Atal: PLN 4.50 per share dividend recommendation (88% payout) - ~8.6% yield, one of the highest in the Polish residential-developer sWIG80

Atal: PLN 4.50 per share dividend recommendation (88% of profit) - 25% lower than out of 2024, but yield still ~8.6%

Atal S.A. - headquartered at ul. Stawowa 27 in Cieszyn (postcode 43-400, Śląskie voivodeship), registered in the KRS under number 0000262397 - closed 2025 with revenue of PLN 1.267 bn, consolidated net profit of PLN 223.3 m and a 17.6% net margin (one of the highest in the Polish residential-developer sector). Apartments handed over during the full year - 2,065; new contracts - 1,678 units. The capital consequence: the board recommends a PLN 4.50 per share dividend (PLN 194.67 m in total, 88% of net profit to shareholders), implying a yield of about 8.6% at the current share price. The final decision rests with the AGM.

The numerical context that matters for interpretation: the PLN 4.50 dividend is 25% lower than the PLN 6.00 paid out of 2024. That reflects the lower 2025 net profit - not a change in dividend policy. The payout ratio (88%) stays in line with historical norms, making Atal one of the most dividend-oriented developers in the Polish sWIG80.

In the background: Q1 2026 brought a doubling of handovers - 500 units versus 218 a year earlier (+129%), with 644 new development/preliminary contracts (March alone contributed 365 units, plus 241 active reservations). It is a signal that the company is effectively returning to investment-cycle pace after a moderate 2025.

ATAL

CIESZYN · KRS 0000262397 · SPÓŁKA AKCYJNA

Revenue

1.3 B PLN

Cieszyn, ul. Stawowa 27: Juroszek's 4-member board, family control of 76% of capital, operations in seven cities

The address ul. Stawowa 27, 43-400 Cieszyn places Atal's seat in a 40,000-population district town on the Polish-Czech borderland of Silesia - making Atal the only sWIG80 company headquartered in Cieszyn. The company has operated in its current corporate form (Atal S.A., KRS 0000262397) since 22 August 2006 and has been listed on the Warsaw Stock Exchange since 2015. It belongs to the sWIG80.

Governance: a four-member management board - CEO Zbigniew Juroszek (founder, previously Tipnet/Forsec), Vice-President plus two board members (HR/payroll and finance). Shareholders are strongly concentrated in the Juroszek family: Juroszek Holding + the Zbigniew Juroszek Family Foundation together control 76.30% of capital and 77.10% of voting rights (32.97 m shares as of 31 December 2024). The second-largest shareholder is Nationale-Nederlanden OFE with 8.58%; the real free float is around 15.12% - very low for sWIG80, which significantly limits WSE trading.

Under Polish PKD codes the principal activity is 41.10.Z (development of building projects). The company sells in seven Polish cities - Wrocław, Łódź, Katowice, Poznań, Tricity, Kraków and Warsaw. 2025 handover geography: Wrocław 588, Łódź 466, Katowice 249, Poznań 221, Tricity 205, Kraków 173, Warsaw 163 - Wrocław-dominated. In Q1 2026 the geographical mix has already shifted: Tricity 127, Łódź 97, Katowice 88, Wrocław 72 - a signal of diffusion rather than concentration.

The company has a registered electronic-delivery address (AE:PL-80637-52147-BEIWB-15) and the website atal.pl.

Polish residential-developer sector on the WSE in 2026: three structural features of the Atal model

The Polish residential-developer sector listed on the Warsaw exchange has strong representation in 2026, in which Atal positions itself as a family-controlled mid-scale dividend payer:

• Dom Development (Warsaw, mWIG40) - Warsaw premium-segment leader, higher capitalisation, lower dividend yield.
• Archicom (Wrocław) - controlled by Echo Investment, aggressive expansion across seven cities.
• Develia (Wrocław) - direct regional competitor on four markets.
• Echo Investment (Kielce, mWIG40) - mixed-use developer (residential + offices + retail).
• Atal - pure residential, with the highest payout ratio in the sector.

