Murapol (MUR) Q2 2025 earnings summary

Executive summary

• Revenue for 1H 2025 reached nearly PLN 530m, with net profit at PLN 96.9m, and total sales of 1,575 units, including 1,403 under development/preliminary contracts and 172 paid reservations.

• Q1 2025 revenue was PLN 330.6m, up 1% year-over-year, with net profit rising to PLN 68.6m from PLN 61.1m.

• 952 units were handed over, and 1,126 units were added to the product line across major cities.

• The product line is highly diversified, with 4,427 units on offer in 16 cities and a landbank capacity for nearly 20,500 units in 18 cities.

• Dividends of PLN 80.4m were paid out in June 2025.

Financial highlights

• Sales revenue for 1H 2025 was PLN 529.4m, with adjusted EBITDA at PLN 139.6m and net profit at PLN 96.9m.

• Gross margin improved to 34.3% in Q1 2025, and net margin reached 20.8%.

• Average net price per m² of units sold increased by 3.4% year-over-year to PLN 9,700.

• Revenue from sales to retail customers declined by 15.3% year-over-year, while PRS sales grew by 34.9%.

• Cash and cash equivalents at period end were PLN 145.9m, down from PLN 163.1m at year-end 2024.

Outlook and guidance

• Sales in 2025 are projected at 3,100–3,300 units in the retail segment, a 6–13% year-over-year increase.

• Future revenue from signed residential contracts as of March 31, 2025, totals PLN 1.0bn, with advances received of PLN 517.5m.

• Dividend policy aims to distribute at least 75% of consolidated net profit, with estimated 2025 payouts of around PLN 200m.

• Planned expenditures on plots are PLN 200m in 2025 and about PLN 300m in subsequent years.

• No material uncertainties identified regarding the Group's ability to continue as a going concern.