Eco Buildings Share Chat (ECOB)

Innovative company, expanding fast in many geographies and good contracts already.

Agree,

Also, up to date Detailed accounts showing,

Revenue, Profit, Margins, Costs, Free Cash Flow, cash Burn etc etc

The usual things you would expect from a business your looking to invest in...

Like answers to emails,

Potential is Excellent but !!!

Fair point on milestones, but it’s also worth looking at the broader picture that’s now developing:

• 🇦🇱 Albania (Balfin) – live construction underway, €2.2m per block, multi-block programme

• 🇨🇱 Chile – €420m programme, 20,000 homes, deposits received, production line planned

• 🇸🇳 Senegal – implementation phase, €1.75m JV funding, production mobilisation

• 🇮🇩 Indonesia – $5m partner-funded production line, majority-owned subsidiary

• 🇨🇦 Canada – showhouse delivered, certification pathway, gateway to large housing market

• 🇸🇩 Sudan – $65m project, funding for two production lines

• 🇪🇺 Albania/Kosovo pipeline – targeting ~€114m over 3 years

That’s not a single project waiting for completion, that’s a multi-country rollout with production hubs and projects progressing in parallel.

Execution has now started, and the model is clearly moving from pipeline → delivery → repeatable revenue.

Hard to argue the current share price fully reflects that scale… 🚀

" First apartment block now completed to ground floor and sub-ground level"

I think the more important milestones are: when the entire 18-apartment block is completed; and when the E2.2m is received for the entire apartment block.

Good question, and probably because the market is only just starting to see execution rather than plans.

Until now it’s been pipeline, partnerships and rollout strategy. Today we’ve got visible delivery, revenue per block and a live reference site with a major developer.

That’s a completely different stage.

Markets tend to re-rate when companies move from:

➡ story → delivery

➡ potential → repeatable revenue

That shift is now happening.

Add in:

• €2.2m per block economics

• multiple blocks planned on site

• international rollout already underway

…and it becomes much easier to see how the valuation starts catching up.

Feels like the market is only just waking up to what’s being built here.

Re-rates don’t happen on promises, they happen on delivery. That’s started now. 🚀

How come it’s not a 50p share yet I don’t know.

Impressive apartments and balfin projects across the world. Rolling hills blocks investment can be found below:

https://balfin.al/industries/real-estate/

Sorry. Forgot the RNS with the videos:

https://www.londonstockexchange.com/news-article/ECOB/eco-buildings-delivers-balfin-milestone/17566212

I know this sh*t moves slower than we'd like, but when you watch those videos it is very easy to forget we are talking about a company which all-in, fully diluted, trades at less than 20m quid. Add in the fact that this the first time the Company is not just producing a model home or 2 and/or delivering walls to a construction site for another company to use, this is just Eco and its roughly 10 permanent staff as full project manager, putting up a significant building from scratch for one of central Europe's largest construction groups. And (eventually) getting paid for it. Not a bad advance from where we were just a year ago.

Demoted Mark Carney from the PM to MP . Surely an update on progress is due soon.

Read an article about Canadian MP Mark Carney who wants to deliver half a million new affordable homes. Hoping ECOB can have a piece of the pie.

It's wild to think here newsflow could drop at any time, whether it is a new contract, money landing or an operational update, that could make this move up to the next level!

Great summary Mariusz, really helpful to see it all laid out like that 👍

When you step back and look at it in the round, what stands out is the scale and geographic spread now building simultaneously:

• €420m Chile programme already moving into delivery stages

• $5m Indonesia production line fully partner-funded

• €1.75m Senegal JV now in implementation

• €114m Albania/Kosovo production pipeline developing

• $65m Sudan project funding two additional production lines

That’s not a single-project story anymore, it’s clearly evolving into a multi-region rollout model with local production hubs.

Also worth noting how much of this is partner-funded or deposit-backed, which is exactly how you would expect a capital-light global expansion strategy to be structured.

The really interesting part is that several of these projects are now moving beyond agreements and into implementation / mobilisation, which is typically where things start to become more visible to the market.

For a company still sitting around a ~£16–17m market cap, the scale of what’s being assembled here across multiple regions is pretty striking.

