Slide 1: Murapol Group Investor presentation, financial data for 2025
Confidential Murapol Group Investor presentation financial data for 2025 1 14 April 2026 Łódź
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 2025
Confidential Summary of 2025 1 Revenues reached nearly PLN 1,26 billion, net profit PLN 235.8 million Total sales of 3,140 units (2,856 units under development contracts and preliminary sales agreements, an 2 additional 284 paid reservation agreements) 3 Level of handovers in line with projections:
Slide 4: About the Group
Confidential About the Group 4 Bielsko- Biała
Slide 5: 25 years of the Murapol Group
Confidential 25 years of the Murapol Group AEREF V PL Investment S.à.r.l (now AEREF V PL 2001 Launch of business in Bielsko-Biała 2020 Inwestycje sp. z o.o.) becomes the majority shareholder Łódź Entry into the PRS segment 2021 Biggest total sales of all developers, over Gdańsk 4,500 units Poznań Hi
Slide 6: Murapol Group: 25 years, 21 cities
Confidential Murapol Group • One of the largest and most 25 years 21 cities experienced residential developers in Poland Gdynia Gdańsk presence on the with Murapol Group • The most geographically diversified Bydgoszcz Olsztyn residential market developments portfolio of development projects in Szcze
Slide 7: Two complementary segments
Confidential Two complementary segments PRS segment generating significant incremental cash in addition to core resi-for-sale business Sales are carried out in two operating segments: • Affordable product highly resilient to Affordable product macroeconomic fluctuations Resi-for-sale • Addressing th
Slide 8: 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 80% of Murapol Group’s total sales 27.6% 30.4% 19.2% 11.3% 8.8% 2
Slide 9: Examples of projects by the group
Confidential Examples of projects by the group A presence in all main aglomerations Łódź Kraków Wrocław Gdańsk Katowic e Warszawa 9
Slide 10: Examples of projects by the group
Confidential Examples of projects by the group Attractive offer in regional cities Bydgoszcz Toruń Lublin Bielsko-Biała Chorzów Gliwice 10
Slide 11: Murapol | 2025
Confidential Murapol | 2025 11 Katowice
Slide 12: Situation on the residential developers’ market 2025 | 2026
Confidential Situation on the residential developers’ market 2025 | 2026 Change in average salary vs. inflation (CPI) • Lower interest rates support customers’ credit capacity. As of March 2026 the main reference rate of the National Bank of Poland is 3.75% per annum rising consumer purc has ing pow
Slide 13: Key events in 2025
Confidential Key events in 2025 Stable sales and strong product line, in line with sales plans 3,140 units 2,405 units 4,174 units sold: 2,856: development and preliminary sale added to the on offer at the end agreements product line (R4S of December 2025 284: paid reservation segment) agreements Gd
Slide 14: 2025 in numbers
Confidential 2025 in numbers premises sold 2,649 units handed over to retail 3,140 2 856: development and preliminary sale PLN 9,900 agreements average net price per (-9.1% y/y) customers (+2.1% y/y) 284: paid reservation (+6.5% y/y) m 2 of apartments agreements sold** PLN 1.260,8 PLN 352.6 235.8 ml
Slide 15: Sales of units in 2025
Confidential Sales of units in 2025 Comparable sales y/y • In 2025 a total of 3,140 units were sold • The most apartments in the R4S segment were sold in Gdańsk (818), Łódź (494) and Poznań (288) • 2,856 units (vs. 2,914) were sold under development contracts and preliminary sale agreements, with an
Slide 16: Handovers of units in 2025
Confidential Handovers of units in 2025 Level of handovers in the retail segment linked with project timetables • The keys to 2,649 units were handed over to retail customers • In 2025 the most units were handed over to customers in Łódź (957) and Gdańsk (625) • Additionally, in the PRS segment 249
Slide 17: Potential handovers in 2026
Confidential Potential handovers in 2026 Total number of units in projects, based on the anticipated number of occupancy permits Total Units handed over in 2025 2,649 Ready but not handed over units with occupancy permit at the end of 2025 1,175 Projected no. of units with occupancy permit in 2026 3
Slide 18: Key financial data for 2025
Confidential Key financial data for 2025 Fewer handovers but with growth in the average price of handed-over units • The average price of units handed over in 2025 rose 2,2% (to PLN 414,600 vs. PLN 405,600 in 2024 r.) • Decline in revenue of 6.8% in the retail segment, connected with lower level of
Slide 19: Key financial data for 2025
