H1 2026 report
Strata netto Grupy w I półroczu 2026 (-283,7 mln zł) wynika niemal wyłącznie z decyzji o zaprzestaniu działalności segmentu budownictwa modułowego (MOD21) - jednorazowe odpisy i rezerwy ok. 223,6 mln zł.
Sentiment
●●●●●●
ERB
H1 2026 report
Revenue
1.25 bn PLN
— YoY
Net income
2.77 m PLN
— YoY
EBITDA
39.1 m PLN
— YoY
Gross margin
8.2%
— YoY
Summary
Investment thesis
- Kapitał własny akcjonariuszy jednostki dominującej skurczył się o 65% w jednym półroczu (431,2 do 149,0 mln zł), co naruszyło kowenanty bankowe - rozwiązane aneksami/zgodami do dnia zatwierdzenia sprawozdania.
- Działalność kontynuowana ma stabilną marżę brutto (8,2% vs 8,3%) mimo spadku przychodów o 13,5% - problemem jest wolumen (OZE -21,2%, budownictwo kubaturowe -11,3%), nie rentowność kontraktów.
- Dwa lata z rzędu głęboko ujemnych przepływów operacyjnych z działalności kontynuowanej (-191,4 mln zł w 2026, -137,8 mln zł w 2025), finansowanych głównie nowym zadłużeniem.
- Zarząd otwarcie deklaruje 'odbudowę kapitałów własnych' jako priorytet - wysoki poziom przejrzystości komunikacji, mimo bardzo słabego wyniku.
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Financials
BETA
ERB · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,254,953 | — | — | 1,254,953 | — | reported | — | 1.00 |
|
Revenue
Budownictwo kubaturowe
|
691,755 | — | — | 691,755 | — | reported | Budownictwo kubaturowe | 1.00 |
|
Revenue
Przemysł w kraju
|
115,256 | — | — | 115,256 | — | reported | Przemysł w kraju | 1.00 |
|
Revenue
Przemysł za granicą
|
155,730 | — | — | 155,730 | — | reported | Przemysł za granicą | 1.00 |
|
Revenue
OZE i infrastruktura
|
287,408 | — | — | 287,408 | — | reported | OZE i infrastruktura | 1.00 |
| Gross profit | 102,889 | — | — | 102,889 | — | reported | — | 1.00 |
| EBITDA | 39,103 | — | — | 39,103 | — | adjusted | — | 0.90 |
| EBIT | 15,355 | — | — | 15,355 | — | reported | — | 1.00 |
|
EBIT
OZE i infrastruktura
|
-2,492 | — | — | -2,492 | — | reported | OZE i infrastruktura | 1.00 |
| Net income | 2,767 | — | — | 2,767 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | -23.78 | — | — | -23.78 | — | reported | — | 1.00 |
| D&A | 23,748 | — | — | 23,748 | — | reported | — | 1.00 |
| Income tax | 4,878 | — | — | 4,878 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 11.93 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 8.2% | — | — | 8.2% | — | derived | — | 0.95 |
| EBITDA margin | 3.12% | — | — | 3.12% | — | derived | — | 0.90 |
| EBIT margin | 1.22% | — | — | 1.22% | — | derived | — | 0.95 |
| Net margin | 0.22% | — | — | 0.22% | — | derived | — | 0.75 |
| Cash | 124,166 | — | — | — | — | reported | — | 1.00 |
| Total debt | 428,010 | — | — | — | — | reported | — | 0.90 |
| Net debt | 303,844 | — | — | — | — | derived | — | 0.90 |
| Equity | 281,835 | — | — | — | — | reported | — | 1.00 |
| Total assets | 1,815,686 | — | — | — | — | reported | — | 1.00 |
| Working capital | 169,782 | — | — | — | — | derived | — | 1.00 |
| Current assets | 1,385,988 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 1,216,206 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 317,645 | — | — | — | — | reported | — | 1.00 |
| Inventory | 182,348 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 508,617 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 273,940 | — | — | — | — | reported | — | 1.00 |
| CFO | -191,421 | — | — | -191,421 | — | reported | — | 0.95 |
| CapEx | 5,386 | — | — | 5,386 | — | reported | — | 1.00 |
| FCF | -196,807 | — | — | -196,807 | — | derived | — | 0.90 |
| FCF conversion | -503.31% | — | — | -503.31% | — | derived | — | 0.75 |
| Current ratio | 1.14x | — | — | — | — | derived | — | 0.90 |
| Debt / equity | 1.52x | — | — | — | — | derived | — | 0.90 |
| Debt / assets | 0.24x | — | — | — | — | derived | — | 0.90 |
