,,third countrie
Slide 12: Financial Results ERBUD Group Q1 2025
yN Financial Results ERBUD Group 012025 YN ERBUD
Slide 13: Results from operations
yN Results from operations EBITDA [PLN million] 24.9 33 —ro— — Q12023 Q12024 Q12025 Decrease in EBITDA compared to the result achieved in 2024, mainly due to the sale of a project in the RES sector Growth in services for industry, stable profits in the residential segment EBIT [PLN million] 15.4 Q12
Slide 14: Revenue
r\ Revenue Revenue and gross profit from sales [PLN million] 720.6 644.3 Q12023 Q12024 mRevenue_ s=Gross profit on sales Dynamic revenue increase 14% increase in the Group's revenue Increasing sales in most business areas, Revenue structure 2025 [%] Residential construction 54% Modular construction
Slide 15: Backlog
rN Backlog Backlog [PLN million] 3,919 3,793 3,890 889* 961* 961* 3,030 2,831 2,928 31.03.2024 31.12.2024 31.03.2025 Growing backlog of profitable contracts 4% increase in backlog (vs. December 31, 2024) for external clients, to PLN 2.93 billion Contracts with a total value of PLN 0.87 billion award
Slide 16: Debt
™\ Debt Net debt [PLN million] Safe debt level PLN 206.5 million in cash in the accounts of Group companies at the h36.4| h36.0 asl end of the period 7 : Periodic increase in net debt 27.8 31.12.2022 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 N
Slide 17: Cash flow
"\ Cash flow -16.3 300.3 Cash and cash equivalents asof —_ Grossresult 17.01.2025 412.4 Amortisation 15.5 Income tax Cash flow [PLN million] -98.1 +35.4 (Repayments)/inc Other operating Other investment urtence of bank jebt Interest -5.0 198.3 Cash and cash Other financialCF equivalents as of 31.03.
Slide 18: Divisions
Sima
Slide 19: Four robust business divisions of the ERBUD Group
”\ Four robust business divisions of the ERBUD Group RESIDENTIAL AND INDUSTRIAL CONSTRUCTION MODULAR STRUCTURES SERVICING THE INDUSTRY ERBUD INDUSTRY CENTRUM, SATCHWELL, CKTIS, IVT WEINER + REIMANN, IKR ERBUD, ERBUD INTERNATIONAL = EPC for buildings = EPC for hospitals and special facilities = EPC f
Slide 20: Slide 20
Slide 21: Residential construction
”\ Residential construction 1. Orders with a value of PLN 1.2 billion to be completed in Q2-Q4 2025 (22% increase y/y) 2. Interest rate reduction indicates improved investor sentiment. 3. Signing of a significant contract with a net value of PLN 90 million for the comprehensive construction of a mai
Slide 22: Residential construction
”\ Residential construction Sales revenue [PLN million] 426 Q12023 Q12024 Q12025 PLN million Q12025 Revenue 394.4 EBIT =}5} Orders acquired 478.3 Number of employees (FTE) 988 Backlog [PLN milliont] 1,698 1,757 31.03.2024 31.12.2024 31.03.2025 Q12024 Change 342.2 15% 3.8 (12%) 761.9 (37%) 991 (0%) Q
Slide 23: Slide 23
Slide 24: RES and roads
”\ RES androads 1. Raising awareness: only the development of RES will reduce energy prices, which are currently among the highest in Europe. 2. ONDE as an energy provider. PV Lewatd Wielki energisation, 32 MW. The power plant will be the first farm retained by the Company. 3. Amendment to the dista
Slide 25: Slide 25
Slide 26: Services for industry
"\ Services for industry 1. Significantly improved performance compared to Q1 2024 in terms of both revenue and profitability in Poland (although Q1 is always a ‘low season’ for the service); Q1 in Germany in line with the planned budget. The increase in the minimum wage had no impact — in Poland fr
Slide 27: Services for industry
"\ Services for industry Sales revenue [PLN million] Q12023 Q12024 PLN million Revenue Domestic International EBIT Orders acquired Number of employees (FTE) Q12025 Q12025 147.8 46.1 101.7 3.8 137.8 1,150 2419 284 135 31.03.2024 mDomestic backlog mInternational backlog Backlog [PLN million] 2474 315
Slide 28: Slide 28
Slide 29: Modular timber construction
”\ Modular timber construction 1. Signing of a contract with a value of EUR 10.05 million in a consortium with Wollf&Mueller for Aldi Sud for the superstructure of a facility in Mannheim. 2. Support for the management board in Germany by managers from the ERBUD Group, strengthening the role of audit
Slide 30: Modular timber construction
yN Modular timber construction Sales revenue [PLN million] 38 Q12023 Q12024 Q12025 PLN million Revenue EBIT Orders acquired Number of employees (FTE) Q12025 38.0 11.9 123.1 164 Backlog [PLN million] 137 163 31.03.2024 31.12.2024 Q12024 Change 19.5 +94% PLN -4.3 76 million 16.4 +6% 151 +9% 231 31.03.
