Lokum Deweloper (LKD) Q4 2025 earnings summary

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.