Atal (1AT) Q2 2026 earnings summary

Executive summary

• Revenues for H1 2026 reached PLN 760.2 million, up 95% year-over-year, driven by strong development activity and a one-time land sale of PLN 44.6 million.

• Net profit for H1 2026 was PLN 162.2 million, nearly triple the prior year’s PLN 57.5 million.

• 1,013 flats were handed over in H1 2026, with the largest volumes in Aglomeracja Śląska, Trójmiasto, and Łódź.

• Operating cash flow turned positive at PLN 260.8 million, compared to an outflow of PLN -475.96 million in H1 2025.

• Dividend payout for 2025 is planned at PLN 194.7 million (PLN 4.50 per share), representing 88% of net profit and a 7.7% yield, to be paid in October 2026.

Financial highlights

• Gross margin for H1 2026 was 33.0%, slightly down from 34.1% in H1 2025.

• Net margin improved to 21.3% in H1 2026 from 14.7% in H1 2025.

• Profit per share increased to PLN 3.75 from PLN 1.33 year-over-year.

• Total assets grew to PLN 5.55 billion as of June 30, 2026.

• Net debt ratio improved to 0.20 from 0.26 at year-end 2025, with total loans and borrowings falling by PLN 74 million to PLN 1,436 million.

Outlook and guidance

• Projects under construction as of June 30, 2026, have a potential handover of 4,707 flats in 2026.

• Planned projects for 2028+ could add 10,903 flats and 611,897 m² of saleable area.

• New land and company acquisitions, including Budner Group, position the group for further growth, especially in Trójmiasto.

• Dividend of PLN 4.50 per share (PLN 194.7 million) to be paid in October 2026 from 2025 profits.

• Revenue recognition is tied to project completions, with no significant seasonality.