Murapol (MUR) Q1 2025 earnings summary

Executive summary

• Net profit for Q1 2025 reached PLN 68.7 million, up 12.5% year-over-year, with revenues exceeding PLN 330 million and strong subsidiary performance.

• 881 units sold (707 under development/preliminary contracts, 174 in reservations); 657 units handed over, in line with projections.

• 1,045 units added to the offer in 3 cities; portfolio under construction includes around 8,700 units in 15 cities.

• Landbank capacity for nearly 20,000 units across 14 cities, supporting future growth.

• No significant changes in management or group structure during the period.

Financial highlights

• Sales revenue reached PLN 330.6m (+1.0% y/y); adjusted EBITDA at PLN 98.6m (+14% y/y); net profit at PLN 68.7m (+12.5% y/y).

• Average net price per m² of units sold was PLN 9,700 (+0.9% y/y); average price of handed-over units rose 16.2% y/y.

• 1st margin (R4S segment) at 44.6%; net profit margin at 22.1%.

• EBIT margin improved to 25.7% from 22.7% y/y.

• Earnings per share increased to PLN 1.68 from PLN 1.50 in Q1 2024.

Outlook and guidance

• 2025 sales in the retail segment projected at 3,100–3,300 units (+6–13% y/y); handovers expected at ~3,000 units.

• Dividend policy maintained: at least 75% of prior year consolidated net profit to be distributed, estimated at PLN 200m.

• Planned expenditures on plots of PLN 200–300m.

• No material uncertainties identified regarding going concern for at least one year from the balance sheet date.

• No seasonality in business activities; management expects continued stability.