Archicom (ARH) Q1 2026 earnings summary

Executive summary

• Achieved a significant turnaround with net profit of 55,420k PLN in Q1 2026 versus a net loss of 32,220k PLN in Q1 2025.

• Revenue surged to 366,681k PLN, up from 21,465k PLN year-over-year, driven by a sharp increase in delivered units.

• Gross margin improved to 30.4% from 51.1% in Q1 2025, reflecting normalization after an atypical prior period.

• Strong cash flow from operations at 90,376k PLN, reversing a negative flow in the prior year.

Financial highlights

• 614 units delivered in Q1 2026, compared to just 5 in Q1 2025, driving revenue growth.

• EBITDA reached 70,837k PLN, with a net debt to EBITDA ratio of 4.93, down from 9.69 at year-end 2025.

• Net debt decreased to 686,497k PLN, with net debt to equity at 0.53.

• Basic and diluted EPS at 0.95 PLN, up from -0.55 PLN year-over-year.

• Cash and equivalents rose to 196,684k PLN from 136,229k PLN at year-end.

Outlook and guidance

• Key drivers for the next quarter include handover of major projects in Poznań and Warsaw, and continued strong mortgage demand.

• Stable NBP reference rate at 3.75% and rising household income support demand.

• Management recommends a dividend of 1.80 PLN per share from 2025 profit, with the remainder to reserves.