In 2025, Mennica Polska Capital Group recorded strong sales growth in the minting segment, strengthened its market position in electronic payments, and developed further property development projects as well as a new segment: property letting. The Group ended last year with sales revenue of PLN 1.83 billion (up 31.5% year-on-year), operating profit of PLN 125.5 million (up 23% year-on-year) and EBITDA of nearly PLN 160 million (up 29% year-on-year).

As in previous years, the minting segment accounted for the largest share of revenue in 2025, representing 83.9% of sales. The electronic payments segment accounted for 13.8% of last year’s revenue.

– Last year was a period of very intense work for us, resulting not only in excellent results but also in historic developments in two segments of our business. In September, Mennica Polska Capital Group became the majority shareholder of the company owning the Mennica Towers office complex, which added a new business segment to the Group – property letting. In the Electronic Payments segment, a very important event for us was the signing of an agreement with the Warsaw Public Transport Authority for the largest modernisation of the ticketing system in nearly 30 years. If we add to this the excellent results and dynamic growth of the minting segment, we can be more than satisfied with our achievements in 2025 – concluded Katarzyna Budnicka-Filipiuk, Chair of the Management Board of Mennica Polska.

In 2025, Mennica Polska achieved excellent results in its core business segment, namely minted products. Revenue exceeded PLN 1.5 billion and was PLN 487 million higher year-on-year. The segment’s profit amounted to PLN 92 million (PLN 55 million a year earlier), and EBITDA was over PLN 37 million higher (PLN 100.4 million vs PLN 62.9 million in 2024).

The higher than in 2025 revenue, EBITDA and profit are a result of a significant increase in sales of gold investment products. The weight of gold sold in mint products rose by 15% year-on-year, and the number of coins sold by 31% year-on-year.

– We have had a very good year in the minting segment. Our customers received over 2.5 tonnes of gold bullion in the form of bars and bullion coins, as well as nearly 2 billion coins. We are recording dynamic growth in sales and results. It is worth noting that over 60% of our investment gold sales consisted of products bearing the Mennica Polska logo. Our brand is growing stronger, including on the international market – it is synonymous with the highest quality, experience and innovative designs. We are very optimistic about the prospects for this segment, not least because gold has been regarded for centuries as a so-called safe haven for capital. The first quarter of 2026 shows that this segment may see further growth – commented Katarzyna Budnicka-Filipiuk, Chair of the Management Board of Mennica Polska.

In the first quarter of 2025, the Mennica Polska joined (as an Affiliate Member) the international London Bullion Market Association (LBMA). It promotes best practices in the production of investment gold and silver and sets standards for the precious metals market.

Joining the LBMA entails a commitment to comply with the Global Precious Metals Code, to support the effective functioning of this market, and to strengthen the Mennica’s international credibility.

- Mennica Polska is strengthening its position in foreign markets; we are seeing significant interest in cooperation from central banks around the world. Last year, we won ten tenders to produce circulation coins in South America, Africa and Europe, and four for collector coins. We are enjoying great success and successfully fulfilling numerous orders. This is possible thanks to our technological advancement, flexibility and short lead times. For the first time in our history, we collaborated with the Bank of Mozambique, carrying out projects for medals and collector coins. Another new client was the Bank of Jordan, with whom we began a design collaboration; the completion of orders is planned for next year. Furthermore, in 2025 we worked closely with the Bank of Bolivia on the design and production of collector coins - adds Siemowit Kalukiewicz, Member of the Management Board for Monetary Production and Logistics, Production and Operations Director at Mennica Polska.

In foreign markets, Mennica Polska won ten tenders to produce circulation coins for the central banks of Colombia, Bolivia, Paraguay, Guatemala, the Dominican Republic, Namibia, Tanzania, Mauritius, Iceland and Armenia. In addition, four tenders in the collector coin segment were successfully won for Jordan, Georgia, Mozambique and Bolivia. Mennica Polska also commenced production of euro collector coins in cooperation with the Central Bank of Malta. As a result, the range was expanded to include silver coins with euro denomination, which are highly sought after by collectors, as part of the ‘Majolica’ and ‘Town Hall Clocks’ series. On the domestic market, the National Bank of Poland remains the most important customer. In 2025, over 919 million circulation coins were supplied on behalf of the Polish central bank, as well as 1,075 million coins for foreign central banks.

