Saturday, 19 September 2026
P.A. Nova recorded a sharp improvement in its first-half 2026 results after completing two property disposals while continuing investment across its commercial real estate portfolio.
The group generated PLN 209.86 million in consolidated revenue during the first six months of the year, compared with PLN 133.52 million in the corresponding period of 2025. Operating profit increased to PLN 55.62 million from PLN 20.85 million, while net profit attributable to shareholders reached PLN 41.42 million, up from PLN 11.3 million a year earlier.
The increase was driven to a significant extent by the sale of properties in Nysa and Zaczernie. The two transactions generated approximately PLN 100 million, accounting for almost half of the group’s first-half revenue. The Nysa disposal alone represented around 40% of revenue for the reporting period.
The transactions form part of P.A. Nova’s strategy of developing and operating its own commercial properties before selectively selling assets and reinvesting in new projects. The company indicated that it intends to continue disposing of selected properties while simultaneously expanding its portfolio, meaning transaction timing can produce significant differences between reporting periods.
Alongside the disposals, the group continued work on several developments. During the first half, P.A. Nova was redeveloping Galeria Galena in Jaworzno, expanding a property in Kluczbork and starting construction of a retail park in Biała Podlaska. Two properties in Nysa and Dzierżoniów had been completed during 2025.
Recurring income from the group’s property portfolio also increased. Revenue from leasing and property management reached PLN 53.49 million in H1 2026, compared with PLN 47.19 million a year earlier. Revenue classified under construction, development and investment activities rose to PLN 149.62 million from PLN 79.77 million, although the company attributed much of this increase to the Nysa and Zaczernie sales.
The asset disposals also strengthened cash generation. Net cash flow from operating activities reached PLN 121.51 million, reversing a negative PLN 15.65 million result in H1 2025. At the end of June, total group assets stood at approximately PLN 1.02 billion, with equity of PLN 539.19 million.
P.A. Nova used part of the proceeds to reduce financing associated with the properties that were sold. Loans connected with the Zaczernie and Nysa assets were repaid during the first half, while in July the company completed the early redemption of its Series C corporate bonds.
The first-half figures therefore reflect both P.A. Nova’s ongoing construction and property-management activities and a sizeable contribution from asset recycling. With new commercial developments progressing while selected completed properties are sold, the timing and scale of disposals are likely to remain an important factor in the group’s reported revenue and profitability from one period to another.
