Unimot (UNT) Q2 2026 earnings summary

Executive summary

• Achieved record adjusted EBITDA of PLN 146 million in Q2 2026, up 32.3% year-over-year, with adjusted net profit at PLN 121 million, a 227% increase year-over-year.

• Revenue for H1 2026 reached PLN 7,897.3 million, up 9.7% year-over-year, with net profit at PLN 105.5 million compared to a net loss of PLN 28.9 million in H1 2025.

• Operating profit rose to PLN 157.0 million from PLN 42.0 million year-over-year.

• The group expanded through acquisitions, including RBP GmbH (rail logistics), PZL Defence S.A. (aerospace), and Wind T11 (wind farm project).

• Total revenues rose 17.5% year-over-year to PLN 4,368 million in Q2, driven by strong performance in liquid fuels, bitumen, and logistics.

Financial highlights

• Adjusted EBITDA margin improved by 0.3pp to 3.3% in Q2 2026.

• Gross profit from sales at PLN 485.7 million versus PLN 424.6 million year-over-year.

• Net cash flow from operations was negative at PLN -305.5 million in H1 2026, mainly due to increased working capital needs.

• Total assets increased to PLN 4,107.7 million from PLN 3,643.9 million at year-end 2025.

• Liquid fuels segment contributed PLN 38.7 million to adjusted EBITDA, bitumen PLN 67.3 million, and infrastructure/logistics PLN 38 million.

Outlook and guidance

• Plans to leverage EU RED II directive for biofuels, expand B2B gas sales, and develop LNG trading.

• Focus on expanding AVIA petrol station network, including international AVIA Card program and new franchise/owned stations.

• Continued investment in renewable energy, energy storage, and hybrid solutions (UniGrid), with emphasis on profitability and cost optimization.

• Management expects continued market volatility due to geopolitical risks and regulatory changes, especially in fuel and energy markets.

• The group is prepared for ongoing uncertainty, focusing on diversification, risk management, and liquidity buffers.