Echo Investment (ECH) Q2 2026 earnings summary

Executive summary

• Achieved a 14% year-over-year increase in residential sales in H1 2026, with 1,320 apartments sold and 1,137 handed over, a 181% increase year-over-year.

• Completed the record PLN 2.4 billion Resi4Rent portfolio sale (5,322 units) and EUR 74.3 million Brain Park office sales in Kraków.

• Closed major leases, including 19,800 sqm to PwC, and began new phases of the Towarowa 22 project in Warsaw.

• Paid a dividend of PLN 0.40 per share in June 2026, with a total payout of PLN 1.20 per share for 2025–2026.

• Maintained strong activity in commercial, residential, and student housing segments, with ongoing expansion in key Polish cities.

Financial highlights

• H1 2026 consolidated sales revenue was PLN 816.5 million, up from PLN 464.9 million year-over-year.

• EBIT for Q2 2026 was PLN 35.8 million, up from a loss of PLN -55.5 million in Q2 2025; net profit attributable to equity holders was PLN 20.7 million in H1 2026, compared to a loss of PLN -199.1 million in H1 2025.

• Gross margin for Q2 2026 was 31%, with residential margin at 33%.

• Refinancing of PLN 500 million in bonds reduced interest costs by 150 bps, saving PLN 7.5 million annually.

• Group assets reached nearly PLN 6.4 billion, with cash and cash equivalents at PLN 419 million at the end of June 2026.

Outlook and guidance

• Targeting residential sales of 3,200–3,500 units by year-end, up from 2,867 last year, and aims to grow annual sales to 4,000 units.

• Focus on launching new residential projects, expanding PRS and student housing platforms, and developing prime office space in Warsaw CBD.

• Full completion of Towarowa 22 expected in Q1 2029, with phased project deliveries each year.

• Continued focus on deleveraging through selective commercial asset disposals and supporting future growth and dividend payments.