Robyg (ROB2) Company presentation summary

Key investment highlights

• Poland's robust GDP growth, rising incomes, and urbanization drive strong housing demand, with a significant housing deficit in major cities supporting long-term market fundamentals.

• The group is a leading multifamily residential developer with over 25 years of experience, a large landbank, and a vertically integrated business model combining development and construction services.

• Backed by a blue-chip institutional investor, the company benefits from strategic guidance, optimized capital allocation, and robust governance, enhancing operational efficiency and profitability.

• High-quality products, smart home solutions, and a loyal client base underpin strong brand reputation and repeat business, with 22% of customers being repeat buyers and an 85% satisfaction rate.

• Strong financial profile with high gross margins, prudent leverage (22% net debt/equity in 2025), and a target dividend payout of at least 70% of net earnings from 2027.

Market overview

• Poland's housing market is underdeveloped compared to the EU, with high overcrowding rates, low urbanization, and a strong preference for home ownership, creating a substantial growth runway.

• Only 32% of housing stock in major cities is modern, with regulatory pressure for energy efficiency driving demand for new developments.

• The six largest cities are economic and academic hubs, showing strong labor market performance, wage growth, and migration-driven demand.

• Urbanization trends and positive net migration, including Ukrainian migration, support resilient demand in core markets.

• Mortgage market recovery, declining interest rates, and record household savings further strengthen housing demand.

Business model and operations

• Core business is residential development, with complementary revenue streams from general contracting, JV services, and land/property sales.

• Vertically integrated model covers land acquisition, design, construction, sales, and post-sale support, enabling efficient project execution and high pre-sale rates.

• Landbank of 17.7k units (2025), concentrated in Warsaw and Tri-City, provides high sales visibility and supports growth for the next 3 years.

• Disciplined land acquisition strategy focuses on early-stage, large plots with risk premiums, supported by a strong local network and due diligence process.

• Asset-light general contracting services and JV projects provide incremental, stable income and operational flexibility.