Slide 1: Murapol Group Presentation of results for 1H 2024
Confidential Murapol Group Presentation of results for the 1st half of 2024 Q3 2023 r. 1 26 September 2024
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 1H 2024
Confidential Summary of 1H 2024 Sales: 1,438 units (development contracts and preliminary contracts)—an increase of 5.5% despite uncertainty 1 surrounding the “Credit to Start” scheme 2 Sales target for FY 2024: increase of c. 10% (development contracts and preliminary contracts) over the sales volu
Slide 4: About the Group
Confidential About the Group 4 Kraków
Slide 5: Murapol Group
Confidential Murapol Group • One of the largest and most 23 years 21 cities experienced residential developers in Poland, in business since 2001 Gdynia Gdańsk presence on the with Murapol Group • The most geographically diversified Bydgoszcz Olsztyn residential market developments portfolio of devel
Slide 6: What sets us apart?
Confidential What sets us apart? 1 Proven stable sales results in the last 3 years despite challenging macroeconomic conditions 2 Leading market position with highly supportive fundamentals 3 Unique and vertically integrated business model—high cash flow, low engagement of equity, optimal margins 4
Slide 7: Product aimed at the broadest customer base
Confidential Product aimed at the broadest customer base Apartments in the affordable and affordable premium segments Sales structure by apartment price (PLN ’000) Apartments priced below PLN 600,000 accounted for nearly 90% of Murapol Group’s total sales 35.9% 29.8% 17.3% 7,0% 4.8% 5.2% Poznań <300
Slide 8: Examples of projects by the group
Confidential Examples of projects by the group Affordable and affordable premium segments Łódź Gdańsk Toruń Bielsko-Biała Bydgoszcz Gliwice 8
Slide 9: Murapol 1H 2024
Confidential Murapol 1H 2024 9 Gdańsk
Slide 10: Market situation in the residential development sector in 1H 2024
Confidential Market situation in the residential development sector in 1H 2024 Change in average monthly wages compared to inflation (CPI) • Customers postponing purchasing decisions in connection with 20% rosnąca siła nabywcza konsumentów the public debate and uncertainty surrounding the conditions
Slide 11: Key events in 1H 2024
Confidential Key events in 1H 2024 Further growth in operating scale, and a strong product line 4,530 units 2,285 units Lublin, Kielce, (+46.1% y/y) (+24.8% y/y) Częstochowa on offer at the end added to offering new markets of June 2024 (R4S segment) Poznań 11
Slide 12: 1H 2024 in numbers
Confidential 1H 2024 in numbers Results in line with projections and project completion schedule 1,295 units handed over to retail 1,438 development contracts and PLN 9,400 (-18.7% y/y) customers (+5.5% y/y) preliminary contracts (+17.3% y/y) average net price (+ 83 paid reservation per m2 of units
Slide 13: Product line resilient to macro changes
Confidential Product line resilient to macro changes Similar, satisfactory margins in major urban areas and in regional cities • Growth in the share of cash customers to 46%, vs. an • Similar percentage increase in average transaction prices in 2021–2024 in average of 36% in FY 2023 major urban area
Slide 14: Sales of apartments in 1H 2024
Confidential Sales of apartments in 1H 2024 Comparable sales y/y despite uncertainty arising from the market environment • 1,438 units (vs. 1,363, +5.5%) were sold under development • The most apartments were sold in Łódź (319), Poznań (309) contracts and preliminary contracts, and an additional 83
Slide 15: Handovers in 1H 2024
Confidential Handovers in 1H 2024 Lower level of handovers in the retail segment linked with timetable of development projects • Increase in average price of units handed over in 1H 2024 of 12.6% 1,592 1,295 • The most units were handed over to customers in 1H 2024 in handovers in 1H 2023 handovers
Slide 16: Key financial data for 1H 2024
Confidential Key financial data for 1H 2024 Decline in sales revenue due to lower level of handovers • Growth in the average price of units handed over in 1H 2024 of 12.6% (to PLN 395,400 vs. PLN 351,100 in 1H 2023) • Decline in revenue of 8.1% in the retail segment connected with the lower number o
Slide 17: Key financial data for 1H 2024
Confidential Key financial data for 1H 2024 Results y/y impacted by lower level of handovers in 1H 2024 vs. 1H 2023 1st margin (GM1)* EBIT Net profit (PLNm) (PLNm) (PLNm) -19% -30% -30% 272.8 220.8 176.0 123.8 146.3 15.4 13.3 R4S 102.3 PRS 257.4 207.5 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024
Slide 18: Group's current financing structure
Confidential Group’s current financing structure • Signing in December 2023 of an annex to the credit agreement increasing the facility by about PLN 70m, to a total commitment by the banks of PLN 550m—in effect recovering the amortized portion of the credit (funds released in January 2024) • Safe ne
Slide 19: Record number of units offered, and a strong landbank
Confidential Record number of units offered, and a strong landbank • At the end of 1H 2024, Murapol’s offer included 4,530 units in 16 cities • Record number of units under construction: 8,494 units at 29 projects in 14 cities • Active landbank with a capacity for construction of 21,900 units in 19
Slide 20: Units added to the product line in 1H 2024
Confidential Units added to the product line in 1H 2024 One of the biggest offers on the market: 4,530 units at the end of 1H 2024 • In 1H 2024 the Murapol Group added 2,285 residential units to its offer in 9 cities, including a new operating market, Lublin 1,831 2,285 units added in 1H 2023 units
Slide 21: Projects under construction in 1H 2024
Confidential Projects under construction in 1H 2024 Record number of units being built • A record number of units under construction: nearly 8,500 units • Additionally, as of the end of 1H 2024, projects under construction had with a combined area of c. 358,000 m2, at 29 projects in 14 obtained occu
Slide 22: Projects in the pipeline in 1H 2024
Confidential Projects in the pipeline in 1H 2024 Attractive and well-diversified portfolio of projects in preparation • 14,686 units in the pipeline, with a combined area of c. • Strong landbank in Warsaw (for 3,151 units), Łódź (2,082), Gdańsk (1,698) 622,000 m2, at 37 projects in 15 cities and Poz
Slide 23: Summary
Confidential Summary 23 Łódź
Slide 24: Summary of 1H 2024
Confidential Summary of 1H 2024 Sales: 1,438 units (development contracts and preliminary contracts)—an increase of 5.5% despite uncertainty 1 surrounding the “Credit to Start” scheme 2 Sales target for FY 2024: growth of c. 10% (development contracts and preliminary contracts) over the sales volume
Slide 25: Thank you!
