Profil:
PHN SAPHN real estate posts PLN 185.9 mln net profit in Q1 2025 against PLN 27.1 mln loss last year
Listed real estate holding PHN (Polski Holding Nieruchomosci) posted a net profit of PLN 185.9 million (EUR 43.7 mln) in the first quarter of 2025, against a loss of PLN 27.1 million (EUR 6.4 mln) in the prior year period, which was mainly impacted by the refund of input VAT, the company said in a press release. Operating profit was PLN 101.9 million (EUR 24 mln) against PLN 5.6 million (EUR 1.3 mln) a year ago.
In the first quarter of 2025, PHN's revenues amounted to PLN 223.8 million (EUR 52.64 mln), up from PLN 133.7 million (EUR 31.45 mln) in the prior year period.
EBITDA rose to PLN 104.1 million (EUR 24.5 mln) from PLN 7.7 million (EUR 1.8 mln) in the first quarter of 2024, and adjusted EBITDA increased to PLN 44.9 million (EUR 10.56 mln) from PLN 30.7 million (EUR 7.22 mln) in the prior year period.
As part of its development activities, the company handed over a total of 73 units in three developments: Kolej na 19, Osiedle Lan in Wroclaw and Osiedle Olimpijczyk II in Lodz.
"A very successful quarter is behind us. We generated significant growth at the operational level, as evidenced by steadily increasing revenues and improving profitability of our assets and equity. In addition, we obtained cash, which strengthened the overall financial picture of the PHN Group and improved our liquidity," said PHN's CFO Grzegorz Grotek, quoted in the press release.
According to the group, in the office sector, the shell closed state of the Vena office building in Warsaw was recently completed. Completion is scheduled for the first quarter of 2026. Another office project in the capital is in the pipeline.
In the residential sector, the group is currently developing four projects for sale: Mloda Bialoleka II and Apartamenty Jana Pawla II 34 in Warsaw, Nowa Nakielska by PHN in Bydgoszcz and Nowe Zablocie in Cracow. In total, the estates currently under construction will provide more than 500 flats.
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