H1 2026 report
1H 2026 to najprawdopodobniej dołek cyklu kontraktacyjnego: przychody i EBIT spadły dwucyfrowo, ale marża brutto wzrosła (9,4% z 7,9%), a jakość portfela w segmencie infrastrukturalnym wyraźnie się poprawiła.
Sentiment
●●●●●●
UNI
H1 2026 report
Revenue
856.58 m PLN
— YoY
Net income
3.1 m PLN
— YoY
EBITDA
34.7 m PLN
— YoY
Gross margin
9.44%
— YoY
Summary
Investment thesis
- Po dniu bilansowym Grupa podpisała lub wygrała przetargi na kontrakty o łącznej wartości netto rzędu 1,5-2 mld zł, co powinno przełożyć się na przyspieszenie przychodów od 2027 roku (kontrakty typu 'projektuj i buduj' mają 6-9-miesięczną fazę projektową przed rozpoznaniem przychodów).
- Segment modułowy (Unihouse) jest obecnie najsilniejszym motorem wzrostu — sprzedaż +161% r/r, rekordowy portfel 443 mln zł, w tym największy kontrakt w historii spółki (Bechtel Polska, 260 mln zł).
- Bardzo duży ujemny operacyjny cash flow w 1H 2026 (-202,4 mln zł) wymaga potwierdzenia, że to efekt sezonowego cyklu rozliczeniowego dużych kontraktów, a nie strukturalne pogorszenie zarządzania kapitałem obrotowym.
- Pozew JB Investment na 230 mln zł (67% kapitału własnego Grupy) to istotne ryzyko warunkowe bez rezerwy, wymagające dalszego monitorowania mimo deklarowanej przez zarząd niskiej materializacji.
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Financials
BETA
UNI · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 527.58 | — | — | 856.58 | — | reported | — | 1.00 |
| Gross profit | 50.62 | — | — | 80.89 | — | reported | — | 1.00 |
| EBITDA | 34.7 | — | — | 34.7 | — | reported | — | 0.95 |
| EBIT | 17.36 | — | — | 18.22 | — | reported | — | 1.00 |
| EBT | 3.97 | — | — | 3.97 | — | reported | — | 1.00 |
| Net income | 8.56 | — | — | 3.1 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.09 | — | — | 0.09 | — | reported | — | 1.00 |
| D&A | 16.53 | — | — | 16.53 | — | reported | — | 1.00 |
| Interest expense | 16.68 | — | — | 16.68 | — | reported | — | 1.00 |
| Income tax | 0.8 | — | — | 0.8 | — | reported | — | 1.00 |
| Gross margin | 9.44% | — | — | 9.44% | — | reported | — | 1.00 |
| EBITDA margin | 4.05% | — | — | 4.05% | — | reported | — | 0.90 |
| EBIT margin | 2.13% | — | — | 2.13% | — | reported | — | 1.00 |
| Net margin | 0.36% | — | — | 0.36% | — | reported | — | 1.00 |
| Cash | 258.73 | — | — | — | — | reported | — | 1.00 |
| Total debt | 293.12 | — | — | — | — | reported | — | 1.00 |
| Net debt | 34.39 | — | — | — | — | reported | — | 0.70 |
| Equity | 343.17 | — | — | — | — | reported | — | 1.00 |
| Total assets | 1,846.05 | — | — | — | — | reported | — | 1.00 |
| Current assets | 1,377.7 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 1,079.78 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 423.1 | — | — | — | — | reported | — | 1.00 |
| Inventory | 350.06 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 232.53 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 262.48 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 24.27 | — | — | — | — | reported | — | 0.60 |
| Tangible equity | 318.89 | — | — | — | — | reported | — | 0.60 |
| CFO | -202.4 | — | — | -202.4 | — | reported | — | 1.00 |
| CapEx | 4.56 | — | — | 4.56 | — | reported | — | 1.00 |
| FCF | -206.96 | — | — | -206.96 | — | reported | — | 0.90 |
| Current ratio | 1.28x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 0.95x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 0.24x | — | — | — | — | reported | — | 1.00 |
| Interest coverage | 1.09x | — | — | 1.09x | — | reported | — | 1.00 |
| Debt / equity | 0.85x | — | — | — | — | reported | — | 1.00 |
| Debt / assets | 0.16x | — | — | — | — | reported | — | 1.00 |
| Net debt / equity | 0.1x | — | — | — | — | reported | — | 0.70 |
| Revenue growth (YoY) | -17.28% | — | — | -17.28% | — | reported | — | 1.00 |
| EBITDA growth (YoY) | -32.62% | — | — | -32.62% | — | reported | — | 0.85 |
