The Management Board of Unibep SA (Issuer) informs that due to the completion on 14 February 2025 of the process of aggregation of preliminary financial data carried out for the purpose of preparing financial statements for 2024, the Issuer has decided to publicly disclose the preliminary estimated selected financial and operational data of the Unibep Capital Group (Capital Group) for 2024, which were published on this day in the ESPI stock exchange system.
Below, the Management Board of the Issuer provides a commentary on the presented preliminary estimated data.
The year 2024 significantly contributed to a substantial improvement in the situation of the Unibep Group, both in terms of financial results and cash position. After a challenging year in 2023, which ended with a loss of PLN 156.5 million, the Management Board conducted a review of various aspects of the Capital Group’s operations in 2024. As a result, the preliminary estimated consolidated financial results of the Unibep Capital Group are now presented. Furthermore, particular attention was given to market communication to ensure that the purpose of the actions and activities undertaken in 2024 to improve the financial situation was clear to all stakeholders. We have undertaken numerous measures to optimise internal processes as well as aspects of risk identification, measurement, and management. We have streamlined and supplemented organisational structures, including those related to internal control. We have developed action scenarios concerning our companies, primarily related to seeking a strategic investor for Unihouse SA and a potential partner for joint ventures with Unidevelopment SA. As a result, the risk to business continuity has been minimised, and we consider the economic outcomes achieved in 2024 to be satisfactory.
The Group’s operations in the analysed period of 2024 generated revenue from core activities amounting to PLN 2,606.9 million, representing a 7.3% increase compared to the corresponding period of the previous year. The increase in revenue was primarily driven by:
- construction segment (up by 9.3%), which encompasses the structural construction, power and industrial construction, and infrastructural construction. The changes in revenue levels achieved in 2024 compared to the corresponding period of the previous year by business segment are as follows
- structural construction (decrease by 4.2% y/y),
- power and industrial construction (decrease by 15.8% y/y)
- infrastructural construction (decrease by 89.7% y/y)
At the same time, some segments showed a decrease in revenue:
- development segment (decrease by 5.3% y/y).
- modular construction (i.e. the activities of the subsidiary, Unihouse SA with individual export transactions of the Issuer) (decrease by 24.5% y/y).
W 2024 roku Grupa Kapitałowa osiągnęła zysk operacyjny w wysokości 168,6 mln zł. W porównaniu z rokiem ubiegłym, w którym odnotowano stratę operacyjną w wysokości 137,8 mln zł, stanowi to pozytywne odchylenie o 306,5 mln zł.
In 2024, the Capital Group achieved an operating profit of PLN 168.6 million. Compared to the previous year, when an operating loss of PLN 137.8 million was recorded, this represents a positive variance of PLN 306.5 million.
An important factor influencing the above preliminary estimated financial results is the effect of one-off events related to the reclassification and valuation of land owned by the subsidiaries of Unidevelopment SA in the first quarter of 2024. The Management Board of Unidevelopment SA has decided to cease development activities on selected real estate properties and to hold these lands in order to benefit from their value appreciation. That decision involved reclassifying these land properties from inventory to investment properties and valuing them at fair value. In addition, one of these properties was ultimately sold in the second quarter of 2024. The positive impact of the transactions on the presented preliminary results for 2024 is as follows:
- Operating profit: PLN 103.2 million
- Net profit: PLN 83.6 million
- Net profit attributable to shareholders of the parent company: PLN 48.1 million
The Management Board of the Issuer would like to point out that the Group’s operating profit, adjusted for the impact of the aforementioned effect, amount to approx. PLN 65.4 million, which is still a significant difference compared to the results of 2023. At the same time, as a result of the valuation carried out as of 31 December 2024, an increase in the fair value of the investment property by PLN 3.4 million was recognised.
In addition to the one-time effect of the aforementioned phenomenon on the analysed level of the operating profit, the results achieved in the individual business segments discussed later in the commentary also had some impact.
In 2024, the Capital Group recorded an increase in the management costs item, showing a change of PLN 29.9 million compared to the previous year. It was caused by many factors, including:
a) an increase in employment levels following the development of support teams, particularly in the areas of acquisitions, technical departments, and controlling;
b) an increase in salaries following wage adjustments made both in 2023 and in 2024;
c) additionally, there was a segregation and reclassification of the costs of production support teams, which, since the beginning of 2024, have been recorded and controlled as general costs of the business activities conducted by the Capital Group. As a result of reviewing all cost items, the Management Board of the Issuer has reorganised the structure and adjusted it to the current tasks and responsibilities of the broadly defined supporting departments. Currently, the construction support teams, which have characteristics of shared services departments, are classified under general management costs. In 2023, they were partially allocated to the structures of individual business segments as general costs of those segments.
