PHN Group delivered all-time high financial performance in 2025, posting a net profit of PLN 204.4 million, compared with a loss of PLN 184.4 million in the previous year. At the same time, the Group recorded its highest-ever EBITDA of PLN 268.4 million, compared with negative PLN 5.7 million in 2024.

In 2025, PHN Group generated total operating income of PLN 876.2 million, up by 10% from PLN 815.8 million a year earlier. Adjusted EBITDA, regarded as the most accurate measure of the Group’s operating efficiency, reached a record PLN 184.4 million, an increase of PLN 11.4 million year on year. During the period under review, PHN Group improved gross profit on sales by nearly PLN 42 million, resulting in an increase of more than 3 percentage points in gross margin.

“The year 2025 marked a milestone for PHN Group. Our performance confirms the effectiveness of our strategy and continued gains in operational efficiency. We pursued our investment programme intensively, consistently developing projects across the office, residential and logistics segments. Progress in the execution of strategic investments coupled with pipeline development provide a solid foundation for continued value growth,” said Jacek Krawczykowski, Vice President of the Management Board of Polski Holding Nieruchomości S.A.

Rental of real property was a key contributor to the Group’s performance, with gross margins exceeding 60%. Property development also made a significant contribution to operating efficiency, with PHN Group reporting a result of PLN 55.2 million in this segment, compared with PLN 51.9 million in the previous year. The improved performance in development was primarily driven by the stage of execution and strong sales of projects such as KOLEJ NA 19, Osiedle ŁAN, Osiedle Olimpijczyk II and Młoda Białołęka II.

At the same time, PHN Group recorded a marked improvement in its construction segment, driven by an increased scale of operations and improved profitability of ongoing projects. Measures implemented in parallel in the area of financing contributed to a reduction in debt levels and further strengthening of the Group’s financial stability.

“Our financial performance confirms a clear improvement in operational efficiency and the effectiveness of cost control and financing measures. In 2025, we focused on strengthening liquidity, optimising the debt structure and building a stable financial foundation to support the Group’s continued growth in the years ahead,” said Grzegorz Grotek, Member of the Management Board for Finance at Polski Holding Nieruchomości S.A.

In 2025, PHN Group maintained a high level of investment activity. In the office segment, the VENA project was completed, with an occupancy permit obtained in February 2026. VENA will deliver more than 15,000 sqm of GLA. Fit-out works for the tenant are currently underway, alongside ongoing leasing activities. Preparations are also in progress for the new INTRACO office project.

In the residential segment, PHN Group has four developments under construction, including projects in Warsaw, Bydgoszcz and Kraków, and is preparing further investments in Poland’s largest cities. At the same time, the Group is expanding its premium offering and progressing the revitalisation of Wilanów in Warsaw. The warehousing and industry segment remains a key pillar of growth. PHN Group has a substantial land bank, enabling the development of logistics projects with a total leasable area of approximately 950,000 square metres.

PHN Group is also advancing renewable energy projects. Securing a construction permit for a photovoltaic plant with a capacity of up to 28 MW marks an important step towards the Group’s energy transition and improved operational efficiency.

The year 2025 also saw further progress in PHN Group’s sustainability agenda, with a particular focus on integrating ESG objectives into operating activities and management processes. In the social dimension, the Group achieved a notable improvement in pay equity, with the unadjusted gender pay gap narrowing by 3.77 percentage points, from 4.09% in 2024 to 0.32% in 2025. This outcome reflects PHN Group’s commitment to greater transparency and consistency in remuneration practices, as well as to fostering equality in the workplace.

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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.