Feels like the pieces of a much bigger picture are steadily being put in place.

News very soon ⬆️📈

partner / region

estimated contract value

commercial progress (as of march 2026)

ownership / structure

chile (govt. program)

€420 million (7-year deal)

active stage: 20,000 homes total. first 607 homes costed with a 50% deposit (€12.8m) secured. production line install planned for q2 2026. ecob operates via a licensed egis (entidad de gestión inmobiliaria social) called e.p. solhabit ltda. under chilean law, an egis is a mandatory intermediary that handles the "social" side-selecting beneficiary families and ensuring compliance-while ecob handles the "industrial" side (the gfrg technology).

100% ecob: delivering via a new local manufacturing facility.

indonesia (local partner)

$5 million (investment)

implementation: binding mou signed feb 11, 2026. $5m equity commitment from local partners (messrs cooper & accors) to fund a new local production line.

51% ecob / 49% partner: ecob retains majority control of the indonesian subsidiary.

senegal (g2 invest)

€1.75 million (initial deposit)

milestone met: progressed to "implementation phase" feb 26, 2026. initial deposit received/processed mid-feb. developing modular hospital and residential units.

65% ecob / 35% partner: partner-funded infrastructure with ecob providing technology and ip.

tirana, albania (local developer)

c2.2 million (first phase)

underway: groundworks complete. ground floor construction started jan 2026. 10% milestone payment (€220k) triggered in late 2025.

coura turbocer cob providing grr waling and assembly for an

albania / kosovo (construction co's)

c114 million (3-year target)

early production: over 42,000 m2 of walling produced in h1 2025. two major contracts in place aiming for €38m p.a. revenue.

service provider: direct sales of gfrg load-bearing wall products.

canada (toronto developer)

just €78000 for now

showhouse milestone: a 130 m2 loft showhouse shipped from albania to toronto. as of early 2026, it is being used for local certification/building reg approvals.

strategic entry: precursor to a planned factory in ontario to meet the 3.5m

home national shortage.

dominican republic (gramma)

$237 million

stalled/pipeline: lol signed nov 2024. as of today, no "trigger" payments or factory

mobilization reported. still awaits final "****logation."

just talk for now.

uk (manufacturing hub)

tbd

strategic: in nov 2025, ecob announced they are "advancing plans" for a uk-based grg factory now that they have cleared iso and british-equivalent standards tests.

the re-rating trigger: if they land a uk housing association partner, the

"country risk" discount on the stock will evaporate.

socotra real estate (sudan)

65 million (contracted)

mobilisation phase: funding being received over a 6-month window (ending q2 2026) to fund two new production lines.

50/50 profit share. socotra funds 100% of the local capex for a stake in the subsidiary.

.

Good to see the shares recovering and zero in terms of hype in the last 2 weeks since the Oak Bloke sold out. That's probably a sign that we've seen the bottom but we'll need some positive news to keep this momentum in my view. I like the OB and subscribe to his service but I don't think timing is his forte...

Edbowsher. Yes, he's sold off getting on for two thirds. It's mentioned in his The Race from the Bottom post on 22 March

I can't see anything on his website where Oak Bloke says he has reduced his holding. Has he said something elsewhere?

I think Oak Bloke stating he reduced his position on this, IDHC and a few others has compounded the general downturn seen across the market.

They should have got a placement away in the twenties.

The problem here is the astronomical rise from sub 5 seemed to be following a number of coincidences. Major shareholder gets warrants for interest free loan at circa 4p, tipped by so called experts, flurry of positive RNSs promising great things…up goes the sp, in come PIs, then followed by tumbleweed.

Mid east crisis

Usual nonsense from the market makers , quick to walk it down and slow to return it back !

A £16m company building a global housing platform…

That’s the bit worth thinking about.

Seriously guys? We have 3 different members all come within a day and warn us of rumours of an imminent placing and that it’s their duty to warn us retail investors as they have been stung with this too many times. You have to laugh at the blatant de-ramping agenda. Won’t be selling any of my shares just yet chaps but cheers for the warning.

