Murapol (MUR) Q1 2026 earnings summary

Executive summary

• Revenue for 1Q 2026 was PLN 142.3 million, with net profit at PLN 21.7 million, reflecting a 57% and 68% year-over-year decline, respectively, due to a 61% drop in unit handovers.

• Net profit for Q1 2026 was PLN 20.3 million, down from PLN 68.7 million in Q1 2025, mainly due to lower measurement gains from subsidiaries under the equity method.

• 953 units were sold (735 under development/preliminary agreements, 218 paid reservations); 39% of buyers paid cash, 61% used mortgages.

• 256 units were handed over, in line with projections; 218 new units were added to the product line in Wrocław.

• The offer included 3,807 units in 16 cities, with 7,321 units under construction and a landbank for over 20,700 units in 17 cities.

Financial highlights

• Sales revenue dropped 57% year-over-year to PLN 142.3 million, mainly due to fewer handovers.

• Adjusted EBITDA was PLN 28.7 million, with a margin of 20.1%.

• Net profit margin was 15.2%, down from 20.8% in 1Q 2025.

• Average net price per m² increased by 6.9% year-over-year to PLN 10,300.

• Return on equity reached 28.5%.

Outlook and guidance

• Projected handovers for 2026 are around 3,000 units, with total retail sales expected at approximately 3,300 units.

• Dividend policy to allocate at least 75% of consolidated net profit; c. PLN 200m distribution planned for 2025.

• Planned land spending for 2026 is PLN 200–300 million.

• Management sees no material uncertainties regarding going concern for at least one year from the balance sheet date.

• Continued focus on affordable and affordable premium segments and geographic diversification.