Archicom: PLN 1.80 per share dividend recommendation after a record 2025 - 2,847 apartments sold, 3x the market growth

Archicom: board recommends a PLN 1.80 dividend per share after a record 2025 - 2,847 apartments sold versus market +9.3%

Archicom S.A. - headquartered at ul. Powstańców Śląskich 9 in Wrocław (postcode 53-332, Dolnośląskie voivodeship), registered in the KRS under number 0000555355 - closed 2025 with revenue of PLN 961.7 m (+29.6% YoY versus PLN 742.0 m in 2024), standalone net profit of PLN 229.94 m and 2,847 apartments sold (+30% YoY). The Polish residential-developer market grew just 9.3% in the same period - Archicom outpaced the sector more than three-fold. In Q4 the company contracted 1,066 units (+47% YoY) and handed over 1,020 units to clients (vs 260 in Q4 2024) - almost a fourfold increase in handover volume.

The financial consequence: the board recommends a dividend of PLN 1.80 per share (PLN 105.29 m in total, around 46% of standalone net profit). The remaining PLN 124.64 m will go to reserve capital. Dividend record date - 17 July 2026; payment - 31 July 2026. The final decision rests with the Annual General Meeting, which has been formally convened.

Archicom

WROCŁAW · KRS 0000555355 · SPÓŁKA AKCYJNA

Revenue

961.7 M PLN

Powstańców Śląskich 9: Olbryk's 4-member board, Echo Investment control of 74.04% after the 2023 integration

The address ul. Powstańców Śląskich 9, 53-332 Wrocław places Archicom's seat in the Krzyki business cluster of Wrocław, near the Sky Tower and City Forum high-rises - historically the heart of Wrocław's developer industry. The company has operated in its current corporate form (Archicom S.A., KRS 0000555355) since 27 April 2015 and has been listed on the Warsaw Stock Exchange since March 2016. It belongs to the sWIG80.

Governance: a four-member management board (CEO Waldemar Olbryk plus three board members). On the shareholder side, 2025 was the first full financial year under Echo Investment control - the Kielce-based mixed-use developer holds 74.04% of Archicom (directly and indirectly) after contributing its residential business in 2023. Transforming the Wrocław regional developer into the national residential operator of the Echo group gave Archicom an immediate land bank covering six cities: Wrocław, Warsaw, Kraków, Poznań, Łódź and Katowice. In 2026 the company plans a Tricity debut, expanding the footprint to seven metropolitan areas.

Under Polish PKD codes the principal activity is 70.10.B (head-office activities) - the standard code for a holding company operating through numerous SPV project entities. The company has a registered electronic-delivery address (AE:PL-90230-21035-SWACC-25), the e-mail archicom@archicom.pl, and the website archicom.pl.

Polish residential-developer sector on the WSE in 2026: three structural features of Archicom's position

The Polish residential-developer sector listed on the Warsaw exchange has strong representation in 2026 - one of the most developed domestic consumer segments on the WSE:

• Dom Development (Warsaw, mWIG40) - value leader of the Warsaw residential market, dominant in the premium segment.
• Develia (Wrocław) - direct regional competitor of Archicom on four residential markets.
• Echo Investment (Kielce, mWIG40) - Archicom's parent, leader of the mixed-use segment (residential + offices + retail).
• Atal, Murapol, Lokum Deweloper - the other top sWIG80 players.

Three structural features of the Archicom model that explain the 2025 record and the dividend recommendation:

• Full scale effect from the Echo integration - 2025 was the first full year after the 2023 integration of Echo's residential business. A land bank of 10,763 apartments across six cities is a base impossible to build in a single investment cycle; it allowed Archicom to grow three times faster than the Polish residential-developer market (+30% vs +9.3%).
• Portfolio repositioning toward the popular segment - the company is steadily increasing the popular-segment share of new contracts from around 40% in 2025 to a target of 50% in the 2026+ cycle. It is a response to demand-side signals - Polish first-home support programmes (Bezpieczny Kredyt 2%, and any 2026 successors) drive interest in apartments up to PLN 8,000/m². Archicom is shifting its offer toward this customer.
• Echo's dividend regime - the PLN 1.80/share recommendation at a ~46% payout ratio is consistent with the Echo Investment strategy, which itself pays dividends to fund the parent funds Pimco and Oaktree. As a subsidiary, Archicom contributes cash to the Echo structure while retaining over half of profit to finance the land bank.

Implication for the investment profile: generous dividend, exposure to the residential cycle, low free-float liquidity

The interpretation is speculative - the conclusions below are scenarios, not certainties:

“The model built after the integration with the Echo Group is operating at full scale. The company is entering its next development phase - after integration and scale-building, it focuses on further growth based on a mature operating model.”

Three possible consequences of the 2025 results for Archicom's investment profile in 2026:

• Generous but not guaranteed dividend - PLN 1.80/share at a current price of around PLN 32 implies a yield of about 5.6%, placing Archicom among the attractive sWIG80 dividend payers. Echo Investment as the controlling shareholder has an incentive for regular payouts (cash flow to Pimco/Oaktree funds), but the final decision rests with the AGM, and in a residential-slowdown year the payout could be revised downward.
• The 3,200–3,500 apartment-sales target is an ambition, not a certainty - that is 12–23% growth over the 2,847 in 2025, requiring sustained contracting pace across seven cities (with the Tricity debut). The Polish residential cycle in 2026 is in a moderate phase - after the 2024 peak driven by Bezpieczny Kredyt 2%, further acceleration depends on government policy and NBP. Any market slowdown below +5% may complicate Archicom's delivery of the management target.
• Low free-float liquidity = a barrier for larger funds - Echo Investment controls 74.04%; the real free float is around 26%. Trading volumes are low, complicating accumulation of large blocks by pension and index funds - the valuation remains under unrealised-liquidity pressure.

Main company-specific risks across the 2026–2027 cycle:

• Polish residential cycle - the end or modification of Bezpieczny Kredyt 2%; rate hikes by NBP; weakening residential demand - any of these can compress contracting pace.
• Delivery of the 3,200–3,500 sales target - aggressive versus 2,847 in 2025; requires sustained project pipeline across seven cities simultaneously.
• Echo ownership concentration (74.04%) - low liquidity, no minority-activist pressure.
• Changes to Echo's dividend policy - Pimco and Oaktree manage funds with limited horizons; a parent-group strategy change may affect Archicom's dividend decisions.

What you'll find in the Archicom S.A. profile

The Archicom S.A. profile in our database carries the full picture of the company: composition of the four-member management board (with CEO Waldemar Olbryk), the KRS registration history from 27 April 2015, the registered address at ul. Powstańców Śląskich 9 in Wrocław, e-delivery status (AE:PL-90230-21035-SWACC-25), the website archicom.pl, the e-mail archicom@archicom.pl, and the assigned PKD code 70.10.B (head-office activities). The profile is also available in English - important for international real-estate fund investors, since after the Echo integration Archicom is one of the four largest Polish residential developers headquartered outside Warsaw, with a 10,763-apartment land bank across seven metropolitan areas.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000555355); Archicom S.A. - 2025 annual report and current report on the dividend recommendation (April 2026); Bankier ESPI - Archicom AGM and dividend recommendation communication; Stockwatch - analysis of Archicom 2025 sales and handovers; Strefa Inwestorów - list of dividend developers 2026; Archicom IR - communication on Echo Investment control assumption (2023); PKD 70.10.B classification (head-office activities); company history - incorporated 27 April 2015, WSE IPO March 2016, as of 2026-05-02.