Develia (DVL) Q3 2025 earnings summary

Executive summary

• Achieved consolidated revenues of PLN 1,315.7M in 3Q 2025, up 26.8% year-over-year, and net profit of PLN 306.5M, up 42.2% year-over-year.

• Sold 2,500 residential units in 3Q 2025, representing 81% of the annual target, with 1,963 units delivered (68% of target).

• Completed the acquisition of Bouygues Immobilier Polska (now Develia Vita) for EUR 65.9M, significantly expanding the land bank and project pipeline.

• Finalized the sale of Arkady Wrocławskie commercial property for EUR 43M, completing a key divestment.

• Dividend of PLN 0.58 per share (PLN 265.5M total) paid on 30 June 2025.

Financial highlights

• Adjusted net profit for 3Q 2025 was PLN 311.5M, up 64.6% year-over-year.

• Gross profit on sales for the 9 months was PLN 497.3M, up from PLN 336.4M year-over-year.

• Book value per share increased to PLN 3.84 from PLN 3.75 at year-end 2024.

• Cash and cash equivalents at period end were PLN 328.6M, down from PLN 579.5M at year-end 2024.

• Basic EPS for the period was PLN 0.67, compared to PLN 0.48 in the prior year.

Outlook and guidance

• 2025 targets: 3,100–3,300 units sold, 2,900–3,100 units delivered, and 3,100–3,300 new units added to the offering.

• Long-term strategy aims for 4,500 units sold annually by 2028 and a land bank for 15,800 premises.

• Future results expected to be influenced by macroeconomic conditions, especially mortgage availability and construction costs.

• No financial forecasts for 2025 were published.

• Further sales growth expected, supported by interest rate cuts and lower loan costs, though supply may be constrained by land and regulatory factors.