Slides
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Investor Presentation Q3 2025
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PLN 2.44 billion 16% y/y Revenue growth throughout all areas of the Group's operations Reliable, 7.1% gross margin on sales (9% in three segments: residential industry, RES, industrial services). 9 months of 2025 in figures | Revenues
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PLN 2.0 billion Selective contracting in a challenging market Autumn sales acceleration – securing orders with a value of PLN 0.4 billion in October and November 2025 9 months of 2025 in figures | Contracting
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PLN 3.1 billion Secure, conservatively composed backlog PLN 0.9 billion backlog from external clients to be executed in Q4 2025 9 months of 2025 in figures | Backlog
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PLN 54.0 million Reliable PLN 25.2 million EBITDA generated in Q3 Increased profitability of the RES and residential construction segments 9 months of 2025 in figures | EBITDA
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AGENDA NDA • Market environment • Challenges and opportunities • Financial performance • Four divisions of the ERBUD Group • Statement of financial position • Summary
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Macroeconomic background | GDP and CPI According to government forecasts, GDP growth will rise to 3.5% in 2026, with inflation at 3.0%. 4,8 5.4 4,5 - 2.0 6,9 5.3 0,1 2.9 3.4 3.5 3.0 2.9 1.6 1.6 2,3 3.4 5.1 14.4 11.4 3.6 3.0 3.0 2.6 2.5 2017 2018 2019 2020 2021 2022 2023 2024 2025_forec. 2026_forec. 2027_forec. 2028_forec. GDP trend and inflation GDP (constant prices, %) Average annual inflation (%) Source: Draft budget for 2026
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Decrease in construction and assembly production in the period January - September 2025 by 0.8% y/y (despite the low base in 2024) Macroeconomic background | Construction and assembly production +4.3% 0.0% - 1.1% - 4.2% - 2.9% +2.2% +0.6% - 6.9% 0.2% -15 -10 -5 0 5 10 15 20 25 I II III IV V VI VII VIII IX X XI XII Construction and assembly production trends in 2025 * Construction of buildings Construction of civil engineering structures Specialised construction works Total construction *Percentage change compared to the value for the given month of 2024, constant prices
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Decrease in the general economic conditions indicator in construction from - 4.7 at the end of H1 2025 to - 7.3 in October 2025 Macroeconomic background | Economic situation in the construction industry - 7.3 X 2025 -50 -40 -30 -20 -10 0 10 20 30 2020 2021 2022 2023 2024 2025 General economic climate indicator in the construction industry Source: CSO
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Challenges - 1. The industry has been in decline for two years now. Low level of investments . The PMI indicator has negatively affected the market. The underutilisation of production capacity in large construction companies intensifies the price war . A long - unseen elevated number of bids in tenders. 2. Germany's economic stagnation . GDP remained unchanged from July to September 2025. Negative revision of forecasts for 2025 and 2026 . 3. Geopolitical situation . 4. Deficiency of qualified employees, primarily in strategic segments . + 73% of construction enterprises highlight high labour costs as the major barrier.
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Opportunities + 1. The Ministry of State Assets has established a „ Team for the Participation of the National Component in Key Investment Processes ” which is expected to define the concept of „ local content ” . The ERBUD Group is the third largest CIT payer among construction companies. 2. Another interest rate reduction (to 4.25%, the lowest since May 2022 ). 3 . In September the value of housing loans granted in Poland increased by 62.8 per cent y/y, peaking at PLN 10.67 billion (Credit Information Bureau ). 4 . The Ministry of Climate announces a deregulation bill for the RES market . 5. For the first time in history, RES provided more electricity than coal. In H1 2025, they produced 5,072 TWh of energy, while coal - fired power plants generated 4,896 TWh . 6. Forecasts ( PMR ) indicate that the capacity of the Polish data centre market is expected to nearly triple by 2030 , from 173 MW to over 500 MW. ERBUD's active involvement in the Polish Data Centre Association.
