PHN Group records net income growth

In the three quarters of 2025, the PHN Group achieved operating revenues of PLN 630.9 million, representing more than 30% increase compared to the corresponding period of the previous year. Net profit amounted to PLN 179.2 million compared to PLN 112.2 million loss in the corresponding period last year.

Adjusted EBITDA stood at PLN 129.6 million, confirming the continued improvement in operating efficiency and consistency in achieving the long-term goals of the “New Start” strategy.

“For PHN Group, the third quarter of 2025 was a period of further strengthening of our position and of consistent efforts in key areas. We focused both on investment progress, sales growth and strengthening the Group's financial foundation, which is confirmed, among other things, by the decision to make an early redemption of bonds worth PLN 120 million,” said Wiesław Malicki, President of Polski Holding Nieruchomości S.A. Management Board.

In the real estate development segment, the PHN Group achieved sales revenues of PLN 117.4 million, up from PLN 1.8 million in the first three quarters of 2024. Such a significant increase is due to the completion of key residential projects and the handover of residential units to buyers in three development projects: KOLEJ NA 19 in Warsaw, ŁAN Estate in Wrocław, and Olimpijczyk II Estate in Łódź.

“The results achieved after three quarters of 2025, including both an increase in operating revenues and a further improvement in adjusted EBITDA, confirm PHN Group's sound financial condition and the effectiveness of its cost management activities. These results provide a sustainable basis for continuing the Group's stable, sustainable growth and value creation in future periods," added Wiesław Malicki.

The PHN Group continues to implement its investment program in the commercial, residential, logistics, and renewable energy sectors. In the office segment, the construction of the modern VENA office building at al. Prymasa Tysiąclecia 83 in Warsaw is in its final stages. The watertight stage has been reached, and finishing and internal installation works are currently underway.

In the residential segment, the PHN Group is consistently expanding its investment portfolio. Currently, three projects are under development: Apartamenty Jana Pawła 34 in Warsaw, Nowa Nakielska by PHN I in Bydgoszcz, and Nowe Zabłocie in Kraków. Together, they comprise a total of 336 apartments. Earlier this year, construction of the second stage of the Olimpijczyk Estate in Łódź was completed, and an occupancy permit was recently obtained for the second stage of the Młoda Białołęka development in Warsaw. Further residential projects are in preparation, including the continuation of the prestigious Yacht Park development in Gdynia, the next stages of the ŁAN Estate in Wrocław, and Młoda Białołęka in Warsaw. Premium projects are also planned in prestigious locations, such as Foksal 10 and Lotaryńska 11 in Warsaw, where exclusive boutique apartments will be developed. One of the innovative projects in the coming years will also be the revitalization of the Wilanów Estate in Warsaw. As part of the first stage, 89 comfortable apartments will be built in four buildings, and the entire project aims to create a modern, welcoming residential space that combines tradition with modernity. Design documentation is being developed.

The PHN Group is also expanding its activities in the area of renewable energy sources. The first farm, with nearly 28 MW of installed capacity, will be built near the village of Owińska in the Czerwonak municipality, Greater Poland. The company has secured financing of PLN 33.5 million for the construction of this farm with a capacity of approximately 18 MW. It is estimated that around 70% of the energy produced will be used to cover the needs of PHN Group’s own properties, which will translate into a reduction of the carbon footprint and an increase in the attractiveness of the rental offer for current and future clients.

The PHN Group remains consistent in implementing the ‘New Start’ strategy for 2025–2030, aimed at building a strong position in the real estate market based on four pillars: Development, Rental, Construction and PRS. The strategy envisages, among other things, the construction of 3,200 apartments, 40,000 sqm of office space, and 600,000 sqm of logistics space by 2030. The already available 2025 results constitute a solid foundation for the implementation of these ambitious objectives and for the continuation of the Group’s stable, sustainable value growth.

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ABOUT THE PHN GROUP

Polski Holding Nieruchomości S.A. is one of the largest groups in the Polish commercial property sector in terms of the market value of its portfolio. PHN Group has a diversified business profile – it is primarily active in the office, residential and logistics markets. PHN Group’s portfolio comprises more than 150 standalone properties with a market value of approx. PLN 3.5B. PHN Group provides comprehensive rental and management services – it currently manages more than 500,000 sqm of leasable space. PHN Group owns about 270 hectares of land earmarked for projects in various market segments. PHN Group is also active in the construction sector – by providing general contracting, subcontracting and design services, as well as in the development sector as an investor – by carrying out projects related to the construction and sale of residential units and the construction of commercial buildings. PHN Group’s main market is Poland. PHN’s activities in the rental segment are concentrated primarily in Warsaw and the largest regional cities, including the Tri-City, Poznań, Kraków, Katowice, Łódź and Wrocław. Since 13 February 2013, PHN’s shares have been listed on the Warsaw Stock Exchange.