Half Year 2026 Echo Investment SA Earnings Call

September 17, 2026

Maciej Drozd: Good morning.

Speaker #1: So, we'll start with the highlights of this year. So, without any further ado, Maciej, the floor is yours.

Weronika Ukleja-Sałak: We will start with the highlights of this year. Without any further ado, Maciej, the floor is yours.

Speaker #2: Thank you. So, Veronica already introduced the fact that the first half of the year, and the second quarter in particular, was very good. So let's look at the highlights.

Maciej Drozd: Thank you. Weronika already introduced the fact that the H1 of the year and Q2, in particular, was very good. Let us look at the highlights. You already said that 14% increase in residential was a very strong performance. I would like to add also that we had a very strong performance in handovers compared to last year. It was 180% growth. What is very important for us to implement our strategy, we closed the sale of 2 office buildings in Kraków, but we also started construction of the next phase of Towarowa 22, our strategic project, and we will talk a lot more about that today. In Resi4Rent, we closed the largest transaction in this segment in Poland ever by selling over 5,000 units to TAG. That transaction is a landmark transaction, but for us, it is just a step.

Maciej Drozd: Thank you. Weronika already introduced the fact that the H1 of the year and Q2, in particular, was very good. Let us look at the highlights. You already said that 14% increase in residential was a very strong performance. I would like to add also that we had a very strong performance in handovers compared to last year. It was 180% growth. What is very important for us to implement our strategy, we closed the sale of two office buildings in Kraków, but we also started construction of the next phase of Towarowa 22, our strategic project, and we will talk a lot more about that today. In Resi4Rent, we closed the largest transaction in this segment in Poland ever by selling over 5,000 units to TAG. That transaction is a landmark transaction, but for us, it is just a step.

Speaker #2: You already said that a 14% increase in residential was a very strong performance. I would also like to add that we had a very strong performance in handovers.

Speaker #2: Compared to last year, it was 180% growth. What's very important for us, to implement our strategy, we closed the sale of two office buildings in Kraków.

Speaker #2: But we also started construction of the next phase of Towarowa 22, our strategic project, and we'll talk a lot more about that today. In Resi4Rent, we closed the largest transaction in this segment in Poland ever by selling over 5,000 units to TAG.

Speaker #2: That transaction is a landmark transaction, but for us it's just a step—it's a milestone in the further development of our presence in this segment.

Maciej Drozd: It is a milestone in further development of our presence in this segment. Also, in the financial part, we are very proud to announce that we decreased the interest, the cost of our bonds. We renegotiated the terms, and we achieved reduction of costs of PLN 7.5 million annually. Last but not least, we paid PLN 0.40 per share dividend in June, which was really a proof of our strength and financial health. Still, after Q2, we continue to move forward. We completed construction of the first residential building of Towarowa 22, M7. We are very proud of that, and again, we will talk more about that today. We are also developing in more popular segment in Wrocław, Kraków, and other cities. We had very strong launch of Swobodna Living, but we also launched many other projects in that segment, and Niklas will talk more about that.

Speaker #2: Also, in the financial part, we are very proud to announce that we decreased the interest—the cost of our bonds. We renegotiated the terms, and we achieved a reduction of costs of €7.5 million annually.

Speaker #2: Last but not least, we paid a 40 groszy per share dividend in June, which was really a proof of our strength and financial health. Still, after the second quarter, we continue to move forward.

Speaker #2: We completed construction of the first residential building of Towarowa 22, M7. We are very proud of that. And again, we'll talk more about that today.

Speaker #2: We are also developing in the more popular segment, in Wrocław, Kraków, and other cities. We had a very strong launch of Swobodna Living, but we also launched many other projects in that segment.

Speaker #2: And Niklas will talk more about that. We are also very proud of signing a very big lease with PwC, again, on the Towarowa project—almost 20,000 square meters—taking more than one third of the building.

Maciej Drozd: We are also very proud of signing very big lease with PwC, again, on Towarowa project, almost 20,000 square meters, taking more than one-third of the building. Also, last but not least, in StudentSpace, we completed construction of another building also in Mokotów, and we had a very strong start of leasing, and we continue to lease this building very well. So what were the key financial data for the quarter and for the H1? You will immediately notice that our performance was significantly better than expectations, both when you look at EBIT but also net profit. I will speak later about the drivers, so why we performed so well, especially if you compare it to 2025, both H1 and the Q2 of 2025. Our performance this year is by far better. So again, I already mentioned some main events.

Speaker #2: And also, last but not least, in the student space, we completed construction of another building, in Warsaw, in Mokotów. We had a very strong start to leasing, and we continue to lease this building very, very well.

Speaker #2: So, what were the key financial data for the quarter and for the first half of the year? You will immediately notice that our performance was significantly better than expectations.

Speaker #2: Both when you look at EBIT, but also at net profit. I will speak later about the drivers—so why we performed so well. Especially if you compare it to 2025, both the first half and the second quarter of 2025, our performance this year is by far better.

Speaker #2: So again, I already mentioned some main events. I would like to speak a little bit more about that. So again, we sold two buildings in Kraków.

Maciej Drozd: I would like to speak a little bit more about that. So again, we sold two buildings in Kraków, so this Brain development is fully sold right now. We still focus on disposal of two buildings that we completed this year in Wrocław and Kraków. These are Swobodna and WITA projects. Again, Niklas will tell you a little bit more about how we are progressing there. I already mentioned Resi4Rent transaction, which was a huge boost to our cash flow. So out of the planned disposals, where we expect to get around PLN 0.65 billion, we already closed transactions for more than half a billion. According to our strategy, we apply the proceeds to reduction of corporate debt. We continue to invest in new projects, in particular in Warsaw city center, in Towarowa, for example. Obviously, we pay dividend out of these funds.

Speaker #2: So, this Brain development is fully sold right now. We are still focused on the disposal of two buildings that we completed this year in Wrocław and Kraków.

Speaker #2: These are the Swobodna and Vita projects. And again, Niklas will tell you a little bit more about how we are progressing there. I already mentioned reserves for the rent transaction, which was a huge boost to our cash flow.

Speaker #2: So, out of the planned disposals, where we expect to get around PLN 0.65 billion, we have already closed transactions for more than PLN 0.5 billion.

Speaker #2: And according to our strategy, we apply the proceeds to the reduction of corporate debt, and we continue to invest in new projects—in particular, in Warsaw City Center, in Towarowa, for example.