In addition to the operational factors mentioned above, the Capital Group’s results were also impacted by the financial activities outcome (a decrease of approx. PLN 5 million year-on-year), primarily due to higher interest costs and changes in write-off allowances on receivables and valuation of financial instruments.
In 2024, as a result of successfully implementing the Research and Development (R&D) tax relief for the years 2020 and 2021, Unibep SA received a corporate income tax refund of PLN 7.3 million. This directly impacted the presentation of the income tax item and improved the net result of the parent company and the Unibep Capital Group in 2024.
As a result of the aforementioned factors, the estimated net profit of the Capital Group was approx. PLN 263.6 million higher than the previous year, while the difference between the net profit of the Capital Group and the net profit attributable to the shareholders of the parent company is due to contracts executed under the joint venture (JV), the result of which is partially excluded from the profit attributable to the Issuer’s shareholders.
Based on the current state of knowledge and as of the publication date of this report, the Issuer’s Management Board does not foresee any risk to the continuation of the Issuer’s activities. The Issuer’s liquidity position remains balanced, while profitability indicators show consistent improvement. At the end of 2024, the cash position of the Capital Group amounted to PLN 262.5 million, compared to PLN 311.1 million in 2023. This position neutralises financial debt (excluding leasing liabilities from leases), which amounted to PLN 365.2 million as of 31 December 2024 (compared to PLN 295.6 million as of 31 December 2023). The net debt level of PLN 103 million for the Unibep Capital Group as of 31 December 2024 remains at a safe level, ensuring the fulfilment of all financial covenants expected by financial institutions and bondholders. It represents a safe level, providing a very solid foundation for further accelerating business activities in 2025.
The Management Board of the Issuer wishes to inform that, in line with the adopted accounting policy, in its separate financial statement, Unibep SA has begun to account for investments in subsidiaries, joint ventures, and associates using the equity method as defined in IAS 28. This is a change in relation to the assumptions presented in previous years, affecting the Issuer’s standalone financial statements but having no impact on the consolidated data.The impact of the above changes will be presented in more detail in the management report for 2024, within the timeframe scheduled for the publication of the full reports for the previous year.
The adoption of the equity method will lead to the presentation of higher-quality information, thereby increasing the usefulness and relevance of the information in the separate financial statement of Unibep SA. The information included in the financial statement regarding the impact of transactions, other events, and conditions on the financial position, financial performance, or cash flows of the entity will be more useful and reliable for the stakeholders of Unibep SA.
At the same time, the Management Board wishes to present the financial results for the fourth quarter of 2024, ending on 31 December 2024, compared to the corresponding period of the previous year. These data indicate a clear improvement in the profitability of the Unibep Capital Group, which is the result of numerous actions initiated at the beginning of the current year by the management boards of the companies that make up the Unibep Capital Group.
