Erbud (ERB) Q4 2025 earnings summary

Executive summary

• Revenue grew 9% year-over-year to PLN 3.26 billion, with increases across all business areas and a conservative contracting policy.

• Gross profit on sales rose 20% to PLN 263 million, driven by industrial, RES, and building construction segments.

• EBITDA reached PLN 73.3 million (up 15% y/y), with mature segments delivering PLN 134.9 million (up 23% y/y).

• Net profit declined to PLN -28.3 million, impacted by higher depreciation, negative financing activities, and increased income tax.

• Order backlog stands at PLN 3.2 billion, with PLN 2.0 billion from external clients for 2026.

Financial highlights

• Revenue: PLN 3.26 billion (+9% y/y); Gross profit: PLN 263 million (+20% y/y); EBITDA: PLN 73.3 million (+15% y/y).

• EBIT from mature segments: PLN 90.4 million (+24% y/y); Group EBIT: PLN 21 million.

• Net profit: PLN -28.3 million (vs. PLN -17.2 million in 2024), mainly due to higher depreciation and tax.

• Cash and cash equivalents at year-end: PLN 271.7 million.

Outlook and guidance

• Continued focus on selective contracting and higher value-added projects in building construction.

• Ongoing reorganisation in modular construction, with gradual scaling and cost discipline.

• Optimisation and commercialisation of RES project portfolio, with further sales under the Develop-Sell-Build model.

• Market environment remains demanding, but opportunities exist in Poland’s mega-investment cycle and energy transition.