Financial results in H1 2025

In H1 2025, ROBYG, a member of the TAG Immobilien Group recorded sales revenues of PLN 491 million, while the gross margin on sales amounted to over PLN 117 million. EBIT amounted to app. PLN 106 million, and the net result attributable to shareholders of the parent company amounted to app. PLN 87 million. In 2025, the TAG Group in Poland plans to sell 2800 apartments.

In addition, ROBYG is expanding its land bank, which for as of the end of H1 2025 included the potential to build approximately 21,500 units across Poland. ROBYG is also actively looking for new investment areas. The total value of land purchase agreements signed in Poland at the end of H1 2025 amounted to approximately PLN 689 million.

In January ROBYG issued 250 thousand series PF bonds with a total value of PLN 250 million, while in May the Company completed the subscription and allotted 150 thousand series PG bonds with a value of PLN 150 million. The bonds were introduced to trading on the Catalyst market.

"The first half of 2025 was very successful for the TAG Group and ROBYG, both in terms of operations and sales. Within six months, we signed a total of over a thousand preliminary and development agreements, which clearly shows that despite global uncertainty and macroeconomic challenges, the demand for apartments in Poland remains at a stable, high level. In total, we have over 6,000 apartments and commercial premises under construction in Poland designated for sale and for rent, and ROBYG currently offers nearly 1950 units. All this confirms the effectiveness of our strategy, the pillars of which are sustainable development, diversification of the offer and a strong presence in the largest agglomerations. The residential real estate market in Poland in 2025 shows signs of stabilization after the dynamic changes of recent years. Demand remains stable, especially in the segment of apartments of good standard and in large cities, the improved availability of mortgage loans is very important as well as the growing PRS (Private Rented Sector) market. We are optimistic about the second half of the year – we are well prepared operationally, we have a solid land bank, a proven design structure and a strong brand that enjoys the trust of customers. We believe that we will end 2025 with very good results, continuing our position as one of the leaders of the residential market in Poland" said Oscar Kazanelson, Chairman of the Supervisory Board of ROBYG and Vantage.

"We are actively working for sustainable development and raising customer service standards. All housing estates completed in 2024 and in H1 2025 were designed and built in accordance with the Green Standard adopted by the Management Board – an internal environmental policy that regulates the design and implementation of investments with respect for the climate and natural resources. Already 100% of the electricity used on construction sites comes from zero-emission sources, which is confirmed by the purchased guarantees of origin. In the medium term, we have set ourselves an ambitious goal – from 2026 onwards, all new developments in our rental portfolio operated under the Vantage Rent brand will be fully compliant with the EU taxonomy, further strengthening our position as a leader in responsible and future-proof housing. Caring for the environment goes hand in hand with caring for people. In 2024, women accounted for 73.8% of ROBYG Group employees, and as many as 50% of senior management positions are held by women – which confirms our commitment to building a culture of diversity and equal opportunities. We are also proud that we were the first developer in Poland to establish the institution of the Customer Ombudsman – an independent expert who supports clients at every stage of cooperation with the company, provides advice, explanations and takes care of the highest possible standard of service. This is an important part of our strategy focused on transparency, partnership and building lasting trust. In addition we also introduced a new sales segment – the premium Grand Selection offer. Thanks to such initiatives, ROBYG consistently implements modern standards in the real estate industry and remains a leader in positive changes on the market” said Eyal Keltsh, CEO of ROBYG and Vantage.

In H1 2025, the TAG Group in Poland has signed more than 1080 preliminary and development agreements and additional approx. 160 reservation agreements that are left to be finalized as development agreements soon. ROBYG signed close to 960 preliminary and development agreements and approx. 160 reservation agreements that are left to be finalized as development agreements. TAG Group has completed and handed over 640 units, 516 units have been handed over to customers and over 130 units have been put out for rent. ROBYG has completed and handed over 460 units. In total the TAG Group in Poland has over 6,000 apartments and commercial units under construction. The number of apartments for rent amounts to 3,349 units. Currently, ROBYG has nearly 1,950 units in its sales offer.

In 2024, the TAG Group in Poland (i.e. ROBYG and Vantage Development Groups) raised new financing in the total amount of PLN 991.5 million. In January 2025 ROBYG, a member of the TAG Group, successfully issued a new series of bonds with a value of PLN 250 million, and in May 2025 the subscription of another bonds series with the value of PLN 150 million was completed. ROBYG repaid bonds with a nominal value of PLN 210 million in 2024 and PLN 22.5 million in H1 2025.

TAG Immobilien Group – also supports our activities in Poland. Over the past year, it has successfully completed several bond issues, which have been very well received on the Polish and European financial markets, and has raised financing in the amount of EUR 500 million in August 2024 and of EUR 332 million in March 2025. TAG Group has a very good ratings from both Moody's, which upgraded its outlook for the long-term Baa3 investment grade credit rating to 'positive' from 'stable' in June 2025, and from S&P Global (BBB-, stable outlook).

In H1 2025 similarly to 2024, ROBYG implemented a number of activities aimed at minimizing the negative impact on the environment. All estates completed in H1 2025 and in 2024 comply with the Green Standard – an internal regulation officially adopted by the Management Board that defines how to design buildings and carry out construction work to make them more environmentally sustainable. Already 100% of electricity at the construction site is zero-emission in accordance with purchased guarantees of origin, and 88% of multi-family residential buildings built in H1 2025 and in 2024 have a primary energy (EP) demand 10% lower than required. Compliance with the EU taxonomy from 2026 for all new construction projects carried out by ROBYG for the development of the Vantage Rent rental portfolio is another ambitious goal within the Group's business model. In addition, the Company cares about diversity in the workplace – in 2024, women accounted for 73.8% of employees, and 50% of senior management are women.

In addition, the ROBYG Group was the first developer in Poland to establish the institution of the Customer Ombudsman – an expert supporting customers at every stage of contact with the company. The new role is to strengthen trust and provide real support to customers, as well as to provide advice and additional explanations. The initiative is part of the ROBYG Group's broader efforts to improve customer experience and build modern standards in the real estate industry. ROBYG has also introduced a new sales segment – the premium Grand Selection offer. Top-class apartments are available in unique, prestigious locations: in Warsaw in the Royal Residence investment and in Tricity in the following projects: Nowa Wałowa, Nadmotławie and Wendy. ROBYG is already planning further proposals belonging to this line – in Poznań and other cities where it operates.

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