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The entire construction segment closes the year 2024 under conditions significantly better than in 2023. Difficult contracts, mainly industrial ones, which negatively impacted the results for 2023-2024, have been completed, and they have been replaced by new, profitable contracts in the power and industrial construction segment, which has translated into the segment's profitability and the perspective of good results in the coming years as well. In the year 2024, in the construction segment, which includes the power and industrial construction, structural construction, and infrastructure segments, sales revenues amounted to PLN 2,200.3 million (a 9.3% year-on-year increase). In the greatest part, this increase was driven by deviations in the infrastructure segment (an increase of 89.7% y/y). This is due to the fact that many contracts in this segment are executed in the “design and build” formula, which extends the start of construction work. Many of the contracts signed in 2023 are still in the design phase, but some have entered the implementation phase, which enabled the aforementioned increases compared to the data for 2023. This part of the segment acquired the most contracts in the entire construction segment. Their value is over PLN 760 million, which translates to a portfolio for execution worth over PLN 1.5 billion. At the beginning of 2025, we additionally informed the market about the selection of two more of our offers by the client, with a value of approx. PLN 250 million. The largest negative deviation in terms of actual sales was recorded in the power and industrial sector (a decrease of 15.8% y/y). In 2024, lower production volumes were recorded compared to both 2023 and the original assumptions for 2024. Factors influencing this included, among others, the termination of the Umicore contract due to a mutual termination of the construction agreement by Unibep SA and the client, as reported by the Management Board in current reports No. 10/2024 and No. 11/2024. Additionally, there was low contract activity and delays in starting construction work on newly awarded energy contracts, including the contract in Elbląg worth PLN 167 million, which only entered the implementation phase in Q4 2024. This area, which formally started its operations relatively recently (in 2022), significantly accelerated its activities throughout 2023 through increased contracting and acquisitions. Difficult contracts that negatively impacted the results of 2023 and partly 2024 have led to the current activities of the Capital Group in this segment being more balanced. The signed contracts and orders are more selective, and the sales deviation presented above is mainly due to the effect of the so-called high base of comparison in 2023. In 2024, the level of contracting in the energy segment amounted to PLN 380 million (PLN 100 million less than in 2023), and the “design and build” formula for most investments causes a shift in sales to later stages of execution (similar to the infrastructure segment), which also affected the sales volume for the year. The priority of all actions in 2024 was to supplement and improve internal processes (including controls), enabling sustainable profitability improvement and the completion of challenging projects both in terms of execution and results. The sales revenue recorded in the 2024 period for structural construction shows negative deviations compared to the comparable data for the same period of the previous year (a decrease of 4.2% y/y). This area covers both domestic activities and operations in Eastern markets, where in 2023 the Capital Group began the construction of the Polish Embassy in Minsk, and in the second quarter of 2024 started the construction of the „Shehyni” border crossing on the Ukrainian side of the Ukrainian-Polish border. The Management Board wishes to highlight that within the structural construction segment in the domestic market, the strategy of selectivity is being employed, which is similar to the approach in the power and industrial construction sector for contracting and acquisition. This strategy ensures that only contracts with safe levels of estimated operating profitability are acquired, contributing to the sustainable improvement of the overall profitability of the Capital Group’s construction segment in the coming periods. The level of contracting in the year amounts to PLN 414 million. The gross profit from sales achieved in 2024 within the construction segment shows a clear upward trend compared to the data for 2023. In 2024, the construction segment achieved a gross profit from sales of PLN 81.6 million, compared to a gross loss from sales of PLN 83.0 million in 2023. In 2023, the segment’s results in most cases included provisions for estimated contract losses, resulting from the materialisation of inflationary pressure and the inability to apply appropriate and adequate revaluation of signed contracts (particularly private contracts). As a result, it became necessary to gradually revise downward the projected profitability of the ongoing contracts, with the culmination occurring in the fourth quarter of 2023. The aforementioned revaluation of estimates results from the so-called “prudence principle in the valuation of construction contracts.” These losses had a one-time impact on the results due to the creation of appropriate reserves, with no effect on subsequent periods. In 2024, the adjustment of contract budgets resulted solely from the completion of difficult, loss-making contracts from 2023, and the scale of this phenomenon was significantly smaller than in the previous year. Systematic budget control and review enable ongoing monitoring and assessment of opportunities and risks related to the achieved margins. As a result, the gross results achieved by the construction segment for the entire year 2024 show a significant improvement compared to 2023. For contracts that had been recognised with a gross loss on sales in previous periods, their construction activities in the vast majority were ultimately completed in 2024. This means that the profitability of the order portfolio to be executed in the coming periods subsequently is decidedly positive. As a result of the above-mentioned phenomena, gross profit from sales improved, showing an increase from a gross sales loss of -4.1% to a gross sales profit of +3.7%, including:
It is also worth noting that in 2024, within the construction segment, the Capital Group secured contracts for execution with a total value of approx. PLN 1.6 billion (in 2023, the contracting amounted to over PLN 2.2 billion). Thus, the order portfolio for execution of this segment in the coming periods reached a value of PLN 3 billion, which represents a 15% decrease compared to the value of the order portfolio recorded in the corresponding period of the previous year. |
The sales revenue of the development segment for the four quarters of 2024 amounted to PLN 299.0 million, compared to PLN 315.8 million in the corresponding period of the previous year. The approx. 5.3% year-on-year decline in the segment's revenue was in line with the assumptions based on the schedules of ongoing development projects. In 2024, apartments delivered to clients were part of more profitable projects than in 2023, as evidenced by the gross profit margin of 30.6% compared to 26.1% for the four quarters of 2023.