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Financial Performance ERBUD Group 9 months of 2025
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41.0 65.1 54.0 9 months of 2023 9 months of 2024 9 months of 2025 Operating performance – 9 months of 2025 EBIT [PLN million ] EBITDA [PLN million ] 13.7 33.6 15.5 9 months of 2023 9 months of 2024 9 months of 2025 - 14.3 7.7 - 13.0 9 months of 2023 9 months of 2024 9 months of 2025 • Increase in EBITDA in the residential construction and industrial services segments • Reliable, satisfying performance of the RES segment • Higher amortisation , by PLN 7.1 million, influences the Group's EBIT • Negative balance on financial activities and higher losses of entities valued using the equity method (total of PLN - 16.7 million in the first 9 months of 2025) Net result [PLN million ]
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Operating performance – EBIT structure 17.9 66.7 15.5 31.8 19.1 - 2.1 - 51.2 Residential construction RES Industry services Other Mature segments combined Modular segment Reported EBIT EBIT segmentation for the first 9 months of 2025 [PLN million] • PLN 66.7 million EBIT of the core business segments of the ERBUD Group, an increase of 43% compared to the previous year • Reorganisation costs and costs of executing orders acquired in 2024 in the modular segment with a negative impact on EBIT.
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2,447.2 2,104.6 2,443.6 177.0 174.1 174.6 9 months of 2023 9 months of 2024 9 months of 2025 Revenues Gross profit on sales 7.2 % 8.3 % 7.1 % Revenues Revenue and gross profit from sales [PLN million] Residential construction 50% Industry services 19% RES and civil engineering and road construction 26% Modular construction 5% Revenue structure 2025 [%] • 16% increase in the Group's revenues • Increasing sales across all business areas Dynamic revenue increase Gross margin
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Residential construction 1502 ONDE - civil engineering and road contracts 85 ONDE - OZE external orders 317 ONDE - RES own projects 719 Industry , domestic 85 Industry , international 178 Modular structures 188 Backlog Backlog [PLN million ] Backlog, segments As of September 30, 2025 [PLN million] 2,951 2,831 2,355 913* 961* 719* 3,864 3,793 3,074 30.09.2024 31.12.2024 30.09.2025 * Backlog of internal RES projects, including only projects with connection conditions • Approximately PLN 2.4 billion in backlog for external clients • Contracts with a value of PLN 0.4 billion secured at the beginning of Q4 this year, compared to orders with a value of PLN 0.4 billion secured in Q3 . Autumn sales acceleration
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Debt 136.0 - 85.6 - 29.5 27.8 66.4 - 56.7 103.7 138.2 153.6 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025 30.09.2025 Net debt [PLN million ] 2.7 - 2.4 - 0.5 0.7 1.1 - 0.9 2.5 2.3 2.9 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025 30.09.2025 Net debt / EBITDA LTM * * Net debt to EBITDA for the last 12 months, adjusted for one - off events • PLN 201.3 million in cash in the accounts of Group companies at the end of the period (including funds accumulated in VAT accounts) ) Secure level of debt
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Cash flow 300.3 184.1 - 1.3 +38.6 - 26.2 - 143.0 +8.7 +52.6 +75.0 - 18.4 - 26.7 - 75.6 Cash flow [PLN million ] Cash and cash equivalents as of January 1, 2025 Gross result Amortisation Income tax Other operating CF Investment CF (Repayments) /incurrence of bank debt Bond issue Interest Dividend payments Other financial CF Cash and cash equivalents as of June 30, 2025
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Four robust business divisions of the ERBUD Group RESIDENTIAL AND INDUSTRIAL CONSTRUCTION RES MODULAR FACILITIES INDUSTRY SERVICE ERBUD , ERBUD INTERNATIONAL ▪ EPC for buildings ▪ EPC for hospitals and special facilities ▪ EPC for production, energy and logistics facilities ▪ Construction scope for large - scale industrial and energy developments ONDE ▪ Development for RES facilities ▪ EPC for wind and solar farms ▪ EPC for road construction MOD21 ▪ Manufacturing of timber modules ▪ EPC of prefabricated timber structures ERBUD INDUSTRY CENTRUM, SATCHWELL , CKTiS , IVT WEINER + REIMANN, IKR ▪ 24/7 technical support for installations ▪ Retrofitting , scheduled maintenance , installation ▪ Steel structures ▪ Prefabrication of pipelines for the chemical and energy industries
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Residential construction 1. By the end of September – construction contracts for more than PLN 1 billion signed ( by the date of publication, an additional PLN 170 million ). 2. Public procurement accounts for 62.3% of the residential construction segment. 3. Backlog for 2025: 438 million , for 2026: approx . 900 million . 4. Over PLN 200 million for healthcare – the Group's strong capability . 5. Despite a 13.4% y/y decline in the number of building permits issued in Poland (191,000 permits were issued in the first three quarters of 2025), ERBUD: PLN 320 million in contracts secured in the area of housing construction. 6. Commissioning of Baltic Towers (wind tower manufacturing plant) – in September, the manufacturing of the first components was officially celebrated there.
