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Lokum Deweloper (LKD) investor relations material
Lokum Deweloper Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2025 was one of the most challenging years, marked by high interest rates and a lack of government support programs, leading to weak housing demand and a price war among developers.
Sales volume dropped to 133 units, with 137 units handed over, resulting in a PLN 4.7m loss from development activities and a negative margin of -4.4%.
Net profit reached PLN 47.6m, mainly due to a one-off land sale in Kraków, not from core operations.
All residential construction projects were completed on time in Q4 2025; only one rental building (156 units) remains under construction.
Entered 2026 with over 500 ready-to-sell units and a permit for a new project in Wrocław (450+ units).
Financial highlights
Revenue: PLN 35.6m, up from PLN 31.0m year-over-year.
Operating loss: PLN -2.2m, compared to PLN -1.7m in 2024.
Net profit: PLN 47.6m, up from PLN 26.5m in 2024, driven by a one-off land sale.
Basic and diluted EPS: PLN 2.65, up from PLN 1.47 year-over-year.
Cash and equivalents at year-end: PLN 960k.
Outlook and guidance
Lower interest rates at year-end 2025 have started to revive housing demand, but risks remain due to geopolitical tensions and potential inflation resurgence.
The company is cautious about launching new investments, given market uncertainties and rising energy costs.
- Sales and profit plunged in 2024, but liquidity and project pipeline remain strong.LKD
Q4 202413 Nov 2025 - Revenue and profit fell, with one-off gains and new bonds offsetting market headwinds.LKD
Q3 202513 Nov 2025 - Net profit surged 61% year-over-year to 50.4 million PLN, driven by higher sales and bond financing.LKD
Q2 202517 Sep 2025 - Net profit rose 29% in H1 2024, with improved margins and lower debt.LKD
Q2 202413 Jun 2025 - Revenue and profit fell, but margins and balance sheet strength were maintained.LKD
Q3 202413 Jun 2025 - Q1 2025 profit surged on a one-off land sale, offsetting weak core revenue.LKD
Q1 202510 Jun 2025
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