Poland · Delayed Price · Currency is PLN Atal S.A. Earnings Call Transcripts
Fiscal Year 2025
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Sales and handovers rose in Q3, but YTD revenue and net margin declined due to project timing and higher financial costs. Gross margin improved, and a one-off tax settlement boosted Q3 results. 2025 handover target is 2,000–2,100 flats, with a stronger rebound expected in 2026.
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H1 2025 saw a 44% revenue drop due to fewer handovers, but gross margin hit a record 34%+ thanks to cost discipline. Most handovers and sales are expected in Q4 2025, with a strong pipeline for 2026 and stable financials supported by shareholder loans.
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Q1 2025 saw a planned drop in handovers and net profit due to project timing, but gross margin remained strong. Sales are rebounding in Q2, with a major increase expected in the second half of the year and 2026, supported by a robust land bank and stable financing.
Fiscal Year 2024
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2024 saw a 27% drop in flat sales and a 12% decrease in handovers, but net margin remained strong at 19.9%. The group is preparing over 5,700 flats for 2025 and expects improved sales if interest rates fall, with a 21% net margin targeted for next year.
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Q3 2024 saw a 41% year-over-year revenue increase and a 26% rise in handovers, but sales dropped 14% amid high interest rates and weak demand for economical flats. Management expects stable Q4 results and a potential rebound in Q2 2025.
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H1 2024 saw a 13% rise in signed flat agreements and a 27% increase in handovers, with revenues over PLN 700 million and net profit up 7% year-over-year. Sales targets for 2024 were adjusted to 2,300–2,500 flats amid market uncertainty, but handovers and margins remain on track.