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Residential construction 1,143 1,041 1,215 9 mon. of 2023 9 mon. of 2024 9 mon. of 2025 Revenues from sales [PLN million ] Backlog [PLN million ] 1,695 1,698 1,502 30.09.2024 31.12.2024 30.09.2025 Outlook for Q4 2025 and 2026 • Continuation of the strategy of selective order acquisition and focus on orders with higher added value • Challenging market environment due to persistent investment stagnation • Double - digit revenue increase • Sharp increase in business profitability, achieved in part through a focus on more complex, high - return projects • Lower contracting, related to the challenging market environment and selective acquisition of orders Q3 and 9 months of 2025 – remarks PLN million Q3 2025 Q3 2024 Change y/y 9 months of 2025 9 months of 2024 Change y/y Revenues 435.0 352.4 23% 1, 215.0 1,041.5 17% EBIT 8.4 0.4 +PLN 8 million 17.9 ( 1.3 ) +PLN 19.2 million Acquired orders 316.7 426.9 (26%) 1,100.6 1,341.6 (18%)
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RES and roads 1. Further optimisation and commercialisation of the own project backlog , 2. Acquisition of further greenfield RES projects - > target: 2 GW in the RES portfolio by the beginning of 2026 , 3. The Ministry of Climate announces a legislation to deregulate the RES market , 4. Over PLN 500 billion – total investment plans of state - owned companies in the area of RES and transmission networks with a view to 2034 , 5. International expansion .
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Industry services 1. High (20 %) increase in overseas sales . 2. Conclusion of a contract amounting to PLN 48 million with SMS Group by IKR for the manufacturing, assembly and maintenance of pipelines and equipment (November 2025). 3. Increased activity on the Polish market, particularly in the petrochemical segment ( execution of works for the PKN Orlen Group ) . 4. Further implementation of business - strategic work at Siegfried Pharma's German facilities . 5. The challenging market environment in Germany, associated with macroeconomic conditions and the political situation (decrease in GDP, decrease in exports of goods related, among other things, to US customs policy, lower capacity utilisation in industry), resulting in a more prudent approach to investment .
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Industry services 425 412 470 9 mon. of 2023 9 mon. of 2024 9 mon. of 2025 Sales revenue [PLN million ] Backlog [PLN million ] 149 159 85 317 315 178 ∑ 466 ∑ 474 ∑ 263 30.09.2024 31.12.2024 30.09.2025 Domestic backlog International backlog ∑ Total Outlook for Q4 2025 and 2026 • Target – at least maintaining profitability (y/y) while facing significant competition • Dynamic increase in international sales • Satisfactory business profitability Q3 and 9 months of 2025 – remarks PLN million Q3 2025 Q3 2024 Change y/y 9 months of 2025 9 months of 2024 Change y/y Revenues 168.3 156.0 8% 470.3 412.2 14% Domestic 71.4 75.1 (5%) 174.5 170.3 2% International 96.9 80.9 20% 295.7 241.9 22% EBIT 8.4 10.0 (16%) 19.1 15.5 23% Acquired orders 116.8 244.3 (52%) 372.1 565.9 (34%)
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Modular construction 1. ERBUD Group's continuation of investment in the modular segment . 2. Completion of the Wolbeck - Nord primary school in Münster . The two - storey building with an area of 1,246 m² was developed in just five months and will be a learning environment for 120 pupils. . 3. Additional Polish contracts – including the construction of an administrative and office facility for the Dobrzejewice Forest District near Toruń . 4. According to the Polish Investment and Trade Agency report, by 2030 , the modular construction market in Poland is expected to reach PLN 7 billion annually . 5. Significant interest in modular technology during the International Defence Industry Exhibition in Kielce . Modules meet the requirements of the defence industry .
