Unimot (UNT) Q4 2024 earnings summary

Executive summary

• Revenues on sales reached PLN 14,085 million in 2024, up 8–9% year-over-year, with net profit at PLN 139.3 million, a significant decrease from 2023.

• Adjusted EBITDA was PLN 308 million, reported EBITDA was PLN 370 million, and operating profit dropped to PLN 233.5 million.

• The Group maintained a diversified business across liquid fuels, LPG, natural gas, electricity, bitumen, and logistics.

• Sales volumes increased in liquid fuels (+6.8%) and natural gas (+106%), but declined in LPG (-8%) and electricity (-55.6%).

• The group continued to expand its AVIA petrol station network, reaching 138 stations.

Financial highlights

• Gross profit on sales rose 21.7% year-over-year to PLN 880.5 million, but gross profit for 2024 was PLN 187.2 million, down from 2023.

• Net cash flow from operating activities improved to PLN 170 million from negative PLN 29.9 million year-over-year.

• Total assets increased to PLN 3.4 billion, with equity at PLN 1.18 billion and liabilities at PLN 2.22 billion.

• EPS for 2024 was PLN 17.06, compared to PLN 59.43 in 2023.

• Adjusted EBITDA margin improved by 0.3pp to 2.9%.

Outlook and guidance

• Strategic goals for 2028 include increasing adjusted EBITDA to PLN 690 million and cumulative net profit to PLN 1 billion.

• Focus on expanding transitional and transformation segments to 40% of EBITDA by 2028.

• Management expects continued growth in demand for liquid fuels in 2025, supported by favorable macroeconomic conditions.

• Interest rate reductions anticipated in 2025 are expected to lower financing costs.

• Plans for annual dividend payout of at least 30% of consolidated net profit.