2024 was a year of development for the ERBUD Group in the RES segment and the cubic capacity, which significantly improved the results. The company entered 2025 with a backlog of PLN 2.8 billion, approx. 330 million PLN in cash on accounts and no net debt.
In 2024, the ERBUD Group generated 2,979 million PLN in revenues, compared to 3,234 million PLN a year earlier (-7.9% y/y), significantly improving the gross sales margin. It reached PLN 219.8 million and was almost PLN 11 million higher than in 2023. The operating result of the ERBUD Capital Group in the reported period amounted to PLN 20.7 million, which is higher than in 2023 (then PLN 15.2 million after deduction of one-off events). ERBUD's net result in 2024 was at the level of PLN -17.2 million, compared to PLN 23.3 million a year earlier (after adjustment it was PLN -14.3 million).
The RES segment had the greatest positive impact on the operating profit generated in 2024. This area generated an EBIT of PLN 62.4 million, compared to PLN 45.3 million in 2023. The second most profitable segment was industrial services, which achieved a total operating profit of PLN 25.8 million, both domestically and abroad. The Group recorded a clear improvement in the domestic building construction segment, which in the reporting period supported the Group's results with an EBIT of PLN 15 million compared to a loss of PLN 25 million in 2023.
The years of diversifying the Group's activities allow us to compensate for weaker periods in some areas with better ones in others. Three out of four of our flagship segments, i.e. cubic capacity, renewable energy sources and industrial services, ended the year with very good results, totaling over PLN 100 million in EBIT. The significant rebound in cubic volume is encouraging, especially since 2024 was not at all kind to this segment - I am thinking, for example, of the long-announced but delayed infrastructure investments or the slowly distributed funds from the Operational Program Infrastructure and Environment. We are consistently implementing our plans and building our position in narrow specializations with high potential. We have already signed contracts worth almost PLN 700 million in the offshore wind segment alone. It is estimated that investments in this young area will amount to approximately PLN 40 billion in the coming years, with one third of this amount being allocated to onshore work. We hope that our experience will allow us to grow together with the market,' says Dariusz Grzeszczak, president of ERBUD.
ONDE also has ambitious plans and is accelerating strongly in the RES development segment. 'According to the plan, the company's project portfolio is to increase from the current 1.3 GW to at least 2 GW by the end of the year. In addition to wind and solar projects, energy storage facilities, which are crucial for balancing the market, have been added this year. The company has also become an energy producer by launching the 32-megawatt Lewałd Wielki photovoltaic farm. Energy sales from this one installation alone will bring in around PLN 10 million EBITDA per year. ONDE is also looking for its opportunities in the transmission and distribution networks market, where it is planned to spend over PLN 100 billion in the coming years on modernization, says Jacek Leczkowski, vice president of ERBUD, and points out that investments in RES will directly translate into energy prices. According to the Polish Wind Energy Association, each gigawatt of installed energy from onshore wind farms alone results in a price reduction of over 9 PLN per megawatt hour (MWh) on the bill.
MOD21, which produces modular wooden buildings, recorded a difficult fourth quarter, which had an impact on the whole of 2024. This segment showed a loss of PLN 52 million at EBIT level, mainly due to a one-off event at a construction site in Munich.
“We have a good product, one of the most modern factories in Europe and a huge market ahead of us, as proven, for example, by our contracting last year. The success of our start-up is a matter of time,” says Dariusz Grzeszczak, CEO of ERBUD, referring to the opinion of the research company Spectis, which raised the forecast for the modular construction market in Poland from PLN 5 to 7 billion per year in 2030.
The value of contracts signed in 2024 by MOD21 in Poland and Germany exceeded PLN 200 million, and PLN 3.36 billion for the entire Group (vs. 3.1 billion in 2023) despite the difficult situation in the construction industry. In total, the ERBUD Group's external order book had a value of approximately PLN 2.8 billion at the end of 2024, which is as much as 22% more than at the same point in 2023. To this should be added the executive value of own projects in RES, exceeding PLN 960 million. The Group ended the year with a safe level of debt and a stable cash position.
“At the end of the year, we had 330 million PLN in cash and no net debt. This gives us the comfort of conducting operations, opening up the possibility of financing a much higher working capital if necessary, and a budget for taking advantage of emerging opportunities in the acquisition market,” says Agnieszka Głowacka, Vice President of ERBUD.