In the results of this segment for the four quarters of 2024, the Capital Group recognised the sale (handover protocols) of 491 residential units, compared to 584 units handed over in the corresponding period of 2023. The above-mentioned financial result is primarily driven by the handover of apartments in the Fama Jeżyce 3 investment in Poznań, carried out as a joint venture (with 345 residential units with handover protocols), as well as in the Idea Orion, Idea Venus and Idea Ogrody estates in Radom, and the Pauza Ochota estate in Warsaw.
At the same time, development sales reached a volume of 231 apartments (including 66 within joint ventures), compared to 423 units (including 203 within joint ventures) in the corresponding period of 2023.
In the analysed period of the four quarters of 2024, the volume of the aforementioned development sales was influenced by the investment schedules of the Unidevelopment Group companies, as well as market conditions and an unfavourable macroeconomic environment, which resulted in limited availability of mortgage loans and some clients holding off on their purchase decisions. In Q4 of the current year, compared to Q3, the Unidevelopment Group observed a greater willingness among clients to make purchase decisions. In the Management Board's opinion, the anticipated interest rate cut should be a factor contributing to a further significant unlocking of demand for residential units.
As a result of the financial data aggregation process, the preliminary estimated financial data for the 12 months of 2024 indicate that the Unidevelopment Group generated an operating profit of PLN 171.5 million during the analysed period, compared to PLN 53.9 million recorded in the same period of the previous year.
The largest impact on the operating profit level for 2024 was the decision of the Unidevelopment Group to cease development work on the land properties of the Fama Jeżyce and Coopera estate investments and to retain these properties to increase their value. The result of this decision was the reclassification of the aforementioned properties as investment properties, leading to their valuation at fair value. In the second quarter, the property at Coopera Street in Warsaw was sold for a price exceeding the value of the plot after the aforementioned revaluation.
The positive impact of the above actions on the presented preliminary results is as follows:
- Operating profit: PLN 103.2 million
- Net profit: PLN 83.6 million
- Net profit attributable to shareholders of the parent company: PLN 48.1 million
At the same time, as a result of the valuation carried out as of 31 December 2024, an increase in the fair value of the investment property by PLN 3.4 million was recognised.
In 2024, the modular segment managed and supervised by Unihouse SA achieved sales of approx. PLN 170 million, which is PLN 54 million lower than in the corresponding period of the previous year (a decrease of 24.2%). Operating profitability was recorded at PLN -5 million, which was significantly better (by over PLN 26 million) compared to last year. The company also achieved a positive profitability at the EBITDA level in 2024.
The significant improvement in gross profit on sales (around PLN 29 million) 8; sales being lower by over PLN 54 million year-on-year is the result of decisions made by the Management Board of Unihouse SA at the turn of Q3 and Q4 of 2023, which were consistently implemented in the following periods. A series of organisational actions were taken to adjust the production capacity of the plant in Białystok to the current economic and market conditions. The production volume of Unihouse SA in 2024 amounted to 14,438 m2 (decrease by approx. 52% y/y), with the main reasons being:
a) the prolonged recession on the German market;
b) the weak condition of the Norwegian market, which has historically been the core of operations, caused by difficulties in securing optimally profitable contracts, amid a nearly 6% appreciation of the PLN since the beginning of 2024.
c) still insufficient activity from Polish investors and clients in the modular construction sector.
Despite the unfavourable market conditions in the modular construction sector in 2024, the Management Board of Unihouse SA actively developed the process of market penetration in Poland and Scandinavia. In the entire year, 11 contracts were acquired with a total value of 131 million PLN (including 64 million PLN from the Polish market, 47 million PLN from the Scandinavian market, and 19 million PLN from the German market). The contract in the German market is the result of continuing activities initiated in previous periods, but it is the first public procurement contract in this market. The company enters 2025 with a portfolio worth 83 million PLN, half of which is allocated to the Polish market.
Despite a significant year-on-year decrease in production, the company improved its operational efficiency. In total, the contracts that entered execution from the 2023 portfolio, as well as those acquired in 2024, generated a positive gross margin of several percentage points.