Speaker #2: And obviously, we pay dividend out of these funds. On this page, you have more detail on the disposal of the Brain Kraków building—Brain B—I already mentioned that. Reserves for rent, so if you are interested, please refer to our web page and you can find more details on these particular transactions on these slides.

Maciej Drozd: On this page, you have more detail on the disposal of Brain A, Kraków building, Brain B, I already mentioned that, Resi4Rent. So if you are interested, please refer to our webpage, and you can find more details on these particular transactions on these slides. So again, I would like to highlight and to underline that all what happened, what I just described, is implementation of our strategy. So once again, I would like to remind you what the strategy is. In commercial segment, we continue to dispose of the mature assets, and we focus new development in Warsaw CBD, in particular in Towarowa and its surroundings. We continue to build, we continue to lease, and you will see many examples today of implementation of that strategy in real life, in real time.

Speaker #2: So again, I would like to highlight and to underline that all that—all that happened, what I just described—is the implementation of our strategy.

Speaker #2: So, once again, I would like to remind you what the strategy is. In the commercial segment, we continue to dispose of the mature assets.

Speaker #2: And we focus new development in Warsaw CBD, in particular, on Towarowa and its surroundings. We continue to build, we continue to lease, and you will see many examples today of the implementation of that strategy in real life, in real time.

Speaker #2: In the living sector, obviously, we focus on the development of Archicom. And in particular, in the popular segment in Warsaw and Kraków, we continue to develop PRS via the Resi4Rent platform and student housing as well.

Maciej Drozd: In living sector, obviously, we focus on development of Archicom and in particular, in popular segment in Warsaw, Kraków. We continue to develop PRS via Resi4Rent platform and student housing as well, and we will have a lot to show. Again, we will talk about that in more detail later during this presentation. In finance, our strategy is really simple to follow. We dispose the assets, we repay project debt, we reduce also corporate debt from these funds. We invest in new projects, and we pay dividend, all of that at the same time. If you look at what we already did and what we are going to do, you will see that as the implementation of strategy, we already generated and applied PLN 690 million over last years to debt reduction, to dividend payment, and also to investment in Warsaw CBD projects.

Speaker #2: And we'll have a lot to show. Again, we'll talk about that in more detail later during this presentation. In finance, our strategy is really simple to follow.

Speaker #2: We dispose the assets, we repay project debt, we also reduce corporate debt. From these funds, we invest in new projects and we pay dividends.

Speaker #2: All of that at the same time. So, if you look at what we have already done and what we are going to do, you will see that as part of our strategy implementation, we have already generated and applied 690 million PLN over the last years.

Speaker #2: To debt reduction, to dividend payment, and also to investment in Warsaw CBD projects. The next money that is coming to us will have very similar use.

Maciej Drozd: Next money that is coming to us will have very similar use. Again, debt reduction, dividend payment, and further project acquisitions. It is very simple, and we are doing it every day. I would like also to highlight something that you will notice, the effect of that you will notice in our financial statements. You will see that our SG&A are flat, basically, year-on-year. That is what we want to achieve. We want to find more efficiency in the way we run the teams, in how we manage projects in a more efficient way, to be able to grow the top line, the sales, the margin, without growing the fixed cost base. We are doing this by finding more team integration, better ways to manage projects, better ways to manage our teams, and you can already see that year-on-year in our P&L.

Speaker #2: So again, debt reduction, dividend payment, and further project acquisitions. It's very simple, and we are doing it every day. I would also like to highlight something—you will notice the effect of that. You will notice in our financial statements, you will see that our SG&A are flat, basically, year on year.

Speaker #2: And that's what we want to achieve. We want to find more efficiency in the way we run the teams, in how we manage projects—in a more efficient way.

Speaker #2: To be able to grow the top line—the sales, the margin—without growing the fixed cost base. So we are doing this by finding more team integration, better ways to manage projects, better ways to manage our teams, and you can already see that year on year in our P&L.

Speaker #2: I already mentioned Towarowa 22 more than a few times today, and I think it's still something that is worth coming back to. So, construction of the AFI Tower, an almost 55,000-square-meter project, is ongoing.

Maciej Drozd: I already mentioned Towarowa 22 more than a few times today, and I think it is still something that is worth to come back to. Construction of AFI Tower, almost 55,000 square meter project, is ongoing. As you remember, almost 20,000 square meters of that project is already leased by PwC. We see very strong demand for this project, but also for next phase that we started in Q2, and we expect the situation to continue next few years. We expect Warsaw CBD to be the place for tenants to come, and that is why we focus on construction and leasing of our projects there. Residential part of Towarowa is also very successful. We completed first building at Miedziana Street. We started another one. As you can see on the slide, we are preparing next phases of this project.

Speaker #2: As you remember, almost 20,000 square meters of that project is already leased by PWC. We see very strong demand for this project, but also for the next phase that we started in Q2.

Speaker #2: And we expect the situation to continue for the next few years. So, we expect Warsaw CBD to be the place for tenants to come, and that's why we focus on the construction and leasing of our projects there.

Speaker #2: The residential part of Towarowa is also very successful. We completed the first building at Miedziana Street. We have started another one, and as you can see on the slide, we are preparing the next phases of this project.

Speaker #2: So it will be a fantastic place to live, a real city center of Warsaw, both in terms of office and business activity, but also if you look from a residential perspective, because of the quality of the buildings, and also because of the central park, which is really something unique that this project has and is truly unique in Warsaw city center.

Maciej Drozd: It will be fantastic place to live, a real city center of Warsaw, both in terms of office and business activity, but also if you look from residential perspective, because of the quality of the buildings, but also because of the central park that we have, as really something unique that this project has. It is really unique in Warsaw city center to have that ability, 2 hectare park just next to your house. If you look at the entire project, it is laid out here, residential part of Archicom in blue, green area that I mentioned to you before. You can really appreciate that very big part of the plot has this fantastic green use for the benefit of people who are going to live there, but also to work there. The violet part is already completed, and we exited to our JV partner.

Speaker #2: To have that ability—to have a hectare park just next to your house. If you look at the entire project as it's laid out here: the residential part of Archicom in blue, the green area that I mentioned to you before—you can really appreciate that a very big part of the plot has this fantastic green use for the benefit of people who are going to live there, but also to work there.

Speaker #2: The violet part is already completed and we exited to our JV partner, so AFI fully owns this building already. The top part is under development, and it's both office and residential.

