Erbud (ERB) Q2 2025 earnings summary

Executive summary

• Revenue rose 15% year-over-year to PLN 1.53 billion in H1 2025, with growth in both domestic and foreign markets and a 7.4% gross margin on sales.

• EBITDA surged 144% in Q2 2025, but the EBITDA margin for H1 2025 declined to 1.88% from 2.43% year-over-year, reflecting margin pressure.

• Net loss for H1 2025 was PLN 9.8 million, compared to a net profit of PLN 0.6 million in the prior year, mainly due to higher costs and financial expenses.

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

• The Group remains diversified across building, industrial, renewable energy, and modular construction segments.

Financial highlights

• Sales revenue: PLN 1,533 million (up from PLN 1,333 million year-over-year).

• Gross profit on sales increased 14% year-over-year to PLN 112.7 million in H1 2025, but another report notes gross profit at PLN -5.6 million.

• Net profit for Q2 2025 was PLN 5.8 million, but H1 2025 ended with a net loss of PLN 9.8 million.

• EBITDA: PLN 28.8 million (down from PLN 32.3 million year-over-year).

• Cash and cash equivalents at period end: PLN 181.4 million (down from PLN 300.3 million at year-end 2024).

Outlook and guidance

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

• Management notes a stable but evolving environment, with ongoing risks from material and wage cost inflation and currency fluctuations.

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