Atal S.A.
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Atal S.A. (1AT) investor relations material

Atal S.A. Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary13 Nov, 2025

Executive summary

  • Operations span 8 major Polish cities with 45 ongoing developments and over 9,100 flats, plus 39 planned investments of similar scale.

  • Revenue for the nine months ended September 30, 2025, was PLN 772.9 million, down 36% year-over-year.

  • Net profit for 1-3Q 2025 was PLN 131.6 million, a 48% decrease year-over-year.

  • 1,262 flats were handed over in 1-3Q 2025, a 38% decrease from 2,021 in 1-3Q 2024.

  • Dividend of PLN 237.9 million paid in 2025, representing 86% of net profit and a 9.5% yield.

Financial highlights

  • Gross margin for 1-3Q 2025 was 31.2%, up from 27.4% in 1-3Q 2024.

  • Net margin for 1-3Q 2025 was 17% (PLN 131.6 million), down from 21% in 1-3Q 2024.

  • Operating profit fell 29% year-over-year to PLN 207.2 million.

  • Financial revenues dropped 53% to PLN 14.5 million, while financial costs rose sharply.

  • Total assets increased to PLN 4.88 billion as of 30.09.2025.

Outlook and guidance

  • 2025 handover target is 2,000–2,100 flats; 2026 target is about 3,200 flats.

  • 3,815 flats ready for handover in 2025, with over 2,300 already sold; 5,701 flats planned for 2026, 20% sold by September.

  • Planned projects for 2027+ include 12,126 flats and 689,000 m².

  • No major land purchases planned; current land bank sufficient for 3–4 years.

  • Expecting higher Q4 sales and a stronger market rebound in 2026.

Development segment revenue decline drivers
Strategy behind increased related-party debt
Reconcile inventory growth with operating cash flow
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Frequently asked questions

Atal S.A. is a Poland-based real estate development company engaged in the construction and sale of residential and commercial properties. The company develops apartment complexes, office buildings, and mixed-use projects across major Polish cities. Its operations cover the entire development process, including land acquisition, project design, construction, and sales. Atal S.A. focuses on both premium and mid-market segments, catering to individual buyers and institutional investors. The company is headquartered in Cieszyn, Poland, and its shares are listed on the WSE.

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