Unimot (UNT) Q3 2025 earnings summary

Executive summary

• Revenues in 3Q25 reached PLN 3,719 million, with adjusted EBITDA at PLN 88 million and adjusted net profit at PLN 28 million, reflecting a challenging market environment and segment-specific headwinds.

• Revenue for the first three quarters of 2025 reached PLN 10,918 million, with adjusted EBITDA at PLN 246 million, reflecting resilience in a challenging market.

• Sales volumes increased in liquid fuels (+6.2% y/y) and natural gas (+49% y/y), while LPG volumes declined (-6.8% y/y).

• Integration of electricity and gas sales, expansion in Ukraine, and new ventures in unmanned systems and anti-drone technologies were completed.

• Strategic partnerships, including with Żabka Polska and ECO-OPTIMA, and the launch of a franchisee shareholding program, strengthened the business model.

Financial highlights

• Sales revenue for 9M 2025: PLN 10,917.6 million, up 7.7% year-over-year.

• Adjusted EBITDA: PLN 245.6 million (2.2% margin); reported EBITDA: PLN 190.7 million.

• Net loss: PLN 11.8 million, compared to a net profit of PLN 35.0 million in 9M 2024.

• Adjusted EBITDA decreased 16% y/y to PLN 88 million in 3Q25, while reported EBITDA was PLN 75 million.

• Cash flow from operations was negative at PLN -68 million in 3Q25, compared to PLN 224 million in 3Q24.

Outlook and guidance

• Regulatory changes (REDII) support further growth in low-carbon fuels and electricity for transport.

• The Group is preparing for the full EU ban on Russian LPG components in 2026, having secured alternative logistics and storage.

• Ongoing focus on expanding renewable energy, energy storage, and charging infrastructure, especially in Ukraine and the EU.

• No financial forecasts published due to market volatility and regulatory uncertainty.

• Expansion of the AVIA network and cooperation with Żabka, plus loyalty programs for franchisees, are expected to drive growth.