Confidential Key financial data for 2025 GM1 * EBIT Net profit (PLNm) (PLNm) (PLNm) +6% +2% -3% 489,9 517,8 18.0 19.2 293.6 298.3 242.0 235.8 R4S 472.0 498.6 PRS 2024 2025 2024 2025 2024 2025 R4S, GM1 * EBIT margin Net profit margin 39.8% 45.1% 22,1% 23,7% 18,2% 18,7% 2024 2025 2024 2025 2024 2025 1
Slide 20: Key financial data for 2025
Confidential Key financial data for 2025 GM1 * Adjusted EBITDA** Net profit (PLNm) (PLNm) (PLNm) +6% +1% -3% 489,9 517,8 18.0 19.2 348.5 352.6 242.0 235.8 R4S 472.0 498.6 PRS 2024 2025 2024 2025 2024 2025 R4S, GM1* Adjusted EBITDA margin** Net profit margin 39.8% 45.1% 26,2% 28,0% 18,2% 18,7% 2024 2
Slide 21: Group’s current financing structure
Confidential Group’s current financing structure • Safe ratio of net debt / adjusted EBITDA LTM (0.85 at the end of 4Q 2025) Cash position Debt (PLNm) (PLNm) 0,85 0,85 397,7 0,64 740,1 663,3 318,8 119.4 43.4 492,4 50.5 248,2 155.7 30.7 65.0 612.8 696.7 278.3 461.7 183.2 163.1 299.0 213.6 293.9 31.12
Slide 22: Corporate debt maturity
Confidential Corporate debt maturity Refinancing to be finalized by year-end New facility of total PLN 550m o PLN 300m bullet repayment in 2029 o PLN 150m amortized o PLN 100m RCF (to be drawn when needed) • Quarterly amortization of 10.7m • Margin compression expected by c. 70-80 bps Maturity of co
Slide 23: High level of product on offer, and strong landbank
Confidential High level of product on offer, and strong landbank • At the end of 2025 the Murapol offer included 4,174 units in 16 cities: a presence in all key urban areas of Poland as well as regional cities • Number of units under construction: 6,524 in 22 projects in 13 cities • Active landbank
Slide 24: Units added to the product line in 2025
Confidential Units added to the product line in 2025 One of the biggest offers on the market: 4,174 units at the end of December 2025 • In 2025 2,405 residential units were introduced to the product • Apartments were added in Łódź (667), Warsaw (410) and line, in 8 cities Kraków (287) Projects intro
Slide 25: Planned additions to product line through 1H 2026
Confidential Planned additions to product line through 1H 2026 • One of the biggest product lines on the market • Ensuring a broad, properly diversified offer, suited to the sales dynamic • In full-year 2026 it is planned to introduce c. 3,000 units to the product line • In 1H 2026 over 80% of new p
Slide 26: Projects under construction at the end of 2025
Confidential Projects under construction at the end of 2025 High number of units under construction • Number of units under construction: 6,524, with a total floor • The most units under construction are in Gdańsk (1,488) and Kraków area of nearly 274,000 m2, in 87 buildings in 13 cities (1,114) • 5
Slide 27: Projects under construction
Confidential Projects under construction High number of units being built • Number of ready units with occupancy permit at the end of 4Q 2025: 1,175 Projects under construction in R4S segment Projects under construction in PRS segment 3,015 units (59%) 444 units (32%) planned for planned for complet
Slide 28: Projects in the pipeline at the end of 2025
Confidential Projects in the pipeline at the end of 2025 Attractive and well-diversified portfolio of pipeline projects • 14,426 units in the pipeline, with a combined floor area of over • Strong landbank in Warsaw, with a capacity for 2,907 units, Poznań 600,000 m2, in 15 cities (2,450), and Łódź (
Slide 29: PRS segment complementing R4S business
Confidential PRS segment complementing R4S business • Completed units: 2,642 (including 2,281 PRS units and 361 student housing units) • Units under construction: 1,392 • Units in the pipeline: 525 COMPLETED UNDER CONSTRUCTION IN THE PIPELINE Location Residential units Location Residential units Loc
Slide 30: Summary
Confidential Summary 30 Wrocław
Slide 31: Summary of 2025
Confidential Summary of 2025 1 Revenues reached nearly PLN 1,26 billion, net profit PLN 235.8 million Total sales of 3,140 units (2,856 units under development contracts and preliminary sales agreements, an 2 additional 284 paid reservation agreements) 3 Level of handovers in line with projections:
Slide 32: Summary of operating results for 1Q 2026
Confidential Summary of operating results for 1Q 2026 Total sales of 953 units (735 units under development agreements and preliminary sales contracts, and an 1 additional 218 paid reservation agreements) 2 Handovers: 256 units 3 Number of units added to the product line: 218 units in (Wrocław) 4 Mo
Slide 33: Prospects for 2026
Confidential Prospects for 2026 1 Total sales in the retail segment of c. 3,200–3,300 units (development agreements, preliminary sale contracts, and paid reservation agreements) 2 Estimated level of handovers in 2026: c. 3,000 units Maintaining the dividend policy described in the prospectus: earmar
Slide 34: Thank you!
