Murapol S.a. · GPW:MUR

Murapol — H1 2024 Earnings Presentation

40 slides from Murapol's earnings presentation, Sep 26, 2024

  1. 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

  2. Slide 2: Presenting today

    Confidential Presenting today Murapol Management Board Nikodem Iskra Przemysław Kromer Iwona Sroka CEO CFO Marketing, PR, IR & ESG 2

  3. 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

  4. Slide 4: About the Group

    Confidential About the Group 4 Kraków

  5. 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

  6. 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

  7. 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

  8. 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

  9. Slide 9: Murapol 1H 2024

    Confidential Murapol 1H 2024 9 Gdańsk

  10. 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

  11. 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

  12. 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

  13. 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

  14. 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

  15. 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

  16. 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

  17. 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

  18. 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

  19. 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

  20. 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

  21. 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

  22. 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

  23. Slide 23: Summary

    Confidential Summary 23 Łódź

  24. 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

  25. Slide 25: Thank you!

    Confidential Thank you! Investor Relations contact: ir@murapol.pl Q3 2023 r. Q&A 25 Gdańsk

  26. Slide 26: Appendices

    Confidential Appendices 26 Bielsko-Biała

  27. 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

  28. 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

  29. 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

  30. 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

  31. 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

  32. 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

  33. 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

  34. 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

  35. 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

  36. 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

  37. 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

  38. 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

  39. 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,

  40. 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

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