During the period under review, the electronic payments segment’s revenue amounted to PLN 252 million (PLN 234.6 million in 2024). The segment’s profit increased by PLN 2.8 million (PLN 13.8 million compared to PLN 11 million in 2024), and EBITDA by PLN 1.7 million.

In 2025, Mennica Polska won two tenders – for the implementation of a new ticketing system in Warsaw and the supply of a system for the city of Suwałki. The public transport payment system in the capital will be overhauled after nearly 30 years. A completely new passenger portal, app, central system and journey planner will be developed. 13,000 new fare collection devices will be manufactured. The new Warsaw Ticketing System will be introduced as early as 2027.

– Our successful collaboration on the implementation of modern ticketing systems with Poland’s largest cities demonstrates the strong expertise we have built up in this field over the years. Our experience allows us to effectively identify the needs of cities and their residents. We implement systems that ensure convenient ticket purchasing, increase the availability of payment options for fares, whilst ensuring maximum transaction security, and reduce the need to print paper tickets, benefiting the environment – explains Katarzyna Budnicka-Filipiuk.

Since December 2025, residents of Suwałki have been able to use a modern ticketing system. The implementation, carried out by Mennica Polska, introduced three-function ticket validators that enable the purchase of single-use and season tickets using convenient payment solutions.

During the reporting period, contracts were extended for municipal projects in Bydgoszcz (until 10 April 2029) and Jaworzno (until 31 January 2030). This is further confirmation of the reliability and quality of the services offered by the Company within the electronic payments segment.

In 2025, Mennica Polska continued its work on key municipal projects, including in: Poznań, Łódź, Bydgoszcz, Gdańsk, Jaworzno, Suwałki, Warsaw and Wrocław. The Group has 865 fixed machines, 1,310 mobile machines and over 4,500 OPS readers deployed under contracts.

In 2025, Mennica Polska reported revenue of PLN 3.3 million for its property development segment. The segment’s loss amounted to PLN 9.2 million, whilst EBITDA stood at PLN -8.9 million. Further positive results in this promising area of the Group’s operations will be recorded in subsequent periods following the transition from the construction phase to the sales phase of the projects.

The Group is currently implementing the next stages of the “Bulwary Praskie” project. Occupancy permits have been obtained for all buildings completed in Stage II (Blocks N, O, P), comprising 747 flats with a total area of 39,000 m². Pre-sales and reservations as at 31 December 2025 amounted to 658 residential units, representing 88% of the total number of flats in this phase. Most of the units have been handed over to buyers.

During the reporting period, building permits were also obtained for the next – third – phase of the development (blocks I, J, K, L). This part of the development will comprise 789 flats with a total area of 48,000 m². Construction work is scheduled to commence in the first quarter of 20206, and the estimated completion time for this phase is approximately 24 months.

Design work is also underway for the fourth and fifth phases of the project. As part of the fourth phase (blocks F, G, H), an environmental impact assessment has been drawn up and administrative proceedings, which had been suspended ex officio, have been resumed to obtain a building permit. For the fifth phase, work has begun on the Integrated Investment Plan.

As previously announced, the Group has established a separate property segment, within which rental results are presented. In 2025, Mennica Polska reported revenue from the property rental segment of PLN 39.5 million (PLN 9.7 million in 2024). The segment’s profit was PLN 4.35 million (PLN 4 million in 2024), and EBITDA was PLN 19.8 million (PLN 6.3 million in 2024).

During the reporting period, the ownership structure of the Mennica Legacy Tower project was stabilised. The Mennica Polska Group became the majority shareholder of the company owning the Mennica Towers office complex. Following the conclusion of a multilateral agreement setting out the terms of satisfaction, with the consent of the creditors’ committee and under the supervision of the court, on 16 September 2025, cash funds totalling PLN 565 million, equivalent to EUR 135 million, were transferred to the GGH PF3 insolvency estate.

– Gaining control of the Mennica Towers project is one of our strategic steps, which will ensure the Group stable and regular results in the long term. “The resolution of ownership and operational issues, which is the result of our consistent efforts, allows us to focus fully on the future of this project and the development of the Group’s new segment – sums up Katarzyna Budnicka-Filipiuk, Chair of the Management Board of Mennica Polska.

The Group’s new segment encompasses the letting of office and retail space across four projects: Mennica Towers, Mennica Residence and Nefryt, as well as the Bulwary Praskie project.