Erbud 2026: the Onde renewables segment posted PLN 45 m of profit, but wood-modular and traditional construction lost PLN 82 m - strategic review in 2026, PLN 1.68 per share dividend

Erbud with three business legs: Onde renewables +PLN 45 m (+171% YoY), wood-modular and traditional construction lost PLN 82 m - strategic review in 2026

Erbud S.A. - headquartered at ul. Franciszka Klimczaka 1 in Warsaw (postcode 02-797, Mazowieckie voivodeship), registered in the KRS under number 0000268667 - closed 2025 with consolidated revenue of PLN 3.23 bn (-16% YoY) and net profit of PLN 10 m (vs PLN 8.3 m, +20%). Despite the revenue decline, the order backlog at end-2025 rose to PLN 2.55 bn (from PLN 2.4 bn a year earlier), and from the start of 2026 the company has contracted another ~PLN 1 bn of new business. The board announced a strategic-options review for 2026 - the strongest structural signal since the company's IPO.

The strongest takeaway from the results is a split picture across business segments. Three legs delivered operating profits:

• Renewables segment - Onde S.A. (the listed daughter): EBIT +PLN 45.3 m (+171% YoY) - the Group's best segment.
• Foreign industrial services: +PLN 23.5 m (+127%).
• Domestic industrial services: +PLN 7.5 m (+16%).

Three legs delivered operating losses:

• Wood-modular factory: -PLN 35 m.
• Domestic traditional construction (cubic): -PLN 25 m.
• Foreign traditional construction (cubic): -PLN 22 m.

The total loss of the three unprofitable segments - -PLN 82 m - was offset by PLN 76 m of profit from the other three. Hence the modest consolidated operating profit (~PLN 20 m) and the decision to review the strategic direction of the Group.

On the dividend front, the AGM approved a payout of PLN 1.68 per share (PLN 20 m total) out of 2024 profit. The dividend policy for 2025–2030 is 30–70% of consolidated net profit of the prior fiscal year - which, in the case of 2026 (a payout from PLN 10 m of 2025 profit), would mean PLN 3 m to PLN 7 m - materially less than the current payout. The sister-listed Onde recommends PLN 0.31 per share (PLN 16.9 m).

Erbud

WARSZAWA · KRS 0000268667 · SPÓŁKA AKCYJNA

Revenue

3.3 B PLN

Klimczaka 1 in Warsaw: Grzeszczak's four-member board, a holding with a listed Onde daughter and many subsidiaries

The address ul. Franciszka Klimczaka 1, 02-797 Warsaw places Erbud's seat in the office-and-residential part of Warsaw's Wilanów district, on the south-eastern edge of the city. The company has operated in its current corporate form (Erbud S.A., KRS 0000268667) since 29 November 2006, listed on the Warsaw Stock Exchange under the ticker ERB (ISIN PLERBUD00012) since 2007.

Governance: a four-member management board - CEO Dariusz Grzeszczak plus two vice-presidents (A. Grzeszczak, J. L.) and a board member (T. W.). Joint representation: two board members or one board member with a proxy holder. The cap table belongs to the Grzeszczak founder-and-family coalition plus Polish OFE / TFI funds; family-and-CEO control through Dariusz Grzeszczak is long-term (from the company's inception).

Under Polish PKD codes the principal activity is 41.20.Z (construction works on residential and non-residential buildings). The Erbud Group includes:

• Onde S.A. (Toruń) - listed daughter, contractor of wind farms and photovoltaics; external backlog PLN 689 m at end-December 2025 (+35.8% YoY).
• Erbud Construction (Toruń, KRS 0000216757) - domestic general contractor.
• Erbud International (Toruń + Jasionka, two companies) - foreign contractor (Germany, Belgium).
• Erbud Industry (Warsaw) + regional branches (Łódź, Rybnik, Gdańsk, Katowice) - industrial services.
• Modular factory - wood-module factory.

The company has a registered electronic-delivery address (AE:PL-23471-10931-JAAVI-19) and the website erbud.pl.

Polish construction-contractor sector on the WSE: Erbud in the "construction + renewables + modular" niche

The Polish construction-and-infrastructure-contractor sector listed on the Warsaw exchange has selective representation in 2026, in which Erbud occupies a holding-contractor niche with three independent business legs:

• Erbud (Warsaw, sWIG80) - traditional construction + Onde renewables + wood-modular.
• Onde (Toruń, sWIG80) - Erbud's listed daughter, renewables contractor.
• Budimex (Warsaw, mWIG40) - infrastructure contractor, larger scale.
• Mirbud (Skierniewice) - residential construction.
• Polenergia (Warsaw, mWIG40) - renewables operator, sector neighbour.
• Elektrotim (Wrocław, sWIG80) - electrical-installation works, sector neighbour.