Maciej Drozd: AFI fully owns this building already. The top part is under development, and it is both office and residential. You see that most of that is already under development, and only the central park, which is minority of the project, is going to be started next year. We are also proud of a very creative campaign that we started for this project. It was developed fully with AI, so we also want to be leaders in that front. Do something creative, use new technology, new approach, and do something really very fresh. Niklas.

Speaker #2: And you see that most of that is already under development, and only the Central Park, which is a minority of the project, is going to be started next year.

Speaker #2: We are also proud of the very creative campaign that we started for this project. It was developed fully with AI. So we also want to be leaders on that front, to do something creative, use new technology, new approaches, and do something really very, very fresh.

Speaker #2: Niklas.

Speaker #1: Thank you, Maciej. Now I'm going to talk about our living segment, and especially about reserves for sale. As we have highlighted before, we have seen growth of 14% year on year up to today.

Nicklas Lindberg: Thank you, Maciej. Now I am going to talk about our living segment and especially about Resi4Rent. We have highlighted before, we have seen a growth until today of 14% year-on-year. We would like to continue growing our business. The target stays for this year to sell between 3,200 to 3,500 units by year-end, which you can compare to last year, we sold 2,867. So it is continuous growing our business year-on-year. Maciej is saying, we are growing the top line, but we continue focusing on keeping the overheads flat in the business while we are having it by creating more efficient way of how we run our business. It is crucial in this business is that we continue growing our land bank. This is one of the main focus areas that we are focusing today and that we are going to continue to focus on.

Speaker #1: We would like to continue growing our business. The target stays for this year to sell between 3,200 to 3,500 units by year-end, which you can compare to last year when we sold 2,867.

Speaker #1: So, it's continuously growing our business year on year. Like Maciej is saying, we're growing the top line, but we continue focusing on keeping the overhead flat in the business, where we're having it, by creating more efficient ways of how we run our business.

Speaker #1: It's crucial in this business that we continue growing our land bank. Now, this is one of the main focus areas that we are focusing on today and that we're going to continue to focus on.

Nicklas Lindberg: Important thing in all of these things here is the focus on growing in the popular segment of our market. This is something that we have been focusing for a long time and where we see a huge growth coming forward. If you look at the markets around, we see a stable sales across all markets. We see us continuing taking market share. We want to continue growing our business, and we see forward how we can continue growing it to come up to a sales of 4,000 units annually. Prices are stable. Saying all of this, we see strong sales both in our lower end of the market, middle end, and the high end of our products we are selling on the market. The focus that we see today is the popular segment. The popular segment is crucial for us to be able to continue growing our business.

Speaker #1: The important thing in all of these areas is the focus on growing in the popular segment of our market. This is something that we have been focusing on for a long time, and where we see significant growth going forward.

Speaker #1: If you look at the markets around, we see stable sales across all markets. We see ourselves continuing to take market share. We want to continue growing our business, and we are looking forward to continuing to grow it to reach sales of 4,000 units annually.

Speaker #1: Prices are stable. Saying all of this, we see strong sales in all—both in our lower end of the market, middle end, and the high end of our products we are selling on the market.

Speaker #1: The focus that we see today is on the popular segment. The popular segment is crucial for us to be able to continue growing our business.

Speaker #1: Here we see a lot of things happening, and it's mainly because of the need for people to live. So, it's really crucial for us to continue growing in this part of the market.

Nicklas Lindberg: Here we see a lot of things happening, and it is mainly because of the need for people to live. It is really crucial for us to continue growing in this part of the market. This will be the things that will facilitate our future growth up to 4,000 units. Most of the things we have acquired during the H1 of the year is really coming from this part of the market. Here we are going to continue seeing a growth. We are going to continue seeing us acquiring more land in the popular segment, and this is a really big pillar of our business. If you are looking back, you see roughly 40% of our sales were in the popular segment, and this one we want to continue growing up to 50% of our sales.

Speaker #1: And these will be the things that will facilitate our future growth up to 4,000 units. Most of the things we have acquired during the first six months of the year are really coming from this part of the market.

Speaker #1: So here, we're going to continue seeing growth. We're going to continue seeing us acquiring more land in the popular segment. And this is a really big pillar of our business.

Speaker #1: And if we're looking back, you see roughly 40% of our sales were in the popular segment. And this one we want to continue growing up to 50% of our sales.

Speaker #1: You can see here, constantly, we are selling across all parts of our market. The only market that we are not going to continue with is in Katowice.

Nicklas Lindberg: You see here constantly we are selling across all the parts of our market. The only market that we are not going to continue doing is in Katowice. The rest of the markets, we are continue growing. A big focus of us here is continue taking a bigger market share in Warsaw. This is one of the markets that is our strong focus to growth. This is where most of the apartment sales are happening in Poland today, and this is where we continue growing in the popular segment of the market. Handovers, as Maciej said, we went up 180% from last year, and we are going to continue growing in handovers. The handovers are, of course, a consequence of how many apartments we are selling. We are going to facilitate that going forward, and this will have a huge impact on our P&L going forward.

Speaker #1: The rest of the markets we are continuing to grow. A big focus for us here is to continue taking a bigger market share in Warsaw. This is one of the markets that is our strong focus for growth.

Speaker #1: This is where most of the partner sales are happening in Poland today, and this is where we continue growing in the popular segment of the market.

Speaker #1: Handovers, as Maciej said, we went up 180% from last year, and we're going to continue growing in handovers. The handovers are, of course, a consequence of how many apartments we are selling.

Speaker #1: So we're going to facilitate that going forward, and this will have a huge impact on our P&L going forward. The offer on the group is stable.

Nicklas Lindberg: The offer on the group is stable. We are continuing starting new project. We are continuing buying more land, and we always want to have an offer that is roughly what we are going to sell in the coming year. Our offer will always be in the range of 3,000 to 4,000 units at any given time that we look in the market. We are a residential developer on six markets. Katowice, we will not continue in. We continue analyzing Tri-City as an interesting market. At the time being, we are focusing a lot on growing anymore in the popular segment where we are today in the existing markets, where we see a lot of potential to continue growing. If you look for, Maciej said before about the Resi4Rent.

Speaker #1: We are continuing to start new products. We are continuing to buy more land. And we always want to have an offer that is roughly what we're going to sell in the coming year.

