Slide 1: Grupa Murapol Investor presentation – financial data for 1H 2025
Confidential Grupa MURAPOL Investor presentation – financial data for 1H 2025 1 24 september 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 of results for 1H 2025
Confidential Summary of results for 1H 2025 1 Revenue reaching nearly PLN 530m, net profit of PLN 96.9m Total sales of 1,575 units (1,403 under development contracts and preliminary sales contracts, with an additional 2 172 paid reservation agreements) 3 Level of handovers in line with projections:
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: 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 7: Product targeted to the broadest group of customers
Confidential Product targeted to 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 constituted about 82% of Murapol Group’s total sales 34.3% 23.6% 20.8% 10.8% 6.9% 3
Slide 8: Product line resilient to macro changes
Confidential Product line resilient to macro changes Murapol has a strong offer and a presence in all major urban areas, as well as regional cities • Similar, satisfactory margins in major urban centres and in regional cities —in 2023-2024 the 1st margin differed by no more than 2 p.p. Split: mortga
Slide 9: 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 9
Slide 10: 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 10
Slide 11: Murapol 1H 2025
Confidential Murapol 1H 2025 11 Gdańsk
Slide 12: Residential developers’ market outlook in 1H 2025
Confidential Residential developers’ market outlook in 1H 2025 • In 1H 2025, a continuation of market trends from the end of 2024 Change in average monthly wages compared to inflation (CPI) • Rebuilding of developers’ product line on the biggest markets, and a 20% rising cons umer purchasing power p
Slide 13: Key events in 1H 2025
Confidential Key events in 1H 2025 Stable sales and strong product line, in line with sales plans 1,403 units 1,126 units 4,427 units sold in 1H 2025 (development agreements + on offer at the end added to the offer preliminary of June 2025 (R4S segment) agreements in the R4S segment Poznań 13
Slide 14: 1H 2025 in numbers
Confidential 1H 2025 in numbers 952 units handed over to retail 1,403 development contracts and PLN 9,700 (-26,5% y/y) customers (-2,4% y/y) preliminary contracts (+3,4% r/r) average net price (+172 paid reservation per m2 of units sold agreements) PLN 529.4m PLN 139.6m PLN 96.9m net profut sales re
Slide 15: Sales of units in 1H 2025
Confidential Sales of units in 1H 2025 Comparable sales year-on-year • 1,403 units (vs. 1,438, -2.4%) were sold under development • The most apartments in the R4S segment were sold in contracts and preliminary contracts, with an additional 172 Gdańsk (364), Łódź (267) and Poznań (163) units under re
Slide 16: Handovers of units in 1H 2025
Confidential Handovers of units in 1H 2025 Level of handovers in the retail segment linked with the project timetables • The keys to 952 units were handed over to retail customers, in line with the timetable for this year’s deliveries, most of which are scheduled for the 2nd half of the year 1,295 9
Slide 17: Key financial data for 1H 2025
Confidential Key financial data for 1H 2025 Smaller number of handovers, accompanied by a strong rise in the average price of delivered units by 15.2% • Growth in the average price of units handed over in 1H 2025 of 15.2% (to PLN 452,900 vs. PLN 393,200 in 1H 2024) • Decline in revenue of 15.3% in t
Slide 18: Key financial data for 1H 2025
Confidential Key financial data for 1H 2025 1st margin (GM1)* EBIT Net profit (PLNm) (PLNm) (PLNm) -4% -4% -5% 220,8 211,6 13.3 11.9 123.8 118.9 102.3 96.9 R4S 207.5 199.6 PRS 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1st margin R4S (GM1)* EBIT margin Net profit margin 45.7% 40.3% 21,2% 22,5%
Slide 19: Key financial data for 1H 2025
Confidential Key financial data for 1H 2025 1st margin (GM1)* Adjusted EBITDA** Net profit (PLNm) (PLNm) (PLNm) -4% -6% -5% 220,8 211,6 13.3 11.9 148.6 139.6 102.3 96.9 R4S 207.5 199.6 PRS 1H 2024 1H 2025 1H 2024 1H 2025 1H 2024 1H 2025 1st margin R4S (GM1)* Adjusted EBITDA margin Net profit margin
Slide 20: Group’s current financing structure
Confidential Group’s current financing structure • Safe net debt/adjusted EBITDA ratio (0.91 at the end of 1H 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 21: High level of units on offer and a strong landbank
Confidential High level of units on offer and a strong landbannk • At the end of 1H 2025 the Murapol offer included 4,427 units in 16 cities: a presence in all key urban areas in Poland as well as regional cities • Number of units under construction: 8,630 units in 29 projects in 14 cities • Active
Slide 22: Units introduced into the product line in 1H 2025
Confidential Units introduced into the product line in 1H 2025 One of the biggest offers on the market: nearly 4,500 units at the end of 1H 2025 • In 1H 2025, 1,126 residential units were introduced into the product line in 4 cities 2,285 1,126 units added in 1H 2024 units added in 1H 2025 • Apartme
Slide 23: Projects under construction at the end of 1H 2025
Confidential Projects under construction at the end of 1H 2025 High number of units under construction • No. of units under construction: 8,630 units with a combined • The most projects under construction are in Gdańsk (2,132 units) and area of c. 361,000 m2, at 104 buildings in 14 cities Łódź (1,76
Slide 24: Projects in the pipeline at the end of 1H 2025
Confidential Projects in the pipeline at the end of 1H 2025 Attractive and well-diversified portfolio of pipeline projects • 13,288 units in the pipeline, with a total area of c. 564,000 m2, • Strong landbank in Warsaw (with a capacity for 4,071 units), Łódź in 16 cities (1,901) and Poznań (1,732) U
Slide 25: Summary
Confidential Summary 25 Łódź
Slide 26: Summary of results for 1H 2025
Confidential Summary of results for 1H 2025 1 Revenue reaching nearly PLN 530m, net profit of PLN 96.9m Total sales of 1,575 units (1,403 under development contracts and preliminary sales contracts, with an additional 2 172 paid reservation agreements) 3 Level of handovers in line with projections:
Slide 27: Prospects for upcoming periods
Confidential Prospects for upcoming periods 1 Sales in 2025 in the retail segment of 3,100–3,300 units—an increase y/y of 6–13% 2 Deliveries of units in 2025: 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
Slide 28: Thank you!