Three structural features of the Erbud model that explain the split picture of the 2025 results:

• Onde renewables segment = the result-saver of the Group - with public wind-farm tenders effectively halted (the regulatory issue of the "distance act" minimum spacing from buildings), the renewables industry sees strong private demand. With backlog of PLN 689 m at end-2025 (+35.8% YoY) and EBIT of PLN 45 m, Onde is the Group's "crown jewel". Erbud's strategy likely assumes further development of renewables as the main source of value.
• Wood-modular factory = a structural problem of 2024–2025 - the PLN -35 m loss on the modular factory is a consequence of high start-up costs, low demand on the Scandinavian-German export market and competition from more mature producers. The strategic review in 2026 includes this segment as a candidate for sale, contraction or closure.
• Domestic and foreign traditional construction = -PLN 47 m loss, cycle low - the general-contractor segment is directly exposed to the commercial-real-estate cycle (offices, hotels, shopping centres). 2024–2025 has been a period of paused new projects; developers are limiting builds or renegotiating terms. Any continuation of the weak cycle in 2026 will deepen losses.

Implication for the investment profile: a holding-conglomerate in strategic review, renewables as the lifeline

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

“Bold decisions are finally paying off. The renewables segment is our most valuable asset, generating strong returns despite challenging market conditions. The strategic-options review will let the Group focus on the most profitable areas of activity.”

Three possible consequences of the 2025 results and the strategic review for Erbud's investment profile in 2026:

• The strategic review = a signal of meaningful Group-structure changes in 2026 - a formal strategic-options review by the board is a typical prelude to: (a) the sale of unprofitable segments (modular, foreign traditional construction), (b) a carve-out of Onde as a stand-alone investment story, (c) divestments from specific countries or categories. Each of these options can materially change the Group structure. Investors should treat H1 and H2 2026 as a period of high volatility.
• Onde as a candidate stand-alone dividend growth - with EBIT PLN 45 m (+171% YoY), backlog PLN 689 m (+35.8%) and its own PLN 0.31 per share dividend, Onde may be the strongest investment story in the Group in 2026. A hypothetical carve-out (sale of the stake to a PE fund or reduction of Erbud's stake) would unlock value but at the same time deprive Erbud of its lifeline in the construction segments.
• PLN 1.68 per share dividend = 2024 level held, decoupled from the profit decline - PLN 1.68 per share paid out of 2024 profit absorbs all of it (net profit of PLN 8.3 m vs ~PLN 10 m of payout). A dividend out of 2025 profit (PLN 10 m × 30–70% = PLN 3–7 m = PLN 0.25–0.59 per share) would be materially lower. That is a structural risk for dividend investors.

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

• Commercial-real-estate cycle - traditional construction is the most cyclical leg; any office-or-hotel-sector recession deepens the loss.
• Strategic-review delivery - too quick a decision to sell Onde would deprive Erbud of a key value segment; too slow would leave losses in unprofitable segments.
• Competition from Budimex, Mirbud, Polimex Mostostal - in the general-contractor segment price competition is intense; any contract loss lowers the backlog.
• Distance-act regulation - the future growth of the Polish wind-farm market depends on its potential liberalisation; absence of liberalisation limits Onde's growth.
• Polish-market concentration - of PLN 3.23 bn revenue, around 75% comes from Poland; any deterioration in the domestic investment cycle (public or private) has a meaningful impact.

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

The Erbud S.A. profile in our database carries the full picture of the company: composition of the four-member management board (with CEO Dariusz Grzeszczak), the KRS registration history from 29 November 2006, the registered address at ul. Franciszka Klimczaka 1 in Warsaw, e-delivery status (AE:PL-23471-10931-JAAVI-19), the website erbud.pl, and the assigned PKD code 41.20.Z (construction works on residential and non-residential buildings). The profile is also available in English - important for international construction / renewables fund investors, since Erbud is the only Polish listed general contractor with a stock-listed renewables daughter (Onde) and a wood-modular factory in a single holding, currently undergoing a strategic-options review in 2026.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000268667); Erbud S.A. - consolidated 2025 results communication (April 2026); Parkiet - Erbud + Onde 2025 results and dividends analysis; biznes.pap.pl - communication on the 2025–2030 dividend policy (30–70% of consolidated profit); StockWatch - Erbud SA communications and dividend history; biznesradar.pl - ERBUD dividend history; Bankier.pl - ERBUD listing profile (ISIN PLERBUD00012); PKD 41.20.Z classification (construction works on residential and non-residential buildings); company history - registration as S.A. 29 November 2006, WSE debut 2007, as of 2026-05-02.