- EBIT profit, excluding one-off events*, shows a trend of improving profitability, which increased both in absolute and percentage terms on a quarterly basis in 2025. For the full year 2025, operating profit was higher than in 2024 by PLN 43.6 million, representing a 70.5% increase.
- Net profit attributable to shareholders of the parent company, excluding one-off events, rose to PLN 38.4 million compared with a net loss of PLN 3.6 million a year earlier.
- As of 31 December 2025, the Capital Group held a net cash position of PLN 150 million, compared with net debt of PLN 103 million as of 31 December 2024.
- Contract acquisition (construction and modular segments) amounted to PLN 2,934 million, representing a 74% increase.
- The order portfolio of the construction and modular segments grew to PLN 4.0 billion in 2025, up from PLN 3.1 billion the previous year.
The Management Board of Unibep SA (Issuer) announces that, following the completion of the aggregation of preliminary financial data carried out for the preparation of the 2025 financial statements, the Boar has decided to disclose preliminary estimated selected financial and operational data of the Unibep Capital Group (Capital Group) for 2025, which have been published in the ESPI stock exchange system. Below is the commentary on the presented preliminary estimated data.
The Issuer emphasises that when analysing the 2025 results against the financial data for the corresponding period of the previous year, the one-off nature of certain events should be kept in mind. These are described later in this Commentary. Below are the preliminary estimated financial results of the Capital Group for 2025 and 2024, adjusted for the above-mentioned one-off events.
The Issuer presents below the consolidated estimated financial data both including and excluding one-off events.
In 2025, the Capital Group’s revenue was 9.5% lower year-on-year, mainly due to negative dynamics in the development and construction segments. Within the construction segment, the decline in sales was primarily related to the selective approach to contract acquisition for new projects, employed in 2024 to improve overall operational profitability. And the development segment recorded a year-on-year slowdown, reflecting the generally weak condition of this market segment in 2025. As a result, despite the drop in sales, excluding one-off events, the gross sales margin increased to 9.7% in 2025 from 6.8% a year earlier. Operating profit also recorded a positive change (profitability increased to 4.5% in 2025 from 2.4% a year earlier).
The above preliminary 2025 results were influenced by factors and events within the individual business segments.
- The construction segment (sales decline of 9%) includes the general, energy, and infrastructure construction sectors. The general construction segment comprises the structural construction, presented in previous current and periodic reports, as well as the industrial segment, separated from the power and industrial construction segment. Changes in revenue levels for 2025 compared with the corresponding period of the previous year by business sector are as follows:
- The energy construction sector (increase of 68% year-on-year),
- The infrastructure construction sector (increase of 20% year-on-year),
- The general construction sector (decrease of 38% year-on-year), mainly due to low contract acquisition in 2024, which resulted in a declining backlog of orders,
- Modular construction (i.e., the operations of the subsidiary Unihouse S.A.) (sales increase of 13% year-on-year).
- The development segment (sales decline of 25% year-on-year) following the handover process of apartments according to the adopted schedules, as well as the adverse macroeconomic situation affecting the residential construction market.
Excluding one-off events, in 2025 the Capital Group achieved an operating profit of PLN 105.4 million, which represents a positive change of PLN 43.6 million compared with PLN 61.8 million recorded in the corresponding period of the previous year.
The analysed level of operating profit was influenced by the results achieved in the individual business segments, as discussed further in this commentary.
Beyond the aforementioned events, the Capital Group recorded an increase in administrative expenses of approx. PLN 14.5 million (i.e., 14%), mainly due to payroll adjustments, strengthening of central structures, and recognition of estimated costs related to future employee compensation settlements.
The final net result was also affected by factors related to financial activities. The financial activity balance was lower compared with 2024, primarily due to a high base in the prior-year period. Last year, the Company completed a transaction to sell shares in a foreign company, which resulted in the loss of joint control over the subsidiary and positively impacted the financial result through adjustments to balance sheet positions.
As a result of the above factors, in 2025 the Capital Group reported a net profit of PLN 43.4 million, compared wit
h PLN 24.5 million in the corresponding period of the previous year, excluding the impact of the above one-off events. Net profit attributable to shareholders of the parent company in the current year amounted to PLN 38.4 million, compared with a net loss of PLN 3.6 million recorded the previous year.
At the end of 2025, the Capital Group’s cash position amounted to PLN 501 million, compared with PLN 263 million at the end of 2024. Accordingly, as of 31 December 2025, the Capital Group held a net cash position of PLN 150 million, compared with net debt of PLN 103 million as of 31 December 2024.