Speaker #1: So our offer will always be in the range of 3,000 to 4,000 units at any given time that we look at the market. We are a residential developer in six markets.

Speaker #1: We will not continue in Katowice. We continue analyzing TriCity as an interesting market. At the time being, we are focusing a lot on growing even more in the popular segment where we are today, in the existing markets where we see a lot of potential to continue growing.

Speaker #1: If you look at what Maciej said before about the reserve rent, we did a sale of 5,300 units at a tag, which is a landmark sale and really has created a lot of trust in the reserve rent market, which has not before seen this kind of institutional transactions.

Nicklas Lindberg: We did a sale of 5,300 units to TAG, which is a landmark sale and really has created a lot of trust in the Resi4Rent market. We just not before have seen this kind of institutional transactions. What is important to highlight here, we have 2,800 units under operation. We have another 1,000 under construction, and we are going to continue starting more projects in this part of the segment. We are absolutely not leaving the Resi4Rent segment. We are as always, we see if we have mature products, we are divesting them, taking back the money to the company, and then making sure that we continue investing where we see the best returns for our shareholders. This is the three projects that we have now just handed over and starting to rent out, and you see the renting level is very strong in all three parts of the segments.

Speaker #1: But what's important to highlight here is that we have 2,800 units under operation. We have another 1,000 under construction, and we're going to continue starting more projects in this part of the segment.

Speaker #1: So we are not absolutely not leaving the reserve rent segment. We are as always, we see if we have mature products, we are divesting them, taking back the money to the company and then making sure that we continue investing where we see the best returns for our shareholders.

Speaker #1: These are the free projects that we have now just handed over and started to rent out. As you can see, the rental level is very strong in all three parts of the segment.

Speaker #1: And here we're going to continue leasing, and all these units will be leased out by Q1 2027. Overall, in our business, we have an occupancy between 98% to 99%.

Nicklas Lindberg: Here we are going to continue leasing, and all these units will be leased out by Q1 2027. Overall, in our business, we have an occupancy between 98% to 99%. We have a very strong occupancy across the whole Resi4Rent portfolio. This is about the major transaction we did, and I think it is important to highlight this is a really, really big transaction that is important for us to continue driving the growth in this business and continue doing more transactions like this to continue show that this will be a very important part of the residential market in Poland. Here is what I said before. We are going to continue focusing on PRS. This is one of the most important things that for us to highlight today. We are going to continue with doing more assets today. We have just handed over. We are doing construction in Warsaw.

Speaker #1: So, we have a very strong occupancy across the whole reserve rent portfolio. This is about the major transaction we did, and I think it's important to highlight that this is a really, really big transaction.

Speaker #1: That is important for us to continue driving growth in this business and to continue doing more transactions like this, to show that this will be a very important part of the residential market in Poland.

Speaker #1: So here is what I said before. We are going to continue focusing on PRS. This is one of the most important things for us to highlight today.

Speaker #1: We're going to continue doing more assets today. We have just handed over. We are doing construction in Warsaw. We are going to continue trying to be the leader in this market.

Nicklas Lindberg: We're going to continue trying to be the leader on this market. Even after this transaction, I think we are the top 3 in the living segment in Poland in this part of the market. So we are a very big player and going to continue being a big player. The next market we went into is student housing. We have today 1,200 beds in Kraków, and we have another 500 now being handed over as we speak. So this year we will have 1,700 beds to be rented out. You will see already now we have strong renting in all our markets. We see really that people are appreciating our projects. We see students really like the way we have constantly listened to their needs and continue to develop our project.

Speaker #1: And even after this transaction, I think we are in the top three in the living segment in Poland in this part of the market. So we are a very big player and are going to continue being a big player.

Speaker #1: The next market we went into is student housing. We have today 1,200 beds in Krakow, and we have another 500 now being handed over as we speak.

Speaker #1: So, this year we will have 1,700 beds to be rented out. And you will see already now, we have strong renting in all our markets.

Speaker #1: We see, really, that people are appreciating our project. We see students really like the way we have constantly listened to their needs and continuously developed our project.

Speaker #1: We already have another ongoing project in Warsaw, and we're going to start a third one shortly to be able to develop more assets in Warsaw.

Nicklas Lindberg: We have already ongoing another project in Warsaw, and we're going to start up a third one shortly to be able to do more assets in Warsaw. The focus of the StudentSpace platform is Warsaw and Kraków. Those are the biggest markets for universities in Poland. You see here some pictures of our StudentSpace locations that are beautiful locations. We do really amenities here that are outside the normals, and we see really it's appreciated by all people living in the project. The focus is going to continue being here for our growth is Warsaw in Kraków, we have the two projects ongoing, which is Listopada and also Cracovia. All of them are located next to universities. We are continuing seeing that this is really what we're looking for.

Speaker #1: The focus of the Student Space platform is Warsaw and Krakow. These are the biggest markets for universities in Poland. You see here some pictures of our Student Space locations.

Speaker #1: These are beautiful locations. We do have really unique amenities here that are outside the norm. And we see, really, it’s appreciated by all the people living in our projects.

Speaker #1: And the focus is going to continue being here, for our growth is Warsaw. In Krakow, we have the two projects ongoing, which are Listopada and also Krakowita.

Speaker #1: And all of them are located next to universities. We continue to see that this is really what we're looking for. One is next to the railway station, and the other one is in a location closer to the universities.

Nicklas Lindberg: One is next to the railway station, and the other one is more in a location closer to the universities. So we are doing projects that will adopt to all the needs of the students in the different markets. You see here different examples of the projects ongoing and also the projects that we have completed. These are units that are between 14 to 16 square meters and very effective. You have all the amenities in the ground floor of the units below. Commercial office. I've been talking a lot about that historically, and this is one of the markets that I said for a long time, it will come back, and we are continuing focusing it, but in a different scale. What you've seen, like Maciej said before, we have sold off our assets in Kraków on Brain Park A and Brain Park B.

Speaker #1: So, we are doing projects that will adapt to all the needs of the students in the different markets. You see here different examples of the projects ongoing, and also the projects that we have completed.

Speaker #1: These are units that are between 14 to 16 square meters and are very, very efficient, with all the amenities located on the ground floor of the units below.

Speaker #1: Commercial office—I've been talking a lot about that historically, and this is one of the markets that I said for a long time it would come back. We are continuing to focus on it, but on a different scale.