The level of contracting in 2024 was approx. 40% lower than the previous year, but several important contracts in the Polish and German markets are still in preparation and development, with some expected to be decided in the first quarter of 2025. The Management Board of Unihouse SA positively assesses the prospects associated with focusing acquisition efforts on the Polish and German markets, where the Unihouse is already well known. In our project pipeline, there are contracts worth nearly PLN 500 million to be acquired, which has become the main task for the Management Board of Unihouse SA in the current year, 2025.
THE OUTLOOK
The Management Board of Unibep SA maintains its previously presented position that the greatest prospects for contracting continue to lie within the infrastructure sector, with relatively high prospects also in the energy sector.
In 2024, the Unibep Capital Group acquired contracts in the construction segment worth approx. PLN 1.6 billion. As of 31 December 2024, the order portfolio for execution in the upcoming periods amounted to PLN 3.0 billion. At the same time, the value of contracts awaiting signature currently stands at approx. PLN 0.3 billion. Additionally, we expect confirmation of selection for the execution of further projects, where the Issuer’s offer occupies first place in tender procedures, with a total value of approx. PLN 0.5 billion.
Nevertheless, the Issuer’s Management Board intends to continue the selective policy of choosing contracts in the construction or modular segment, where the economic value will be optimally results-driven. This policy will decisively and positively contribute to the continued improvement of operational profitability in the upcoming reporting periods.
In the case of the development segment, the Management Board will continue to implement sales plans in accordance with schedules for individual investments and a carefully considered pricing policy for individual customers.
In the infrastructure segment, the value of contracts signed in 2024 amounted to PLN 0.76 billion as of 31 December 2024, with contracts awaiting signature totalling PLN 0.25 billion. Once the remaining contracts are signed, the order portfolio in this segment will reach approx. PLN 1.8 billion, ensuring its stable operation over the next three years.
This segment faces enormous prospects for 2025, both in the area of road investments and in the field of railway investments. In the coming quarters, the infrastructure sector’s activities will focus on leveraging the potential related to geographic diversification and seeking contracts in new geographic areas in line with announced tenders, as well as further increasing the share of large contracts in the order portfolio.
Currently, the infrastructure sector has a strong position in the northeastern part of the country but intends to establish its presence in other regions. Our possibilities and opportunities for establishing operations in the areas around Poznań or Wrocław are being analysed, as we anticipate numerous tenders in these regions. We are monitoring government and market announcements regarding the allocation of public funds. GDDKiA has announced major plans for the construction of motorways, expressways, and bypasses, and we want to take advantage of this by bidding in tenders. The railway market is also within our area of interest. Unibep SA is ready to form effective consortia to pursue railway contracts, the total value of which, according to PKP PLK’s announcements, may range from 15 to 20 billion PLN this year. As a key consortium partner, we can carry out general construction works in such projects.
The Management Board of the Issuer continues to see significant opportunities in bidding within the energy segment. This is our youngest segment, which has been developed since the end of 2021. Market announcements indicate that significant streams of public funds are planned for investments in the energy segment. Significant investment plans in the energy sector have also been announced by many major players in the market, such as Orlen. What characterises this activity is relatively high profitability in project execution and high entry barriers, conditioned, among other factors, by the ability to provide performance guarantees, resulting in smaller price competition among bidders.
We will focus on three areas of bidding and contracting. These will be (i) cogeneration power plants – last year we secured a contract as a partner in a consortium for the construction of such a facility in Elbląg for 167 million PLN, (ii) district heating – where we already have projects and references, (iii) and new markets – areas we intend to develop, which will enable us to accelerate the improvement of operational profitability.
We intend to monitor the market and selectively approach energy contracts, build strong and healthy consortium relationships, and consciously strengthen our potential in this segment for the future. One of the scenarios for strengthening the position and building potential may be the initiation of the M&A process, for which the company is gradually preparing, supported by further strengthening its financial position.
The Management Board of Unibep SA has been focusing its contracting activities since the beginning of this year on acquiring orders primarily from the energy sector, including cogeneration and district heating. Acquiring technological orders will provide an additional profitability boost, which, in the entire mix of the executed order portfolio, will contribute to maintaining and even further improving the operating profitability indicators of Unibep SA at the level of 1.5% to 2.2% throughout 2025.
