Develia (DVL) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached 4,161.744M PLN, up from 1,888.674M PLN year-over-year, driven by a significant increase in delivered residential units and higher average unit values.

• Net profit for H1 2026 was 318.98M PLN, up 84% from H1 2025, with basic and diluted EPS at 0.69 PLN.

• Delivered 2,572 residential units in H1 2026, more than doubling the 1,193 units delivered in H1 2025.

• Sold 1,752 premises in H1 2026, a 3% increase year-over-year.

• Maintained a strong liquidity position, with cash and equivalents at 415.425M PLN at period end.

Financial highlights

• Gross margin for H1 2026 was 522.881M PLN, up from 274.538M PLN year-over-year.

• Operating profit for H1 2026 reached 400.376M PLN.

• Net profit amounted to 318.98M PLN in H1 2026, up from 173.363M PLN in H1 2025.

• Adjusted net profit (excluding revaluation gains/losses) was 319.9M PLN in H1 2026.

• Dividend of 0.73 PLN per share (totaling 342.764M PLN) was declared for 2025, payable in September 2026.

Outlook and guidance

• 2026 sales target set at 3,600–3,800 units; delivery target at 3,750–3,950 units.

• Plan to add 4,350–4,550 new units to the offer in 2026.

• Long-term strategy aims for 4,500 flats sold annually by 2028 and continued land bank expansion.

• Management confirmed the ability to maintain financing sources and dividend policy, supported by scenario analysis including stress tests.

• No significant post-balance sheet events expected to impact financial results.