Atal (1AT) Q2 2026 earnings summary

Executive summary

• H1 revenue was PLN 760.172m, up 95% YoY; net profit reached PLN 162.212m, versus PLN 57.485m a year earlier.

• H1 sales totaled 1,547 flats, up 110% YoY, and handovers reached 1,013.

• Operating cash flow turned positive at PLN 260.781m, compared with an outflow of PLN 475.961m in H1 2025.

• The Budner acquisition added ~70,000 m² of saleable area in Trójmiasto; a PLN 194.7m dividend was approved for payment in October 2026.

Financial highlights

• Gross profit was PLN 250.968m, with a 33% gross margin; net margin was 21.3%.

• EPS rose to PLN 3.75 from PLN 1.33 in H1 2025.

• Total assets were PLN 5.546bn at June 30, 2026; equity was PLN 1.693bn after dividend allocation.

• Total loans and borrowings fell by PLN 74m to PLN 1.436bn; net debt ratio was 0.20, down from 0.26 at year-end 2025.

Outlook and guidance

• H2 handovers are expected to exceed 2,000 flats; FY 2026 guidance is 3,200–3,500, with execution and occupancy permits affecting delivery pace.

• Projects under construction at June-end had potential 2026 handovers of 4,707 flats; planned projects for 2028+ could add 10,903 flats.

• Q3 sales are expected to be similar to Q2, while Q4 could approach 1,000 flats.

• Management’s 2026 budget assumptions indicate ~30% gross margin and 21% net margin.