Archicom (ARH) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 results with 602 units sold (+14% y/y), 713 handovers (+2,871% y/y), and a net profit of PLN 55.4m, reversing a net loss of PLN 32.2m in Q1 2025, supported by a scalable sales model and diversified project portfolio.

• Revenue surged to PLN 366.7m from PLN 21.5m y/y, with gross margin at 30.4% (normalized from 51.1% y/y).

• Maintained leading market positions in Poznań and Łódź, aiming for top 3 in Poland's six largest markets.

• Strong cash flow from operations at PLN 90.4m, reversing a negative flow in the prior year.

Financial highlights

• Revenue increased to PLN 366.7m in Q1 2026 from PLN 21.5m y/y, driven by 614 handovers versus 5 a year earlier.

• Gross profit rose to PLN 111.6m (gross margin 30.4%), net profit reached PLN 55.4m, and EBIT was PLN 68.1m.

• EBITDA reached PLN 70.8m, with net debt to EBITDA ratio of 4.93, down from 9.69 at year-end 2025.

• SG&A per unit sold decreased by 11% y/y, reflecting operational efficiency.

• Cash and short-term financial assets at PLN 289.4m at quarter-end.

Outlook and guidance

• 2026 sales target: 3,200–3,500 units; handover target: 3,000–3,200 units.

• Focus on expanding in the popular segment, aiming for 50% portfolio share by 2026.

• Continued land bank expansion, especially in Warsaw and Wrocław.

• No bond maturities in 2026; ongoing land acquisitions and project launches planned.

• Key drivers for the next quarter include major project handovers in Poznań and Warsaw, and strong mortgage demand.