PHN reported a net profit of PLN 204.4 million for 2025, compared to a net loss of PLN 184.4 million a year earlier. The company also improved key operational indicators, signalling a more stable financial position.
Although rental income decreased to PLN 165.6 million (from PLN 186.6 million in 2024), the quality of the portfolio improved significantly. The vacancy rate in the commercial segment dropped from 16.2% to 12.9%, while the loan-to-value (LTV) ratio decreased to 43.1% from 46.6%.
At the end of 2025, PHN’s leasing portfolio exceeded 464,000 sqm of GLA, with 388,000 sqm available for lease. The occupancy rate reached 87% in the commercial segment.
The office sector remains the core of PHN’s business. Key projects include the VENA office building in Warsaw’s Wola district, offering over 15,000 sqm of modern space. The project obtained its occupancy permit in February 2026 and is currently undergoing commercialization. The company is also preparing the development of a new Intraco office tower, a 23-storey Class A building with 27,600 sqm of leasable space.
At the same time, PHN is expanding its presence in residential and logistics sectors, reflecting a gradual diversification of its operations. Its portfolio includes well-known assets such as SKYSAWA, INTRACO Prime, Alchemia II and Andersia Business Centre.
The report also highlights the group’s new strategy for 2025–2030, branded “New Start”, which restructures operations around four key pillars: Development, Leasing, Construction and PRS (Private Rented Sector).
This strategic shift is intended to strengthen PHN’s position not only in the office sector but also in residential development, construction services and institutional rental housing.
