Unimot (UNT) Q2 2025 earnings summary

Executive summary

• Revenues in 2Q25 reached PLN 3,718 million, up 7% year-over-year, with H1 2025 sales at PLN 7.2 billion, up 11%, but the period ended with a net loss of PLN 19 million in 2Q25 and PLN 28.6 million in H1 2025 compared to profits in the prior year.

• Adjusted EBITDA rose 37.3% year-over-year to PLN 110 million in 2Q25, while reported EBITDA was PLN 74 million.

• Operating profit dropped to PLN 37 million in 2Q25 and PLN 42 million in H1 2025, both down year-over-year.

• Negative net cash flows of PLN 192 million in H1 2025, with significant outflows from financing activities.

• Dividend of PLN 49.2 million paid from supplementary capital despite net loss in 2024.

Financial highlights

• Gross profit on sales increased to PLN 248.1 million in 2Q25, but H1 2025 saw a gross loss of PLN 20.9 million.

• Gross margin on sales improved to 6.7% in 2Q25, but net margin turned negative at -0.5%.

• Net cash flow from operating activities was PLN 191.8 million in H1 2025, reversing a negative flow in H1 2024.

• Book value per share decreased to PLN 127.24 from PLN 144.54 at year-end 2024.

• Total assets stood at PLN 3.45 billion, with equity at PLN 1.04 billion as of June 30, 2025.

Outlook and guidance

• Focus on expanding higher-margin product sales, including aviation, marine, and low-emission fuels.

• Anticipated margin improvement in LPG with expected elimination of eastern imports.

• Management confirmed going concern status and no threats to continuity.

• New credit agreements post-balance sheet date provide up to PLN 260 million in additional liquidity.

• Seasonal volatility expected, with higher demand for fuels and bitumen in Q3 and Q4.