Murapol S.a. · GPW:MUR
Murapol — Q1 2025 Earnings Presentation
45 slides from Murapol's earnings presentation, May 12, 2025
Slide 1: Murapol Group Investor presentation – financial data for 1Q 2025
Confidential Murapol Group Investor presentation – financial data for 1Q 2025 1 12 May 2025
Slide 2: Presenting today
Confidential Presenting today Murapol Management Board Nikodem Iskra Przemysław Kromer Iwona Sroka CEO CFO Marketing, PR, IR & ESG 2
Slide 3: Summary for 1Q 2025
Confidential Summary for 1Q 2025 1 Revenues exceeding PLN 330 million (+1.0%). Growth in net profit to PLN 68.6 million (+12.2%) Combined sales of 881 units (707 units under development contracts and preliminary sale contracts, 174 units in 2 reservations) 3 Level on handovers in line with projectio
Slide 4: About the Group
Confidential About the Group 4 Kraków
Slide 5: Murapol Group
Confidential Murapol Group • One of the largest and most 24 years 21 cities experienced residential developers in Poland, in business since 2001 Gdynia Gdańsk presence on the with Murapol Group • The most geographically diversified Olsztyn Bydgoszcz residential market developments portfolio of devel
Slide 6: What sets us apart?
Confidential What sets us apart? 1 Proven stable sales results despite challenging macroeconomic conditions 2 Leading market position with highly supportive fundamentals 3 Unique and vertically integrated business model—high cashflow, low engagement of equity, optimal margins 4 High level of geograp
Slide 7: Two complementary segments
Confidential Two complementary segments PRS segment generating significant incremental cash in addition to core resi-for-sale business Sales is carried out in two operating segments: • Affordable product highly resilient to Affordable product macroeconomic fluctuations Resi-for-sale • Addressing the
Slide 8: Product targeting the broadest group of customers
Confidential Product targeting the broadest group of customers Apartments in the affordable and affordable premium segments Structure of apartment sales by gross price (PLN ’000) Apartments priced below PLN 600,000 accounted for about 82% of total Murapol Group sales 34.4% 23.8% 19.3% 11.5% 4.2% 6.8
Slide 9: Product line resilient to macro changes
Confidential Product line resilient to macro changes • Similar, satisfactory margins in major urban areas and in regional cities—in 2023–2024 the 1st margin did not differ by more than 2pp Sales structure* Split in mortgage vs. cash buyers against the background of sales volumes in the R4S segment 6
Slide 10: Examples of projects by the group
Confidential Examples of projects by the group A presence in all main urban areas Łódź Gdańsk Poznań Katowice Warszawa Kraków 10
Slide 11: Examples of projects by the group
Confidential Examples of projects by the group Attractive offer in regional cities Lublin Toruń Bydgoszcz Bielsko-Biała Chorzów Gliwice 11
Slide 12: Murapol 1Q 2025
Confidential Murapol 1Q 2025 12 Gdańsk
Slide 13: Residential developers’ market outlook in 1Q 2025
Confidential Residential developers’ market outlook in 1Q 2025 • In 1Q 2025 there was a continuation of market trends from the end of 2024 Change in average monthly wages compared to inflation (CPI) • Rebuilding of developers’ offer on the biggest markets, and a predominance rising cons umer purchas
Slide 14: Key events in 1Q 2025
Confidential Key events in 1Q 2025 Further growth in the scale of the business, and a strong offer 707 units 1,045 units 5 000 units (-8.1% y/y) (-44.8% y/y) (+6,1% r/r) sold in 1Q 2025 (development and In the offer at the added to the offer preliminary contracts end of March 2025 (R4S segment) in t
Slide 15: 1Q 2025 in numbers
Confidential 1Q 2025 in numbers 657 units handed over to retail 707 development contracts and PLN 9,700 (-12,6% y/y) customers (-8,1% y/y) preliminary contracts (+0,9% y/y) average net price (+174 paid reservation per m2 of units sold agreements) PLN 330.6m PLN 98.6m PLN 68.6m net profit sales reven
Slide 16: Sales of units in 1Q 2025