Speaker #1: What you've seen, like Maciej said before, we have sold off our assets in Krakow: On Brain A and Brain B. We have now leased out 100% of the Krakowita project, which is also in Krakow, where we are now looking at ways to be able to divest that project.

Nicklas Lindberg: We have now leased out 100% of Cracovia project, is also in Kraków, where we are now looking at ways to be able to divest that project. We signed a lease with PwC for 20,000. There are more leases coming in the pipeline now going forward. We have also started Towarowa phase E as well. The fundamentals are improving dramatically. What I said before, we are now focusing on Warsaw CBD. That has the lowest vacancy for a very long time. We are a big part of the pipeline, which we have seen today, that has helped us to increase rent levels, and that is also helping us continue doing more things in the CBD of Warsaw. Offices is something that is crucial for everybody.

Speaker #1: We signed a lease with PBWC for 20,000. There are more leases coming in the pipeline now, going forward. And we have also started Towarowa Phase E as well.

Speaker #1: The fundamentals are improving dramatically. And as I said before, we are now focusing on Warsaw CBD, which has had the lowest vacancy for a very, very long time.

Speaker #1: And we are a big part of the pipeline, which we have seen today has helped us increase rent levels. And that is also helping us to continue doing more things in the CBD of Warsaw.

Speaker #1: Offices are something that is crucial for everybody. And what we see now is that tenants are moving more into the city centers, and they really appreciate the buildings that we are doing.

Nicklas Lindberg: What we see now is that tenants are moving more into the city centers, and they really appreciate the buildings where we are doing. Where we have done AFI Office House, which is now with balconies on all the levels of our offices, which is really what people are looking for. We have two buildings that we are going to dispose going forward. We have Swobodna SPOT, a beautiful building in Wrocław, where you see here terraces, balconies next to MidPoint71 that we did some time ago. This is really where we are building a new city center of Wrocław. In front of that, we started our residential building that we talked earlier about. That has been very much appreciated by the buyers in Wrocław, and we already now sold 60% of the building.

Speaker #1: Where we have done office house, which is now with balconies on all the levels of the offices, which is really what people are looking for.

Speaker #1: We have two buildings that we're going to dispose of going forward. We have Swobodna Spot, a beautiful building in Wrocław, where you see here terraces, balconies, next to Midpoint that we did some time ago.

Speaker #1: And this is really where we're building a new city center of Wrocław. In front of that, we started our residential building that we talked about earlier, which has been very, very much appreciated by the buyers in Wrocław, and we have already sold 60% of the building.

Speaker #1: Wita is one of our destination projects. We have the two student homes I talked about before. Next to it, we have a very successful residential development.

Nicklas Lindberg: WITA is one of our destination projects, where we have the two StudentSpace homes I talked about before. Next to it, we have a very successful residential development. Also you see here that we have an office that is fully leased to Brown Brothers Harriman and OPmobility, and this is really showing that this is a very attractive investment. You see here this is something that investors are looking at today based on the long leases and the strong covenant of the tenants. If you look back in the earlier quarters, we have not started up so many new projects. What you see now, we have AFI Tower, AFI ongoing. We have building phase E ongoing. We are focusing a lot on Towarowa, where we are going to continue growing our business. This is the building that is ongoing now. It is a smaller building.

Speaker #1: And also, you see here that we have an office that is fully leased to BBH and Open Mobility. And this really shows that this is a very, very attractive investment.

Speaker #1: And you see here, this is something that investors are looking at today, based on the long leases and the strong covenant of the tenants.

Speaker #1: If you look back at the earlier quarters, we have not started up so many new projects. What you see now is that we have the office tower Afry ongoing.

Speaker #1: We have Building E ongoing. We are focusing a lot on Towarowa, where we're going to continue growing our business. And this is the next building that is ongoing now.

Speaker #1: It's a smaller building that you will shortly going to report our further leases coming into this building. We also acquired last year Grubowska 53 which is a beautiful location opposite of our Warsaw Brewery development.

Nicklas Lindberg: We are shortly going to report on further leases coming into this building. We also acquired last year Grzybowska 53, which is a beautiful location opposite of our Warsaw Brewery development. Here we are going to do our next office development that we are going to start early next year. This is also another addition to the Warsaw CBD. What you see here, we continue acquiring land plots in Warsaw CBD. We continue growing Warsaw CBD. This is going to be the ones we are going to repeat going forward. There is a scarcity of office to be leased in these kind of locations. We really see this is the opportunity for us to grow. CitySpace has for many years been a good part of our business. We are now seeing an increased profitability.

Speaker #1: Here, we're going to do our next office development, which we're going to start early next year. This is also another addition to the Warsaw CBD.

Speaker #1: So what you see here we continue acquiring land plots in Warsaw CBD. We continue growing Warsaw CBD. This is going to be the ones we're going to repeat going forward.

Speaker #1: There is a scarcity of offices to be leased in these kinds of locations. We really see this as an opportunity for us to grow.

Speaker #1: CitySpace has for many years been a good part of our business. We are now seeing increased profitability. We are closing down less successful locations and focusing on Warsaw, in the same way as we're doing in the rest of the segments.

Nicklas Lindberg: We are closing down less successful locations and focusing on Warsaw in the same way as we are doing in the rest of the office segments. Here we have now a strong business case. We see a strong revenue growth. We see a strong profitability. This is one of the businesses that are benefiting dramatically on the scarcity of office space in the CBD of the cities. If you look at Galeria Mokotów, we are now, as we said before, we are stabilizing the assets. We are changing the tenants to be having the latest and greatest tenants in the business, and we continue growing our top line of the business.

Speaker #1: Here we now have a strong business case. We see strong revenue growth. We see strong profitability. This is one of the businesses that is benefiting dramatically from the scarcity of office space in the CBD of the cities.

Speaker #1: If you look at Galleria Moccini, we are now, as we said before, stabilizing the assets. We are changing the tenants to be having the latest and greatest tenants in the business.

Speaker #1: And we're continuing to grow our top line of the business. We are now slowly stabilizing the assets, which is crucial for us to continue putting that as long-term assets, which we will then analyze to determine when it's the right time to dispose of them, when we think we're going to get the right value out of that asset.

