Murapol S.a. · GPW:MUR
Murapol — H1 2026 Earnings Presentation
48 slides from Murapol's earnings presentation, Sep 15, 2026
Slide 1: Murapol Group Investor presentation 1H 2026
Confidential Murapol Group Investor presentation financial data for 1H 2026 1 Wrocław 15 September 2026
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 2026
Confidential Summary of 1H 2026 1 Revenues reached nearly PLN 465.7 million, net profit nearly PLN 70.1 million Total sales of 1,569 units (1,330 under development contracts and preliminary contracts, and an additional 239 2 paid reservation agreements). In 1H 2026 43% of customers paid cash and 57%
Slide 4: About the Group
Confidential About the Group 4 Łódź
Slide 5: Murapol Group
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 6: 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 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 76% of Murapol Group’s total sales 28,2% 22,7% 20,3% 11,5% 12,6%
Slide 8: Examples of projects by the group
Confidential Examples of projects by the group A presence in all main agglomerations Warsaw Kraków Wrocław Gdańsk Katowice Łódź 8
Slide 9: Examples of projects by the group
Confidential Examples of projects by the group Attractive offer in regional cities Bydgoszcz Toruń Lublin Bielsko-Biała Toruń Gliwice 9
Slide 10: Murapol | 1H 2026
Confidential Murapol | 1H 2026 Warszawa 10
Slide 11: Situation on the residential developers' market 1H 2026
Confidential Situation on the residential developers’ market 1H 2026 • Stabilization of the residential market after the revival observed at the beginning of the Change in average salary vs. inflation (CPI) year. According to JLL, in the 2nd quarter of 2026 developers sold over 11,800 apartments in
Slide 12: Key events in 1H 2026
Confidential Key events in 1H 2026 Stable sales and strong product line, in line with sales plans 1,569 units 1,023 units 4,051 units sold: 1,330: development and preliminary sale added to the on offer at the end agreements product line (R4S of June 2026 239: paid reservation segment) agreements Wro
Slide 13: 1H 2026 in numbers
Confidential 1H 2026 in numbers • Lower results in 1H 2026, alongside continuing high GM1 profitability, mainly due to the lower number of handovers year-on-year. Significantly faster pace of handovers expected in 2H 2026 premises sold 841 units handed over to retail 1,569 1,330: development and pre
Slide 14: Sales of units in 1H 2026
Confidential Sales of units in 1H 2026 Comparable sales y/y • In 1H 2026 a total of 1,569 units were sold • The most apartments in the R4S segment were sold in Łódź (241) Gdańsk (192), and Warsaw (169) • 1,330 units (vs. 1,403) were sold under development contracts and preliminary sale agreements, w
Slide 15: Handovers of units in 1H 2026
Confidential Handovers of units in 1H 2026 Level of handovers in the retail segment linked with project timetables • The keys to 841 units were handed over to retail customers • Number of completed units with an occupancy permit at the end of 1H 2026: 1,290, including 745 sold but not handed over an
Slide 16: 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 Units handed over in 1H 2026 841 Ready but not handed over units with occupancy permit at the end of 1Q 2026 1,290 Projected no. of u
Slide 17: Key financial data for 1H 2026
Confidential Key financial data for 1H 2026 Results impacted by low level of handovers in 1H 2026 • The decline in revenue by 12% tracks the 12% lower level of handovers in 1H 2026 — an effect of the mid-year allocation of project timetables. Significant acceleration of handovers expected in 2H 2026
Slide 18: Key financial data for 1H 2026
Confidential Key financial data for 1H 2026 • Lower results in 1H 2026 while maintaining high GM1 profitability mainly due to the low mid-year number of handovers. Handovers expected to pick up pace significantly in 2H 2026 GM1* EBIT Net profit (PLNm) (PLNm) (PLNm) -14% -30% -28% 211,5 181,9 11,9 11
Slide 19: Key financial data for 1H 2026
Confidential Key financial data for 1H 2026 • Lower results in 1H 2026 while maintaining high GM1 profitability mainly due to the low mid-year number of handovers. Handovers expected to pick up pace significantly in 2H 2026 GM1* Adjusted EBITDA** Net profit (PLNm) (PLNm) (PLNm) -14% -25% -28% 211,5
Slide 20: Group's current financing structure
Confidential Group’s current financing structure Cash position Debt (PLNm) (PLNm) 0,91 1,13 0,86 407,4 725,2 756,3 370,8 365,0 686,7 86,4 46,0 32,1 93,8 111,7 40,7 646,0 679,2 724,2 321,0 277,0 253,3 359,3 238,6 308,4 30.06.2024 1.01.2024 30.06.2025 1.01.2025 30.06.2026 1.01.2026 30.06.2024 1.01.202
Slide 21: 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 22: High level of product on offer, and strong landbank
Confidential High level of product on offer, and strong landbank • At the end of 1H 2026 the Murapol offer included 4,051 units in 15 cities: a presence in all key urban areas of Poland as well as regional cities • Number of units under construction: 7,489 in 24 projects in 12 cities • Active landba
Slide 23: Units added to the product line
Confidential Units added to the product line in 2025 One of the biggest offers on the market: 4,051 units at the end of June 2026 • In 1H 2026 1,023 residential units were introduced to the • Apartments were added in Łódź (390), Wrocław (218) and product line, in 5 cities Toruń (167) Structure of un
Slide 24: Planned additions to product line through 4Q 2026
Confidential Planned additions to product line through 4Q 2026 Residential units + commercial units Location UFA + GLA (m2) (maximum potential) • Ensuring a broad and appropriately diversified offer, Gdańsk 17,661 520 suited to the sales dynamic Gdynia 7,766 180 • In full-year 2026 it is planned to
