Archicom (ARH) Q4 2025 earnings summary

Executive summary

• Achieved record residential sales and handovers, with over 2,850 apartments sold and more than 2,100 handovers, nearly doubling year-over-year.

• Revenue reached 962 mln PLN for 2025, up from 742 mln PLN year-over-year, with net profit at 84 mln PLN.

• Major commercial asset disposals, including Brain Park, Libero Shopping Center, and City 2 office building, totaling around EUR 300 million and 31 mln EUR.

• Paid a record dividend of PLN 330 million in Q4 and maintained a strong dividend payout policy, with 3.37 PLN per share for 2024 and 1.96 PLN paid in 2025.

• Strategic focus shifted entirely to residential development, with commercial activities discontinued and expansion in key Polish cities.

Financial highlights

• 2025 consolidated revenue reached PLN 961.7 million, driven by 1,320 flat handovers.

• Gross profit was PLN 320.6 million, with a gross margin of 33.3%-33.5%, within the targeted 30%-40% range.

• Operational profit stood at 142.6 mln PLN; net profit for Q4 exceeded PLN 100 million, with full-year net profit at 84 mln PLN.

• EBITDA reached 154 mln PLN, and cash flow from operations was 56 mln PLN, a significant improvement from -120 mln PLN year-over-year.

• Total assets grew over 30% to PLN 3.739 billion, with significant increases in inventory and client prepayments.

Outlook and guidance

• Targeting 3,200–3,500 apartment sales and 3,000 handovers in 2026, aiming to become a top-three developer in Poland.

• Planned land acquisition spending of PLN 600–700 million in 2026, supported by a land bank worth 381 mln PLN.

• Strategic focus is on residential projects in major Polish cities, with no further commercial investments planned.

• Continued focus on operational efficiency, scalable growth, and further debt reduction.

• Ongoing asset disposals in commercial segment, with two more Brain Park buildings and other office projects slated for sale in 2026.