Just for balance, there’s nothing negative about a company raising capital if it’s done to strengthen the business for the next phase of growth.

Companies regularly raise funds to accelerate expansion, support larger projects, increase production capacity or simplify the balance sheet ahead of scaling internationally.

With ECOB establishing production hubs and partnerships in markets such as Senegal and Indonesia, capital used to support rollout or strengthen the balance sheet would simply reinforce the company’s ability to grow.

The key point is that the capital supports the company’s growth strategy.

For investors the real story is the global rollout now taking shape.

Thanks for clarifying you weren’t the one suggesting the 10p chart prediction.

On the point about Chris Gilbert speaking to TW, discussing potential funding options with brokers is something most AIM companies do periodically as part of normal corporate planning. It doesn’t automatically translate into an imminent placing.

At the moment the only confirmed developments via RNS are the €1.75m Senegal JV funding and the $5m partner commitment for the Indonesian production line, both of which involve capital coming into projects through partners.

If the company decides to raise capital at PLC level the market will be informed in the usual way via RNS. Until then it’s still speculation.

   •   🇸🇳 Senegal → €1.75m partner equity

   •   🇮🇩 Indonesia → $5m partner funding

   •   🇦🇱 Albania → existing production facility

Expansion capital is not dependent on PLC cash.

LL, the 10p claim was nothing to do with me - for the avoidance of doubt I thoroughly reject that viewpoint.

I'm not sure if you realize that Chris Gilbert, part of the management team at ECOB specifically told TW that they were discussing a placing with brokers. This is more than just a rumour, it has come from within the company itself.

TW says he can no longer recommend ECOB.

🤦. Seems a cash raise is needed.

If a broker was genuinely forward selling on inside information, that wouldn’t be “word has it” territory, that would be regulatory territory.

Until there’s an RNS, it’s just market gossip and stupidity at it’s highest level 🤦‍♂️

Matty1965 said "Word has it that a broker who has agreed terms for a placement is forward selling."

Really? I think the word is a TWit

Is forward selling illegal?

Likely just some risk off volatility but seems a very harsh drop. Not aware of any specific reason for it. Strange that 1 post matty1965 suggests a placing is coming lolz. How many times have i seen the first post of someone suggesting a placing is coming :)

If this is the case they should be reported and/or the placing cancelled so they have to buy back the shares they shouldn’t have forward sold!

Gardie, Not quite the textbook consolidation diagram I had in mind 😄 but small caps rarely follow PowerPoint slides and the recent events abroad have affected everything.

Not the consolidation you were hoping for lucky Laurie?

Hi Truro, fair to question things, but it’s worth separating older exploratory announcements from what’s actually active now.

Known and progressing:

• Chile – structured multi-year government housing programme (20,000 homes framework)

• Albania – 18-unit development under construction with deposits received

• Senegal – JV fully progressed into implementation phase, €1.75m equity allocated, production mobilisation underway

• Indonesia – $5m partner-funded production line agreed

• Canada – showhome pathway to support certification and larger market entry

That’s not “nothing” that’s multiple jurisdictions moving at different stages of deployment.

Of course scale delivery takes time, but the narrative has clearly shifted from concept to implementation in several regions. That transition phase is usually when markets reassess valuation.

Interesting to see how it develops from here but it looks highly likely we will soon get a re-rate worthy of our progress.

Hi Lucky, not trying to start a war but to be precise I'm not to certain if we have any large contracts. There were 2, 1 in Kosovo and 1 in Albania, that prompted the production facilities to be moved from the Middle East. They are both conspicuous by there absence! There are one or two recent ones in Albania but they're far from blockbusters. The rest are MOI's, which, providing that there're fair to all parties, are similar, but there're not enforceable.

You are right though - if they come off then we're due a re-rate. Cheers

OSD, Hard to ignore the valuation gap when you line up contracted pipeline versus current market cap.

The opportunity is clear, the re-rate will ultimately follow delivery. If execution continues the way it has recently, the upside from here is clear to see and probably quicker than we think.

Exciting times ahead

When he first published a deep (ish) dive a few months ago the price immediately ran away from me, so added to my list. Now it's drifted back somewhat, I've started a modest position. Looks like great value if they can fulfil even a little bit of their potential.

