Cordia Reports Solid Revenue for H1 2025

The first half of 2025 highlighted the resilience of Cordia International and the strength of its diversified strategy. The real estate development firm delivered a solid revenue of HUF 33.9 billion, representing a 4.3% increase compared to the same period in 2024. Gross profit rose by 9.4% year-on-year to HUF 12.4 billion.

Following the sharp rebound seen at the end of 2024, the Hungarian new home market consolidated, yet remained well above historic levels. Between April and June, the number of newly built homes sold in Budapest exceeded the 2017–2024 average for the same period by 60%. Prices continued their upward path, with the gross average price per square metre in the capital reaching HUF 1.79 million by early July – 15% higher than a year earlier.

Cordia retained its market leadership: in Q2, 14% of all new homes sold in Budapest were Cordia developments, while in June the company represented nearly one-tenth of the city’s new housing supply with more than 670 units.

Thanks to the launch of the government’s “Home Start” loan program, demand accelerated again in late August, and further momentum is expected in September with the maturity of household government bonds. Originally planning to bring around 1,000 homes to market this year, the companyhas now raised its target to 1,500 in response to strong demand, supported by an exceptionally diverse portfolio – from compact city-centre studios to family homes in green districts and luxury penthouses with panoramic views.

Internationally, Cordia continues to strengthen its position. In Spain, following the completion of the company's award-winning Jade Tower, the company has launched 360° by Cordia – a multi-phase project of over 500 apartments on the Costa del Sol, designed for those seeking a premium waterfront lifestyle. In Poland, prices rose strongly in H1, with demand moderating as supply reached record highs, yet the company's strategy of delivering prime, high-quality projects ensured solid sales performance. In Romania, prices climbed quickly while demand shifted toward the wider Bucharest area, with mortgage growth underlining lasting confidence. In parallel the company started to prepare two new projects in Bucharest, one planned to be launched in the second half of the year. In the UK, Cordia advanced its build-to-rent and shared living pipeline, including The Lampworks and The Bradford Works.

In the first half of 2025, the company contracted 676 residential units, representing a 48% increase compared to the corresponding period in 2024. Sales performance in Hungary was particularly noteworthy, reaching record levels in the second quarter. This outcome was largely attributable to the company's successful portfolio expansion, which enabled us to effectively capitalize on prevailing market dynamics.

From a financial performance standpoint, the company delivered a solid revenue of HUF 33.9 billion, representing a 4.3% increase compared to the same period in 2024. Gross
profit rose by 9.4% year-on-year to HUF 12.4 billion. This growth was primarily driven by a significantly higher average price of delivered apartments, which also contributed to the company's strong profitability, reflected in a 36.6% gross margin. After accounting for a one-off, non-cash expense of HUF 2.9 billion and net finance income of HUF 6.0 billion, driven by gains on the company's investments, the company achieved a robust net profit of HUF 8.8 billion.