Unimot (UNT) Q3 2024 earnings summary

Executive summary

• Q3 2024 consolidated revenues reached PLN 3,688 million, with adjusted EBITDA at PLN 105.3 million and a net loss of PLN 20.4 million, reflecting strong operational performance and significant year-over-year improvement.

• Sales volumes increased in liquid fuels (+17.3% y/y) and solid fuels (+204% y/y), while LPG volumes declined (-16.8% y/y).

• The AVIA petrol station network expanded to 137 locations, including the launch of the AVIA Truck station concept, and achieved record retail margins.

• Strategic focus included diversification, sustainability, and operational flexibility, with investments in human capital and ESG initiatives.

Financial highlights

• Adjusted EBITDA rose 261% y/y to PLN 105.3 million, while reported EBITDA was PLN 42.2 million.

• Gross profit on sales increased 16.1% y/y to PLN 170.9 million; gross margin improved by 0.2 pp to 5.5%.

• Net loss narrowed to PLN 20.4 million from PLN 31.3 million a year earlier; net margin improved by 0.3 pp to -0.5%.

• Operating cash flow surged to PLN 219 million from PLN 57 million in Q3 2023.

• Total assets as of 30.09.2024: PLN 3,479.9 million (up 11% from year-end 2023); shareholders’ equity: PLN 1,078.4 million (31% of total assets).

Outlook and guidance

• No financial forecasts published due to high market volatility and uncertainty from the Ukraine conflict and sanctions on Russia and Belarus.

• Management expects further improvement in profitability ratios in Q4 2024, driven by diversification and margin improvement initiatives.

• Liquid fuels: Focus on higher-margin products and leveraging storage capacity in Germany; positive market trends expected.

• LPG: Anticipated margin improvement after Russian import sanctions in December 2024; logistics chain extended.

• Strategic objectives for 2028 include PLN 690 million EBITDA, PLN 1 billion cumulative net profit, and 40% EBITDA share from transitional segments.