Slide 25: Projects under construction at the end of 1H 2026
Confidential Projects under construction at the end of 1H 2026 High number of units under construction • Number of units under construction: 7,489, with a total floor • The most units under construction are in Gdańsk (1,697) Łódź (1,607) area of nearly 307,000 m2, in 99 buildings in 12 cities and Wr
Slide 26: Projects under construction
Confidential Projects under construction High number of units being built • Number of ready units with occupancy permit at the end of 1H 2026: 1,290, including 745 units sold but not handed over and 545 available units with an occupancy permit Projects under construction in R4S segment Projects unde
Slide 27: Projects in the pipeline at the end of 1H 2026
Confidential Projects in the pipeline at the end of 1H 2026 Attractive and well-diversified portfolio of pipeline projects • 12,430 units in the pipeline, with a combined floor area of • Strong landbank in Warsaw, with a capacity for 3,459 units, Poznań nearly 522,000 m2, in 16 cities (2,462), and K
Slide 28: PRS segment complementing R4S business
Confidential PRS segment complementing R4S business • Completed units: 3,086 • Units under construction: 948 • Units in the pipeline: 981 COMPLETED UNDER CONSTRUCTION IN THE PIPELINE Location Residential units Location Residential units Location Residential units Gdynia 168 Gdańsk 948 Warsaw 981** Ł
Slide 29: Summary
Confidential Summary 29 Wrocław
Slide 30: Summary of 1H 2026
Confidential Summary of 1H 2026 1 Revenues reached nearly PLN 465.7 million, net profit nearly PLN 70.1 million Total sales of 1,569 units (1,330 under development contracts and preliminary contracts, and an additional 239 2 paid reservation agreements). In 1H 2026 43% of customers paid cash and 57%
Slide 31: Prospects for 2026
Confidential Prospects for 2026 1 Total sales in the retail segment of c. 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: earmarking f
Slide 32: Thank you!
Confidential Thank you! Investor Relations contact: [email protected] Q3 2023 r. Q&A 32
Slide 33: Appendices
Confidential Appendices 33 Kraków
Slide 34: 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 Kraków Hi
Slide 35: R4S – Product line resilient to macro changes
Confidential R4S – Product line resilient to macro changes Murapol has a strong offer, with a presence in all major urban areas, and also in regional cities Split of credit vs. cash customers, along with Sales structure* sales volumes achieved in the R4S segment 64% 52% 57% 67% 50% Major urban areas
Slide 36: Projects under construction
Confidential Projects under construction • As of the end of 1H 2026 the portfolio of projects under construction included 7,489 units with a combined usable floor area of over 307,000 m2, being erected in 99 buildings in 24 developments in 12 cities No. of residential and UFA (residential and Locati
Slide 37: Projects under construction
Confidential Projects under construction No. of residential and UFA (residential and Location Project commercial units commercial units) (m2) Kraków Murapol GreenCity (bud. 1,2) 11,627 249 Kraków Murapol Prado (bud. 1, 2) 10,525 222 Kraków Murapol Prado (bud. 3) 5,919 123 Kraków Murapol Prado (bud.
Slide 38: Projects under construction
Confidential Projects under construction No. of residential and UFA (residential and Location Project commercial units commercial units) (m2) Toruń Murapol Novo (bud. 1) 11,059 238 Toruń Murapol Helio (bud. 1, 4) 8,208 167 Warsaw Murapol EcoOne (bud. 1, 2a, 2b, 3) 9,504 216 Warsaw Murapol Urcity (bu
Slide 39: Projects in the pipeline
Confidential Projects in the pipeline • As of 30 June 2026, in the Murapol Group’s landbank there was a portfolio of pipeline projects including about 12,400 units with a combined usable floor area of over 521,000 m2, ensuring the continuity of its business for several years to come Location Planned
Slide 40: Projects introduced for sale in 1H 2026
Confidential Projects introduced for sale in 1H 2026 • In 1H 2026 Murapol added 1,023 new units to its product line Location Units introduced in 1Q 2026 Units introduced in 2Q 2026 Units introduced in 3Q 2026 Units introduced in 4Q 2026 Bielsko-Biała - - Bydgoszcz - - Gdańsk - - Gdynia - - Gliwice -
Slide 41: 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 42: 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 43: 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 44: Profit and loss statement
Confidential Profit and loss statement PLN ’000 30.06.2026 30.06.2025 Change 465,682 529,396 -12.0% Sales revenue Revenue from sales to retail customers 392,653 439,681 -10.1% 73,029 92,715 -21.2% Revenue from sales to PRS Gross profit on sales 142,556 176,390 -19.2% 30.6% 33.3% -2.7 p.p. Gross marg
Slide 45: Balance sheet
Confidential Balance sheet Assets 30.06.2026 31.12.2025 Liabilities 30.06.2026 31.12.2025 93,486 94,595 Equity attributable to Non-current assets shareholders of the parent 630,969 640,954 Current assets 2,600,884 2,339,028 company Total shareholders’ equity 630,969 640,954 Total assets 2,694,370 2,
Slide 46: Shareholders
Confidential Shareholders Shareholder No. of shares Capital Hampont sp. z o.o.* 8,334,644 20.4% 41.7% others Forum Euro Nieruchomości 20.4% Fundusz Inwestycyjny Zamknięty 5,559,208 13.6% Hampont sp. z o.o.* Aktywów Niepublicznych* Nationale Nederlanden PTE** 5,306,178 13.0% Powszechne Towarzystwo 2,
Slide 47: 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 48: 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