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Modular construction 38 69 127 9 mon. of 2023 9 mon. of 2024 9 mon. of 2025 Sales revenue [PLN million ] Backlog [PLN million ] 179 163 138 30.09.2024 31.12.2024 30.09.2025 Outlook for Q4 2025 and 2026 • Focus on completion of remedial processes while maintaining customer relations , • Progressive, well - considered return to business expansion • Continuation of remedial measures • The costs of reorganisation and the execution of orders acquired in 2024 determine the negative result Q3 and 9 months of 2025 – remarks PLN million Q3 2025. Q3 2024 Change y/y 9 months of 2025 9 months of 2024 Change y/y Revenues 44.2 34.9 27% 126.9 69.1 84% EBIT ( 23.6 ) ( 0.4 ) - ( 51.2 ) ( 12.9 ) - Acquired orders 0 62 - 138.1 202.1 (32%)
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1. 16% increase in revenue, up to PLN 2.44 billion, satisfactory profitability of mature business segments 2. Residential, RES and industrial segments drive the company's performance , 3. Reorganisation of the modular construction segment underway , 4. Conservative contracting policy in a challenging market , targeting higher value - added contracts , 5. PLN 201 million in cash and cash equivalents ; secure net debt level . ERBUD Group in the first 9 months of 2025 – summary
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Statement of financial position – selected data PLN thousand 30.09.2025 31.12.2024 Assets , including : 2,173,256 2,027,937 Inventories 167,620 172,339 Valuation of construction contracts - assets 519,175 351,536 Trade receivables 576,636 458,438 Receivables from construction contracts - deposits 36,748 44,447 Tangible fixed assets 367,308 347,956 Investments recognised under the equity method 31,913 45,711 Financial assets 30,960 34,556 Cash and cash equivalents (including those accumulated in the VAT account) 201,337 329,774 Liabilities , including : 2,173,256 2,027,937 Equity, including 588,460 629,010 Equity of shareholders of the Parent Company 447,213 486,554 Financial debt 424,847 313,141 Valuation of construction contracts - liabilities 445,934 431,941 Trade payables 367,724 312,199 Liabilities towards subcontractors – deposits 157,128 149,488 Net debt 153,581 - 56,700
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Statement of financial position – selected data PLN thousand Q3 2025 Q3 2024 Change y/y 9 months of 2025 9 months of 2024 Change y/y Revenue from the sale of goods and services 910,434 771,123 18% 2,443,562 2,104,588 16% Cost s of goods and services sold 841,511 698,617 20% 2,261,897 1,930,496 17% Gross profit on sales 61,824 72,506 (15%) 174,566 174,092 0% Costs of sales 7,603 5,651 35% 20,770 16,163 29% Overheads 49,349 49,105 0% 156,226 142,834 9% Other operating revenue 7,401 5,928 25% 15,866 11,240 41% Other operating costs 480 827 (42%) 4,257 4,586 (7%) Reversal of impairment loss/impairment loss on financial assets and assets arising from the valuation of contracts with clients 292 (934) - ( 1,023 ) ( 7,199 ) - Operating profit 12,085 21,917 (45%) 15,466 33,638 (54%) Balance of net financial income and costs ( 7,608 ) ( 10,719 ) - ( 13,146 ) ( 14,908 ) - Net profit/ loss , including : ( 3,250 ) 7,077 - ( 13,002 ) 7,657 - Assigned to ERBUD shareholders ( 8,483 ) 5,049 - ( 20,060 ) (533) -
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CREATING THE ENERGY OF TOMORROW OPERATING AND FINANCIAL PERFORMANCE FOR THE FIRST 9 MONTHS OF 2025 ONDE GROUP 3Q 25
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PLN 641 million + 10.1 % y/y Higher revenues despite a difficult market RES execution margin at a solid double - digit level 9 MONTHS of 2025 in figures | REVENUES
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PLN 42,9 million +4% y/y Lower revenues from the sale of own RES developments Challenging Q1 2025 9 MONTHS of 2025 in figures | EBITDA
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PLN 411 million (34)% y/y After the balance sheet date, the company concluded contracts amounting to over PLN 310 million in the PV segment alone Low supply of high - budget WF developments 9 MONTHS of 2025 in figures | BACKLOG