Three structural features of the Atal model that explain the dividend size despite a moderate 2025:

• Consistent ~85–90% payout ratio - Juroszek as the controlling shareholder has an incentive for high payouts (cash flow to a private family foundation). Even in a year of profit decline (2025) the board keeps the payout ratio at 88%, adjusting the nominal dividend to the result - not the payout. That makes Atal a predictable dividend payer for pension funds, but at the same time exposes minority shareholders to developer-cycle volatility.
• Geographical diversification as a local-cycle absorber - seven Polish residential markets (from Wrocław to Tricity) reduce sensitivity to local slowdowns. Q1 2026 showed early growth in Tricity (a market previously peripheral for Atal), diffusing the previous Wrocław dominance.
• Sensitivity to the interest-rate cycle - the residential segment is classically sensitive to mortgage-rate cost. Juroszek explicitly cites 3.5% as the expected level of the main NBP rate at which the market will fully recover retail demand. Each subsequent NBP cut in 2026 will be structurally favourable for Atal volumes.

Implication for the investment profile: dividend mid-cap, but cyclical and low-liquidity

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

“We would like to sell at least 3,000 apartments - we have already been at such levels. We believe 3.5% is the level of the main interest rate that the market is waiting for.”

Three possible consequences of the 2025 results and Q1 2026 for Atal's investment profile:

• The ~8.6% yield is attractive but not guaranteed - an 88% payout on a falling profit means the nominal dividend is directly proportional to the market cycle. Between a strong year (2024: PLN 6.00) and a moderate year (2025: PLN 4.50) the difference is 25% - fluctuations unacceptable for investors expecting a stable cash stream, but typical for developers. The final decision rests with the AGM.
• Q1 2026 is a leading indicator of cycle-pace recovery - 500 handovers vs 218 YoY is a strong signal that Atal's product pipeline is ready or near-ready, and that the retail customer is returning after the 2025 slowdown. If Q2 and Q3 2026 confirm the trend (management directionally targets 3,000-4,000 handovers per year), 2026 net profit should significantly outpace 2025, translating into a higher nominal dividend out of 2026.
• Low share liquidity (~15% free float) caps attractiveness for larger funds - Juroszek control of 76% plus the OFE passive 8.58% leaves real free float below 15.5%. This is a very narrow secondary market, which can amplify share-price falls in downturns and amplify gains in rebounds. A structural feature of the exposure.

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

• NBP main interest rate - Juroszek cites 3.5% as the expected demand-support level; any delay in NBP cuts may keep 2026 at the 2025 level.
• End or modification of Bezpieczny Kredyt 2% - Polish residential demand in 2024–2025 was structurally supported by the programme; its phase-out compresses turnover.
• Juroszek ownership concentration (76%) - low free-float liquidity and dependency on family decisions in dividend and strategy policy.
• Delivery of the 2,500–3,000 sales target for 2026 - aggressive versus 1,678 in 2025; requires sustained contracting pace across seven cities simultaneously.

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

The Atal S.A. profile in our database carries the full picture of the company: composition of the four-member management board (with CEO Zbigniew Juroszek), the KRS registration history from 22 August 2006, the registered address at ul. Stawowa 27 in Cieszyn, e-delivery status (AE:PL-80637-52147-BEIWB-15), the website atal.pl, and the assigned PKD code 41.10.Z (development of building projects). The profile is also available in English - important for international real-estate fund investors, since Atal is the only Polish residential developer in the sWIG80 headquartered in Cieszyn and 76%-controlled by the Juroszek family.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000262397); Atal S.A. - 2025 annual report and current report on the dividend recommendation (April 2026); Atal S.A. - Q1 2026 current report (April 2026); Stockwatch - analysis of Atal 2025 results and dividend, plus 2026 forecasts; Parkiet - Zbigniew Juroszek commentary on 2026 targets; ri.atal.pl - shareholder structure as of 31 December 2024; PKD 41.10.Z classification (development of building projects); company history - incorporated 22 August 2006, WSE IPO 2015, as of 2026-05-02.