Develia posts another year of record results, with the group generating PLN 442.6 million in net profit in 2025

• In 2025, Develia Group’s sales revenue amounted to PLN 2,076.9 million, compared with PLN 1,789.5 million in 2024, up 16%.
• The group’s adjusted net profit generated in 2025 reached PLN 447.5 million, which was 27% higher than a year earlier.
• The group’s net profit came in at PLN 442.6 million versus PLN 379.1 million in 2024, marking an increase of 16.7%.
• Last year, Develia sold 3,345 units under developer and preliminary agreements, compared with 3,197 a year earlier. The developer delivered 2,959 apartments versus 2,865 in 2024. Both the sales performance and the number of delivered units were the highest in the company’s history.
• At the end of December 2025, Develia held PLN 610.4 million in cash and short-term financial assets.
• In 2025, Develia acquired Bouygues Immobilier Polska, strengthening its position among the leaders of the residential market, especially in Warsaw.

“Last year, we once again delivered record-breaking results both in terms of sales and the number of apartments handed over, which also translated into the best financial results in the company’s history. We achieved our annual targets, confirming the effectiveness of our strategy and team, as well as our ability to grow consistently. It was a very important year for us from the perspective of business development – we finalized the acquisition of Bouygues Immobilier Polska, once again proving that we are able to seize market opportunities and thereby strengthen our market position on the way toward our goal of selling more than 4,500 apartments by 2028,” says Andrzej Oślizło, CEO of Develia.

In 2025, Develia completed one of its key strategic objectives, namely the divestment of its office and retail portfolio, through the finalization of the sale of the property on which the Arkady Wrocławskie building is located. The buyer was Vastint Poland, a company belonging to an international group investing in commercial real estate, and the net sale price amounted to EUR 43.0 million. Achieving this objective enabled the company to accelerate growth in its priority residential segment, both organically and through M&A transactions.

Development activity

In 2025, Develia sold 3,345 units under developer and preliminary agreements compared with 3,197 units in 2024, an increase of 5%. The highest annual sales were recorded in the following projects: Aleje Praskie and Bemowo Vita in Warsaw, Orawska Vita in Wrocław, Centralna Vita and City Vibe in Kraków, Południe Vita in Gdańsk, and Unii Lubelskiej in Poznań. Last year, the developer launched 3,324 units for sale and started their construction, slightly exceeding the management board’s target set at 3,100–3,300.

In July 2025, Develia finalized the agreement concerning the acquisition of 100% of the shares in Bouygues Immobilier Polska, the Polish arm of Bouygues Immobilier, the French developer, for EUR 65.9 million. Develia financed the transaction from its own funds, with an option to refinance it with a bank loan. At the end of 2025, more than 1,200 apartments acquired through the acquisition were under construction, while around 1,700 units were located on land secured under preliminary agreements and land already purchased. Most of them are located in Warsaw, a key market from a business perspective, with the remainder in Wrocław and Poznań. This was another acquisition made by the developer in the residential real estate sector over the past two years, following the transaction involving the acquisition of Nexity’s Polish companies in 2023.

Last year, Develia also signed the “Nowy Port 2030+” public-private partnership agreement with the Municipality of Gdańsk. Under the agreement, it will carry out investments in the Nowy Port district, including the construction of public-use facilities and residential projects comprising more than 1,000 apartments and commercial units. The total cost of the project will amount to PLN 1.1 billion net, of which Develia will allocate PLN 187.6 million net for public purposes. Construction of the first facility under this project – a swimming pool in the Brzeźno district of Gdańsk – began in February this year.

In 2025, Develia focused on expanding its land bank to secure a base for further growth. The group acquired plots that will enable the development of 4,000 units. As a result, at the end of last year Develia held land with the potential to build around 16,000 apartments, including units developed under joint ventures and secured projects, thus achieving the target set out in its strategy.

In April this year, Develia signed a preliminary agreement with Gdansk Development Holding N.V., established by two Belgian developers, Alides and Revive, regarding the acquisition of 100% of the shares in Stocznia Cesarska Development, the perpetual usufructuary of the property constituting the former Imperial Shipyard site in Gdańsk. The transaction value will amount to approximately PLN 550 million and will consist of the value of the shares and the repayment of loans incurred by Stocznia Cesarska Development. Once the transaction is finalized, Develia plans to develop a mixed-use project on the Imperial Shipyard site comprising at least 3,000 apartments and additional commercial units.

Financial results

(*) – adjusted net profit calculated according to the following formula: adjusted net profit = net profit adjusted by the sum of net revaluations of investment properties and inventories – financial income/costs related to the valuation of EUR-denominated financial liabilities – deferred tax created on the adjusted items (respectively for ROE and EBITDA)

The group’s revenue in 2025 amounted to PLN 2,076.9 million, compared with PLN 1,789.5 million a year earlier. Develia generated PLN 442.6 million in net profit, compared with PLN 379.1 million in 2024. Adjusted net profit calculated in line with the dividend policy amounted to PLN 447.5 million, compared with PLN 352.8 million in 2024.

Gross profit on sales from development activity amounted to PLN 731.4 million last year, with revenue of PLN 2,068.8 million.

“This is another consecutive year with a record number of apartment handovers, which is also visible in our financial results. Despite the acquisition of Bouygues Immobilier Polska, we maintained a strong financial position and readiness to further increase Develia’s growth potential. The preliminary agreement concerning the acquisition of shares in Stocznia Cesarska Development, which we have just signed, shows that we are efficiently seizing further opportunities,” says Paweł Ruszczak, Vice President of the Management Board of Develia. “Last year, we paid shareholders the highest dividend in the company’s history, amounting to PLN 265.5 million. This year, we also intend to consistently pursue our dividend policy,” adds Paweł Ruszczak, Vice President of the Management Board of Develia.

In February 2025, Develia issued four-year bonds worth PLN 160 million, with interest set at 2.4% above WIBOR 3M. In December 2025, the company offered investors another series of four-year bonds worth PLN 180 million, with the lowest margin in the company’s history at 2.0% above WIBOR 3M. The issue was finalized in January 2026.

Last year, Develia paid a dividend to shareholders of PLN 265.5 million, or PLN 0.58 per share.

At the end of 2025, Develia held PLN 610.4 million in cash and short-term financial assets compared with PLN 840.6 million at the end of 2024, while financial liabilities amounted to PLN 903.9 million compared with PLN 915.0 million at the end of 2024.