Murapol (MUR) Q3 2025 earnings summary

Executive summary

• Revenues for 1-3Q 2025 reached nearly PLN 726 million, with net profit at PLN 124.9 million.

• Total sales amounted to 2,237 units, including 2,112 under development/preliminary agreements and 125 paid reservations.

• Handovers were in line with projections at 1,364 units, with significant deliveries planned for 4Q 2025.

• 1,416 units were added to the product line across 7 developments in 5 cities.

• Dividends of PLN 80.4 million were paid in June 2025, with an advance dividend of PLN 119.95 million planned for December 2025.

Financial highlights

• Sales revenue for 1-3Q 2025 was PLN 725.8 million; adjusted EBITDA reached PLN 187.8 million.

• Net profit stood at PLN 124.9 million, with a net profit margin of 17.2%.

• Average net price per m² of apartments sold increased by 5.4% year-over-year to PLN 9,800.

• Return on equity was 25.6%.

• Gross margin on sales improved to 33.3% (+3.5 p.p. y/y).

Outlook and guidance

• Total retail sales for 2025 are estimated at approximately 3,100 units.

• Handovers in 2025 are projected at around 3,000 units, with some risk of 10% being postponed to 1Q 2026.

• Dividend policy maintained, with at least 75% of consolidated net profit to be distributed.

• Planned expenditures on land plots: PLN 200 million in 2025, PLN 300 million in subsequent years.

• Management sees no material uncertainties regarding the company's ability to continue as a going concern for at least one year from the balance sheet date.