Murapol 2026: PLN 4.90 per share dividend (yield ~11.9%) - the highest in the WSE developer sector, net profit PLN 236 m, gross margin 36.5% (+4 pp), 2,856 apartments sold

Murapol with PLN 4.90 per share dividend (~11.9% yield) - the highest in the WSE developer sector, gross margin 36.5% and operating cash flow ~3× higher

Murapol S.A. - headquartered at ul. Dworkowa 4 in Bielsko-Biała (postcode 43-300, Silesian voivodeship), registered in the KRS under number 0000275523 - posted 2025 net profit of PLN 236 m (-2.5% YoY) and revenue of PLN 1.26 bn (-5.2%). Despite the slight revenue decline, the company lifted gross sales margin to 36.5% (vs 32.4% in 2024, +4 pp), and operating cash flow jumped to PLN 311 m (vs PLN 100 m, ~3× growth). EPS PLN 5.78.

The strongest signal for shareholders is the PLN 4.90 per share dividend out of 2025 profit paid in two tranches: a PLN 2.94 advance in December 2025 plus a PLN 1.97 final tranche (PLN 80.38 m) in 2026. The dividend yield at the current share price reaches ~11.9% - the highest in the WSE-listed developer sector (above 8% at ATAL, Develia or Dom Development). An additional PLN 119.95 m is allocated to the reserve capital with future dividend advances in mind. Murapol has held the same dividend structure since 2024.

Operationally the company delivered 2,650 apartments in 2025 (-9% YoY) and sold 2,856 units net (-2%). Q1 2026 shows the dynamics returning - 735 apartments sold (+4% YoY), with the 2026 annual delivery plan at ~3,000 units. Inventory at end-March 2026: over 3,800 apartments in the portfolio, with 218 active reservations. Book value of inventory: PLN 1.58 bn.

Murapol

BIELSKO-BIAŁA · KRS 0000275523 · SPÓŁKA AKCYJNA

Revenue

1.3 B PLN

Dworkowa 4 in Bielsko-Biała: Iskra's three-member board, an 18-year developer holding, expansion in 8+ Polish cities

The address ul. Dworkowa 4, 43-300 Bielsko-Biała places Murapol's seat in the historic part of Bielsko-Biała - a city with a long industrial-and-construction tradition at the Silesia / Lesser Poland border. The company has operated in its current corporate form (Murapol S.A., KRS 0000275523) since 28 February 2007, listed on the Warsaw Stock Exchange under the ticker MURAPOL (ISIN PLMURPL00190) since December 2023 (re-IPO).

Governance: a three-member management board - CEO Nikodem Iskra plus two board members (I. S., P. K.). Joint representation: two board members or one board member with a proxy holder. The cap table belongs largely to Ares Management Corporation (a US private-equity fund, the main investor) plus Polish OFE / TFI funds; Michał Sapota (founder) retains a structurally controlling stake.

Under Polish PKD codes the principal activity is 70.10.Z (head-office and holding-company activities). Actual operations sit in dozens of special-purpose vehicles based in Bielsko-Biała (typical developer SPV structure: each project in a separate company). The portfolio covers:

• Bielsko-Biała - headquarters and first market.
• Kraków (Czerwieńskiego, Garbarnia, Smidowicza, Staromiejskie Apartamenty).
• Warsaw, Wrocław, Poznań, Łódź, Gdańsk, Katowice - other large cities.
• PRS (Property Rental Service) - general-contracting segment for institutional-rental funds (PLN 156.1 m of 2025 revenue, +8% YoY).

The company has a registered electronic-delivery address (AE:PL-34983-99301-IEWRS-24) and the website murapol.pl.

Polish residential-developer sector on the WSE: Murapol with the highest dividend yield in the industry

The Polish residential-developer sector listed on the Warsaw exchange has strong representation in 2026, in which Murapol stands out for the highest dividend yield despite a slight revenue decline:

• Murapol (Bielsko-Biała, sWIG80) - 11.9% dividend yield, gross margin 36.5%, ~2,856 apartments sold.
• Dom Development (Warsaw, mWIG40) - Poland's largest developer, Warsaw exposure.
• Develia (Wrocław, sWIG80) - multi-city expansion.
• ATAL (Cieszyn, sWIG80) - nationwide residential developer.
• Archicom (Wrocław, sWIG80) - developer in the Echo Group.
• Echo Investment (Kielce, mWIG40) - residential-and-commercial.
• Mirbud (Skierniewice) - residential construction.

