The PHN Group closed the first half of 2026 with higher adjusted EBITDA and net profit on sales, as well as a significant increase in profit from real estate development, while maintaining stable rental revenue. Adjusted EBITDA amounted to PLN 90.7 million, up 3.3% year on year, while net profit on sales increased by 17.8% to PLN 90.3 million. The result in the real estate development business increased by 90% to PLN 39.4 million.

The PHN Group closed the first half of 2026 with a net profit of PLN 28.5 million.

“We are consistently pursuing our growth agenda at the PHN Group, strengthening our operations in the market segments that are key to our business. The very strong performance of the real estate development segment, combined with stable rental revenue, demonstrates the effectiveness of the measures we have taken. At the same time, we are expanding our project portfolio and growing our investment pipeline in line with the objectives of our New Start strategy,”said Wiesław Malicki, President of the Management Board of Polski Holding Nieruchomości S.A.

The real estate development segment posted particularly strong results in the first half of 2026. Revenue from this business increased by 15% year on year to PLN 95.7 million, while the real estate development result rose by 90% from PLN 20.7 million to PLN 39.4 million. The improvement in the segment’s performance was driven by a higher number of apartments turned over to buyers and higher project margins. In the first half of 2026, handovers began at the Nowe Zabłocie development in Kraków, while the final apartments were handed over at the Kolej na 19, Młoda Białołęka II and Osiedle ŁAN developments.

Despite taking space at the property located at ul. Stawki 2 in Warsaw out of the rental portfolio in preparation for a new development, the PHN Group maintained stable rental revenue at PLN 138.1 million, compared with PLN 138.3 million a year earlier. The rental income amounted to PLN 80.2 million, compared with PLN 83.7 million in the corresponding period of 2025. The decline was due to higher utility costs, particularly heating and electricity, as well as other factors. At the same time, the Group continued its active efforts to obtain new leases. During the first half of the year, it renewed its long-term lease with Poczta Polska at Domaniewska Office Hub and expanded its cooperation with Polimex Mostostal at the KASKADA building, which reached 100% occupancy.

“The results for the first half of the year demonstrate an improvement in PHN’s operating efficiency. Higher adjusted EBITDA and net profit on sales, combined with a stable rental portfolio, confirm the Group’s strong operational performance. We focus on maintaining a robust financial foundation, which is essential to the successful implementation of PHN’s investment programme,”
said Michał Hamryszak, Member of the Management Board for Finance at Polski Holding Nieruchomości S.A.

In the first half of 2026, the PHN Group continued to advance its investment programme, progressing both ongoing projects and preparations for new developments across its key business segments.

In the office segment, the VENA office building at al. Prymasa Tysiąclecia 83 in Warsaw obtained its occupancy permit in February 2026. Leasing of the remaining space is ongoing, while fit-out works for tenants are also being carried out. At the same time, the Group is preparing a new development at ul. Stawki 2 in Warsaw, which will replace the existing INTRACO office building.

In the residential segment, three developments are currently under construction: Apartamenty Jana Pawła 34 and Młoda Białołęka III in Warsaw, and Nowa Nakielska I by PHN in Bydgoszcz. The Group is also preparing further projects, including Yacht Park II in Gdynia and Apartamenty Foksal 10 in Warsaw, for which procedures to select general contractors are currently underway. Further phases of Osiedle ŁAN in Wrocław, Młoda Białołęka in Warsaw and Nowe Zabłocie in Kraków are also being prepared, as is the first phase of the revitalisation of Osiedle Wilanów in Warsaw.

The logistics segment remains important to the Group as a growth area. PHN owns nearly 200 hectares of land earmarked for future logistics developments in well-connected locations, with a combined potential of approximately 750,000 sq. m of GLA.

PHN Group is also advancing renewable energy projects. Key permits have been secured for a planned photovoltaic farm with a capacity of up to 28 MW in the municipality of Czerwonak, and the process of selecting a general contractor is underway. Construction is scheduled to begin in the third quarter of 2026. The project represents an important step towards the Group’s energy transition and
greater operational efficiency.

The implementation of the investment programme and the development of projects across key market segments provide a platform for further growth in PHN Group’s value and business scale.

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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 480,000 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.