Unimot (UNT) Q2 2024 earnings summary

Executive summary

• Sales revenue for H1 2024 reached PLN 6,479 million, with adjusted EBITDA at PLN 127.8 million and net profit at PLN 55.4 million, reflecting resilience amid challenging market conditions and a focus on operational and cost optimisation.

• The group advanced its 2024–2028 strategy, prioritising energy transition, climate neutrality by 2050, and investments in renewables and low-carbon products, including the launch of HVO 100% diesel fuel.

• Key operational developments included the lease of an LPG terminal in Germany, expansion in aviation and marine fuels, and the opening of the first AVIA Truck station.

• Dividend of PLN 4.00 per share was paid from 2023 profits, and new Supervisory Board members were appointed.

Financial highlights

• H1 2024 sales revenue: PLN 6,479 million (down 1% year-over-year); adjusted EBITDA: PLN 127.8 million (down 24% y/y); net profit: PLN 55.4 million (down 90% y/y due to one-off gain in 2023).

• EBITDA margin: 2.6%; net margin: 0.9%; ROE: 4.9%; ROA: 1.5%.

• Cash and cash equivalents decreased by 23% to PLN 315.5 million; inventories increased by 120% due to compulsory reserves.

• Total assets grew by 15% to PLN 3,604 million; equity represented 31% of total assets.

Outlook and guidance

• The group discontinued publishing financial forecasts due to high market volatility, ongoing war in Ukraine, and regulatory uncertainty.

• Management expects improvement in financial ratios by Q4 2024 as product diversification and margin-enhancing initiatives take effect.