MUR MURAPOL Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 15, 2026

H1 2026 report

Deweloper mieszkaniowy o wysokiej rentowności (marża EBIT 17,8%, ROE 33,1%), ale z zyskiem netto niższym o 28% r/r przy przychodach niższych o 12%.

Sentiment

Neutral No guidance change

Website

MUR H1 2026 report

Revenue

465.68 m PLN

— YoY

Net income

70.06 m PLN

— YoY

EBITDA

85.39 m PLN

— YoY

Gross margin

30.6%

— YoY

Summary

Investment thesis

Sprzedaż netto do klientów detalicznych utrzymana (1 569 lokali wobec 1 575), a 239 opłaconych rezerwacji (wobec 172) wspiera przekazania w kolejnych okresach.
Duży portfel budowy (7 489 lokali w 24 inwestycjach) i bank ziemi ok. 19,2 tys. lokali dają widoczność przychodów na lata, ale pochłaniają gotówkę: CFO −22,5 mln zł.
Zaliczki klientów (950 mln zł) finansują ok. 45% zapasów, lecz dług krótkoterminowy wzrósł czterokrotnie do 193 mln zł, a dywidenda 80 mln zł wypłacona 1 lipca obciąży gotówkę.
Ryzyka regulacyjno-podatkowe: odmowa zwrotu 18,2 mln zł podatku od dywidendy z 2023 r. oraz postępowanie UOKiK (kara do 10% obrotu).

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Financials

BETA

H1 2026

MUR · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	323,384	—	—	465,682	—	reported	—	1.00
Gross profit (m PLN)	99.56	—	—	142,556	—	reported	—	1.00
EBITDA (m PLN)	61.93	—	—	85,386	—	derived	—	0.70
EBIT	60,669	—	—	82,866	—	reported	—	1.00
EBT	87,141	—	—	87,141	—	reported	—	1.00
Net income	48,397	—	—	70,061	—	reported	—	1.00
EPS (basic) (PLN)	1.18	—	—	1.71	—	reported	—	1.00
EPS (diluted) (PLN)	1.7	—	—	1.7	—	reported	—	1.00
D&A	2,520	—	—	2,520	—	reported	—	1.00
Interest expense (m PLN)	1.39	—	—	1.39	—	reported	—	0.80
Income tax	17,080	—	—	17,080	—	reported	—	1.00
Shares (basic) (m units)	40.8	—	—	—	—	reported	—	0.90

Gross margin	30.78%	—	—	30.6%	—	derived	—	0.90
EBITDA margin	18.3%	—	—	18.3%	—	derived	—	0.70
EBIT margin	18.76%	—	—	17.8%	—	derived	—	0.90
Net margin	14.97%	—	—	15%	—	derived	—	0.90

Cash	253,284	—	—	—	—	reported	—	1.00
Total debt	755,302	—	—	—	—	derived	—	0.80
Net debt	502,018	—	—	—	—	derived	—	0.70
Equity	630,969	—	—	—	—	reported	—	1.00
Total assets	2,694,370	—	—	—	—	reported	—	1.00
Working capital	1,141,994	—	—	—	—	derived	—	0.90
Current assets	2,600,884	—	—	—	—	reported	—	1.00
Current liabilities	1,458,890	—	—	—	—	reported	—	1.00
Non-current liabilities	604,511	—	—	—	—	reported	—	1.00
Inventory	2,116,277	—	—	—	—	reported	—	1.00
Trade receivables	27,370	—	—	—	—	reported	—	1.00
Trade payables	86,549	—	—	—	—	reported	—	1.00
Goodwill	2,281	—	—	—	—	reported	—	1.00
Tangible equity (m PLN)	628.69	—	—	—	—	derived	—	0.80

CFO	-22,513	—	—	-22,513	—	reported	—	1.00
CapEx	113	—	—	113	—	reported	—	1.00
FCF	-22,626	—	—	-22,626	—	derived	—	0.70
FCF conversion	-26.5%	—	—	-26.5%	—	derived	—	0.70
CFO conversion	-26.37%	—	—	-26.37%	—	derived	—	0.70
Dividends paid	0	—	—	0	—	reported	—	1.00

Current ratio	1.78x	—	—	—	—	derived	—	0.90
Quick ratio	0.33x	—	—	—	—	derived	—	0.90
Cash ratio	0.17x	—	—	—	—	derived	—	0.90
Interest coverage	59.49x	—	—	59.49x	—	derived	—	0.50

Debt / equity	1.2x	—	—	—	—	derived	—	0.80
Debt / assets	0.28x	—	—	—	—	derived	—	0.80
Net debt / equity	0.8x	—	—	—	—	derived	—	0.70

