In the first half of 2025, the PHN Group achieved operating revenues of PLN 429.1 million, representing a 41% increase compared to the corresponding period of the previous year. At the same time, net profit amounted to PLN 174.2 million, while in the first half of 2024, PHN Group recorded a loss of PLN 76.0 million.

PHN Group's adjusted EBITDA improved significantly in the first half of 2025, reaching PLN 87.8 million, compared to PLN 66.1 million in the same period last year, confirming the increase in operational efficiency and effective implementation of the adopted strategy.

- The results achieved in the first half of 2025 confirm the stable condition of the PHN Group and the effectiveness of the ‘New Start’ strategy being implemented. The significant improvement in financial results, combined with the dynamic implementation of the investment program, proves that we are consistently building value for our shareholders and business partners, while at the same time strengthening the position of the PHN Group in the real estate market,” said Wiesław Malicki, President of the Management Board of Polski Holding Nieruchomości S.A.

In the real estate development segment, sales revenues amounted to PLN 83.1 million, compared to PLN 1.3 million achieved in the first half of 2024. This significant increase results from the completion of real estate development projects, which led to the handover of residential units to buyers as part of three investments: KOLEJ NA 19 in Warsaw, ŁAN Estate in Wrocław, and Olimpijczyk Estate II in Łódź.

- The level of operating revenues achieved in the first half of 2025, along with the improvement in adjusted EBITDA, reflects the sound financial condition of the PHN Group and demonstrates the effectiveness of cost management measures. These results create a solid foundation for the Group’s further sustainable growth and value creation in the future, 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, another important milestone was reached in the construction of the modern VENA office building at al. Prymasa Tysiąclecia 83 in Warsaw. The Class A building with an area of approximately 15,000 sqm has reached the watertight stage with the topping out completed, and façade and finishing works are now underway. At the same time, the commercialization process of the building is underway. Completion of construction is scheduled for the first quarter of 2026. At the same time, the PHN Group is preparing another office investment – on the site of the current INTRACO office building at ul. Stawki 2 in Warsaw, a modern, energy-efficient high-rise will be built, with a height of 107 meters and a leasable area of approximately 27,600 sqm. The building will meet the highest ecological standards, in line with the EU taxonomy

In the residential segment, the PHN Group is consistently expanding its investment portfolio. Currently, four projects are under development: Młoda Białołęka II and Apartamenty Jana Pawła 34 in Warsaw, Nowa Nakielska by PHN I in Bydgoszcz, and Nowe Zabłocie in Kraków. Together, they comprise a total of 517 apartments. At the beginning of this year, the second stage of the Olimpijczyk Estate in Łódź was also completed. 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. For the Foksal 10 project, conservation approvals have been obtained, and by the end of this year an application for a building permit is planned to be submitted. 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, around 90 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.

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 results of the first half of 2025 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. PHN has been listed on the Warsaw Stock Exchange since 13 February 2013.