Atal (1AT) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 was PLN 390.2 million, a 44% year-over-year decrease due to lower handovers and high interest rates impacting sales.

• Net profit for H1 2025 was PLN 57.5 million, down 63% year-over-year, with EPS at PLN 1.33 versus PLN 3.57.

• 610 flats handed over in H1 2025, a 50% decrease from H1 2024.

• 735 flats sold in H1 2025, with sales affected by limited loan availability.

• Dividend of PLN 237.93 million paid in 2025, representing 86% of net profit and a 9.5% yield.

Financial highlights

• Gross margin for H1 2025 reached 34.1%, up from 28.6% in H1 2024, with Q2 gross margin at 35.4%.

• Net margin for H1 2025 was 14.7%, down from 22% in H1 2024.

• Operating profit was PLN 108.4 million, and net profit was PLN 57.5 million.

• Financial costs increased by 417% year-over-year.

• Cost discipline led to a 49% drop in costs, mitigating lower revenues.

Outlook and guidance

• Most handovers and sales are expected in Q4 2025, with a significant pipeline for 2026.

• Projects under construction as of June 2025 have a handover potential of 3,447 flats for the rest of 2025 and 6,069 flats in 2026.

• 2025 handovers projected at 2,400–2,500 flats, with a 2026 sales target of 3,000 flats and handovers potentially reaching 5,000.

• Gross margin for H2 2025 anticipated at around 28%, possibly higher.

• Land bank supports development of approximately 552,000 m² of usable area.