Nicklas Lindberg: We are now slowly stabilizing the assets, which is crucial for us to continue putting that one as long-term assets that we are then going to analyze when is the right time to dispose, when we think we are going to get the right value out of that asset. From an ESG, we continue focusing on ESG. We are implemented across all over the group with decarbonization. We also focus on taxonomy, and also most of all, we are focusing how can we make sure that all the ESG activities are benefiting also our tenants and our occupiers of our assets. Also, I think a big part of our ESG activities is also what Maciej talked about before, where we put big green areas into all our developments to continue getting that feeling into all the projects where we are doing, where we are having our destination projects. Maciej.

Speaker #1: From an ESG perspective, we continue focusing on ESG, and we are implementing it across the whole group. We have decarbonization. We also focus on taxonomy, and, most of all, we are focusing on how we can make sure that all the ESG activities are also benefiting our tenants and the occupiers of our assets.

Speaker #1: And also, I think a big part of our ESG activities is, as Maciej talked about before, where we put big green areas into all our developments to continue getting that feeling into all the projects we're doing, where we're having our destination projects.

Speaker #1: Maciej.

Speaker #2: Yeah. So let's take a deeper dive into our financials. I already mentioned a very big improvement year-on-year, so Q2 '26 over Q2 '25.

Maciej Drozd: Yeah. Let us make a deeper dive into our financials. I already mentioned a very big improvement year on year, so Q2 2026 over Q2 2025. If you look at the details, you will immediately see a huge change in fair value gain. Last year result was under pressure in that area. You will also notice that we did reduce financial costs, that our JVs produced very good result in the second quarter. Also, if you look at the details, our SG&A were flat, which is basically what we want to achieve also looking forward. Looking at the margin, you will see strong residential margin of 33%, and obviously a big part of the result comes also from that. Our margin strategy is to keep the margin at 30% or above that. On this page, you can also see some details on fair value gains.

Speaker #2: If you look at the details, you will immediately see a huge change in fair value gain. Last year's result was under pressure in that area.

Speaker #2: But you will also notice that we did reduce financial costs, that our GVs produced very good results in the second quarter, and also that if you look at the details, our SG&A were flat.

Speaker #2: Which is basically what we want to achieve also, looking forward. Looking at the margin, you will see a strong residential margin of 33%. And obviously, a big part of the result also comes from that.

Speaker #2: Our margin strategy is to keep the margin at 30% or above. On this page, you can also see some details on fair value gain.

Speaker #2: So you see that we continue to make money to revalue both spot Swobodna Wrocław and Wita Kraków. We have positive results. But the results of Towarowa, I just want to remind you, are visible in the JV part, right?

Maciej Drozd: You see that we continue to make money to revalue both Swobodna Wrocław and WITA Kraków with positive results. The results of Towarowa, I just wanted to remind you, are visible in the JV part, right? Because we are 30% partner. We do not show the revaluation of these buildings in our fair value gains. They impact in a very positive way our JV line. Our balance sheet is slightly decreasing, which makes sense of course, because as we dispose assets, repay debt and pay dividend, it is natural. But at the same time, you will see significant growth of inventory, which is a reflection of growth of Archicom. That is exactly our strategy, so to have more and more investment in that part of the business.

Speaker #2: Because we are a 30% partner, we don't show the revaluation of these buildings in our fair value gain. They impact in a very positive way our JV line.

Speaker #2: Our balance sheet is slightly decreasing, which makes sense, of course, because as we dispose of assets, repay debt, and pay dividends, it's natural. But at the same time, you will see significant growth of inventory.

Speaker #2: Which is reflection of growth of Archicom. And that's exactly our strategy. So to have more and more investment in that part of the business.

Speaker #2: Also in JVs. Which is something very important. We are going to continue both disinvest and invest. Meaning we get the money out from the mature assets like from the transaction in Resy for Rent.

Maciej Drozd: Also in JVs, which is something very important, we are going to continue both disinvest and invest, meaning we get the money out from the mature assets like from the transaction in Resi4Rent, but we continue to put money back in new projects, both in Resi4Rent and in student housing. We have very strong cash position, better than at the end of the year. Otherwise, I think it is exactly what you should expect, thinking about what our strategy is. Also, when we look at our liabilities, that part of our balance sheet, you will immediately notice that prepayment of residential customers increased a lot and this is what we expect also looking forward. With growing residential business, we expect to see more and more business being financed by prepayments of clients who buy our apartments and continue to pay as we build.

Speaker #2: But we continue to put money back into new projects, both in Resi for Rent and in student housing. We have a very strong cash position.

Speaker #2: Better than at the end of the year. And otherwise, I think it's exactly what you should expect, thinking about what our strategy is. Also, when we look at our liabilities—that part of our balance sheet—you will immediately notice that prepayment of residential customers increased a lot, and this is what we expect also looking forward.

Speaker #2: We've got a growing residential business. We expect to see more and more business being financed by prepayments from clients who buy our apartments and continue to pay as we build.

Speaker #2: Our debt will continue to decrease as we repay. As we repaid both in terms of project debt but also the corporate level debt. And that's why our net debt ratio is lower than last quarter and then at the year end.

Maciej Drozd: Our debt will continue to decrease as we repay, both in terms of project debt, but also the corporate level debt. That is why our net debt ratio is lower than last quarter and then at the year-end, and we will continue to decrease it to move to our target below 30% of net debt to total assets. I already mentioned decreasing bond debt as part of our strategy. Here is a maturity profile of our bonds. I would like to start from the bottom part, so more green. You will see that in 2026, now it is even non-existing today, but still at the end of June, we had PLN 25 million maturing that was repaid already now in September. We are also planning, and we declared that we repay PLN 180 million of bonds maturing next year, already this year in December, so before the maturity.

Speaker #2: And we will continue to decrease it to move toward our target of below 30% net debt to total assets. I already mentioned decreasing bond debt as part of our strategy.

Speaker #2: Here is a maturity profile of our bonds. I would like to start from the bottom part, so more green. You will see that in 2026, now it's even non-existing today, but still, at the end of June, we had 25 million maturing that was repaid already now in September.

Speaker #2: We are also planning, and we declared, that we will repay €180 million of bonds maturing next year already this year, in December—so, before the maturity.

Speaker #2: I already talked about the repricing of the bonds. So this is something that affected bonds mainly maturing in 2029, and this blue part, this darker blue part, maturing in 2028.

