Robyg (ROB2) Q1 2024 earnings summary

Executive summary

• Revenues reached PLN 402 million in Q1 2024, with a strong cash position of PLN 649 million and operating cash flow of PLN 244 million (excluding new plot purchases).

• 436 units were presold (net after cancellations), and 665 developer agreements were signed.

• Total land bank stands at 14,124 units, with 1,843 units on offer and 687 units recognized in revenues.

Financial highlights

• Q1 2024 revenues increased by 81% year-over-year to PLN 401.8 million.

• Gross profit on sales rose 45% year-over-year to PLN 84.3 million, with a gross margin of 20.99%.

• Net profit surged 72% year-over-year to PLN 55.6 million, with a net margin of 13.84%.

• Cash and cash equivalents totaled PLN 505.9 million, up 149% year-over-year.

Outlook and guidance

• Strategic goal to presell over 2,100 residential units in 2024 and increase sales in subsequent years.

• Plans to expand activities in Wrocław, Tricity, and Łódź, and to grow the land bank.

• Focus on maintaining margins and executing ESG strategy.