Erbud (ERB) Q3 2025 earnings summary

Executive summary

• Revenue increased 16% year-over-year to PLN 2.44 billion for the first nine months of 2025, with growth across all business areas.

• Satisfactory profitability in mature segments; modular construction segment undergoing reorganisation.

• Conservative contracting policy in a challenging market, focusing on higher value-added contracts.

• The ERBUD Group maintained a stable organizational structure as of 30 September 2025, with no changes since the previous reporting period.

• Shareholding structure remained unchanged, with the largest shareholders holding over 5% each.

Financial highlights

• Gross margin on sales at 7.1% overall, and 9% in residential, RES, and industrial services segments.

• EBITDA reached PLN 54.0 million for the nine months, with PLN 25.2 million generated in Q3.

• Net result for the period was a loss of PLN 13.0 million, impacted by higher amortisation and negative financial activities.

• Backlog stood at PLN 3.1 billion, with PLN 0.9 billion from external clients to be executed in Q4 2025.

• No forecasts or estimates for 2025 were published by the Management Board.

Outlook and guidance

• Strategy continues to focus on selective, higher value-added contracts amid persistent investment stagnation.

• Targeting further optimisation and commercialisation of RES project backlog, with a goal of 2 GW in the RES portfolio by early 2026.

• Modular segment to focus on remedial processes and a gradual return to business expansion.