Atal S.A. (1AT) Q4 2025 earnings summary

Executive summary

• Delivered 2,065 flats in 2025, with the largest handovers in Wrocław (588), Łódź (466), and Aglomeracja Śląska (249).

• Sold 1,678 flats in 2025, down from 2,091 in 2024, reflecting a 19% year-over-year decrease.

• Launched sales for 14 investments (2,150 flats) and started construction on 13 projects (2,022 flats) in 2025.

• Completed 22 projects totaling 3,933 flats by year-end 2025.

Financial highlights

• Revenue decreased by 15% to PLN 1,267 million in 2025 compared to 2024.

• Net profit fell 24% year-over-year to PLN 223.5 million.

• Gross margin on sales was 26.0% in 2025, down from 29.3% in 2024.

• Net margin declined to 17.6% from 19.9% in 2024.

• Profit per share dropped to 5.16 PLN from 6.84 PLN.

Outlook and guidance

• Projects under construction at year-end 2025 provide a handover potential of 5,524 flats in 2026.

• Planned projects after 2028 could add 9,318 flats and 523,541 m2 of saleable area.

• Land bank supports development of approximately 499,000 m2 of usable area.