Cavatina Sp. z o.o. has summarised its results for 2025, pointing to the development of its activities across several segments of the real estate market. The group increased apartment sales, recorded higher revenues from office space leasing and raised external capital, including from an institutional investor.
In the residential segment, total sales generated by Cavatina companies amounted to 1,454 units. This figure included 905 signed sales agreements, 209 active reservations and 340 units sold under the PRS model. A total of 689 units were handed over to buyers. The group’s residential project portfolio currently includes several thousand units planned or under development for the coming years.
In the office segment, the group recorded a nearly 30% year-on-year increase in rental income, reaching PLN 107.1 million. The average occupancy rate of the office portfolio stood at 90%. The result on rental operations amounted to PLN 93.8 million, representing a 37% year-on-year increase.
Key financial data for 2025
According to the company’s data, Cavatina generated PLN 142.6 million in operating profit in 2025. Cash flows from financing activities exceeded PLN 500 million. This amount included, among other things, nearly PLN 200 million raised through the issue of shares in Resi Capital S.A., subscribed for by the London-based fund Fidera Vecta.
At the end of 2025, the group held PLN 221.3 million in cash and cash equivalents. This represented an approximately tenfold increase compared with the previous year. Short-term financial assets amounted to PLN 136.8 million.
Residential segment increases scale of operations
Cavatina is developing its residential business in several major cities, combining premium projects, regional investments and schemes involving the revitalisation of urban areas. Group companies are carrying out projects in Warsaw, Wrocław, Łódź, Katowice and Bielsko-Biała, among other locations.
In 2025, the group reported total sales of 1,454 units. Of this number, 905 were signed sales agreements, 209 were active reservations and 340 were units sold in the PRS formula. The number of units handed over reached 689.
“I am proud of what we built in the residential segment in 2025. Doubling the portfolio under construction, dynamic sales in the premium project in Wrocław and the launch of the flagship Liberty Tower project in Warsaw, combined with a deep presence in the regions — all of this shows that our strategy is consistent and effective. We have a clear growth path for the coming years and a project base that will continue to generate results long after 2025,” said Daniel Draga, President of the Management Board of Cavatina Group S.A.
Cavare develops the institutional rental segment
Cavatina is also developing its activities in the institutional residential rental sector. This segment is handled by Cavare S.A., which operates within the group. The company acts as both developer and operator of PRS projects, meaning Private Rented Sector schemes.
Cavare’s portfolio includes projects being developed in Warsaw, Gdańsk and Katowice, among other cities. The company is also preparing further investments in Poland’s largest cities, including Kraków.
In Gdańsk, Cavare is developing the multi-stage Palio complex, with subsequent phases being prepared for the institutional rental market. In Katowice, a completed project on Jankego Street is expected to offer clients 164 units in the PRS formula. According to the company, the units are to enter the rental offer at the end of June 2026. Cavare is responsible for both commercialisation and operational rental management.
Office rental income increased by nearly 30%
The office segment remains one of the group’s sources of recurring revenue. Cavatina owns 14 office projects located in Kraków, Katowice, Wrocław, Gdańsk, Bielsko-Biała and Łódź.
In 2025, rental income from office space amounted to PLN 107.1 million, representing an increase of nearly 30% year on year. The average occupancy rate of the portfolio was 90%. The result on rental operations reached PLN 93.8 million, 37% higher than the year before.
According to the company’s data, net rental income amounted to PLN 91.1 million, up 40% year on year. The operating margin in this area exceeded 85%.
More than PLN 500 million in external financing
In 2025, Cavatina raised more than PLN 500 million in external capital. The financing came from, among other sources, bond issues, bank loans and a transaction with an institutional investor.
One of the most important financial events was the transaction with the Fidera Vecta fund. In December, the fund subscribed for newly issued shares in Resi Capital S.A. for nearly PLN 200 million, becoming a minority shareholder in the company.
“Exceeding PLN 500 million in external capital raised in a single year is an important signal for us. Institutional investors, such as foreign banks and investment funds, verify our track record and assess it very highly. This creates an obligation, but above all it gives us the fuel for further growth,” commented Daniel Draga.
Higher cash position at year-end
At the end of 2025, Cavatina had cash and cash equivalents of PLN 221.3 million. This was approximately ten times more than a year earlier. After including short-term financial assets, which amounted to PLN 136.8 million, the group’s current liquidity exceeded PLN 350 million.
The company indicates that its financing model is based on several sources: rental income from office space, proceeds from apartment sales, bond issues, bank loans and capital from institutional investors.
In the coming years, the group’s results will be influenced, among other factors, by the execution of residential projects, the commercialisation of PRS units and the maintenance of a high occupancy rate in its office portfolio. According to the company, projects currently under development are expected to translate into sales proceeds in 2026–2028.
Source: ceo.com.pl