Three structural features of the Murapol model that explain the high 2025 dividends:

• A generous dividend policy under Ares Management control - US private-equity fund Ares Management, the main shareholder, prefers high capital payouts (typical PE model: dividends + portfolio rotation). The 11.9% yield is one of the highest in the Polish developer sector and reflects the lead investor's "cash-out" strategy. At the same time, it leaves less capital for expansion - explaining the -5.2% YoY revenue decline at a high 36.5% margin.
• +4 pp gross margin as a project-selection signal = quality over scale - the margin rise from 32.4% to 36.5% reflects a deliberate strategy of selecting higher-profitability projects (typically Kraków, Warsaw, Wrocław, where ASP > PLN 12,000/sqm). This contrasts with developers expanding into the mass market (where margins fall). Operating cash flow of PLN 311 m (vs PLN 100 m) shows the strategy works.
• Conservative payment-schedule approach = lower risk vs competition - Murapol is one of few large developers using standard payment schedules rather than the popular 10/90 or 20/80 systems (where customers pay 10/20% upfront and 90/80% at handover). The conservative approach minimises cash and reservation-cancellation risk. This is a structural advantage in a residential-slowdown cycle.

Implication for the investment profile: a developer dividend hit under PE Ares control, residential-cycle risk

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

“We look optimistically at the rest of the year, expecting acceleration in both sales and project execution. As one of the few large developers, we maintain conservative payment-schedule approaches, using only standard developer schedules without 10/90 or 20/80 systems. This is a structural advantage in a cycle where portfolio quality matters more than scale.”

Three possible consequences of the 2025 results and the dividend policy for Murapol's investment profile in 2026:

• 11.9% dividend yield = a structurally attractive yield, but share-price-dependent - at the current share price of PLN 38.8 and PLN 4.90 of dividends, the yield is 11.9% - the highest in the WSE developer sector. For dividend investors (OFE, TFI), that is a meaningful asset. Yet any double-digit dividend yield in the cycle may reflect undervaluation arising from limited growth (Murapol does not plan major organic expansion in 2026). Growth investors may read this as a cautious-development signal.
• 36.5% margin and Q1 2026 sales +4% YoY = recovery signals - the 4 pp margin rise and Q1 2026 sales +4% YoY suggest the company is returning to growth after a slight 2025 slowdown. The plan for ~3,000 apartments delivered in 2026 (vs 2,650 in 2025) implies ~13% growth, which would be a structural recovery. Risk: the macro cycle (NBP rates, consumer incomes) may delay the sales pace.
• Ares Management control = strategy stability but exit risk - the US PE as main shareholder prefers high dividends and may at some point sell the stake under the classic 5–7-year PE cycle (Murapol's December 2023 IPO = potential exit 2028–2030). Any ownership change may mean changes to dividend policy, growth strategy and valuation.

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

• Polish residential cycle - apartment-sale dynamics depend on consumer incomes, NBP rates and government programmes (e.g. "Safe Mortgage 2%", whose 2026 fate is uncertain).
• Competition from Dom Development, Develia, ATAL, Archicom - the sector is highly competitive; any pricing-strategy change at one of the large players affects the others.
• Exposure to raw-material and labour costs - steel, concrete, brick and labour costs are rising; any cost rise lowers margin.
• Ares Management exit risk - in a stake sale a strategic investor may change the dividend policy or growth strategy.
• Share liquidity - average MURAPOL turnover is moderate; single large orders may move the share price.

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

The Murapol S.A. profile in our database carries the full picture of the company: composition of the three-member management board (with CEO Nikodem Iskra), the KRS registration history from 28 February 2007, the registered address at ul. Dworkowa 4 in Bielsko-Biała, e-delivery status (AE:PL-34983-99301-IEWRS-24), the website murapol.pl, and the assigned PKD code 70.10.Z (head-office and holding-company activities). The profile is also available in English - important for international real-estate / dividend-yield fund investors, since Murapol is a Polish residential developer with the highest dividend yield in the WSE sector (~11.9%), controlled by US private-equity fund Ares Management, with a gross margin of 36.5% - structurally above competition.

This material is informational and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000275523); Murapol S.A. - 2025 results communication (April 2026); Strefa Inwestorów - Murapol 2026 dividend communication; Parkiet - Murapol 2025 results and 2026 plan analysis; StockWatch - communication on PLN 235.84 m of 2025 net profit and Q1 2026; Strefa Inwestorów - 2026 developer dividends analysis; SII - Murapol investor chat; Bankier.pl - MURAPOL listing profile (ISIN PLMURPL00190); PKD 70.10.Z classification (head-office and holding-company activities); company history - registration as S.A. on 28 February 2007, WSE re-IPO December 2023, as of 2026-05-02.