Onde 2026: revenue PLN 864 m (+7.5% YoY), gross margin +1.4 pp, sale of the Serby PV farm (112 MW) to Energa Green Development - backlog PLN 689 m (+36% YoY)

Onde with revenue of PLN 864 m in 2025 (+7.5% YoY) and gross margin +1.4 pp - sale of the Serby PV farm (112 MW) to Energa Green Development, backlog PLN 689 m (+36% YoY)

Onde S.A. - headquartered at Trasa Prezydenta Władysława Raczkiewicza 1 in Toruń (postcode 87-100, Kuyavian-Pomeranian voivodeship), registered in the KRS under number 0000028071 - posted 2025 revenue of PLN 864.1 m (+7.5% YoY vs PLN 803.9 m) and reached gross sales margin of 12.7% (vs 11.3%, +1.4 pp). Gross profit on sales was PLN 109.7 m (vs PLN 90.7 m, +21%). EBIT fell to PLN 37.6 m (vs PLN 46.1 m, -18%), EBITDA to PLN 53.2 m (vs PLN 55.9 m, -5%), and net profit to PLN 18.9 m (vs PLN 30.3 m, -37.4%) - mainly due to higher financing costs (+PLN 2.5 m YoY) and the effective tax rate rising from 24.1% to 31%.

The strongest structural signal is the +36% rise in the order backlog to PLN 689 m at end-2025 - historically high backlog giving Onde good revenue visibility for 2026–2027. The company also has a renewable-development portfolio of 2 GW (+200 MW added late in 2025) and 387 MW of grid-connected projects. Cumulatively, since inception Onde has delivered over 450 projects with a combined capacity exceeding 5 GW.

The key 2025 transaction is the sale of the 112 MW Serby photovoltaic farm to Energa Green Development (Gdańsk) - a daughter of Grupa Energa, which is part of the ORLEN group. Onde retained the general-contracting and service contracts worth around PLN 240 m. This is a "develop + sell + service" model - Onde develops PV projects from early stage, sells the ready project to an operator with long-term financing access (Energa, PGE, Polenergia), and then keeps the role of contractor and service provider. Additionally, in March 2025 Onde commissioned its own Lewałd PV farm - in nine operating months it brought ~PLN 7.5 m of revenue and ~PLN 5 m of EBITDA.

ONDE

TORUŃ · KRS 0000028071 · SPÓŁKA AKCYJNA

Revenue

864.1 M PLN

Raczkiewicza 1 in Toruń: Przybylski's four-member board, Erbud's listed daughter, 24-year history

The address Trasa Prezydenta Władysława Raczkiewicza 1, 87-100 Toruń places Onde's seat on Toruń's main traffic corridor - next to parent Erbud and shared operational infrastructure. The company has operated in its current corporate form (Onde S.A., KRS 0000028071) since 18 July 2001, and listed on the Warsaw Stock Exchange under the ticker ONDE (ISIN PLONDE000018) since July 2021 (IPO).

Governance: a four-member management board - CEO Paweł Przybylski plus three vice-presidents (P. Ś., M. M., B. S.). Joint representation: two board members or one board member with a proxy holder. The cap table belongs largely to Erbud (parent company, majority control) plus Polish OFE / TFI funds; the company is structurally part of the Erbud Group, but operationally independent.

Under Polish PKD codes the principal activity is 43.99.Z (other specialised construction activities). Actual operations include:

• Wind-farm general contracting - from foundations through tower to grid connection.
• PV-farm general contracting - from design to commissioning.
• Own renewables-project development - from site identification to ready-project sale.
• Service and maintenance of existing farms - recurring revenue.
• Energy storage - emerging segment (per CEO Przybylski's commentary).

The company has a registered electronic-delivery address (AE:PL-45615-74453-JVFHS-28) and the websites onde.pl (PL) and onde.pl/en (EN).

Polish renewables contractor sector on the WSE: Onde as the leader with 5+ GW portfolio and storage optionality

The Polish renewables-contractor sector listed on the Warsaw exchange has a narrow representation in 2026 - Onde is the largest pure-renewables contractor on the WSE:

• Onde (Toruń, sWIG80) - wind- and PV-farm contractor, 5+ GW portfolio.
• Polenergia (Warsaw, mWIG40) - renewables operator (owner + producer), different segment.
• PEP - Polenergia Engineering Production (Warsaw) - non-listed contractor.
• Tauron Polska Energia - renewables segment in the energy group, not pure-listed.
• Erbud (Warsaw, sWIG80) - parent company, construction holding; renewables Onde is the strongest leg.

