Murapol (MUR) Q4 2025 earnings summary

Executive summary

• Revenues for 2025 reached nearly PLN 1.26 billion, with net profit at PLN 235.8 million, and total sales of 3,140 units, including 2,856 under development contracts and 284 paid reservations.

• 2,649 units were handed over, in line with projections, and 2,405 units were added to the product line across 8 cities.

• The offer at year-end included 4,174 units in 16 cities, with a portfolio under construction of 6,524 units in 13 cities and a landbank for over 19,600 units in 17 cities.

• Dividend payout totaled around PLN 200 million, split between June and December 2025.

Financial highlights

• Sales revenue declined 5.2% year-over-year to PLN 1,260.8 million, with retail segment revenue down 6.8% and PRS segment up 8.1%.

• Adjusted EBITDA was PLN 352.6 million (+1% y/y), EBIT was PLN 298.3 million (+1.6% y/y), and net profit was PLN 235.8 million (-2.6% y/y).

• Gross margin on sales improved to 33.5% (+3.3 p.p. y/y), EBIT margin rose to 23.7% (+1.6 p.p.), and net profit margin increased to 18.7% (+0.5 p.p.).

• Average net price per m² of apartments sold was PLN 9,900 (+6.5% y/y).

Outlook and guidance

• For 2026, total sales in the retail segment are projected at approximately 3,300 units, with handovers estimated at around 3,000 units.

• Dividend policy to earmark at least 75% of consolidated net profit for distribution.

• Planned spending on land in 2026 is between PLN 200–300 million.

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