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1.8 GW Significant (+80% y/y) increase in the volume of own RES development projects Projects with connection conditions of 360 MW 9 MONTHS of 2025 in figures | OWN PROJECTS
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RES 86% Road and civil engineering construction 12% Energy production 1% Other 1% Revenue structure 9 months of 2025 • The market remains challenging: with fewer projects, but on a larger scale • Revenue from the sale of energy produced by PV Lewałd (the company has already obtained a licence to sell electricity ) • Increase in the share of RES in the revenue structure . Increasing margin in construction Operating profit/ losss of segments [PLN million ] REVENUES – STRUCTURE AND OPERATING PROFITABILITY OF SEGMENTS 838.7 582.4 641.2 72.8 57.5 75.7 9 months of 2023 9 months of 2024 9 months of 2025 Revenues Gross profit on sales Revenue and gross profit from sales [PLN million] 9% 10% 12% 47 35.1 - 14.2 - 8.3 2.7 1.2 2.3 9 months of 2024 9 months of 2025 Other Energy sales Civil engineering and road construction RES construction
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21.2 18.0 9 months of 2024 9 months of 2025 34.1 31.8 9 months of 2024 9 months of 2025 41.2 42.8 9 months of 2024 9 month of 2025 EBITDA [PLN million ] EBIT [PLN million ] • Previous year's operating profit significantly supported by sales of development projects (difference of approx. PLN 15 million y/y) • 56% increase in amortisation y/y • 25 % increase in financial costs (servicing the loan for PV Lewałd ) Net result [PLN million ] PROFIT FOR THE FIRST 9 MONTHS OF 2025
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5.3 13.1 Q3 2024 Q3 2025 11.4 19.4 Q3 2024 Q3 2025 14.0 23.4 Q3 2024 Q3 2025 • Margin generated entirely from executive activities • 70% increase y/y • Significant improvement in profitability y/y ONDE PROFITS FOR Q3 2025 • 67% increase in EBITDA y/y in Q3 2025 EBITDA [PLN million ] EBIT [PLN million ] Net result [PLN million ]
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135,5 24,5 11,1 3,6 - 4,9 - 12,4 - 37,3 10,2 22,4 - 9,3 - 12,5 - 9,7 - 5,1 - 16,9 2,7 101,9 Cash and cash equivalents as of 1.01.2025 Gross result Amortisation Share in net losses of entities valued under the equity method Result from the sale of shares in a jointly controlled company Tax Change in working capital Proceeds from the sale of shares in jointly controlled entities Repayment of loans granted Acquisition of fixed assets Loans granted Balance of debt changes (principal) Interest paid Dividend paymenty Other Cash and cash equivalents as of 30.09.2025 CASH FLOW DURING THE FIRST 9 MONTHS OF 2025
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DEBT 93.3 30.8 44.5 - 38.7 - 91.5 - 13.7 8.5 - 23.6 32.1 62.6 36.3 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025 30.09.2025 Net debt [PLN million ] 3.6 0.7 0.8 - 0.7 - 1.1 - 0.2 0.2 - 0.4 1.0 1.3 0.6 31.03.2023 30.06.2023 30.09.2023 31.12.2023 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.03.2025 30.06.2025 30.09.2025 Net debt / EBITDA LTM • Net debt reduced 72 % • DN /EBITDA lowest this year, at a secure level Secure debt level
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623 611 411 * 913 * 704 *719 1,536 1,315 1,130 30.09.2024 30.06.2025 30.09.2025 Own RES project backlog External project backlog Civil engineering and roads 87.4 WF 117.7 PV 206.2 Own projects 719 Backlog [PLN million ] Backlog, segments As of 30.09.2025 [PLN million] * Internal RES project backlog, including only those with connection conditions • After the balance sheet date, concluded contracts amounting to over PLN 310 million in the PV segment alone • PV projects dominate the market, however storage tenders (BESS) are already appearing • First executive projects in Germany in the portfolio Backlog under market pressure BACKLOG
