In the first half of 2025, Polski Holding Nieruchomości (PHN Group) reported operating revenue of PLN 429.1 million, a 41% increase year-on-year. Net profit reached PLN 174.2 million, a significant turnaround compared to a PLN 76.0 million loss in the same period of 2024.
Adjusted EBITDA improved to PLN 87.8 million, up from PLN 66.1 million a year earlier, reflecting stronger operational efficiency and the effective execution of the Group’s “New Start” strategy.
“The results achieved in the first half of 2025 confirm the stable condition of PHN Group and the effectiveness of our ‘New Start’ strategy. The clear improvement in financial performance, combined with the dynamic implementation of our investment program, shows that we are consistently building value for shareholders and business partners while strengthening our position in the real estate market,” said Wiesław Malicki, CEO of PHN S.A.
Strong Growth in Development Segment
Revenue from development activities totaled PLN 83.1 million, compared to just PLN 1.3 million in H1 2024. The surge was driven by the handover of residential units in three completed projects: KOLEJ NA 19 in Warsaw, Osiedle ŁAN in Wrocław, and Osiedle Olimpijczyk II in Łódź.
Expanding Real Estate Portfolio
PHN continues to advance projects in the office, residential, logistics, and renewable energy sectors.
- Office Sector: Construction of the VENA office building in Warsaw (approx. 15,000 sqm) reached shell completion, with finishing works now underway. Delivery is scheduled for Q1 2026. Plans are also progressing for a 107-meter, 27,600 sqm green office tower to replace the existing INTRACO building at Stawki 2 in Warsaw.
- Residential Sector: Four projects are currently under construction, totaling 517 apartments across Warsaw, Bydgoszcz, and Kraków. Upcoming projects include further stages of Yacht Park in Gdynia, Osiedle ŁAN in Wrocław, Młoda Białołęka in Warsaw, and premium developments at Foksal 10 and Lotaryńska 11 in Warsaw.
- Renewables: PHN is building its first solar farm near Owińska in Greater Poland, with an installed capacity of nearly 28 MW. Around 70% of the generated electricity will cover the Group’s own property needs, reducing its carbon footprint and enhancing tenant appeal.
Strategy “New Start” 2025–2030
PHN’s long-term plan focuses on four pillars: Development, Leasing, Construction, and Private Rented Sector (PRS). By 2030, the Group aims to deliver:
- 3,200 apartments,
- 40,000 sqm of office space,
- 600,000 sqm of logistics space.
“The level of operating revenue and the improvement in adjusted EBITDA reflect PHN’s strong financial standing and effective cost management. These results provide a solid foundation for continued sustainable growth and value creation,” Malicki added.
The H1 2025 results confirm PHN’s successful return to profitability and set the stage for further expansion in line with its ambitious strategic goals.
Source: CEO.com.pl