Maciej Drozd: I already talked about repricing of the bonds. This is something that affected bonds mainly maturing in 2029, and this blue part, this darker blue part maturing in 2028. So we decreased the cost of debt by 150 basis points. At the top, you will see gray part, which is Archicom bonds. You will notice that in 2027, we have PLN 378 million of bonds maturing. It is in H1. Of course, Archicom is preparing to refinance these bonds already in Q4 so that this work ongoing to do that. That should have positive effect also on the result because we clearly expect that the cost of this financing will go down. Because the market is very strong, but also obviously performance of Archicom continues to be better and better results. On this basis, we expect the cost of this financing to decrease looking forward.

Speaker #2: So we decreased the cost of that by 150 basis points. At the top, you will see the gray part, which is Archicom bonds. You will notice that in 2027, we have 378 million of bonds maturing.

Speaker #2: It's in H1. And of course, Archicom is preparing to refinance these bonds already in Q4, so that work is ongoing. That should have a positive effect also on the results.

Speaker #2: Because we clearly expect that the cost of this financing will go down, because the market is very strong. Also, obviously, the performance of Archicom continues to be better and better.

Speaker #2: Better results. And on this basis, we expect the cost of this financing to decrease going forward. And again, last slide on dividend. We did pay a very high dividend in respect of 2025.

Maciej Drozd: Again, last slide on dividend. We did pay very high dividend in respect of 2025, so it was PLN 0.80 in Q4 last year and additionally PLN 0.40 in June. So in total, PLN 1.2. Again, from cash flow perspective, it was PLN 0.80 last year and PLN 0.40 this year. Which we obviously believe is a very strong performance and a huge proof of the financial strength, but also of the success of our strategy. Thank you.

Speaker #2: So it was 80 groszy in Q4 last year. And additionally 40 in June. So in total 1.2. Again from cash flow perspective it was 80 groszy last year and 40 groszy this year.

Speaker #2: Which we obviously believe is a very, very strong performance and a huge proof of our financial strength, but also of the success of our strategy.

Speaker #2: Thank you.

Speaker #1: Thank you gentlemen. Thank you for the presentation. We'll go now directly to the Q&A session. And this time if we don't want to ask any questions we'll just use an excuse that our mic is not working.

Weronika Ukleja-Sałak: Thank you, gentlemen. Thank you for the presentation. We will go now directly to the Q&A session. This time, if we do not want to ask any questions, we will just use an excuse that our mic is not working. So we will start with something easy. When is the full completion of Towarowa expected? Niklas Lindberg, can you take this one, please?

Speaker #1: So we'll start with something easy. When is the full completion of Towarowa expected? Niklas, can you take this one, please?

Speaker #3: We're going to complete the full Towarowa in Q1 2029. What we see today is that all phases are ongoing except for the middle phase of the project, which consists of one office building and one residential building.

Nicklas Lindberg: We are going to complete the full Towarowa in Q1 2029. What we see today, all phases are ongoing except for the middle phase of the project that is consisting of one office building and one residential building. That is going to be started during next year. What you will see is that every year there will be a new project completed, and by the beginning of 2029, we will fully leave the Towarowa project, where we have developed more than 7 hectares or close to 200,000 square meters of mixed use.

Speaker #3: That's going to be started during next year, which will be—so what you will see is that every year there will be a new project completed.

Speaker #3: And by the beginning of 2029, we will fully leave the Towarowa project, where we have developed more than seven hectares, or close to 200,000 square meters, of mixed use.

Speaker #1: Thank you. Short and sweet. So we'll move to some financial questions. And this one goes to you, Maciej. Is there still a possibility of paying a dividend in 2026?

Weronika Ukleja-Sałak: Thank you. Short and sweet. We will move to some financial questions, and this one goes to you, Maciej. Is there a possibility still of paying dividends in 2026? Is its interim dividend conditional, whether Swobodna SPOT and WITA will be divested?

Speaker #1: And is the interim dividend conditional on whether Swobodna Spot and Vita will be divested?

Speaker #2: Right. I think this is a very, very specific question. Of course, I cannot—even if I would very much like to be as detailed as possible—I cannot answer.

Maciej Drozd: Right. I think this is very specific questions. Of course, even if I would like very much to be as detailed as possible, I cannot

Weronika Ukleja-Sałak: Reveal much.

Speaker #1: Give you much.

Speaker #2: In that form, I think I can only confirm or remind you that our dividend policy is that we want to be, and will definitely be, a strong dividend payer.

Maciej Drozd: in that form. I think I can only confirm or remind you that our dividend policy is that we want and will be definitely a strong dividend payer. Obviously, that is for our shareholders, for the company, I think it is in the best interest. But I cannot answer such a detailed question. Clearly, I think our intent is very transparent, right?

Speaker #2: And obviously, for our shareholders and for the company, I think it's in the best interest. But I cannot answer, you know, such a detailed question.

Speaker #2: But clearly, I think our intent is very, very transparent, right?

Weronika Ukleja-Sałak: Mm-hmm. Thank you. Niklas, you mentioned that working on our land bank is a priority. So this question goes to you. Should we expect any larger land acquisition for residential or commercial projects still this year?

Speaker #1: Thank you. Thank you. And Niklas, you mentioned that working on our land bank is a priority. So this question goes to you: Should we expect any larger land acquisition for residential or commercial projects still this year?

Speaker #4: We are constantly buying

Nicklas Lindberg: We are constantly buying new land bank, and we need to continue buying it. So of course, there will be more land acquisition to expect in 2026, both in the residential and the commercial segment. We see that this is a good moment for us to buy, and the prices are at reasonable levels.

Speaker #3: We have a new land bank, and we need to continue buying. So, of course, there will be more land acquisitions to expect in 2026, both in the residential and commercial segments.

Speaker #3: We see that this is a good moment for us to buy, and the prices are at reasonable levels.

Speaker #1: Thank you. Thank you so much. Maciej, maybe a question regarding bond insurance plans. Are you able to provide more details on this subject, please?

Weronika Ukleja-Sałak: Thank you so much. Maciej, maybe a question regarding bond insurance plans. Are you able to provide more details on this subject, please?

Speaker #2: Well, I think maybe I can expand a little bit on what I already said. So, just to reiterate, we do not plan to issue bonds in ECHO.

