ED Invest SA (EDI) · Q1 2026 results and valuation

At 16.3% growth a year (3-year revenue growth), the model's fair value is 36.99 zł a share — the stock trades 80% below it. Today's price assumes −5.5% growth a year.

1. Figure

   The Management Board of the Company recommended that the net profit for the 2025 financial year, which amounted to 2,500,104.34 PLN, be divided by the Company's Profit Appropriation_s as follows: the amount of…

   Source quote

   “The Management Board of the Company recommended that the net profit for the 2025 financial year, which amounted to 2,500,104.34 PLN, be divided by the Company's Profit Appropriation_s as follows: the amount of 1,290,677.96 PLN, i.e., Strona | 63 0.13 per share participating in the dividend – to be allocated to the dividend for shareholders, and the remaining amount of 1,209,426.38 PLN – to be allocated to the reserve capital.”

2. Key theme

   Developers adopted a "waiting readiness" strategy by securing construction permits for future cycles while limiting activity to focus on selling ready inventory and protecting margins.

3. Key theme

   The company reported 73,126 new credit agreements valued at 33.42 billion PLN, which represents a 52% year-over-year increase in the number of agreements and the highest result in 18 years.

   Source quote

   “According to SARFiN: 73,126 new loan agreements worth PLN 33.42 billion — the highest result in 18 years (+52% y/y in the number of agreements)." — notable figure this quarter (salience: 92) According to SARFiN: 73,126 new loan agreements worth PLN 33.42 billion”

4. Figure

   Equity increased by 886 tys. PLN between the end of 2025 and March 31, 2026, due to realized profits.

   Source quote

   “Equity as of March 31, 2026, compared to the end of 2025, increased by 886 thousand PLN due to the profits achieved.”

5. Figure

   The sales level of apartments in the Apartamenty Radzikowskiego investment reached 80.4% in quantity as of the report publication date.

2 more

1. Figure

   ED Invest S.A. acquired an undeveloped property in Piasecznie measuring 1.5521 ha in 2022 for a planned development investment.

   Source quote

   “ED Invest S.A. acquired an undeveloped property located in Piaseczno with an area of 1.5521 ha in 2022 for the purpose of a development investment.”

2. Key theme

   The NBP reference rate was lowered by a total of 200 basis points from 5.75% to 3.75% by March 2026.

   Source quote

   “By March 2026, the NBP reference rate was reduced by a total of 200 basis points — from 5.75% to 3.75%." — notable figure this quarter (salience: 89) By March 2026, the NBP reference rate was reduced by a total of 200 basis points”

Typical for a company report — about as upbeat as in Q1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone

“When calculating both basic and diluted earnings (loss) per share, the Parent Entity uses the amount of net profit (loss) attributable to the shareholders of the Parent Company in the numerator, i.e., there is no dilutive effect influencing...”

“Lower interest rates directly translated into a decrease in financing costs for apartment purchases and an improvement in the creditworthiness of households.”

“A clearly harsher winter and growing geopolitical uncertainty since the end of February (expected cost pressure on construction materials) further hampered new starts.”