On 27 March 2025, a piece by Katarzyna Kapczyńska appeared on the front page of Puls Biznesu, titled Unibep Goes to War. It was written following the editor’s meeting with Andrzej Sterczyński, President of the Management Board of Unibep SA. The full text of the article is below.
Apart from its regular construction segments, the Group is aiming at defence, railway, hospital, and new technology contracts. Unibep is not giving up on residential construction, but instead of housing estates, the company prefers to build high-rises. It also wants to develop abroad—in the West and the East.
At the beginning of 2025, Andrzej Sterczyński took the helm of Unibep, charting a new path for the development of the stock-listed group. The company operates as a contractor in various segments of the construction industry in Poland and abroad. It also works as a housing developer.
“In 2022 and 2023, we signed several difficult and unprofitable contracts, mainly in the industrial construction segment, which contributed to the deterioration of the results of the entire capital group. We have developed an action plan to implement several fundamental changes, particularly in the area of internal control and risk management,” said Andrzej Sterczyński.
Army and hospitals
The company wants to deepen diversification by adding several specialist segments to its existing business in which it has not previously operated or has operated on a small scale. It develops, among others, the military contracts segment.
Currently, Unibep is carrying out orders for the Military University of Technology; it has completed the construction of a warehouse for the 18th Logistics Regiment in Łomża and the NSM Missile Production and Service Centre in Zielonka. It has also recently signed a contract worth PLN 235.4 million with the Military Property Agency for the construction of three barracks buildings and a canteen. According to the new strategy, these contracts are supposed to become more frequent. Andrzej Sterczyński estimates that in the entire general construction segment, the company will secure contracts worth over PLN 1.2 billion annually. It will compete for defence-related contracts worth PLN 200–400 million per year.
“We will approach tender procedures selectively,” cautioned the president of the company.
With a view to developing the military construction segment, the company is strengthening its specialised workforce. Unibep is assembling a team of employees with engineering, construction and organisational competencies to develop contract implementation schedules, and another team responsible for supervision and auditing.
As part of general construction, Unibep will also compete for contracts on public utility buildings, such as hospitals. This is a completely new field for the group, so—at least at the beginning—it will compete for hospital construction contracts in consortia with other construction companies.
Prestigious high-rise buildings
Activity in new market segments does not mean that Unibep is cutting itself off from its roots. It still wants to focus on residential development, the specialisation of Unidevelopment, which is present in Warsaw, Gdańsk, Poznań, and Radom. However, the company will change its approach to this business.
“In the face of a downturn in the housing market, we will attempt to reshuffle our land bank to secure the funds needed to acquire land in premium locations, which are currently easier to find buyers for,” announced Andrzej Sterczyński.
In strictly construction-related business, the company will also focus on premium investments, which require higher architectural, technological, and construction standards. It wants to execute more contracts like the construction of the Dynasy in Powiśle, completed on behalf of Marvipol.
“There is currently a price war in the residential market, and we do not intend to take part in it. We will be seeking contracts that ensure high profitability. We are interested, among others, in securing orders for high-rise buildings and premium residential developments,” said Andrzej Sterczyński.
West and East
Unibep is also expanding the scope of operations of Unihouse, a company active in the modular construction market, hoping that its streak of poor performance will come to an end. The company operates on the Norwegian market, but the nearly 30% depreciation of the Norwegian krone against the Polish złoty in recent years has negatively affected its performance and contracting capabilities. It is now expanding its operations on the Polish market. In 2025, Unihouse secured several contracts in Poland, including the construction of a nursery and buildings developed under the so-called social housing initiatives, with a total value exceeding PLN 30 million. The company expects to win more such contracts. Andrzej Sterczyński estimates the contracting potential of Unihouse on the domestic market at approx. PLN 200 million per year.
He also announces plans to strengthen the company’s expansion in the German market. As he emphasises, Germany plans to spend hundreds of billions of euros on defence and infrastructure investments. President expects that the demand for the implementation of investments, including in modular public utility buildings, will increase.
The Group also keeps a close watch on the East. The Group is expanding its representation in Lviv and plans to open a facility in Kyiv. For now, on the Ukrainian side of the border, the Group is implementing the contract signed last year for the construction of the Medyka – Shehyni border crossing. The costs are covered by the Polish state, and Unibep is counting on such secure contracts—financed or guaranteed by the Polish government, banks, insurance institutions, and international entities.
Industry and railway
Despite the challenging experiences during the performance of the contract for the construction of a heat pump factory for Viessmann, the group is not giving up on industrial, infrastructure, and energy contracts. It will focus on orders from the domestic industry. In the energy segment, it aims to compete for orders for cogeneration and heating facilities, including incinerators and biogas plants. The Company expects to secure orders worth PLN 800–900 million annually. In the third quarter, it will also begin efforts to confirm its credentials in the power transmission market.
Another area of the Group’s operations might be the construction of facilities for emerging technologies, such as hydrogen. The Group will seek such contracts in consortia with other entities. The Group will also bid in railway tenders with its partners—a new area of activity for the company. It does not plan to build or modernise railway tracks, but by participating in consortia, it intends to carry out various types of civil engineering and building works. Unibep is on track to sign a contract for a maintenance facility for Koleje Mazowieckie; its offer was the best. The President also reports that, together with a consortium partner whose name remains undisclosed, Unibep will take part in the largest PKP Polskie Linie Kolejowe tender planned for this year, for the modernisation of the Ełk–Białystok route. Its value is estimated at approx. PLN 5 billion.
The safest segment of Unibep’s portfolio is road construction. In recent years, the company has primarily carried out contracts in north-eastern Poland. However, it hopes that by expanding its regional structures, it will win more contracts in other parts of the country. It has just won first place in the tender for the design and construction of nearly 16 km of the Starogard Gdański bypass along national road no. 22.
From the analyst’s perspective
Needed diversification — Krzysztof Pado, BM BDM analyst
Unibep is undergoing restructuring. I assume it will last about two more years. Due to the low availability of credit, the residential segment, in which the company has previously specialised, is experiencing a crisis. Therefore, Unibep is exploring alternative areas of operation. The defence procurement market is expected to grow, but many general construction companies, such as Budimex, Erbud, and a large number of non-listed entities, are competing for contracts in this segment. Moreover, although defence construction contracts will positively impact the revenue of construction companies, it is uncertain whether they will ensure high profitability. The defence sector is a demanding client; we will see if the contracts will include guarantees for price adjustments, which could be crucial in the future. Railway construction, on the other hand, is a more promising segment than road construction, offering higher margins.