| EBIT growth (YoY) | -49.1% | — | — | -49.1% | — | reported | — | 1.00 |
| Net income growth (YoY) | 782.91% | — | — | 782.91% | — | reported | — | 0.90 |
| EPS growth (YoY) | 800% | — | — | 800% | — | reported | — | 0.90 |
| Gross margin Δ (YoY) | 1.55 pp | — | — | 1.55 pp | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | -0.92 pp | — | — | -0.92 pp | — | reported | — | 0.85 |
| EBIT margin Δ (YoY) | -1.33 pp | — | — | -1.33 pp | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 0.33 pp | — | — | 0.33 pp | — | reported | — | 0.90 |
H1 2026 · Δ YoY
Revenue
527.58
—
527.58
—
- H1 2025
- —
- YTD 2026
- 856.58
- Δ YoY
- —
Gross profit
50.62
—
50.62
—
- H1 2025
- —
- YTD 2026
- 80.89
- Δ YoY
- —
EBITDA
34.7
—
34.7
—
- H1 2025
- —
- YTD 2026
- 34.7
- Δ YoY
- —
EBIT
17.36
—
17.36
—
- H1 2025
- —
- YTD 2026
- 18.22
- Δ YoY
- —
EBT
3.97
—
3.97
—
- H1 2025
- —
- YTD 2026
- 3.97
- Δ YoY
- —
Net income
8.56
—
8.56
—
- H1 2025
- —
- YTD 2026
- 3.1
- Δ YoY
- —
EPS (basic)
(PLN)
0.09
—
0.09
—
- H1 2025
- —
- YTD 2026
- 0.09
- Δ YoY
- —
D&A
16.53
—
16.53
—
- H1 2025
- —
- YTD 2026
- 16.53
- Δ YoY
- —
Interest expense
16.68
—
16.68
—
- H1 2025
- —
- YTD 2026
- 16.68
- Δ YoY
- —
Income tax
0.8
—
0.8
—
- H1 2025
- —
- YTD 2026
- 0.8
- Δ YoY
- —
Gross margin
9.44%
—
9.44%
—
- H1 2025
- —
- YTD 2026
- 9.44%
- Δ YoY
- —
EBITDA margin
4.05%
—
4.05%
—
- H1 2025
- —
- YTD 2026
- 4.05%
- Δ YoY
- —
EBIT margin
2.13%
—
2.13%
—
- H1 2025
- —
- YTD 2026
- 2.13%
- Δ YoY
- —
Net margin
0.36%
—
0.36%
—
- H1 2025
- —
- YTD 2026
- 0.36%
- Δ YoY
- —
Cash
258.73
—
258.73
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
293.12
—
293.12
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
34.39
—
34.39
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
343.17
—
343.17
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
1,846.05
—
1,846.05
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
1,377.7
—
1,377.7
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
1,079.78
—
1,079.78
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
423.1
—
423.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
350.06
—
350.06
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
232.53
—
232.53
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
262.48
—
262.48
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
24.27
—
24.27
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
318.89
—
318.89
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-202.4
—
-202.4
—
- H1 2025
- —
- YTD 2026
- -202.4
- Δ YoY
- —
CapEx
4.56
—
4.56
—
- H1 2025
- —
- YTD 2026
- 4.56
- Δ YoY
- —
FCF
-206.96
—
-206.96
—
- H1 2025
- —
- YTD 2026
- -206.96
- Δ YoY
- —
Current ratio
1.28x
—
1.28x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.95x
—
0.95x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.24x
—
0.24x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
1.09x
—
1.09x
—
- H1 2025
- —
- YTD 2026
- 1.09x
- Δ YoY
- —
Debt / equity
0.85x
—
0.85x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.16x
—
0.16x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.1x
—
0.1x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
-17.28%
—
-17.28%
—
- H1 2025
- —
- YTD 2026
- -17.28%
- Δ YoY
- —
EBITDA growth (YoY)
-32.62%
—
-32.62%
—
- H1 2025
- —
- YTD 2026
- -32.62%
- Δ YoY
- —
EBIT growth (YoY)
-49.1%
—
-49.1%
—
- H1 2025
- —
- YTD 2026
- -49.1%
- Δ YoY
- —
Net income growth (YoY)
782.91%
—
782.91%
—
- H1 2025
- —
- YTD 2026
- 782.91%
- Δ YoY
- —
EPS growth (YoY)
800%
—
800%
—
- H1 2025
- —
- YTD 2026
- 800%
- Δ YoY
- —
Gross margin Δ (YoY)
1.55 pp
—
1.55 pp
—
- H1 2025
- —
- YTD 2026
- 1.55 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
-0.92 pp
—
-0.92 pp
—
- H1 2025
- —
- YTD 2026
- -0.92 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
-1.33 pp
—
-1.33 pp
—
- H1 2025
- —
- YTD 2026
- -1.33 pp
- Δ YoY
- —
Net margin Δ (YoY)
0.33 pp
—
0.33 pp
—
- H1 2025
- —
- YTD 2026
- 0.33 pp
- Δ YoY
- —