Archicom (ARH) Q1 2026 earnings summary

Executive summary

• Achieved strong sales growth in Q1 2026 with 602 units sold, up 14% year-over-year, and 713 units handed over, a 2,871% increase year-over-year.

• Net profit reached 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.

• Maintained a robust project pipeline with 3,238 units on offer and 581 new units added in Q1 2026.

• Strategic ambition to be among the top 3 residential developers in Poland's 6 largest markets, focusing on scaling volumes and operational efficiency.

Financial highlights

• Q1 2026 sales revenue reached PLN 366.7 million, compared to PLN 21.5 million in Q1 2025, driven by 614 unit handovers versus 5 in the prior year.

• Gross profit on sales was PLN 111.6 million, with a gross margin of 30.4% (down from 51.1% in Q1 2025, which was non-representative due to low handovers).

• Net profit for Q1 2026 was PLN 55.4 million, compared to a net loss of PLN 32.2 million in Q1 2025.

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

• SG&A costs per apartment sold decreased by 11% year-over-year.

Outlook and guidance

• 2026 sales target set at 3,200–3,500 units, with handovers targeted at 3,000–3,200 units.

• Plans to launch five projects in 2026, adding around 900 apartments, with a focus on the popular segment and entry into Warsaw's popular segment.

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

• 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.