CEMAT A/S INTERIM REPORT, H1 2026, unaudited
1. Obtaining the legal title to plots
3. Obtaining the building permit
The CeMat Group has control of the land through the right Having received the decision regarding re-zoning of the
of possession to the site, the right of perpetual usufruct land, the CeMat Group needs to start pre-development
and ownership rights. Part of the property is not entered and design work in order to obtain the building permit.
in the land and mortgage register and control of the land The pre-development works cover the design work,
is maintained through possession.
obtaining all the administrative permits, including building
The appointed specialist legal team is working to execute permits and media connection permits, and selection of
CeMat’s strategy.
the bank financing and general contractor.
Control of the land through perpetual usufruct or
ownership rights is one of the necessary conditions for
considering a plot of land as an investment product.
4. Pre-selling of the project
Once the building permit has been obtained, CeMat’s
goal will be to pre-sell the projects. Depending on the type
of space, it will be a sale either to an institutional investor
2. Re-zoning of the land
For the majority of the site, no binding local zoning plans or an individual client or several individual clients/users.
are currently in place. According to the Study of In our opinion, a pre-sale minimises the risk to the
Conditions and Directions of Spatial Development success of the project.
adopted by the Warsaw City Council, most of the area is
designated for service use, while individual plots are
5. Financing
reserved for road infrastructure. Only five plots are For further development, it is necessary to obtain
covered by local zoning plans, primarily for road additional financing through bank loans or investor
purposes. Reclassification of the land is a long-term financing.
process in which the CeMat team is supported by
architects and legal advisors. The objective is to develop
6. Construction time
new planning solutions that provide the most beneficial The estimated time needed to proceed from obtaining the
framework for the future development of CeMat’s land building permit to completion of the construction is
bank. As a result of the adopted strategy, during the between 18 and 24 months. A residential unit is handed
period 2021–2025 CeMat successfully obtained over when the customer obtains control of the apartment
individual zoning decisions for selected plots with a total and payment is made of the entire amount due under the
area exceeding 20,400 sqm. In parallel, the company is sale agreement, after receipt of a valid occupancy permit
playing an active role in the consultation and planning for the building.
process related to the preparation of the new General
Plan for Warsaw. CeMat is actively contributing to this
process by submitting formal applications, comments and
development proposals aimed at supporting the optimal
long-term use of its site. These proposals provide for a
balanced mix of residential and service-related functions,
including offices, small-scale logistics facilities, retail and
other commercial uses.
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The nature of development activities inherently results in high variability in the revenue structure. With
residential projects, the development cycle typically involves elevated capital expenditure during the first
two years, with profit realisation concentrated in the third year upon project completion and unit sales.
Following the achievement of key project milestones, the Group expects opportunities to enhance the
value of individual plots within its portfolio. Decisions regarding further development works will be
assessed on a case-by-case basis, taking into account project-specific risks, timelines, resource
requirements and the potential for incremental value creation versus current land values. Final investment
decisions will be guided by profit-on-cost considerations.
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In line with its 2024–2027 strategy, announced in February 2024, CeMat will continue to pursue a dual-
track business model, focusing on leasing activities to ensure stable cash flows, while selectively
expanding its development operations to drive long-term value growth.
FINANCIAL REVIEW
Income statement
Revenue of the CeMat Group was DKK 36.1 million in H1 2026 (H1 2025: DKK 19.4 million). The increase
in revenue mainly resulted from the sale of residential units in Moje Bielany 1, combined with rental
operations. The Development segment generated revenue of DKK 16.2 million in H1 2026 (H1 2025: nil),
while revenue from property rental activities increased to DKK 19.9 million (H1 2025: DKK 19.4 million).
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