Updated thoughts published earlier today, well worth a read. His 3 other articles today are also worth looking at eg WISE and PRTC.

https://theoakbloke.substack.com/p/eco-b-a-partner

MMS putting my buy through as a sell again, naughty !

Many more shares traded than showing on here.

370,000 ish as I write this . Showing 674,000 on Yahoo chart.

This is the update the market has been waiting for.

The RNS confirms G2’s €1.75m equity contribution has been fully allocated into the Senegal JV, fulfilling the partner’s funding commitment and moving the project from planning into execution.

Key takeaways:

✅ Partner funding delivered in full

✅ Production line mobilisation underway

✅ EPC contractor engaged

✅ Engineering & deployment started

✅ Show house funded for final government approval

This is huge because it proves Eco’s capital-light expansion model is working, local partners fund deployment while Eco scales globally.

We’ve now moved from agreements to implementation.

Senegal may be one project, but strategically it validates the rollout model already being replicated in Chile, Indonesia and beyond.

Execution risk just dropped materially.

This is where re-rates typically begin, when projects stop being plans and start being built.

🚀 Global rollout now underway.

Veeeery nice

JV funding allocated and company moving Into mobilisation phase .. nice

SP increase should be the result today :)

Thanks for clarifying bluerill, and fair point 👍 I didn’t take your comment as criticism of the model itself, more as a technical clarification for newer holders, which is helpful.

I think we’re broadly saying the same thing: the key value of the Senegal payment isn’t where the cash sits, but what it confirms, namely partner commitment and projects moving from concept into execution without Eco needing to fund expansion at plc level.

As you say, Senegal may be smaller compared with Chile or now Indonesia, but it still demonstrates the repeatability of the capital-light rollout model across different regions, which in my view is what the market is slowly starting to understand.

Once investors see multiple projects activating under the same structure, confidence builds quickly, and that’s ultimately what drives re-rating rather than any single payment in isolation.

Appreciate the clarification and the ongoing discussion.

You misunderstand me, lucky. I understand completely how the jv works and how and why the progress for all the early projects Eco is forging around the world matter. (tbf, Senegal is relatively minor compared to Chile or the recently announced deal in Indonesia - both of which can be company-makers - but nevertheless, it has its place). In fact, I've been helping readers here better understand the Eco business model since before the RTO.

The reason I pointed out that the Senegal advance would naturally remain in country and in the project there, and not roll up onto the plc's balance sheet, is simply because I'm pretty sure from reading this board and its sister over at advfn, that some shareholders appear to think otherwise.

Just to clarify something regarding the €1.75m Senegal payment, yes the funds are expected to sit within the local JV rather than appear as unrestricted cash on the plc balance sheet. That’s normal for overseas joint ventures.

But the key point is what the payment actually represents.

That money funds factory setup and project mobilisation locally, meaning Eco doesn’t need to finance expansion itself. So even though the cash stays in the JV, it still reduces funding risk for Eco and allows projects to move into delivery and revenue generation.

In simple terms: the cash may not sit in Eco’s UK bank account, but it enables Eco’s share of future revenues without draining company cash.

More importantly, the payment is confirmation that the partner funding has landed and that the project is moving from plans into execution, and that’s why the market is focused on it.

In my view, the re-rate many are waiting for isn’t about accounting treatment, it’s about proof of execution, and the €1.75m announcement is a key step because it shows the capital-light expansion model is actually working.

That’s why it matters.

For the record, I assume everyone understands that this deposit payment does NOT accrue to the plc as cash, yes? That money, when its paid, remains in country in the JV....

Https://www.londonstockexchange.com/news-article/ECOB/humanitarian-house-handover-complete/17461813

Nice RNS this morning and it matters more than people think. Eco has now completed and handed over the pro-bono humanitarian home in Tirana, with the core structure delivered in record time and the finishes now fully complete. That’s real-world proof of what “industrialised housing” looks like: speed + consistent quality + low-carbon build.