Slide 31: Financial statement — selected data
”\ Financial statement — selected data PLN thousand 31.03.2025 31.12.2024 Assets, including: 2,053,689 2,027,937 Inventory 180,632 172,339 Valuation of construction contracts - assets 438,454 351,536 Trade receivables 486,809 458,438 Receivables from construction contracts - deposits 38,152 44,447 T
Slide 32: Financial statement — selected data
”\ Financial statement — selected data PLN thousand Revenue from sales of goods and services Cost of goods and services sold Gross profit onsales Sales costs Generaladministrative costs Other operating revenue Other operating costs Reversal of impairment losses/(losses) on financial assets and asset
Slide 33: ERBUD Group in Q1 2025 — summary
”\ ERBUD Group in Q12025 — summary 1.14% increase in revenue, to PLN 0.73 billion, with residential construction and services for the industry as growth drivers. 2. With significant exposure to offshore construction, strengthening of positions in the military and hospital segments consistent with th
Slide 34: ONDE Group: Operating and financial results for Q1 2025
yYNONDE CREATING THE ENERGY OF TOMORROW OPERATING AND FINANCIAL RESULTS FOR Q1 2025 ONDE GROUP
Slide 35: Q1 2025 in figures | EBITDA
YN Q12025 in figures | EBITDA PLN -O.7 million Impact of seasonality and lack of project sales transactions The beginning of the year is traditionally difficult in the construction industry VN ONDE
Slide 36: Q1 2025 in figures | Backlog
YN Q12025 in figures | BACKLOG PLN 52 9 million PV order value doubled y/y However, contracting in WF and the road segment declined at a similar rate. VN ONDE
Slide 37: Q1 2025 in figures | Revenue
YN) Q12025 in figures | REVENUE PLN 156 million Slight increase in gross sales profitability with a minor decline in revenue Revenues under pressure from seasonality and stagnation in the high-budget wind segment VN ONDE
Slide 38: Q1 2025 in figures | Own projects
YN Q12025 in figures |OWN PROJECTS 1361 MW Increase in the volume of own RES development projects by over 60% y/y Hybridisation allows the nominal power of selected projects to be doubled Projects with connection conditions of 418 MW VN ONDE
Slide 39: Revenues — structure and operating profitability of segments
REVENUES — STRUCTURE AND OPERATING PROFITABILITY OF SEGMENTS Revenue and gross profit from sales Revenue structure Operating result of segments [PLN million] Q12025 [PLN million] 168,0 182.7 RES = RES construction 86% = Civil engineering and road construction Other Q12023 Q12024 Q12025 Civil engine’
Slide 40: ONDE profit for Q1 2025
ONDE PROFIT FOR Q12025 EBITDA [PLN million] 24.4 Q12024 Q12025 Negative EBITDA is the result of relatively low revenues and lack of support from development income. EBIT [PLN million] 22.1 912024 12025 17% increase in SG&A — investment in expertise Net result [PLN million] 17.4 Q12024 Q12025 Amore t
Slide 41: Backlog, segments
BAC Backlog, segments Backlog As of March 31, 2025 [PLN million [PLN million] , [ } RES-PV 1,565 A 220 , 1,490 RES - wind 1,469 393 *889 *961 *961 676 508 529 31.03.2024 31.12.2024 31.03.2025 Civil engineering and road eacklog of internal RES projects, including only those with connection ONDE- RES,
Slide 42: Cash flow during Q1 2025
CASH FLOW DURING Q1 2024 135,5 Cash and cash equivalents as of 31.12.2024 Gross result Amortisation Tax -32,5 78,2 Expenditure on Cashand Change in working Income/expenses the acquisition of 7 Other 5 capital fromloans __tangiblefixed _ Pebt repaid Interest equivalents assets 31.03.2025, y7NONDE
Slide 43: Net debt
93.3 30.8 445 31.03.2023 30.06.2023 30.09.2023 31.12.2023 Net debt [PLN million] |_| 1.5 -23.6 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2025 Net debt/EBITDALTM 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 Safe debt level Increase in net
Slide 44: Selected wind and PV projects by client
Client: VSB Energie Odnawialne Polska Nominal capacity: 190.8 MW. Number of turbines: 53 Remuneration: PLN 164 million net (ONDE share only) Stage of completion: excavation, reinforcement and concreting of turbine foundations, road works Completion date: Q2 2027 Client: Luneos GE Nominal capacity: 1
Slide 45: Advancement of RES development projects
ADVANCEMENT OF RES DEVELOPMENT PROJECTS Backlog as of 93 2025 [MW]. PV Wind Stores Projects for sale 292 36 Projects for hybridisation 285 336 105 PV projects 292 Wind projects- greenfield 120 Total Total backlog potential (excluding storage) Projects for sale Project Capacity Share y; (e) Ja 36 MW
Slide 46: Plans and prospects: operating activities
PLANS AND PROSPECTS Operating activities wpwne a Optimisation and commercialisation of the portfolio of own projects, Planned sale of own projects in the DBS formula -> approx. 300 MW, Acquisition of further greenfield projects -> 2 GW portfolio by the end of 2025, Energy storage facilities — the be
Slide 47: Plans and prospects: market environment
PLANS AND PROSPECTS Market environment 1. The expected revision of the National Energy and Climate Plan (KPEiK) 2040 is underway: RES capacity is expected to increase from the current 30 GW to approx. 56 GW in 2030 and approx. 88 GW in 2040., Investments in transmission networks — PLN 64 billion fro
Slide 48: Plans and prospects: market environment
PLANS AND PROSPECTS Market environment 1. Raising awareness: only the development of RES will reduce energy prices, which are currently among the highest in Europe. 2. ONDE as anenergy provider. Energetisation of the Lewatd Wielki PV power plant (32 MWp), the first one to remain in the company. 3. A
Slide 49: Investor Relations / Media Relations
INVESTOR RELATIONS MEDIA RELATIONS (ERBUD) (ERBUD) Agnieszka Gtowacka Marcin Kasprzak Vice President of the marcin.kasprzak@erbud.pl Management Board 792 280 805 INVESTOR RELATIONS MEDIA RELATIONS (ONDE) (ONDE) Pawet Przybylski Daniel Mackiewicz President of the daniel.mackiewicz@onde.pl Management