In the first quarter of 2026, Develia Group’s sales revenue amounted to PLN 892.1 million, compared with PLN 253.5 million in the same period last year.
The Group’s net profit reached PLN 177.1 million, compared with PLN 65.2 million in the first quarter of 2025.
Between January and March 2026, the developer sold 860 units, compared with 951 in the same period last year. The result was affected by a low reservation base at the end of 2025. Develia’s target for this year is to sell 3,600–3,800 apartments.
Develia handed over 1,205 units, up 130% year on year. The company’s handover target for 2026 is 3,750–3,950 apartments.
At the end of March 2026, Develia held a total of PLN 729.6 million in cash and short-term financial assets, compared with PLN 610.4 million at the end of 2025.
“We have had a strong start to the year and delivered the best first-quarter result in the company’s history. High customer activity allows us to systematically build our reservation base. At the same time, we are observing cost impulses, primarily related to the unstable geopolitical situation, which may increase cost pressure in the coming quarters. We expect room for discounts to gradually narrow in the coming months,” said Andrzej Oślizło, CEO of Develia. “As announced, in the first half of this year we are focusing on replenishing our offer and launching new projects. In the first quarter, we introduced more than 1,350 apartments for sale,” he added.
Between January and March 2026, Develia sold 860 apartments, including 131 units in projects acquired through the takeover of Bouygues Immobilier Polska and eight units in projects carried out under joint ventures. The highest number of units were sold in the Unii Lubelskiej Vita project in Poznań, M Bemowo and Aleje Praskie in Warsaw, Południe Vita in Gdańsk and Centralna Vita in Kraków. In the first quarter of this year, Develia handed over 1,205 apartments, compared with 523 units a year earlier.
In February this year, Develia signed a joint venture agreement with Mosaic Poland Holding, part of Mosaic World, an international group operating in the micro-living sector. The aim of the cooperation is to develop a student residence with more than 620 rooms, service units and accompanying infrastructure. The maximum usable area of the facility will amount to 11,800 sqm. The student residence will be built in the centre of Wrocław, at Orląt Lwowskich Square, on land owned by Develia. Ultimately, the developer will hold a 25% stake in the joint venture company, while Mosaic will hold 75%.
In April this year, Develia signed a preliminary agreement with Gdansk Development Holding N.V., established by two Belgian developers, Alides and Revive, concerning the acquisition of 100% of the shares in Stocznia Cesarska Development. The company is the perpetual usufructuary of the property comprising the former Imperial Shipyard site in Gdańsk. The value of the transaction will amount to approximately PLN 550 million. After the transaction is finalised, Develia plans to develop a mixed-use project on the Imperial Shipyard site, comprising at least 3,000 apartments as well as service units.
Financial results
| Financial data, PLN thousand | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | 892,109 | 253,530 | 251.88% |
| Gross profit on sales | 279,748 | 80,814 | 246.16% |
| EBITDA | 226,445 | 47,515 | 376.58% |
| Adjusted EBITDA* | 226,493 | 49,589 | 356.74% |
| Share in profits/losses of entities accounted for using the equity method, JV | -20 | 13,271 | n/a |
| Net profit | 177,105 | 65,176 | 171.73% |
| Adjusted net profit* | 177,072 | 67,160 | 163.66% |
| ROE | 8.37% | 3.65% | +4.72 pp |
| Adjusted ROE* | 8.37% | 3.76% | +4.61 pp |
* Adjusted net profit calculated according to the formula: adjusted net profit = net profit adjusted by the sum of net revaluations of investment properties and inventories, less financial income/costs from the valuation of financial liabilities in EUR, less deferred tax created on adjusted items. The same adjustment applies to ROE and EBITDA.
The Group’s revenue for the first quarter of 2026 amounted to PLN 892.1 million and was 252% higher than the PLN 253.5 million recorded a year earlier. Net profit reached PLN 177.1 million, up 172% from PLN 65.2 million in the same period of the previous year.
“We achieved a record first-quarter result thanks to a high number of apartment handovers in the first months of the year — 1,205 units. Our target for this year is to hand over 3,750–3,950 apartments, which is 30% more than in 2025,” said Paweł Ruszczak, Vice-President of Develia’s Management Board. “In line with our adopted dividend policy, we want to share last year’s record profit with shareholders. In May, we recommended to the General Meeting the payment of a dividend of PLN 342.8 million, or PLN 0.73 per share — the highest in the company’s history,” he added.
Develia’s Management Board recommended that the General Meeting approve a dividend payment of PLN 342.8 million, including PLN 7.1 million from reserve capital created from the 2019 profit for the purpose of future dividend and interim dividend payments. This represents a payment of PLN 0.73 per share. The proposed dividend record date is 25 September 2026, and the proposed dividend payment date is 30 September 2026.
In December 2025, Develia offered investors four-year bonds worth PLN 180 million, with a margin of 2.0% above WIBOR 3M. The issue was finalised in January 2026. In May this year, Develia issued bonds worth PLN 150 million. The interest rate on the bonds was set based on WIBOR 3M plus the lowest margin in the company’s history, at 1.95% per annum. The issue was carried out under a bond issue programme whose value was increased in April this year to PLN 850 million.
At the end of March 2026, Develia held a total of PLN 729.6 million in cash and short-term financial assets, compared with PLN 610.4 million at the end of 2025. At the end of the first quarter of 2026, financial liabilities amounted to PLN 874.5 million, compared with PLN 903.9 million at the end of 2025.
About Develia
Develia S.A. is a Polish real estate development company headquartered in Wrocław and listed on the Warsaw Stock Exchange. It was founded in 2006 as LC Corp and has operated under its current name since 2019.
The company specialises in residential, commercial and office projects in Poland’s largest cities, including Warsaw, Kraków, Gdańsk, Katowice and Wrocław. Develia is one of the largest listed developers in Poland, and its activities include the construction, sale and rental of real estate.