In the area of structural construction (domestic and export), contracting activities will focus on a selective approach to new orders and on seeking projects with the highest bid profitability. The recent decisions made by the Management Board once again adjust the organisational structure in such a way as to truly leverage the synergies within the organization and more effectively seize market opportunities. For this purpose, industrial construction has been separated from the energy sector and combined with structural construction, creating a general construction segment. Its task is to focus intensively on acquiring more technologically advanced and complex orders that provide a better foundation for strengthening the position and improving profitability. We see the potential and opportunities in military investments, public utility buildings, and industry. Our activity will be strengthened by the newly defined regionalisation. We maintain our readiness for further development in Eastern markets. We are currently working on the Embassy of the Republic of Poland in Minsk (Belarus) and are starting to build the “Shehyni” border crossing on the Ukrainian side of the border. We have structures in place that would allow us to return to these markets on a larger scale if such an opportunity arises.
Currently, the cubic construction market is in recession, as indicated by the readings of construction and assembly production, showing a 20% decline among companies constructing buildings. As a result, it may turn out that revenues from this business segment, which is currently characterised by intense price wars among participants in tender processes, will show a declining trend year on year. On the other hand, following the acquisition of more technologically and execution-wise complex contracts, including those from the non-residential sector, there is an opportunity to continue the process of sustained profitability improvement in this area of activity.
As part of the construction segment, the Management Board of the Capital Group will continue efforts to conduct difficult negotiations on selected contracts that are in the execution phase, as well as those that have been completed, in order to agree with the clients on price adjustments and relevant annexes increasing the contract values.
The Management Board of Unidevelopment SA (the parent company of the Unidevelopment Capital Group), like the entire Unibep Capital Group, perceives the current slowdown in the development market as a temporary pause in its continuous growth. The demand for apartments in our country remains high, and Unidevelopment SA has the necessary know-how and a well-known, recognisable brand that enables further growth and the use of opportunities within the sector. The Management Board of the Issuer is confident that the competencies, experience, and market position allow for the execution of further projects, both independently and with the involvement of external partners. With the further improvement of the financial situation of the entire Unibep Group, we expect to accelerate the further development of the development business, including the introduction of new investments in the development portfolio.
The forecasted decrease in inflation and the announcements of interest rate cuts may support the development of the housing market and stimulate demand for apartments in 2025.
It is worth noting that the development scenarios for this segment include new models of cooperation with external partners, as well as expanding the developer offering to include apartments outside the popular segment The development of the premium segment is being considered, as it is less affected by market slowdown due to its lower dependence on the creditworthiness of buyers of such apartments. Our intentions for the upcoming quarters are focused on acquiring attractive plots of land representing this part of the development segment.
By the decision of the Supervisory Board of Unibep SA, the process of selling Unihouse SA has been suspended, and the company remains within the Capital Group. As a result, Unihouse SA intends to focus on activities that support its profitability and development, particularly within the Polish market, which has the potential for growth owing to the funds from the KPO programme being directed to this market.
The company has historically built its potential in the Norwegian market, but factors beyond its control, such as the difficult market situation following the pandemic, the declining Norwegian Krone exchange rate, as well as rising costs of specialised freight and the overall economic slowdown in that market, have caused its profitability there to be disrupted. Similarly, in Germany – the recession, which has already lasted for two years, limits the opportunities for market penetration and the prospect of sales growth. The investments in the company’s portfolio complement the production for the Polish market. Their contracting does not take place at any cost but is conditioned solely by the achievement of positive economic effects.
The Management Board of the Issuer believes that particular attention should be paid to the Polish market and the opportunity to harness the potential that arises within it. Previous experience in collaboration with the military sector (where we are currently constructing barracks buildings in Tomaszów Mazowiecki) and cooperation with clients in the residential construction sector (such as Social Housing Initiatives) can be further continued. The advantage of modular construction is the speed of implementation, which provides an edge over traditional construction in terms of investors’ ability to utilise public funds (KPO) and the relatively short deadlines for their final settlement.
The Management Board of the Issuer reaffirms its previous statements that the actions taken in the bidding process will secure module production to an extent that will accelerate operational results and ultimately achieve a positive profit at the EBIT level.
The overarching goal of all actions and initiatives is to prepare a sustainably profitable and financially liquid Unibep Capital Group, taking advantage of market opportunities and providing value for shareholders. The Management Board is convinced that the reorganisation activities described above, initiated in 2023 and continued in 2024 and 2025, will enable Unibep SA to return to the implementation of its dividend policy as early as 2025.
The Management Board of the Issuer wishes to point out that the presented financial data of the Capital Group represents a true and accurate reflection of the knowledge held in this respect as of the publication date of this study.