UNIBEP (UNI) Q2 2024 earnings summary

Executive summary

• Revenue for 1H 2024 was PLN 1,159.4m, down 6% year-over-year, with net profit at PLN 86.5m, up 854% year-over-year, driven by a one-time gain from land revaluation and sale in the development segment.

• Operating profit reached PLN 120.2m (up 333% year-over-year), with EBITDA at PLN 134.5m (up 224% year-over-year).

• Cash at period end was PLN 247.3m, up 105% year-over-year; order backlog as of Q3 2024 stands at PLN 3.7bn.

• Adjusted for the one-off land revaluation, operating profit was PLN 17m, down from PLN 27.7m a year earlier.

• The group is executing a strategy of selective contract acquisition and improving operational profitability.

Financial highlights

• Net profit attributable to parent shareholders: PLN 39.7m (vs. PLN -3.7m in 1H 2023).

• Gross margin: 5.0% (vs. 4.8% in 1H 2023); EBIT margin: 10.4% (vs. 2.2%).

• Cash flow from operations: PLN -123.7m; net cash flow: PLN -63.7m.

• Equity: PLN 298.1m; total assets: PLN 1,976m; net debt (excl. leases): PLN 122m.

• Basic and diluted EPS: PLN 1.21 (vs. PLN -0.12 in 1H 2023).

Outlook and guidance

• No formal financial forecasts for 2024; management expects continued improvement in operational profitability and cash position.

• Order backlog supports stable revenue in coming periods; focus remains on margin improvement and risk mitigation.