Three structural features of the Onde model that explain the +36% YoY backlog rise despite the net-profit decline:

• +36% YoY backlog growth = structural revenue visibility for 2026–2027 - backlog of PLN 689 m at end-2025 (vs PLN 506 m a year earlier) gives ~10 months of current-revenue cover. This reflects a trend: dynamic Polish renewables-market growth driven by regulation (2030 renewables targets = 32% of the mix, KPEiK plan), falling battery and PV prices, and structural corporate demand (PPAs).
• Sale of 112 MW Serby = validation of the "develop + sell + service" model - Onde does not build an operating portfolio (capital income from energy generation), but instead a project pipeline for sale to operators with long-term financing. Each transaction like Serby (112 MW for Energa) shows the model works: Onde retains GC and service contracts (~PLN 240 m), and the buyer gets a ready project with permits and a power-purchase agreement.
• Net-profit decline of -37% = a tax and finance effect, not operational - revenue +7.5% and gross margin +1.4 pp are positive; the net-profit decline is mainly due to (a) the effective tax rate rising from 24.1% to 31%, (b) higher financing costs (+PLN 2.5 m YoY). These are largely independent of the operating core. In 2026 a lower tax rate (if a one-off effect) could reverse the picture.

Implication for the investment profile: a renewables contractor with strong backlog, storage optionality, regulatory exposure

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

“We also see a lot of activity on the energy-storage market. Our renewables-development portfolio rose by over 200 MW late in 2025 to reach 2 GW. The PLN 689 m backlog and the sale of the Serby project to Energa Green Development confirm that our develop-sell-service model works in Polish market conditions.”

Three possible consequences of the 2025 results and the backlog rise for Onde's investment profile in 2026:

• PLN 689 m backlog = structural visibility, not a margin-uplift promise - the +36% backlog rise is a positive scale signal but does not guarantee the gross-margin improvement will be repeated. In 2026 cost pressure (steel, foundations, transport) and price competition may compress margins. Investors should treat the backlog as a leading indicator of revenue, not profit quality.
• Energy storage = an emerging segment with large TAM - the CEO's "lot of activity on energy storage" comment signals a strategic pivot to BESS (Battery Energy Storage Systems). The Polish BESS market is in early-adoption phase (URE introduces new tariffs, the capacity market covers BESS), but the TAM in the order of double-digit GWh by 2030 is meaningful. Any large 2026 BESS contract would be a structural catalyst.
• Structural dependence on Erbud as the parent - Onde is part of the Erbud Group (majority control). In 2025 Erbud announced a strategic-options review - possible scenarios include an Onde carve-out (sale or stake reduction by Erbud) or strategic integration. Each decision would materially affect Onde's valuation and shareholder structure. Investors should watch Erbud communications in 2026.

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

• The "distance act" regulation - the minimum distance of wind farms from buildings (10H) limits Polish wind-energy development; any change (liberalisation or entrenchment) directly affects Onde's pipeline.
• Competition from Polenergia, PEP, Tauron renewables - the renewables-contracting sector is competitive; every large contract requires a tender win.
• Component prices (PV panels, wind turbines, inverters) - global component prices (mostly from China) affect project margin; price rises lower fixed-price project profitability.
• Erbud's strategic review - unfinished process; any ownership decision affects Onde's outlook.
• Interest rates and financing cost - the 2025 net-profit decline was partly due to higher financing costs; any NBP/ECB rate rise increases this risk.

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

The Onde S.A. profile in our database carries the full picture of the company: composition of the four-member management board (with CEO Paweł Przybylski), the KRS registration history from 18 July 2001, the registered address at Trasa Prezydenta Władysława Raczkiewicza 1 in Toruń, e-delivery status (AE:PL-45615-74453-JVFHS-28), the websites onde.pl and onde.pl/en, and the assigned PKD code 43.99.Z (other specialised construction activities). The profile is also available in English - important for international renewables / clean-energy fund investors, since Onde is the largest Polish wind- and PV-farm contractor listed on the WSE (450+ projects, 5+ GW portfolio), the listed daughter of the Erbud Group, with a strong backlog of PLN 689 m (+36% YoY).

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000028071); Onde S.A. - 2025 results communication (April 2026); Strefa Inwestorów - Onde 2025 results analysis + Q4 2025 vs PAP consensus; Bankier.pl - SRR/2025 and RR/2025 Onde reports; Onde.pl - communication on the Serby PV farm sale to Energa Green Development; Bankier.pl - ONDE listing profile (ISIN PLONDE000018); PKD 43.99.Z classification (other specialised construction activities); company history - registration as S.A. on 18 July 2001, WSE debut July 2021, as of 2026-05-02.