Also worth noting: Albani says this was done at the request of a senior government official i.e. Eco is getting visibility at the right level. Reference installs like this are how you unlock government programmes, social housing frameworks and humanitarian rollouts.

In short: not about revenue today, it’s about credibility, proof on the ground, and scaling the platform. 🌍🏗️📈

What would have added to todays RNS is 3 things.

1. Start to finish how long it took?

2. Cost to build?

3. Being of a non-construction design, but innovative, is it mortgageable? Yes to this one in particular would make it very appealing with a favourable build cost and time.

Eco’s now spelling out the playbook, a geographic roll-out strategy to move from “one-off projects” to repeatable Western market entry.

Key line: they’re assessing opportunities in the UK, Canada and Germany as the next step in expansion.

That matters because it signals:

   •   Targeting regulated, high-value markets (bigger pipelines, bigger re-rates when traction lands)

   •   A repeatable model: prove it → certify it → scale it

   •   Canada (Toronto showhouse) sits neatly inside this as the “demo + approvals” wedge

If they execute, this is exactly how you go from “interesting tech” to serial deployments across multiple jurisdictions.

In October '25 ECOB announced the sale of the above. This initiative seems to be off the radar and rarely mentioned. But rereading the RNS it seems as though ECOB has very high hopes. The developer must feel the same as has has put his money in. The only caveat I have is that as the government is involved there is a potential for delays.

The momentum is now undeniable. This is a company building a repeatable, global modular platform, and the last run of RNS’ shows execution accelerating across multiple territories.

🇦🇱 Albania = live delivery + revenue conversion

Tirana 18-unit luxury block: groundworks complete and ground floor now underway. Contracted at €2.2m per block with 40% gross margin guidance, and €440k deposits already received. This is real project delivery translating into cash receipts.

🇸🇳 Senegal = JV + real-world reference installs

Eco’s Senegal footprint continues to deepen with partners on the ground. The modular hospital system for Malicounda (with transport/installation funded and managed by the NGO Amigos de Buba, plus local support from G2 Invest) becomes a high-visibility reference site for future government/NGO/development partner programmes.

🇮🇩 Indonesia = partner-funded scaling

Eco is launching Eco Indonesia LLC with a binding MOU and a committed $5m equity subscription for 49% from MCA to fund a new production line. Eco retains 51%, and operational costs/local cashflows are funded by the partner. This is a powerful replication model: scale capacity fast without draining Group cash.

✅ Certification stack is now institutional-grade

Independent EN/ISO testing (BS-equivalent) + ISO 9001 (Quality) and ISO 45001 (H&S) awarded to Eco Albania. This is exactly what governments, major contractors, insurers and lenders want to see when awarding large programmes.

And we already have the flagship: 🇨🇱 Chile 20,000 homes (~€420m) under a government-backed programme.

Valuation 👇👇

With ~£20m-ish market cap, the upside torque is obvious as delivery scales. As Eco converts multi-territory rollout into recurring revenues and cashflow visibility, a move to 40–60p is entirely realistic, with 75p–£1.00+ on the table as the global replication model becomes fully reflected in the share price.

Sustainable. Scalable. Delivering. 🌍📈⬆️

Looks like a real opportunity to reach the 20p and beyond mark shortly :)

Hi guys, did anyone else get a preference share certificate from II.

This is the first JV to indicate a starting period, the start of the new year. If this is the case it seems to me that it may be the first to contribute revenue. The other JVs are rather light on progress. Senegal has already gone back on funding. Chilli is a JV with a governmental department and in my experience all governmental bodies take for ever. Sudan is in a long term civil war and therefore may well have delay issues. However this new one seems pretty straight forward.

In the meantime lets hope our Albanian production line can deliver the revenue to keep us going. The apartment blocks seem to be progressing well but the 2 contracts that prompted the production move to Albania seem conspicuous by there absence.

All in all though things are going really well. The 2 ISO's are proof that not only is the BoD working hard in the business to grow it with the JV's but they are also working hard ON the business. fortunately our success seems to have quietened our 2 resident trolls, Nobby10 and Magna Carter, The Chat box is much better for it.