Revenue growth (YoY)	-12%	—	—	-12%	—	derived	—	0.90
EBITDA growth (YoY)	-29.88%	—	—	-29.88%	—	derived	—	0.70
EBIT growth (YoY)	-30.3%	—	—	-30.3%	—	derived	—	0.90
Net income growth (YoY)	-27.7%	—	—	-27.7%	—	derived	—	0.90
EPS growth (YoY)	-27.8%	—	—	-27.8%	—	derived	—	0.90
Gross margin Δ (YoY)	-2.71 pp	—	—	-2.71 pp	—	derived	—	0.80
EBITDA margin Δ (YoY)	-4.66 pp	—	—	-4.66 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	-4.7 pp	—	—	-4.7 pp	—	derived	—	0.90
Net margin Δ (YoY)	-3.3 pp	—	—	-3.3 pp	—	derived	—	0.90

H1 2026 · Δ YoY

Revenue

323,384 —

H1 2025: —
YTD 2026: 465,682
Δ YoY: —

Gross profit (m PLN)

99.56 —

H1 2025: —
YTD 2026: 142,556
Δ YoY: —

EBITDA (m PLN)

61.93 —

H1 2025: —
YTD 2026: 85,386
Δ YoY: —

EBIT

60,669 —

H1 2025: —
YTD 2026: 82,866
Δ YoY: —

EBT

87,141 —

H1 2025: —
YTD 2026: 87,141
Δ YoY: —

Net income

48,397 —

H1 2025: —
YTD 2026: 70,061
Δ YoY: —

EPS (basic) (PLN)

1.18 —

H1 2025: —
YTD 2026: 1.71
Δ YoY: —

EPS (diluted) (PLN)

1.7 —

H1 2025: —
YTD 2026: 1.7
Δ YoY: —

D&A

2,520 —

H1 2025: —
YTD 2026: 2,520
Δ YoY: —

Interest expense (m PLN)

1.39 —

H1 2025: —
YTD 2026: 1.39
Δ YoY: —

Income tax

17,080 —

H1 2025: —
YTD 2026: 17,080
Δ YoY: —

Shares (basic) (m units)

40.8 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Gross margin

30.78% —

H1 2025: —
YTD 2026: 30.6%
Δ YoY: —

EBITDA margin

18.3% —

H1 2025: —
YTD 2026: 18.3%
Δ YoY: —

EBIT margin

18.76% —

H1 2025: —
YTD 2026: 17.8%
Δ YoY: —

Net margin

14.97% —

H1 2025: —
YTD 2026: 15%
Δ YoY: —

Cash

253,284 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

755,302 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

502,018 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

630,969 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

2,694,370 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Working capital

1,141,994 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

2,600,884 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

1,458,890 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

604,511 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

2,116,277 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

27,370 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade payables

86,549 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

2,281 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Tangible equity (m PLN)

628.69 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

-22,513 —

H1 2025: —
YTD 2026: -22,513
Δ YoY: —

CapEx

113 —

H1 2025: —
YTD 2026: 113
Δ YoY: —

FCF

-22,626 —

H1 2025: —
YTD 2026: -22,626
Δ YoY: —

FCF conversion

-26.5% —

H1 2025: —
YTD 2026: -26.5%
Δ YoY: —

CFO conversion

-26.37% —

H1 2025: —
YTD 2026: -26.37%
Δ YoY: —

Dividends paid

0 —

H1 2025: —
YTD 2026: 0
Δ YoY: —

Current ratio

1.78x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.33x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.17x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

59.49x —

H1 2025: —
YTD 2026: 59.49x
Δ YoY: —

Debt / equity

1.2x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / assets

0.28x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.8x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-12% —

H1 2025: —
YTD 2026: -12%
Δ YoY: —

EBITDA growth (YoY)

-29.88% —

H1 2025: —
YTD 2026: -29.88%
Δ YoY: —

EBIT growth (YoY)

-30.3% —

H1 2025: —
YTD 2026: -30.3%
Δ YoY: —

Net income growth (YoY)

-27.7% —

H1 2025: —
YTD 2026: -27.7%
Δ YoY: —

EPS growth (YoY)

-27.8% —

H1 2025: —
YTD 2026: -27.8%
Δ YoY: —

Gross margin Δ (YoY)

-2.71 pp —

H1 2025: —
YTD 2026: -2.71 pp
Δ YoY: —

EBITDA margin Δ (YoY)

-4.66 pp —

H1 2025: —
YTD 2026: -4.66 pp
Δ YoY: —

EBIT margin Δ (YoY)

-4.7 pp —

H1 2025: —
YTD 2026: -4.7 pp
Δ YoY: —

Net margin Δ (YoY)

-3.3 pp —

H1 2025: —
YTD 2026: -3.3 pp
Δ YoY: —