Murapol (MUR) Q2 2026 earnings summary

Executive summary

• Revenue for 1H 2026 was PLN 465.7 million, with net profit at PLN 70.1 million, reflecting a year-over-year decline due to fewer unit handovers.

• 1,569 units were sold (1,330 under development/preliminary contracts, 239 under reservation), with 43% cash buyers and 57% mortgage-financed.

• 841 units were handed over, in line with projections, but down 11.7% year-over-year.

• Major changes in shareholder structure occurred, with Hampont sp. z o.o. and FEN FIZAN now holding a combined 34.05% of voting rights.

• The company maintained full control over its subsidiaries, with no significant changes in the group structure except for the liquidation of Murager GmbH.

Financial highlights

• Sales revenue declined 12% year-over-year, tracking a similar drop in handovers.

• Adjusted EBITDA was PLN 104.8 million, down 25% year-over-year.

• Net profit margin was 15.0%, down from 18.3% in 1H 2025.

• Gross margin on sales was 30.6%, compared to 33.3% in the prior year.

• Average net price per m² of apartments sold increased by 7.2% year-over-year to PLN 10,400.

Outlook and guidance

• Estimated handovers for full-year 2026 are c. 3,000 units, with total retail sales expected at c. 3,300 units.

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

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

• Management sees no significant uncertainties regarding the company's ability to continue as a going concern for at least one year from the balance sheet date.

• No material negative impact from the current market situation, including residential sales, has been identified.