Maciej Drozd: Well, I think maybe a little bit expand on what I already said. Just to reiterate that we do not plan to issue bonds in Echo. Actually, what we did, just to clarify, the issues that we did in June were, I would say, for technical reasons to reprice the bonds. That was the only purpose. It was not to increase. It was a liability. It was only to decrease the cost. We are planning to repay PLN 180 million in December. So in Echo, we are going down in order to reduce our liabilities, but also to further reduce the cost of debt that is hitting our P&L. In Archicom, as I already mentioned, next year maturity is really a good time to be proactive in approaching the market. Again, the purpose is not to increase. The purpose is really to refinance existing maturities

Speaker #2: Actually, what we did, just to clarify, the issues that we addressed in June were, I would say, for technical reasons—to reprice the bonds.

Speaker #2: That was the only purpose. It was not to increase—it was liability. It was only to decrease the cost. We are planning to repay $180 million in December.

Speaker #2: So, in Echo, we are going down in order to reduce our liabilities, but also to further reduce the cost of debt that is hitting our P&L.

Speaker #2: In Archicom, as I already mentioned, the maturity next year is really a good time to be proactive in approaching the market. And again, the purpose is not to increase; the purpose is really to refinance existing maturities to lower the cost.

Maciej Drozd: to lower the cost. We believe that the market environment is favorable at the moment.

Speaker #2: We believe that the market environment is favorable at the moment.

Speaker #1: Thank you. Thank you. Now, switching to our sub-brand, Archicom Collection, we have a question about our most luxurious residential projects. Can you tell us more?

Weronika Ukleja-Sałak: Thank you. Now switching to our sub-brand, Archicom Collection, we have a question about our most luxurious residential projects. Can you tell more? How are you feeling about Flair and M7 sales volumes, given the fact that we are about to kick off handovers? How do you feel about residential segment earnings in the next H2?

Speaker #1: How are you feeling about FLIR and M7 sales volumes, given the fact that we are about to kick off handovers? How do you feel about residential segment earnings in the next half of the year?

Speaker #3: If we talk about M7 and FLIR, we see strong sales in both our projects. You should remember, this is a high-end luxury project, which means you will have lower sales when you complete the project compared to the popular segment, or the normal segment that we're selling.

Nicklas Lindberg: If we can talk about M7 and Flair, we see strong sales in both our projects. You should remember this is a high-end luxury product, which means you will have lower sales when you complete the project compared to a popular segment or the normal segment that we are selling. Saying all of these things, on M7, we have sold up to 70% already today, which is very strong from this kind of luxury segment of the market. Both Flair and M7 will, in the year-end, will have exceeded 80% of the apartments sold and handed over in these projects, which is very strong given where we are today on the market. It also proves that the Archicom Collection is a very strong brand that has really hit the spot on the market that the investors really appreciate.

Speaker #3: Saying all of these things, on M7 we are sold up to 70% already today, which is very, very strong for this kind of luxury segment of the market.

Speaker #3: Both FLIR and M7, by the year-end, will have exceeded 80% of the apartments sold and handed over in these projects. Which is very, very strong given where we are today in the market.

Speaker #3: And it also proves that the Archicom Collection is a very, very strong brand that has really hit the spot in the market, and that investors really appreciate.

Speaker #3: And also, as we highlighted before, in the last months we sold for €100 million in this segment of the market, which is really, really a strong part of the market.

Nicklas Lindberg: Also, as we highlighted before, in the last month, we sold for PLN 100 million in this segment of the market, which is really a strong part of the market. Going forward to the earnings in the coming H2 of 2026, of course, I will not comment going forward on Archicom. They had a presentation on Tuesday, which I think they were very good of giving their forecast going forward and what has happened in the H1 and how they are seeing that the H2 will be even stronger than the first.

Speaker #3: Going forward to the earnings in the coming half year of 2026, of course, I will not comment going forward on Archicom.

Speaker #3: They had a presentation on Tuesday, which I think was very good in terms of giving their forecast going forward and what has happened in the first half, and how they are seeing that the second half will be even stronger than the first.

Speaker #1: Thank you. We have already mentioned a couple of times that we are proud of our record-breaking transaction on the Resi4Rent segment. Our viewers would like to know: have the proceeds from this sale already been paid out from Resi4Rent to its shareholders?

Weronika Ukleja-Sałak: Thank you. We already mentioned a couple of times that we are proud of our record-breaking transaction on the Resi4Rent segment, and our viewers would like to know, have the proceeds from the sale been already paid out from Resi4Rent to its shareholders?

Speaker #2: I would, partly, because we have two ways to do that. I don't want to be, you know, too technical or too specific. But part of the proceeds were paid already.

Maciej Drozd: Partly, because we have two ways to do that. I do not want to be too technical or too specific, but part of the proceeds were paid already. That was easier way of distribution. The other part will be paid very soon, because we complete the process, which is basically legal and technical to do that, but we are just few weeks from that date.

Speaker #2: That was an easier way of distribution. The other part will be paid very, very soon, because we completed the process, which is basically legal and technical, to do that.

Speaker #2: But we are just a few weeks from that date.

Speaker #1: Thank you. We have time for one more question, and it still regards concerns with the Resiphorent portfolio. Was it fully settled by the end of the second quarter of 2026?

Weronika Ukleja-Sałak: Thank you. We have time for one more question, and it still concerns Resi4Rent portfolio. Was it fully settled by the end of Q2 2026? Should we expect any additional cash release related to this transaction?

Speaker #1: Should we expect any additional cash release related to this transaction?

Maciej Drozd: Yeah, that's actually the same question already answered.

Speaker #2: That's actually the same question—already answered.

Weronika Ukleja-Sałak: Sorry for the confusion.

Speaker #1: But sorry for the confusion.

Weronika Ukleja-Sałak: Sorry for the confusion.

Maciej Drozd: It's expressed differently, but actually that's the same, yeah.

Speaker #2: It's just expressed differently, but actually, that's the same. Yeah.

Speaker #1: So let's just give our viewers one more second to add any questions. If not, we are slowly reaching the end of our presentation.

Weronika Ukleja-Sałak: Just let's give our viewers one more second to add any questions. If not, we are slowly reaching the time end of our presentation, and I think this is it for today. If we haven't answered any of your questions, we'll do it directly, so don't be worried. Thank you so much for joining us today. Thank you for the presentation, and we'll see you in November when we're going to summarize our Q3 activity. Thank you and goodbye.

Speaker #1: And I think this is it for today. If we haven't answered any of your questions, we'll do it directly, so don't be worried.

Speaker #1: Thank you so much for joining us today, and thank you for the presentation. We'll see you in November, when we will summarize our Q3 activity.

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Half Year 2026 Echo Investment SA Earnings Call

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