UNI UNIBEP Giełda Papierów Wartościowych w Warszawie · Quarterly · publ. May 29, 2026

Q1 2026 report

Sezonowo slaby, stratny Q1 (typowy dla budownictwa) kontrastuje z rekordowym portfelem nowych zamowien pozyskanych tuz po dniu bilansowym (~1,5 mld zl, w tym Rail Baltica)

Sentiment

Neutral No guidance change

Website

UNI Q1 2026 report

Revenue

329 m PLN

— YoY

Net income

-5.04 m PLN

— YoY

Gross margin

9.2%

— YoY

FCF

-206.08 m PLN

— YoY

Summary

Investment thesis

Marza brutto poprawila sie r/r (9,20% vs 6,98%) mimo spadku przychodow o 23,5% - dobry mix segmentowy (infrastruktura, ogolne budownictwo)
Refinansowanie obligacji serii I nowa emisja serii J wydluza zapadalnosc dlugu do 2029 r. bez pogorszenia warunkow
Segment deweloperski najslabszy w kwartale - przychody -52% r/r, marza brutto -7pp
Rekomendacja dywidendy 0,40 zl/akcje z zysku za 2025 r. mimo stratnego Q1 - sygnal zaufania zarzadu

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Financials

BETA

Q1 2026

UNI · Q1 2026

Metric	Q1 2026	Q1 2025	Δ YoY	Value type	Segment	Conf.

Revenue	329	—	—	reported	—	1.00
Gross profit	30.27	—	—	reported	—	1.00
EBIT	0.86	—	—	reported	—	1.00
EBT	-6.78	—	—	reported	—	1.00
Net income	-5.04	—	—	reported	—	1.00
EPS (basic) (PLN)	-0.17	—	—	reported	—	1.00
D&A	8.27	—	—	reported	—	1.00
Interest expense	6.65	—	—	reported	—	0.90
Shares (basic) (m units)	33.02	—	—	reported	—	1.00

Gross margin	9.2%	—	—	reported	—	1.00
EBIT margin	0.26%	—	—	reported	—	1.00
Net margin	-1.53%	—	—	reported	—	1.00

Cash	390.34	—	—	reported	—	1.00
Total debt	398.64	—	—	reported	—	1.00
Net debt	8.3	—	—	reported	—	1.00
Equity	200.98	—	—	reported	—	1.00
Total assets	1,896.17	—	—	reported	—	1.00
Working capital	314.17	—	—	reported	—	1.00
Current assets	1,428.48	—	—	reported	—	1.00
Current liabilities	1,114.31	—	—	reported	—	1.00

CFO	-205.48	—	—	reported	—	1.00
CapEx	0.6	—	—	reported	—	1.00
FCF	-206.08	—	—	reported	—	1.00

Current ratio	1.28x	—	—	reported	—	1.00
Quick ratio	0.98x	—	—	reported	—	1.00
Cash ratio	0.35x	—	—	reported	—	1.00

Debt / equity	1.98x	—	—	reported	—	0.90

Revenue growth (YoY)	-23.46%	—	—	reported	—	1.00
EBIT growth (YoY)	-80.24%	—	—	reported	—	1.00
Net income growth (YoY)	-25.61%	—	—	reported	—	1.00
EPS growth (YoY)	0%	—	—	reported	—	1.00
Gross margin Δ (YoY)	2.22 pp	—	—	reported	—	1.00
EBIT margin Δ (YoY)	-0.75 pp	—	—	reported	—	1.00

Q1 2026 · Δ YoY

Revenue

329 —

Q1 2025: —

Gross profit

30.27 —

Q1 2025: —

EBIT

0.86 —

Q1 2025: —

EBT

-6.78 —

Q1 2025: —

Net income

-5.04 —

Q1 2025: —

EPS (basic) (PLN)

-0.17 —

Q1 2025: —

D&A

8.27 —

Q1 2025: —

Interest expense

6.65 —

Q1 2025: —

Shares (basic) (m units)

33.02 —

Q1 2025: —

Gross margin

9.2% —

Q1 2025: —

EBIT margin

0.26% —

Q1 2025: —

Net margin

-1.53% —

Q1 2025: —

Cash

390.34 —

Q1 2025: —

Total debt

398.64 —

Q1 2025: —

Net debt

8.3 —

Q1 2025: —

Equity

200.98 —

Q1 2025: —

Total assets

1,896.17 —

Q1 2025: —

Working capital

314.17 —

Q1 2025: —

Current assets

1,428.48 —

Q1 2025: —

Current liabilities

1,114.31 —

Q1 2025: —

CFO

-205.48 —

Q1 2025: —

CapEx

0.6 —

Q1 2025: —

FCF

-206.08 —

Q1 2025: —

Current ratio

1.28x —

Q1 2025: —

Quick ratio

0.98x —

Q1 2025: —

Cash ratio

0.35x —

Q1 2025: —

Debt / equity

1.98x —

Q1 2025: —

Revenue growth (YoY)

-23.46% —

Q1 2025: —

EBIT growth (YoY)

-80.24% —

Q1 2025: —

Net income growth (YoY)

-25.61% —

Q1 2025: —

EPS growth (YoY)

0% —

Q1 2025: —

Gross margin Δ (YoY)

2.22 pp —

Q1 2025: —

EBIT margin Δ (YoY)

-0.75 pp —

Q1 2025: —