After the first three quarters of 2025, PHN Group achieved operating revenue of PLN 630.9 million — an increase of more than 30% compared with the same period in 2024. Net profit amounted to PLN 179.2 million, compared with a loss of PLN 112.2 million in the corresponding period of 2024.
Adjusted EBITDA reached PLN 129.6 million, confirming continued improvement in operational efficiency and the Group’s consistent execution of its long-term “New Start” strategy.
“The third quarter of 2025 was a period of further strengthening our position and sustained action across key areas. We focused on investment progress, sales growth, and reinforcing the Group’s financial foundations — which is reflected, among other things, in the decision to redeem PLN 120 million in bonds ahead of schedule,” said Wiesław Malicki, CEO of Polski Holding Nieruchomości S.A.
Strong Growth in the Development Segment
In the development segment, PHN Group generated PLN 117.4 million in sales revenue compared with just PLN 1.8 million in the first three quarters of 2024. This significant increase stems from the completion of key residential projects and the handover of units to buyers in three investments:
- KOLEJ NA 19 in Warsaw
- Osiedle ŁAN in Wrocław
- Osiedle Olimpijczyk II in Łódź
“The results achieved after the first three quarters of 2025 — including higher operating revenue and further improvement in adjusted EBITDA — confirm the Group’s solid financial condition and the effectiveness of our cost-management initiatives. These results form a stable foundation for the continued sustainable development and value creation for the Group in the coming periods,” added CEO Malicki.
Ongoing Investment Programme: Offices, Residential, Logistics, and Renewables
PHN Group continues to carry out its investment programme across commercial, residential, logistics, and renewable-energy sectors.
Office Projects
Construction of the modern VENA office building at Prymasa Tysiąclecia Avenue 83 in Warsaw is nearing completion. The shell and core works have been finalised, and finishing and internal installation works are now underway.
Residential Projects Under Development
The Group continues to expand its residential portfolio. Three projects are currently under construction:
- Jana Pawła 34 Apartments (Warsaw)
- Nowa Nakielska by PHN I (Bydgoszcz)
- Nowe Zabłocie (Kraków)
Together, these include 336 apartments.
Earlier this year, PHN completed the second stage of Osiedle Olimpijczyk in Łódź, and recently obtained an occupancy permit for Phase II of Młoda Białołęka in Warsaw.
New projects under preparation include:
- continuation of the prestigious Yacht Park development in Gdynia,
- next stages of Osiedle ŁAN in Wrocław and Młoda Białołęka in Warsaw,
- premium residential projects at Foksal 10 and Lotaryńska 11 in Warsaw — offering boutique, high-standard apartments.
One of the most innovative future initiatives will be the revitalisation of Osiedle Wilanów in Warsaw. The first stage will feature 89 comfortable apartments in four buildings. The overall project aims to create a modern, resident-friendly neighbourhood that blends tradition with contemporary design. Project documentation is currently being developed.
Expansion in Renewable Energy
PHN Group is also growing its renewable-energy business. The first wind farm with nearly 28 MW of installed capacity will be built near Owińska, in the Czerwonak municipality (Greater Poland region).
The company secured PLN 33.5 million in financing for the construction of an approximately 18 MW section of this farm. Around 70% of the generated energy will be used to power PHN Group’s own properties — reducing the carbon footprint and increasing the attractiveness of rental offerings for current and future clients.
Consistent Execution of the “New Start” Strategy (2025–2030)
PHN Group remains committed to its “New Start” strategy for 2025–2030, aimed at building a strong market position based on four pillars:
- Development
- Leasing
- Construction
- PRS (Private Rented Sector)
The strategy includes developing:
- 3,200 residential units,
- 40,000 m² of office space,
- 600,000 m² of logistics space by 2030.
The Group’s 2025 results to date form a solid foundation for achieving these ambitious targets and continuing the stable, sustainable growth of PHN Group’s enterprise value.