| Net debt / equity | 1.08x | — | — | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | -13.47% | — | — | -13.47% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | -26.78% | — | — | -26.78% | — | derived | — | 0.90 |
| EBIT growth (YoY) | -52.09% | — | — | -52.09% | — | derived | — | 0.90 |
| Gross margin Δ (YoY) | -0.11 pp | — | — | -0.11 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | -0.99 pp | — | — | -0.99 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
1,254,953
—
1,254,953
—
- H1 2025
- —
- YTD 2026
- 1,254,953
- Δ YoY
- —
Revenue
Budownictwo kubaturowe
691,755
—
Budownictwo kubaturowe
691,755
—
- H1 2025
- —
- YTD 2026
- 691,755
- Δ YoY
- —
Revenue
Przemysł w kraju
115,256
—
Przemysł w kraju
115,256
—
- H1 2025
- —
- YTD 2026
- 115,256
- Δ YoY
- —
Revenue
Przemysł za granicą
155,730
—
Przemysł za granicą
155,730
—
- H1 2025
- —
- YTD 2026
- 155,730
- Δ YoY
- —
Revenue
OZE i infrastruktura
287,408
—
OZE i infrastruktura
287,408
—
- H1 2025
- —
- YTD 2026
- 287,408
- Δ YoY
- —
Gross profit
102,889
—
102,889
—
- H1 2025
- —
- YTD 2026
- 102,889
- Δ YoY
- —
EBITDA
39,103
—
39,103
—
- H1 2025
- —
- YTD 2026
- 39,103
- Δ YoY
- —
EBIT
15,355
—
15,355
—
- H1 2025
- —
- YTD 2026
- 15,355
- Δ YoY
- —
EBIT
OZE i infrastruktura
-2,492
—
OZE i infrastruktura
-2,492
—
- H1 2025
- —
- YTD 2026
- -2,492
- Δ YoY
- —
Net income
2,767
—
2,767
—
- H1 2025
- —
- YTD 2026
- 2,767
- Δ YoY
- —
EPS (basic)
(PLN)
-23.78
—
-23.78
—
- H1 2025
- —
- YTD 2026
- -23.78
- Δ YoY
- —
D&A
23,748
—
23,748
—
- H1 2025
- —
- YTD 2026
- 23,748
- Δ YoY
- —
Income tax
4,878
—
4,878
—
- H1 2025
- —
- YTD 2026
- 4,878
- Δ YoY
- —
Shares (basic)
(m units)
11.93
—
11.93
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
8.2%
—
8.2%
—
- H1 2025
- —
- YTD 2026
- 8.2%
- Δ YoY
- —
EBITDA margin
3.12%
—
3.12%
—
- H1 2025
- —
- YTD 2026
- 3.12%
- Δ YoY
- —
EBIT margin
1.22%
—
1.22%
—
- H1 2025
- —
- YTD 2026
- 1.22%
- Δ YoY
- —
Net margin
0.22%
—
0.22%
—
- H1 2025
- —
- YTD 2026
- 0.22%
- Δ YoY
- —
Cash
124,166
—
124,166
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
428,010
—
428,010
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
303,844
—
303,844
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
281,835
—
281,835
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
1,815,686
—
1,815,686
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
169,782
—
169,782
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,385,988
—
1,385,988
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
1,216,206
—
1,216,206
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
317,645
—
317,645
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
182,348
—
182,348
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
508,617
—
508,617
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
273,940
—
273,940
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-191,421
—
-191,421
—
- H1 2025
- —
- YTD 2026
- -191,421
- Δ YoY
- —
CapEx
5,386
—
5,386
—
- H1 2025
- —
- YTD 2026
- 5,386
- Δ YoY
- —
FCF
-196,807
—
-196,807
—
- H1 2025
- —
- YTD 2026
- -196,807
- Δ YoY
- —
FCF conversion
-503.31%
—
-503.31%
—
- H1 2025
- —
- YTD 2026
- -503.31%
- Δ YoY
- —
Current ratio
1.14x
—
1.14x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
1.52x
—
1.52x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.24x
—
0.24x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.08x
—
1.08x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-13.47%
—
-13.47%
—
- H1 2025
- —
- YTD 2026
- -13.47%
- Δ YoY
- —
EBITDA growth (YoY)
-26.78%
—
-26.78%
—
- H1 2025
- —
- YTD 2026
- -26.78%
- Δ YoY
- —
EBIT growth (YoY)
-52.09%
—
-52.09%
—
- H1 2025
- —
- YTD 2026
- -52.09%
- Δ YoY
- —
Gross margin Δ (YoY)
-0.11 pp
—
-0.11 pp
—
- H1 2025
- —
- YTD 2026
- -0.11 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-0.99 pp
—
-0.99 pp
—
- H1 2025
- —
- YTD 2026
- -0.99 pp
- Δ YoY
- —