Confidential Thank you! Investor Relations contact: ir@murapol.pl Q3 2023 r. Q&A 25 Gdańsk
Slide 26: Appendices
Confidential Appendices 26 Bielsko-Biała
Slide 27: Profit and loss statement
Confidential Profit and loss statement 1H 2024 1H 2023 Change 584,092 669,782 ˗12.8% Sales revenue Revenue from contracts for sale of apartments to retail customers 515,353 561,077 ˗8.1% 68,739 108,705 ˗37.1% Revenue from sales to PRS Gross profit on sales 177,868 227,393 ˗21.8% 30.5% 34.0% ˗3.5pp G
Slide 28: Balance sheet
Confidential Balance sheet Assets 30.06.2024 31.12.2023 Liabilities and shareholders’ equity 30.06.2024 31.12.2023 Equity attributable to Non-current assets 86,806 86,523 shareholders of the parent 582,059 557,960 company Current assets 2,118,603 1,773,292 Non-controlling interest - 1,425 Total asse
Slide 29: Projects under construction
Confidential Projects under construction • As of the end of 1H 2024, the portfolio of projects under construction included 8,494 units with a combined usable floor area of 358,000 m2, arising in 113 buildings erected within 29 project phases in 14 cities • The most new apartments are under construct
Slide 30: Projects under construction
Confidential Projects under construction No. of residential and UFA (residential and Location Project commercial units commercial units, m2) Gliwice Murapol Osiedle Szafirove (bldg 1, 2) 180 8,788 Gliwice Murapol Osiedle Szafirove (bldg 6, 7) 188 9,941 Kraków Czerwone Maki (bldg 1) [PRS] 404 12,115
Slide 31: Projects under construction
Confidential Projects under construction No. of residential and UFA (residential and Location Project commercial units commercial units, m2) Łódź Murapol Osiedle Faktoria (bldg 1, 2) 269 9,868 Łódź Murapol Agosto (bldg 1, 2, 3) 442 20,304 Łódź Murapol Argentum (bldg 1) 409 19,410 Łódź Murapol Nowa P
Slide 32: Projects under construction
Confidential Projects under construction No. of residential and UFA (residential and Location Project commercial units commercial units, m2) Siewierz Murapol Siewierz Jeziorna (bldg 15-18) 115 5,784 Sosnowiec Murapol Apartamenty Na Wzgórzu IV (bldg 4, 5) 305 14,707 Toruń Murapol Aviator (bldg 1) 170
Slide 33: Projects in the pipeline
Confidential Projects in the pipeline • As of 30 June 2024, within the Murapol Group’s landbank, there was a portfolio of projects in the pipeline comprising about 14,700 units with a combined usable floor area of 621,500 m2, ensuring continuity of the group’s business for the next several years Loc
Slide 34: Projects offered for sale
Confidential Projects offered for sale • In 1H 2024 Murapol offered customers 2,285 new units • The units added to the sales line are arising in 9 cities, in Poland’s major residential markets, specifically Poznań, Łódź, Wrocław and Gdańsk, but also in smaller cities such as Bydgoszcz, Gliwice, Lubl
Slide 35: 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 36: Two complementary segments
Confidential Two complementary segments PRS segment generating significant incremental cash in addition to core resi-for-sale business • Affordable product highly resilient to Affordable product macroeconomic fluctuations Resi-for-sale • Addressing the broadest spectrum of customers Attractive locat
Slide 37: Shareholders
Confidential Shareholders 19.7% Other 68.0% AEREF V PL Inwestycje sp. z o.o. Shareholder No. of shares Capital AEREF V PL Inwestycje sp. z o.o. 27,760,000 68.0% Nationale Nederlanden PTE 2,960,000 7.3% 5.0% Hampont Hampont sp. z o.o. 2,040,000 5.0% Sp. z o.o. Other 8,040,000 19.7% 7.3% Nationale Tot
Slide 38: 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 39: 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 completed drafting of • Responsible strategic partners strategic ESG analyses, including regulatory readiness, climate threats and opportunities,
Slide 40: 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