Atal S.A. (1AT) Q3 2025 earnings summary

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.