Elektrotim 2026: record backlog of PLN 733 m (+34% YoY), revenue PLN 579.7 m and a PLN 2 dividend recommendation - strategy PLN 1 bn / PLN 88 m EBITDA by 2030

Elektrotim with a record PLN 733 m backlog (+34% YoY) and PLN 579.7 m of revenue - Q4 2025 +25.7%, PLN 2 dividend recommendation

Elektrotim S.A. - headquartered at ul. Stargardzka 8 in Wrocław (postcode 54-156, Lower Silesian voivodeship), registered in the KRS under number 0000035081 - closed 2025 with revenue of PLN 579.7 m (+10.5% YoY) and a record backlog of PLN 733 m (+34% YoY). The order book splits into PLN 514 m of power-grid networks and PLN 219 m of installation-and-infrastructure. EBITDA was PLN 45.3 m, operating profit PLN 40.2 m, and net profit PLN 29.0 m - down 46.4% versus the exceptional 2024 (PLN 54.1 m), in which the result was lifted by one-off items.

Q4 2025 stands out particularly: revenue PLN 237.3 m (+25.7% YoY), EBITDA PLN 21.8 m (+38.2%) and net profit PLN 15.1 m (+74.2%). The fourth quarter therefore accounted for over half of full-year EBITDA and around 52% of net profit - a signal that the company is "returning to a path of higher profitability" after a weaker first half. It is also a function of the typical electrical-utilities contract cycle: larger settlement volumes at year-end as operators close investments before winter.

The board recommends a PLN 2.00 per share dividend out of 2025 profit. The dividend policy targets 50–75% of net profit. The 2023–2025 cycle closes with PLN 65 m of total dividends (PLN 6.50 per share) - making Elektrotim one of the more consistently dividend-paying sWIG80 names among infrastructure contractors. The 2026–2030 strategy targets PLN 1 bn of revenue, PLN 88 m of EBITDA and PLN 67 m of net profit by 2030, implying a ~12% CAGR for revenue and ~14% for EBITDA.

Elektrotim

WROCŁAW · KRS 0000035081 · SPÓŁKA AKCYJNA

Revenue

579.7 M PLN

Stargardzka 8 in Wrocław: Posadzy's three-member board, contracts with PSE, Tauron, Enea and the Border Guard

The address ul. Stargardzka 8, 54-156 Wrocław places Elektrotim's seat in the industrial-warehouse part of Wrocław (Fabryczna), west of the centre, near the motorway ring. The company has operated in its current corporate form (Elektrotim S.A., KRS 0000035081) since 13 August 2001, listed on the Warsaw Stock Exchange under the ticker ELT (ISIN PLELEKT00016) since the early years of the main market.

Governance: a three-member management board - CEO Maciej Posadzy plus two board members. Joint representation: two board members acting jointly or one board member with a proxy holder. The cap table belongs to a founder-and-family coalition plus Polish OFE / TFI funds.

Under Polish PKD codes the principal activity is 43.21.Z (electrical-installation works) - matching the profile of an energy-infrastructure contractor. The contract portfolio splits as:

• Power-grid networks (PLN 514 m of backlog) - contracts with Polskie Sieci Elektroenergetyczne (PSE), Tauron Polska Energia, Enea, Energa Operator and Stoen Operator.
• Installation and infrastructure (PLN 219 m of backlog) - including defence contracts with the Cyber Space Resources Center of the Armed Forces for coastal-radar towers (PLN 31.75 m) and multi-year projects for the Polish Border Guard.
• Two emerging legs - participation in the construction of Poland's first nuclear power plant (a contract with Polskie Elektrownie Jądrowe) and the ME Stary Grodków energy-storage facility.

The company has a registered electronic-delivery address (AE:PL-94168-47893-SDAWH-26) and the website elektrotim.pl.

Polish electrical-infrastructure contractor sector on the WSE: Elektrotim in the "PSE + defence + nuclear" niche

The Polish sector of electrical-infrastructure contractors listed on the Warsaw exchange has selective representation in 2026, in which Elektrotim occupies a niche of electrical installations for grid operators + defence:

• Elektrotim (Wrocław, sWIG80) - electrical installations for PSE, Tauron, Enea, defence contracts with the Cyber Space Resources Center + Border Guard, nuclear participation.
• Bumech (Katowice, sWIG80) - pivot from mining into interceptor drones and MRAP vehicles, a defence-sector neighbour.
• ZUE (Kraków) - railway and tramway contractor; an infrastructure neighbour but in a different segment.
• Mostostal Zabrze (Zabrze) - steel-structures contractor for energy and infrastructure.
• Torpol (Poznań) - railway contractor.

