Erbud (ERB) Q1 2026 earnings summary

Executive summary

• Group revenue for Q1 2026 was PLN 587 million, down 20% year-over-year, mainly due to adverse weather and market slowdown.

• Net loss for Q1 2026 was PLN 20.2 million, compared to PLN 15.6 million in Q1 2025.

• Gross profit on sales remained stable at PLN 37 million, with gross margin up by 1.2 percentage points year-over-year.

• EBITDA for the group was negative PLN 2.6 million, impacted by restructuring costs in the modular construction segment.

• All financial covenants were met as of March 31, 2026.

Financial highlights

• Revenue decreased by 20% year-over-year to PLN 587 million.

• Gross profit on sales was PLN 37 million, with a gross margin improvement of 1.2 percentage points.

• Group EBITDA was negative PLN 2.6 million, down PLN 5.9 million year-over-year.

• Basic and diluted loss per share was PLN -1.55 in Q1 2026, compared to PLN -1.10 in Q1 2025.

• Cash and cash equivalents at quarter-end were PLN 157.2 million.

Outlook and guidance

• Strategic review process initiated, with continued focus on selective order intake and higher value-added projects.

• Ongoing restructuring in the modular construction segment, with an aim to maintain client relationships and brand image.

• The impact of the war in Ukraine has lessened but continues to drive higher material and labor costs.

• Management is monitoring geopolitical risks, including the Middle East, for potential effects on energy and material prices.

• Market environment remains challenging, but an investment boom is anticipated.