Financial results in 2024

In 2024, ROBYG, a member of the TAG Immobilien Group recorded sales revenues of PLN 1.3 billion, while the gross margin on sales amounted to over PLN 326 million. EBIT amounted to app. PLN 291 million, and the net result attributable to shareholders of the parent company amounted to app. PLN 259 million. In 2025, The TAG Group plans to sell 2800 apartments and increase the number of apartments for rent to over 3600 units. By 2028, the TAG Group plans to reach the level of 10,000 units on offer for rent in Poland. In addition, the Group is expanding its land bank, which for the end of 2024 included the potential to build approximately 28,000 units across Poland and is looking for investment opportunities in new land. In 2024, the land bank of TAG Immobilien Group bought in Poland reached PLN 1,4 billion.

In 2024, the TAG Group in Poland raised new financing in the total amount of PLN 991.5 million. ROBYG, a member of the TAG Group, repaid bonds with a nominal value of PLN 210 million in 2024, while in January 2025 it successfully issued a new series of bonds with a value of PLN 250 million.

In addition, in 2024, the TAG Immobilien Group successfully issued 5.5-year fixed-rate bonds at 4.25% and a total value of EUR 500 million. The funds raised will be used for corporate purposes, including further development of the Polish lease portfolio, refinancing of liabilities expiring in the future and strengthening of investment grade ratings.

In 2024, The TAG Group has signed a total of circa 2200 preliminary and development agreements and additional 100 reservation agreements that are left to be finalized as development agreements soon. ROBYG signed circa 1900 preliminary and development agreements and app. 100 reservation agreements. TAG group has completed and handed over close to 3500 units, app. 2700 units have been handed over to customers and app. 800 units have been put out for rent. ROBYG has completed and handed over 2300 units. In total, at the end of 2024, the TAG Group in Poland had approximately 7000 apartments and commercial premises under construction. The Group's portfolio of apartments for rent amounted to over 3200 units at the end of 2024.

"Forecasts for the residential real estate market in Poland for 2025 indicate further stabilization and continuation of the trends from 2024, with a simultaneous differentiation of the situation depending on the location and market segment. We assume a similar level of new investments, while the demand for apartments will remain stable. Despite high financing costs, the market will continue to attract buyers, mainly due to the stabilization of the credit market, as well as potential interest rate cuts during the year. Financial markets and NBP interest rate decisions will be a key factor influencing the real estate market. Interest rate cuts may contribute to an increase in the availability of loans, which could increase demand for housing, especially in the second half of the year. Analysts' forecasts indicate that the sales of new apartments in 2025 will increase by about 10-15% compared to 2024, exceeding 40 thousand units sold in the seven largest markets. Thanks to the surplus supply, average transaction prices will be only slightly higher than the average annual inflation, i.e. the price increase will be several percent compared to the previous year" said Oscar Kazanelson, Chairman of the Supervisory Board of ROBYG and Vantage.

"The year 2024 was full of challenges for the residential real estate market in Poland, resulting from high financing costs. Less activity in the investment segment was also visible. Nevertheless, the development market recorded a significant level of production, starting the construction of almost 155 thousand units, which is the second best result in history after the record 2021. At the end of the year, a record number of available apartments was observed in the seven largest cities, amounting to over 56 thousand units. Despite the challenging conditions, demand for real estate remained stable. Although high borrowing costs have not deterred buyers, forecasts for 2025 indicate that a similar level of sales will be maintained. The market remains stable, and in the future it can count on positive impulses in the form of possible interest rate cuts and an improvement in the credit situation, which could affect the increase in demand and further development of the sector” said Eyal Keltsh, CEO of ROBYG and Vantage.

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