Erbud (ERB) Q2 2026 earnings summary

Executive summary

• Revenue from continued operations for H1 2026 was PLN 1,254.95m, down 13.5% year-over-year; gross profit from sales fell to PLN 102.89m from PLN 120.61m.

• Net profit from continued operations for H1 2026 was PLN 2.77m, a sharp decline from PLN 14.34m year-over-year.

• Discontinued operations (modular construction segment) generated a net loss of PLN 286.43m in H1 2026, leading to a total net loss of PLN 283.67m.

• The modular construction segment was classified as discontinued and is being actively divested following significant losses and impairment charges.

Financial highlights

• H1 2026 EBITDA margin from continued operations was 3.12%, slightly down from 3.68% year-over-year.

• EBIT from continued operations was PLN 15.36m in H1 2026, less than half of the PLN 32.05m in H1 2025.

• Net cash at period end was PLN 124.17m, down from PLN 271.72m at year-end 2025.

• Total assets decreased to PLN 1,815.69m from PLN 1,987.29m at year-end 2025.

• Basic and diluted EPS from continued operations was PLN 0.23 for H1 2026, compared to PLN 1.20 in H1 2025.

Outlook and guidance

• Management expects continued market volatility due to geopolitical risks, inflationary pressures on materials and labor, and ongoing wage pressure.

• The company is focusing on geographic and segment diversification and renegotiating contract terms to mitigate risks.