In the first three quarters of 2025, Murapol Group handed over 1,364 residential units to retail customers across 14 cities, a decrease of 20.7% year-on-year. Sales revenue reached PLN 725.8 million (-7.7% y/y), while the Group’s net profit amounted to PLN 124.8 million (-5.3% y/y).
From January to September 2025, the Group sold 2,237 units in total to retail customers, including 2,112 via development and preliminary agreements (+1.3% y/y) and 125 via paid reservation agreements (after excluding cancellations. The highest sales volumes were recorded in Gdańsk – 621 units, Łódź – 389, and Poznań – 225. Apartments priced below PLN 600,000—still the most popular price category—accounted for nearly 82% of total sales.
During the first nine months of 2025, Murapol introduced 1,416 units to its offer in Warsaw, Kraków, Łódź, Toruń and Siewierz. The Group has one of the largest active land banks in the market, enabling the construction of over 20,200 units in 18 cities.
“Total sales of more than 2,200 units after the first nine months of 2025, combined with an 11% increase in the average price of delivered apartments, shows that we maintain a strong position in the popular and popular-premium segments. Our portfolio of nearly 4,100 units across 16 cities meets the needs of a broad customer base and forms a solid foundation for achieving our plans. The good pace of project execution supports high operational performance, while we continue strengthening our land bank, enabling the construction of over 20,000 homes in 18 Polish cities. We continuously expand our offer, giving the Group flexibility amid market changes. Strong geographic diversification, experience, and a unique, resilient business model allow us to look optimistically at the coming quarters and pursue our sustainable growth strategy,” says Nikodem Iskra, CEO of Murapol S.A.
Solid Margins and a Safe Financial Position
At the end of Q3 2025, Murapol Group held PLN 365.6 million in available cash (including funds in escrow accounts), with net debt at PLN 299.4 million.
“Following the handover of 1,364 units—just under half of this year’s planned volume—we generated nearly PLN 190 million in EBITDA and PLN 125 million in net profit after three quarters. Net profitability in the development segment reached 18.4%, and sales volume slightly exceeded Q3 2024 levels. This demonstrates that even in a relatively challenging market, with abundant supply and customers having many options at various project stages, Murapol consistently delivers on its strategy and goals. The fourth quarter will pose significant challenges in terms of sales and handovers, but we are strategically and operationally well-prepared. Strong foundations—an offer aligned with our scale and sales plans, an active land bank enabling over 20,000 units, and diversified funding sources—allow us to be satisfied with the achieved results and confidently plan further ambitious growth in the coming years,” says Przemysław Kromer, CFO and Management Board Member of Murapol S.A.
To diversify funding sources, on 29 May 2025 Murapol issued 10,000 unsecured bonds (series 1/2025) with a total value of PLN 100 million.
The Group intends to continue its dividend policy, assuming that at least 75% of consolidated net profit will be distributed to shareholders. In 2025, total dividends will amount to PLN 200.3 million:
- PLN 80.4 million already paid on 24 June 2025
- PLN 120 million as an advance payment, with distribution planned for 22 December 2025.
Key Financial Results
(in thousands of PLN)
| Metric | 3Q 2025 | 3Q 2024 | Change |
|---|---|---|---|
| Sales revenue | 725,801 | 786,323 | -7.7% |
| Revenue from retail customers | 604,584 | 685,904 | -11.9% |
| Revenue from PRS segment | 121,217 | 100,419 | +20.7% |
| Gross profit from sales | 242,032 | 235,451 | +2.8% |
| Gross margin | 33.3% | 29.9% | +3.4 p.p. |
| EBIT | 157,916 | 159,551 | -1.0% |
| EBIT margin | 21.8% | 20.3% | +1.5 p.p. |
| Net profit | 124,814 | 131,789 | -5.3% |
| Net margin | 17.2% | 16.8% | +0.4 p.p. |
Strong Growth Foundations
After nine months of 2025, Murapol’s project pipeline included 8,014 units under construction in 101 buildings across 28 projects in 15 cities. This included 6,373 units in the retail segment and 1,641 units in the PRS (institutional rental) segment.
The Group’s ability to replenish its land bank faster than pre-sales progress remains a key pillar of stable long-term growth. After Q3 2025, Murapol held one of the largest active land banks in Poland, enabling the construction of over 20,200 units with a total usable floor area of 859,100 m² in 18 cities.
Over more than 24 years (as of 30 September 2025), the Group has built one of the most geographically diversified residential development portfolios in Poland, delivering nearly 33,300 units with a total usable area exceeding 1.45 million m². Altogether, 95 multi-stage projects and 469 buildings have been completed.
Since the beginning of 2025, the largest housing markets have seen a rebuild of developer supply, with new supply outpacing sales, contributing to price stabilization on the primary market. Interest rate cuts starting in May—bringing the NBP reference rate to 4.25% as of November—have improved customers’ borrowing capacity.
In the medium and long term, the outlook for both the housing market and Murapol Group remains positive. Expected further interest rate reductions, rising wages, and improving household purchasing power should support steady demand. Additional market drivers include stabilizing real housing prices, growing interest in rental housing—including institutional PRS—and the persistent structural housing deficit in Poland.
