ONDE publishes results for the first quarter of 2025

ONDE reached the end of the first quarter with income at the level of PLN 155.6 million and enters the next phase of the year with optimism.

In the 1st quarter of 2025, one of the largest the construction and developer companies in the RES sector in Poland generated the income of PLN 155.6 million, versus PLN 168.0 million in the same period of 2024 (-7% y-o-y). Income on execution of RES systems remained on a similar level year over year. At the same time, sales in the road sector decreased by ca. PLN 10 million, and amounted to PLN 20.2 million.

In the first quarter, ONDE’s gross margin on sale was at the level of PLN 12.1 million, versus PLN 13.0 million one year earlier (-6%); EBIT was PLN -3.9 million, while in the first quarter of 2024, the Company recorded a profit of PLN 22.1 million. However, it should be remembered that several transactions involving sales of RES projects from ONDE’s portfolio took place at that time, and this had a crucial influence on the achieved result.

‘RES developer activities are characterised by a great irregularity, as procedures take a lot of time and patience, but combined with execution and maintenance contracts, they guarantee significant profitability. In the first quarter of 2025, we did not conclude any transactions of this type. Additionally, we were affected by the seasonal nature of this sector. The share of wind projects execution also decreased. This, of course, is a consequence of the lack of the 10H Distance Act liberalisation, announced a long time ago,’ says Paweł Przybylski, ONDE President. ‘The remaining part of the year will definitely be better, although we are prepared for a rather challenging time. The execution market will recover strongly only after the said Act is amended and the onshore market is unfrozen. According to the government plans, by 2030 the capacity of the onshore wind power plants in Poland is to increase by 45 percent and reach about 16 GW,’ he adds.

‘Currently, we focus strongly on increasing the value of our developer portfolio through potential acquisitions of successive projects, and hybridisation, including energy storage. Our customers increasingly often inquire after energy storage projects, and we actively submit bids in this area. By 2040, the battery storage capacity in Poland is to amount 8.7 GW. Therefore, it is a very promising market for us’, adds Marek Marzec, ONDE Vice-President, whose responsibilities include developer activities.

Currently, ONDE has RES projects of 1.36 GW in its developer portfolio, of which 418 MW already has connection conditions. According to the plan, at the beginning of 2026, ONDE intends to have a portfolio of at least 2 gigawatts. At the same time, in 2025 the Company would like to sell projects of the potential of ca. 300 MW, preferably in the develop-sell-build (DSB) format, i.e. together with a contract for the farm construction.

At the end of March 2025, the value of ONDE’s external RES orders portfolio amounted to PLN 529 million, i.e. 27% less than at the same time of the previous year. The Company hopes that the coming months will fill the backlog with orders. Since the beginning of the year, it already concluded contracts of the total value of PLN 154 million.

‘Our portfolio of orders is, first of all, “healthy”, with the profit margin expected by us. We are submitting bids very intensely, and are negotiating several large contracts which, if we are successful, will significantly strengthen our portfolio of orders. We also consistently diversify our business. We hope for orders for modernisation of transmission and distribution grids, as the needs and budgets are great in this area, while we have required competencies. We also have not given up our plans to develop in foreign markets,’ lists Paweł Przybylski.