Erbud (ERB) investor relations material

Executive summary

• Revenue rose 15% year-over-year to PLN 1.53 billion in H1 2025, but the period closed with a net loss of PLN 9.8 million due to increased costs and a challenging market environment.

• EBITDA surged 144% in Q2 2025, offsetting a weaker start to the year, though H1 2025 EBITDA was PLN 28.8 million, down from PLN 32.3 million year-over-year.

• Contract awards reached PLN 1.6 billion, with significant orders from healthcare, RES, and residential sectors.

• Backlog remained stable at PLN 3.51 billion, with PLN 2.8 billion for external clients.

• Cash position at period end was PLN 181.4 million, down from PLN 300.3 million at year-end 2024.

Financial highlights

• Gross profit on sales increased 14% year-over-year to PLN 112.7 million in H1 2025.

• Net loss for H1 2025 was PLN 9.8 million, reversing a profit in H1 2024; Q2 2025 saw a net profit of PLN 5.8 million.

• Operating profit (EBIT) for H1 2025 was PLN 3.4 million, down from PLN 11.7 million in H1 2024.

• Net debt/EBITDA LTM improved to -2.4 by June 2025, but net debt to equity ratio increased to 0.37.

• Operating cash flow was negative at PLN 138.0 million, a significant deterioration from the previous year.

Outlook and guidance

• Focus on selective contract acquisition and complex, profitable projects in residential construction.

• Targeting at least stable sales in industry services despite a weakening economic environment.

• Modular construction segment to prioritize reorganization and reference order execution, with reduced sales activity until recovery is complete.

• Management is focused on geographic and segment diversification and contract renegotiations to mitigate risks.

• The group continues to monitor geopolitical and economic risks, especially cost inflation and currency volatility.