Confidential Sales of units in 1Q 2025 Comparable sales y/y despite uncertainty arising from the market environment • 707 units (vs. 769, -8.1%) were sold under development • The largest number of apartments in the R4S segment were contracts and preliminary sale contracts, and an additional sold in
Slide 17: Handovers of units in 1Q 2025
Confidential Handovers of units in 1Q 2025 Level of handovers in the retail segment tied to timetables for development projects • 657 units handed over in 1Q2024 (-12,6%) – in line with the expectations 752 657 • Growth in average price of delivered units at the end of handovers in 1Q 2024 handovers
Slide 18: Key financial data for 1Q 2025
Confidential Key financial data for 1Q 2025 1% growth in sales revenue year-on-year • Growth in the average price of units handed over in 1Q 2025 of 16.2% (to PLN 451,500 vs. PLN 388,500 in 1Q 2024) • Growth in revenue of 1.4% in the retail segment thanks to an increase in the average price of units
Slide 19: Key financial data for 1Q 2025
Confidential Key financial data for 1Q 2025 1st margin (GM1)* EBIT Net profit (PLNm) (PLNm) (PLNm) +9% +14% +12% 137,0 125,5 74.3 85.0 61.1 68.6 3.0 3.4 R4S PRS 122.5 133.6 1Q 2024 1Q 2025 1Q 2024 1Q 2025 1Q 2024 1Q 2025 1st margin R4S (GM1)* EBIT margin Net profit margin 41.4% 44.6% 22,7% 25,7% 18,
Slide 20: Key financial data for 1Q 2025
Confidential Key financial data for 1Q 2025 1st margin (GM1)* Adjusted EBITDA** Net profit (PLNm) (PLNm) (PLNm) +9% +14% +12% 137,0 125,5 98.6 86.7 68.6 61.1 3.0 3.4 R4S PRS 122.5 133.6 1Q 2024 1Q 2025 1Q 2024 1Q 2025 1Q 2024 1Q 2025 Adjusted EBITDA 1st margin R4S (GM1)* Net profit margin margin 41.
Slide 21: Group’s current financing structure
Confidential Group’s current financing structure • Safe net debt/adjusted EBITDA ratio (0.86 at the end of 1Q 2025) • The increase in debt following 2022, combined with the excess cash generated by the group’s operational business, was used mainly for building and renewing the landbank and increasin
Slide 22: Record level of offer and strong landbank
Confidential Record level of offer and strong landbank • At the end of 1Q 2025 the Murapol offer included 5,000 units in 16 cities • Number of units under construction: 8,686 units in 28 projects in 15 cities • Active landbank for construction of near 20,000 units in 19 cities with a combined net ar
Slide 23: Units added to the offer in 1Q 2025
Confidential Units added to the offer in 1Q 2025 One of the biggest offers on the market: 5,000 units at the end of 1Q 2025 • In 1Q 2025, 1,045 residential units were added to the offer in 1,893 1,045 3 cities units introduced in units introduced in 1Q 2024 1Q 2025 • Apartments were introduced in Wa
Slide 24: Projects under construction at the end of 1Q 2025
Confidential Projects under construction at the end of 1Q 2025 High number of units under construction • Record number of units under construction: 8,686 units with • The most units are under construction in Gdańsk (2,132 units) and a combined area of about 361,639 m2, in 106 buildings Łódź (1,765 u
Slide 25: Projects in the pipeline at the end of 1Q 2025
Confidential Projects in the pipeline at the end of 1Q 2025 Attractive and highly diversified portfolio of pipeline projects • 12,941 units in the pipeline, with a combined area of nearly • Strong landbank in Warsaw, for 3,403 units, Łódź (1,767), 550,000 m2, in 16 cities Poznań (1,472) Units in the
Slide 26: Summary
Confidential Summary 26 Łódź
Slide 27: Summary for 1Q 2025
Confidential Summary for 1Q 2025 1 Revenues exceeding PLN 330 million (+1.0%). Growth in net profit to PLN 68.6 million (+12.2%) Combined sales of 881 units (707 units under development contracts and preliminary sale contracts, 174 units in 2 reservations) 3 Level on handovers in line with projectio
Slide 28: Prospects for 2025
Confidential Prospects for 2025 1 Sales in the retail segment of 3,100–3,300 units—an increase y/y of 6–13% 2 Handovers of c. 3,000 units, including c. 2,000 units to be handed over in 2H 2025 Maintaining dividend policy described in the Prospectus: earmarking for a dividend at least 75% of 3 the co
Slide 29: Thank you!