Three structural features of the Elektrotim model that explain the 2025 record backlog:

• The PSE and DSO modernisation cycle - the Polish Grid Development Plan 2024–2034 sets out roughly PLN 80 bn of investment in transformers, 400-kV lines and switchgear - Elektrotim, as a preferred contractor for infrastructure works, is a direct beneficiary. The PLN 514 m grid-network backlog reflects orders covering both 2026 and 2027.
• Dual-use: civilian energy + defence - contracts with the Cyber Space Resources Center and the Border Guard give Elektrotim a second revenue leg structurally resilient to the energy-operator investment cycle. In 2025 the coastal-radar towers (PLN 31.75 m) were the entry point into the defence segment - further MoD contracts for electrical infrastructure on military bases are a natural extension. The dual-use model resembles Bumech's pivot, but Elektrotim already has 24 years of energy-sector experience.
• The PLN 1 bn 2030 strategy = organic growth + nuclear optionality - from PLN 580 m in 2025 the path to PLN 1 bn requires a ~12% CAGR over five years, casting Elektrotim as a candidate for growth aligned with the pace of Polish energy-infrastructure development. Participation in the Choczewo nuclear-power-plant works (should Elektrotim move into the execution phase) would be a step-change revenue catalyst worth hundreds of millions PLN over several years.

Implication for the investment profile: a stable PLN 2 dividend, record backlog, but net-profit decline versus the exceptional 2024

The interpretation is speculative - the conclusions below are scenarios, not certainties:

“A record PLN 733 m backlog, a fourth quarter with record profitability and a PLN 1 bn 2030 revenue strategy - that is a coherent picture of a company returning to a higher-profitability path with a consistent dividend. The decline in net profit versus 2024 reflects the prior-year base of one-off events, not a deterioration of the business core.”

Three possible consequences of the 2025 results and the 2026–2030 strategy for Elektrotim's investment profile in 2026:

• PLN 733 m backlog = roughly 15 months of revenue visibility - at the current run-rate (PLN 580 m revenue / 12 months ≈ PLN 48 m / month) the PLN 733 m backlog covers about 15 months of future revenue. That is one of the highest visibility levels among Polish infrastructure contractors. Risk: a sudden halt to PSE or Tauron investments (e.g. as a result of tariff regulation) could stop the conversion of backlog into invoicing.
• Net-profit decline -46.4% YoY = the effect of a high 2024 base, not a core deterioration - 2024 closed with a PLN 54 m net profit including significant one-off items (asset disposals, reversal of provisions); Q4 2025 with a +74.2% YoY net-profit growth shows the operating core is growing. Investors assessing core profitability should look at quarterly run-rates, not the full-year decline.
• PLN 2 dividend and 50–75% payout = a structural mid-cap dividend policy - at PLN 29 m of net profit and PLN 2 per share dividend (10 m shares × PLN 2 = PLN 20 m) the payout is around 69%, in the middle of the declared range. That is a stable policy, but dependent on working capital (infrastructure contractors have a long cash-conversion cycle; any payment delay from an operator lowers payout capacity).

Main company-specific risks across the 2026–2027 cycle:

• The investment cycle of PSE and DSOs - any halt to the investment plan (e.g. due to URE tariff regulation) flows directly into new-contract acquisition.
• Competition from Mostostal Warszawa, Polimex Mostostal, ZUE, ZPUE - the electrical-contractor segment is competitive; every large contract requires a tender win.
• Working capital and payment delays - infrastructure contractors typically finance 60–120 days between invoicing and payment receipt; any cycle extension lowers liquidity ratios.
• Defence contract execution risk - MoD contracts (Cyber Space Resources Center, Border Guard) require security clearances and may be halted or renegotiated under political shifts.
• Nuclear optionality = potential, not certainty - participation in the construction of the Choczewo nuclear plant depends on the Polskie Elektrownie Jądrowe schedule and the choice of sub-contractors.

What you'll find in the Elektrotim S.A. profile

The Elektrotim S.A. profile in our database carries the full picture of the company: composition of the three-member management board (with CEO Maciej Posadzy), the KRS registration history from 13 August 2001, the registered address at ul. Stargardzka 8 in Wrocław, e-delivery status (AE:PL-94168-47893-SDAWH-26), the website elektrotim.pl, and the assigned PKD code 43.21.Z (electrical-installation works). The profile is also available in English - important for international infrastructure / utilities fund investors, since Elektrotim is the only Polish stock-listed company combining civilian energy (PSE, Tauron, Enea, Energa Operator) with defence contracts (Cyber Space Resources Center, Border Guard) and nuclear optionality (Polskie Elektrownie Jądrowe).

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000035081); Elektrotim S.A. - 2025 results and 2026–2030 strategy communication (April 2026); Strefa Inwestorów - record backlog and Q4 2025 analysis (14.04.2026); StockWatch - communication on PLN 580 m revenue, backlog and PLN 2 per share dividend; Bankier.pl - ELEKTROTI listing profile; PKD 43.21.Z classification (electrical-installation works); company history - registration as S.A. on 13 August 2001, WSE debut; CEO Maciej Posadzy quote from the annual-results communication, as of 2026-05-02.