Lokum Deweloper (LKD) investor relations material

Executive summary

• Revenue for Q1 2026 was 39,790 thousand PLN, a slight increase year-over-year, but net profit dropped sharply to 5,566 thousand PLN from 33,090 thousand PLN in Q1 2025, mainly due to lower predevelopment gains and higher costs.

• Basic and diluted EPS for Q1 2026 was 0.31 PLN, down from 1.84 PLN in Q1 2025.

• The group maintained a stable equity position and continued its focus on residential development projects in Poland.

Financial highlights

• Operating profit for Q1 2026 was 10,683 thousand PLN, compared to 44,668 thousand PLN in Q1 2025.

• Net cash from operating activities was 29,649 thousand PLN, a significant improvement from negative 32,529 thousand PLN in Q1 2025.

• Net cash from investing activities was negative 9,755 thousand PLN, while net cash from financing activities was negative 4,401 thousand PLN.

• Total assets at March 31, 2026 were 835,921 thousand PLN, with equity of 562,509 thousand PLN.

• The group issued 100 million PLN in bonds during the quarter.

Outlook and guidance

• Future results will be influenced by macroeconomic conditions, especially mortgage availability, government housing policy, and construction costs.

• Persistent high material and labor costs, inflation risks, and regulatory delays may negatively impact profitability and demand.

• The group is focusing on cost discipline, operational efficiency, and land bank expansion to mitigate market risks.