ERBUD increased revenues in all its business segments. In three out of four segments, it also significantly improved its sales margin.
The ERBUD Group generated PLN 1.53 billion in revenue in the first half of 2025, compared to PLN 1.33 billion a year earlier (+15% y/y). At the same time, the company generated a gross sales margin of PLN 112.7 million, compared to PLN 101.6 million in the same period of 2024. (+11.0% y/y). The Group's EBITDA amounted to PLN 28.8 million and was PLN 3.5 million (10.9%) lower than in the first half of 2024. The Group's operating result in the reporting period fell from PLN 11.7 million to PLN 3.4 million compared to the same period in 2024. The net result was PLN -9.8 million, compared to a profit of PLN 0.6 million in the same period of 2024.
‘All our business lines increased their revenues, which is particularly difficult in the current market environment. What is more, three out of four recorded a significant improvement in sales margins. We are therefore confident about the results for the whole year, especially as our portfolio is full of orders,’ emphasises Dariusz Grzeszczak, President of ERBUD.
The largest positive contribution to the Group's results in the first six months of 2025 came from ONDE, a company specialising in renewable energy sources. This area generated nearly PLN 367 million in revenue (+4% y/y), PLN 42.5 million in sales margin (+27.5% y/y) and PLN 19.4 million in EBITDA (-28.5%). The difference in EBITDA is mainly due to last year's high base, increased by PLN 22 million from the sale of four development projects.
ONDE's main success in the period ended was a significant, nearly 30% improvement in the sales margin in the renewable energy construction segment. This is an activity that generates steady profits, and profitability in renewable energy has returned to satisfactory levels. As for the development segment, we can count on both proceeds from the sale of projects and remuneration for their construction under the DSB formula. In the coming months, ONDE plans to sell two more projects in this way – a wind and a PV project – with a total capacity of approximately 215 MW. – says Jacek Leczkowski, Vice-President of ERBUD. ‘The ONDE Management Board is also working intensively to expand its portfolio of development projects. In recent months, it has added over 0.5 GW ’in the wind‘. By the end of the year, the portfolio should grow to 2 GW,’ adds Jacek Leczkowski.
The first half of the year was also very successful for the industrial services segment. In total, this activity – in Poland and abroad – generated PLN 302 million in revenue (+17.8% y/y), while doubling operating profit compared to the first half of 2024 to PLN 10.7 million.
“The services segment is characterised by high profitability, especially on foreign contracts. We have high ambitions for this activity and see potential for growth both organically and through acquisitions. The market is highly fragmented, and we have the resources to consolidate it,” explains Tomasz Wojak, member of the ERBUD management board responsible for the industrial services segment.
The first half of the year was also successful for traditional building construction, which generated PLN 780 million in revenue for the Group during this period (+14% y/y) and PLN 9.5 million in EBIT, compared to an operating loss of PLN 1.8 million in the first half of 2024.
‘The building construction market in Poland is still stagnant, which makes the Group's result all the more impressive. This is the result of improved operational efficiency, better cost control, but above all, a selective approach to orders and conservative contract budgeting,’ emphasises Dariusz Grzeszczak, President of ERBUD. – We have accumulated a substantial order book here, which is currently worth almost PLN 1.7 billion, of which approximately PLN 800 million is for this year – adds Dariusz Grzeszczak.
In total, the Group's external order portfolio was worth over PLN 2.8 billion at the end of June 2025, which is almost the same as at the same point in 2024. Added to this is the execution value of own projects in renewable energy sources, exceeding PLN 700 million.
MOD21, a company producing wood modules, increased its revenues in the first half of the year by 142 per cent compared to the same period in 2024, to PLN 83 million. However, this innovative area of activity, which is new to the Group, is still working towards reaching the break-even point. In the first half of the year, the company's EBIT stood at PLN -28 million. Currently, the company's portfolio includes orders worth approximately PLN 200 million, of which PLN 135 million is to be processed this year, which will mean a 2.5-fold increase in sales year-on-year.
‘We have replaced the company's management board and part of the staff. We have introduced strict cost control and are constantly training our employees. We hope that MOD21 will show its first profits in 2026,’ says Dariusz Grzeszczak. "We have invested heavily in the construction of the production plant, and now we are investing in production efficiency and quality. This is the largest investment project in the history of the ERBUD Group. However, prefabrication is the future of construction, as can already be seen from the dynamic growth in MOD21's revenues, and we want to become a key player in this growing market. We are convinced that this effort, both financial and managerial, will bring solid returns in the coming years," summarises Dariusz Grzeszczak.