In three "mature" segments of ERBUD, EBITDA amounted to PLN 135 million; for the entire Group, it reached PLN 73.3 million with revenues of PLN 3.3 billion. The building construction business recorded the most significant progress in terms of profitability compared to 2024. Simultaneously, the Management Board announced a review of strategic options.
Last year, the ERBUD Group achieved revenues of PLN 3.26 billion, compared to PLN 2.98 billion the previous year (+9.3% y/y). At the same time, the company generated a gross sales margin of PLN 263.3 million, compared to PLN 219.8 million in 2024 (+19.8% y/y).
The Group's EBITDA amounted to PLN 73.3 million, which was PLN 9.5 million (15%) higher than the previous year. The Group's operating result in the reported period increased by 2% y/y to PLN 21 million. The net result in 2025 stood at PLN -28.3 million, compared to PLN -17.2 million a year earlier.
"Last year was challenging for the entire industry due to the investment gap and an unfavorable macroeconomic environment. Despite this, we increased revenues and significantly improved sales profitability. Our three 'mature' business lines generated over PLN 90 million in operating profit – nearly 25% more than in 2024," emphasizes Dariusz Grzeszczak, President of ERBUD.
The best results in the ERBUD Group in 2025 were traditionally delivered by the RES (Renewable Energy Sources) segment, represented by ONDE, where revenues increased by 7% to PLN 847.5 million, recording an EBIT of PLN 37.6 million.
"Poland's energy transformation is moving forward and, despite a slight slowdown, has excellent prospects ahead. Massive investments in transmission and distribution networks as well as energy storage are just starting. This will allow for further dynamic development of photovoltaics and wind energy. ONDE, as a key player in the market, will be a beneficiary of this trend," says Jacek Leczkowski, Vice-President of the ERBUD Group. "As planned, ONDE also exceeded 2 GW in its development portfolio. A large part of these projects is at an early stage of development, so it is an investment for the future with potentially very high returns," he adds.
The greatest progress in terms of operating profitability was achieved by the Group's traditional activity - building construction. Its operating result increased fourfold year-on-year to reach PLN 23 million, with a 6.5% increase in sales.
"We have improved budgeting and project supervision and introduced a number of innovative solutions. We are also in the process of implementing a cost optimization plan," emphasizes Dariusz Grzeszczak. "Our internal actions and the expected market recovery should result in both revenue growth in building construction in the coming years and solid profitability for this activity," he adds.
2025 also brought a significant increase in margins in the industrial services segment. Total revenues in this sector - both domestic and foreign - reached PLN 627 million (+8.2% y/y), while operating profit rose by as much as 27% compared to 2024, reaching a record amount of PLN 32.7 million.
"Industrial services already account for almost 20% of the entire Group's revenue. We are growing systematically, securing further contracts mainly in foreign markets. This business stabilizes the results of the entire Group, which is why it is an important segment. It is a specific market - broad but fragmented. A large entity can consolidate it both organically and through acquisitions," explains Tomasz Wojak, a member of the ERBUD management board responsible for the industrial services segment.
The only unprofitable activity in the ERBUD Group remains the MOD21 companies, which produce modules. This segment is undergoing a thorough reorganization, and its costs, together with fixed costs, weigh on the Group's result (PLN -69.4 million EBIT).
At the end of 2025, the ERBUD Group's external order book was valued at approximately PLN 2.5 billion, which is PLN 300 million less than at the same point in 2024.
"All signs indicate that the second half of the year should mark the beginning of a recovery for the construction industry. Poland has enormous funds to spend from the National Recovery Plan (KPO) and other investment programs dedicated to infrastructure – the government is announcing investment expenditures of up to PLN 1.5 trillion over the decade. We are entering decisive phases in energy, transport, and defense. Therefore, we look to the future with optimism," says Dariusz Grzeszczak.
Along with the publication of the 2025 results, ERBUD announced a review of strategic options for the Group's main business areas. Its goal is to assess possible directions for the Group's development and to identify and analyze available opportunities. As part of the review, the management board will consider, among other things, obtaining additional financing for Group entities, spinning off selected assets or entities within the Group, or reorganizing its structure.
"We are currently operating in a very dynamically changing business environment. On one hand, this creates a number of challenges, but on the other, it offers growth opportunities for a large and diversified organization like ours. We have significant experience in building a strong position in niches and utilizing intra-group synergies. We decided that this is a good moment to take a close look at our business, identify the most promising areas to strengthen ourselves, and reorganize where necessary," comments Dariusz Grzeszczak.