Confidential Thank you! Investor Relations contact: ir@murapol.pl Q3 2023 r. Q&A 28 Poznań
Slide 29: Appendices
Confidential Appendices 29 Bielsko-Biała
Slide 30: Projects under construction
Confidential Projects under construction • At the end of 1H 2025 the portfolio of projects under construction included 8,630 units with a combined usable floor area of 361,000 m2, being built in 104 buildings in 29 projects in 14 cities • In the R4S segment there are 6,989 units under construction.
Slide 31: Projects under construction
Confidential Projects under construction No. of residential and UFA (residential and Location Project commercial units commercial units) (m2) Gdańsk Twarda (bldg 1) [PRS] 365 11,521 Gdańsk Murapol Stoczniova (bldg 3) 336 11,332 Gdynia Murapol Osiedle Dynamiq (bldg 1, 2, 3, 4) 228 10,409 Gliwice Mura
Slide 32: Projects under construction
Confidential Projects under construction No. of residential and UFA (residential and Location Project commercial units commercial units) (m2) Lublin Murapol Primo III (bldg 1, 2) 332 15,091 Łódź Murapol Agosto (bldg 1, 2, 3) 442 20,292 Łódź Murapol Osiedle Faktoria (bldg 1, 2) 269 9,868 Łódź Murapol
Slide 33: Projects under construction
Confidential Projects under construction No. of residential and UFA (resid ential and Location Project commercial units commercial units) (m2) Warszawa Murapol Urcity (bldg 1, 2) 216 10,598 Warszawa Murapol Urcity II (bldg 3, 4) 194 9,480 Wrocław Murapol Motivo (bldg 1) 319 11,605 Wrocław Murapol Os
Slide 34: Projects in the pipeline
Confidential Projects in the pipeline • As of 30 June 2025, in the Murapol Group’s landbank there was a portfolio of pipeline projects including about 13,300 units with a combined usable floor area of c. 563,300 m2, ensuring the continuity of its business for several years to come Location Pla nned
Slide 35: Projects introduced for sale in 1H 2025
Confidential Projects introduced for sale in 1H 2025 • In 1H 2025 Murapol added 1,126 new units to its product line Location Units introduced in 1Q 202 5 Units introduced in 2Q 202 5 Units introduced in 3 Q 202 5 Units introduced in 4Q 2025 Bielsko-Biała - Bydgoszcz - Gdańsk - Gdynia - Gliwice - Kat
Slide 36: 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 37: 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 38: 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 39: 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 40: Profit and loss statement
Confidential Profit and loss statement PLN ’000 30.06.2025 30.06.2024 Change 529,396 584,092 -9.4% Sales revenue Revenue from sales to retail customers 436,681 515,353 -15.3% 92,715 68,739 +34.9% Revenue from sales to PRS Gross profit on sales 176,390 177,868 -0.8% 33.3% 30.5% +2.8 p.p. Gross margin
Slide 41: Balance sheet
Confidential Balance sheet Assets 30.06.202 5 31.12.202 4 Lia bilities 30.06.202 5 31.12.202 4 Equity attributable to Non-current assets 100,766 81,996 shareholders of the parent 620,840 603,399 company Current assets 2,271,585 2,078,689 Non-controlling interest - - Total assets 2,372,351 2,160,685
Slide 42: Shareholders
Confidential Shareholders Shareholder No. of sha res Ca pital 30.2% AEREF V PL Inwestycje sp. z o.o. 17,560,000 43.0% Others 43.0% Nationale Nederlanden PTE* 4,757,113 11.7% AEREF V PL Inwestycje sp. z o.o. Hampont sp. z o.o. 3,060,000 7.5% Norges Bank 2,079,842 5.1% 2.5% Poddębice Retail Invest 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