Confidential Thank you! Investor Relations contact: ir@murapol.pl Q3 2023 r. Q&A 29 Poznań
Slide 30: Appendices
Confidential Appendices 30 Bielsko-Biała
Slide 31: Similar, satisfactory margins in large urban areas and in regional cities
Confidential Similar, satisfactory margins in large urban areas and in regional cities • Similar percentage increase in average transaction prices in 2021–2024 in major urban areas (+33%) and regional cities (+33%) • Similar, satisfactory margins in major urban areas and in regional cities—in 2023–2
Slide 32: Unique, resilient business model
Confidential Unique, resilient business model Integrated business model Building Information Modelling Land acquisition BIM technology enables preparation of a precise bill of quantities, helping prevent • Effective land acquisition model • Payment of a large portion of the price deferred conceptual
Slide 33: In-house systems – a key element of operating procedures
Confidential In-house systems – a key element of operating procedures Use of BIM and Unit94 enables standardization and efficiency of processes for project design, budgeting, and selection of subcontractors Unit 94 The BIM and Unit94 technologies, used by Murapol and not by other developers, allow f
Slide 34: Projects under construction
Confidential Projects under construction • As of the end of 1Q 2025, the portfolio of projects under construction included 8,686 units with a combined usable floor area of 361,639 m2, arising in 106 buildings erected in 28 projects in 15 cities • In the R4S segment there are 7,045 units under constr
Slide 35: Projects under construction
Confidential Projects under construction No. of residential and UFA (residential and Location Project commercial units commercial, m2) Gdańsk Murapol Portovo (bud. 1) 384 11,885 Gdańsk Murapol Stoczniova (bud. 3) 336 11,332 Gdynia Murapol Osiedle Dynamiq (bud. 1, 2, 3, 4) 228 10,409 Gliwice Murapol
Slide 36: Projects under construction
Confidential Projects under construction No. of residential and UFA (residential and Location Project commercial units commercial, m2) Lublin Murapol Primo (bud. 1, 2) 332 15,091 Łódź Murapol Agosto (bud. 1, 2, 3) 442 20,304 Łódź Murapol Osiedle Faktoria (bud. 1, 2) 269 9,868 Łódź Murapol Ergo (bud.
Slide 37: Projects under construction
Confidential Projects under construction No. of residential and UFA (residential and Location Project commercial units commercial, m2) Warszawa Murapol Urcity(bud. 1,2) 216 10,598 Warszawa Murapol Urcity (bud. 3,4) 194 9,480 Wrocław Murapol Motivo (bud. 1) 319 11,626 Wrocław Murapol Osiedle Ferrovia
Slide 38: Projects in the pipeline
Confidential Projects in the pipeline • As of 31 March 2025, within the Murapol Group landbank, there was a portfolio of pipeline projects comprising about 13,000 units with a combined usable floor area of c. 548,811 m2, ensuring continuity of the group’s business for the next several years Location
Slide 39: Projects offered for sale in 1Q 2025
Confidential Projects offered for sale in 1Q 2025 • In 1Q 2025 Murapol added to the offer 1,045 new units Location Units introduced in 1 Q 202 5 Units introduced in 2Q 2025 Units introduced in 3Q 2025 Units introduced in 4Q 2025 Bielsko-Biała - Bydgoszcz - Gdańsk - Gdynia - Gliwice - Katowice - Krak
Slide 40: Profit and loss statement
Confidential Profit and loss statement PLN ’000 31.03.2025 31.03.2024 Change 330,554 327,233 +1.0% Sales revenue Revenue from sales to retail customers 300,001 295,720 +1.4% 30,553 31,513 -3.0% Revenue from sales to PRS Gross profit on sales 113,466 102,057 +11.1% 34.3% 31.2% +3.1 p.p. Gross margin
Slide 41: Balance sheet
Confidential Balance sheet Assets 31.03.202 5 31.12.202 4 Lia bilities 31.03.202 5 31.12.202 4 Equity attributable to Non-current assets 89,244 81,996 shareholders of the parent 672,474 603,999 company Current assets 2,088,548 2,078,689 Non-controlling interest - - Total assets 2,177,792 2,160,685 T
Slide 42: Shareholders
Confidential Shareholders Shareholder No. of sha res Ca pital AEREF V PL Inwestycje sp. z o.o. 27,760,000 68.0% 19.7% Nationale Nederlanden PTE 2,960,000 7.3% Other 68.0% AEREF V PL Inwestycje sp. z o.o. Hampont sp. z o.o. 2,040,000 5.0% Other 8,040,000 19.7% Total 40,800,000 100.0% 5.0% Hampont Sp.
Slide 43: Organizational culture and corporate governance
Confidential Organizational culture and corporate governance Solid governance structure aimed at effective and sustainable growth in value Supportive shareholders and independent Experienced supervisory board decision-making • Highly experienced Supervisory Board with • Experienced stakeholders with
Slide 44: Ambitious plans of the ESG strategy
Confidential Ambitious plans of the ESG strategy Pillars of the ESG strategy Advanced preparations • Sustainable modern construction • Murapol has already developed strategic • Responsible strategic partners ESG analyses, including regulatory readiness, dual materiality analysis, climate, social and
Slide 45: Legal disclaimer
Confidential Legal disclaimer This presentation was prepared solely for informational purposes. It does not constitute an advertisement or offering of securities in public trading. Sources of information were used in the presentation which Murapol SA regards as reliable and precise, but there is no