That’s a really encouraging RNS this morning. Indonesia is a massive country . Population of 280 million. The new Eco Indonesia subsidiary production line expected to be operational by the end of this year. What’s not to like?

Exciting times for investors.

There has to be one massive sell somewhere soon as it’s been not to sell for over 1 hour now what is going on this is good news should be over 20p to start with

Just a reminder that the €1.75 million from the Senegal joint venture is due in mid-February, as per the 31 Dec 2025 RNS:

"The Company now expects to receive the initial €1.75 million deposit from G2 Invest in mid-February 2026, representing a key milestone in advancing the Senegal joint venture."

https://www.lse.co.uk/rns/ECOB/update-on-senegal-joint-venture-payment-z0vw2o2o2uwfbx2.html

@bluerill 👍 Fair points and I’m broadly aligned with you.

If Eco does a raise for the right reasons (accelerating line deployment, meeting contracted demand in Albania/Chile, seizing a time-sensitive opportunity with a partner etc) and management clearly articulate the use of proceeds + expected return, then I agree that’s not “bad dilution” in the AIM horror-story sense, it’s simply funding growth. Most of us are scarred by endless placings used to plug holes rather than create value, but ECOB’s model is different in that capex is tied directly to manufacturing throughput and delivery. A project-linked raise, at the right time and price, could even be welcomed if it pulls forward real revenues.

What surprises me slightly (maybe just timing/priorities) is that given the UK housing crisis, you’d think the UK would be moving faster to adopt systems like this, especially now Eco has completed an independent EN/ISO programme equivalent to BS across fire, structural, thermal, acoustic and durability metrics. That’s the sort of pre-validation UK councils, housing associations and developers typically require. Perhaps Eco are sensibly focusing on the “quickest wins” first (Albania/Kosovo/Africa/Chile) where political sponsorship and speed enable rollout, then coming back into the UK with a stronger operational base and data set. But longer term it feels like a huge market waiting to be tapped.

Near term for me the story remains simple and non-negotiable:

✅ Senegal €1.75m deposit landing mid-Feb (removes funding overhang)

✅ continued Albania/Kosovo delivery + cash receipts

✅ improving revenue recognition / line utilisation

✅ scaling without nasty dilution

If those boxes get ticked, the market will re-rate this on fundamentals rather than narrative.

'.....may even require a small fundraise at some point....'

I appreciate the spirit of your comments, LL, but for the record, I think its pretty clear that I was describing the 'risk' of a fundraise much more aligned with how you described it and not that its 'likely' and certainly not 'inevitable'. Regardless however, I don't really care. If they decide to do small raise to further advance Albania or Chile to meet increased demand, etc - if Senegal is further delayed or even if they want to raise funds in addition to Senegal - or another project emerges that is attractive enough to warrant meeting a very tight timetable of a new partner, or any other reasonable demand, I am, in principal, not at all concerned. In fact, in that type of scenario - carefully articulated by the company - I would welcome it. As long as the company - any company - can demonstrate that the return on the capital raised will exceed the cost of that capital, then the theory goes, there is no 'dilution'. Now I appreciate that you are using 'dilution' more colloquially, and you are steeped in the pain of AIM of the last 5 years around equity raises generally, but firstly, with the FTSE now over 10k, I believe the horrible AIM era is over and small shareholders need to realise that and alter their behaviour accordingly (more on that another time) but more importantly, ECOB's business model is so flexible and the product so in demand, that I'm increasingly confident that management can persuade the market on specific opportunities sufficiently well that the sp can and will rally on such targeted raises.

@bluerill

Thanks for sharing this post, it’s extremely helpful and I think it’s a very fair assessment overall.

The only thing I’d slightly temper (not disagree with) is the suggestion that a small fundraise is now likely. It’s clearly possible, but it’s not inevitable.

With the €1.75m Senegal JV payment now scheduled for mid-February, Albania already producing, and recent funding coming via warrant exercises rather than distressed placings, any additional funding, if needed, would more likely be bridging or project-linked, rather than a heavily dilutive raise.

So I’d frame it as a residual funding risk that has reduced, not one that’s increasing. As you say, the real determinant from here is execution and revenue recognition over the next few months.