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• Ordering Party: Grupa Cyfrowy POLSAT • Nominal capacity: 138.6 MW • Number of turbines: 63 • Remuneration: PLN 357 million net • Stage of implementation: DIV construction works completed, occupancy permit obtained, farm in the process of technological commissioning, investor is processing the concession. DI - III construction works completed, WF in the process of technological commissioning, • Completion date: early 2026 Miejska Górka Wind Farm Drzeżewo I - III and Drzeżewo IV Wind Farm Serby Photovoltaic Farm • Ordering Party: VSB Energie Odnawialne Polska • Nominal capacity : 190.8 MW • Number of turbines: 53 • Remuneration: PLN 164 million net ( ONDE share only) • Stage of implementation: surveying and inventory work • Completion date: Q2 2027 • Ordering Party: Energa Green Development • Nominal capacity : 112 MW • Remuneration : PLN 240 million net • Stage of implementation: 100% of the structure assembled, 99% of the modules installed, 85% of the high - voltage line completed, installation of cable accessories and work at the Main Distribution Point in progress. • Completion date : Q2 / Q3 2026 MAJOR CONTRACTS IN PROGRESS
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ADVANCEMENT OF RES DEVELOPMENT PROJECTS LICZBA FARM PV LICZBA FARM WIATROWYCH 1a 1b Projects intended for sale in 2025/2026 Type Proje c t Installed power Share Stage 1a 3 6 MW 50% Near RtB 1 b 1 8 0 MW 50% Near RtB Backlog as of 31.10.2025 [MW] PV Wind Storage facilities Projects for sale 2025/2026 180 36 Projects for hybridisation 215 294 125 PV projects 320 Wind projects - greenfield 708 Total 715 1,038 125 Total backlog potential (excluding storage facilities) 1,753 • Securing connection conditions (within cable pooling) for wind farm 1a • 361 MW of projects with connection conditions issued (connection capacity) – 325 MW are PV projects, 36 MW are WF projects • The Lewałd Photovoltaic Park (32 MW) has been granted a licence to sell energy
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Operational activities 1. Further optimisation and commercialisation of the own project backlog , 2. Acquisition of additional greenfield RES projects - > target: 2 GW in the RES backlog by early 2026 , 3. Energy storage facilities – commencement of development of initial projects, participation in tenders , 4. International expansion , 5. ONDE as an I ndependent P ower P roducer ( IPP ) – PV Lewałd (32 MW) operates on its own account, licence obtained for energy sales . FUTURE PLANS AND PROSPECTS
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Market environment 1. The Ministry of Climate announces a legislation to deregulate the RES market , 2. The next revision of National Energy and Climate Plan 2040 is expected to be pending: RES capacity is expected to increase from the current 30 GW to approx. 56 GW in 2030 and approx. 88 GW in 2040 , 3. Over PLN 500 billion – total investment plans of state - owned enterprises in the area of RES and transmission networks by 2034 , 4. According to the assumptions of the National Energy and Climate Plan, by 2030 the capacity of battery storage facilities is expected to increase from 200 MW currently to 2 GW . By 2040, the capacity of battery storage facilities is expected to increase more than fourfold, to 8.7 GW , 5. Intensive work by RES developers on project hybridisation – utilisation of cable pooling, supplementation with energy storage modules , 6. Implementation of the RED III regulations, which will simplify design and connection requirements as well as administrative procedures, is currently underway – a government project scheduled for completion in 2025/2026. FUTURE PLANS AND PROSPECTS
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INVESTOR RELATIONS ( ERBUD ) Agnieszka Głowacka Vice - President of the Management Board MEDIA CONTACT ( ERBUD ) Marcin Kasprzak marcin.kasprzak@erbud.pl 792 280 805 INVESTOR RELATIONS ( ONDE ) Paweł Przybylski President of the Management Board MEDIA CONTACT ( ONDE ) Daniel Mackiewicz daniel.mackiewicz@onde.pl 539 810 835