Confidential Thank you! Investor Relations contact: ir@murapol.pl Q3 2023 r. Q&A 34
Slide 35: Appendices
Confidential Appendices 35 Lublin
Slide 36: Projects under construction
Confidential Projects under construction • As of the end of 4Q 2025 the portfolio of projects under construction included 6,524 units with a combined usable floor area of 274,000 m2, being erected in 87 buildings in 22 developments in 13 cities No. of residential and UFA (residential and Location Pr
Slide 37: 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 (bud. 1, 2) 332 15,091 Lublin Murapol LakeSide (bud. 1, 2) 235 10,080 Łódź Murapol Ergo (bud. 1) 180 7,632 Łódź Murapol Forum (bud.
Slide 38: Projects under construction
Confidential Projects under construction No. of residential and UFA (residential and Location Project commercial units commercial units) (m2 ) Wrocław Murapol Motivo (bud. 1) 319 11,605 Wrocław Murapol Osiedle Ferrovia (bud. 1-12) 24 2,244 Wrocław Murapol Osiedle Ferrovia II (bud. 13-21) 18 1,622 Wr
Slide 39: Projects in the pipeline
Confidential Projects in the pipeline • As of 31 December 2025, in the Murapol Group’s landbank there was a portfolio of pipeline projects including about 14,400 units with a combined usable floor area of c. 600,000 m2, ensuring the continuity of its business for several years to come Location Plann
Slide 40: 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 41: 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 42: In-house systems – a key element of operating procedures
Confidential In-house systems – a key element of operating procedures Use of BIM and Unit 94 enables standardization and efficiency of processes for project design, budgeting, and selection of subcontractors Unit 94 The BIM and Unit 94 technologies, used by Murapol and not by other developers, allow
Slide 43: Profit and loss statement
Confidential Profit and loss statement PLN ’000 31.12.2025 31.12.2024 Change 1,260,847 1,330,214 -5.2% Sales revenue 1,104,709 1,185,741 -6.8% Revenue from sales to retail customers 156,138 144,473 +8.1% Revenue from sales to PRS 422,071 401,792 +5.0% Gross profit on sales 33.5% 30.2% +3.3 p.p. Gros
Slide 44: Balance sheet
Confidential Balance sheet Assets 31.12.2025 31.12.2024 Liabilities 31.12.2025 31.12.2024 Equity attributable to Non-current assets 94,595 81,996 shareholders of the parent 640,954 603,399 Current assets 2,339,028 2,078,689 company Total shareholders’ equity 640,954 603,399 Total assets 2,433,623 2,
Slide 45: Shareholders
Confidential Shareholders Shareholder No. of shares Capital AEREF V PL Inwestycje sp. z o.o. 6,996,000 17.1% 42.7% oth ers 17.1% Hampont sp. z o.o.** 6,892,000 16.9% AERE F V PL Inwesty cje sp . z o.o. Nationale Nederlanden PTE* 4,757,113 11.7% Forum Euro Nieruchomości Fundusz Inwestycyjny Zamknięty
Slide 46: 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 47: Legal disclaimer
Confidential Legal disclaimer This presentation was prepared solely for informational purposes. It does not constitute an advertisement or offering of secu rities in public trading. Sources of information were used in the presentation which Murapol SA regards as reliable and precise, but there is no