Below is a quarterly overview of the Capital Group’s financial results, excluding one-off events, showing improvement in results over the reporting periods in 2025.
* Explanation of the nature and impact of one-off items in 2024 and 2025
The overall operating profitability achieved by the Capital Group in 2024 was influenced by a one-off event recorded in the development activity. The Issuer’s subsidiaries operating within the Unidevelopment Group at that time adopted resolutions to cease preparatory work on selected land plots for residential projects and to retain these plots to benefit from their value appreciation. This involved reclassifying the land from inventories to investment properties and measuring the land at fair value. In addition, a decision was made to sell a plot on Cooper Street in Warsaw. The above factors had a positive impact on the results reported for 2024, both at the operating profit level (+PLN 106.8 million) and net profit (+PLN 83.1 million).
The one-off event in 2025 was the further revaluation to fair value of the land reclassified in 2024 from inventories to investment properties. The valuation adjustment increased the value of the investment property and impacted operating profit (+PLN 7.2 million) and net profit (+PLN 5.8 million).
In the construction segment, which includes the general construction, energy, and infrastructure sectors, despite a 9% decline in sales, gross sales profitability improved to 8.6% compared with 3.7% in 2024.
The decline was mainly driven by lower year-on-year sales in the general construction sector (decrease of 38%). The general construction segment comprises the structural construction, presented in previous current and periodic reports, as well as the industrial segment, separated from the power and industrial construction segment.
At the start of 2025, the general construction segment began the year with the backlog of order approx. 40% lower than the previous year. This was due to lower, selective, and cautious contract acquisition in 2024. The residential sector, which is a significant part of the general construction segment, therefore entered a slowdown phase in 2025. Market data indicate that from January to December 2025, building permits for residential units were 8.8% lower than in 2024 (including a 16.6% year-on-year decrease for developers). Additionally, the number of apartments for which construction has started was 9.2% lower than in the previous year, which also negatively affected the Issuer’s operations in the residential sector.
At the same time, Unibep SA was actively engaged in military construction orders, which significantly contributed to the improvement of the order portfolio in this market segment compared with the same period of the previous year. As a result, the sector’s gross sales margin increased to 9.1% in 2025 from 2.3% in 2024, which was burdened by the final settlements of several loss-making contracts originating in 2023.
Contract acquisition improved significantly compared with 2024. In general construction, it amounted to PLN 1.2 billion, compared with PLN 0.4 billion in 2024 (an increase of 201% year-on-year), which also translated into the backlog of order of PLN 1.55 billion at the end of 2025 (increase of 58% year-on-year). Within this sector, military orders acquired in 2025 amounted to PLN 0.53 billion, and the backlog of orders for military projects at the end of 2025 was PLN 0.67 billion. After the reporting date, Unibep SA secured a residential contract worth PLN 43 million.
A significant increase in revenue was achieved in the power construction sector (68%). The previous year was very challenging for the sector, particularly regarding the settlement of loss-making contracts originating in 2023. In 2025, a large portion of revenue was recognised from projects signed in 2024 in the cogeneration sector, which are now in the intensive implementation phase. The contracts currently being executed are the result of a deliberate approach to contract acquisition from a profitability perspective. As a result, the gross sales margin increased from 0.6% to 9.6% year-on-year.
The backlog of orders in the energy sector is of good quality. Important contracts are being executed in Elbląg, Zdzieszowice, and Żywiec. We have successfully completed the contract in Białystok for Enea Ciepło. We are increasingly active in the energy sector through projects involving cogeneration, biomass boilers, gas and oil boilers, and waste incineration plants.
In 2025, projects worth approx. PLN 0.8 billion were contracted in the energy construction sector (in 2024, contract acquisition amounted to PLN 0.38 billion, an increase of 110% year-on-year). As a result, the backlog of orders at the end of 2025 stood at PLN 0.87 billion (including the optional part of the contract for the construction of a gas-fired cogeneration plant at the Kraków CHP, which the ordering party confirmed in January 2026). The Issuer is currently awaiting the signing of contracts following the submission of the most advantageous bids in tender procedures. Their total value is currently approx. PLN 380 million.
The infrastructure sector also performed well in terms of sales, showing a 20% year-on-year increase in turnover. This was influenced by the so-called low base effect, mainly on “design and build” contracts, which remained at
the design stage in 2024 and entered the implementation phase in the analysed period of 2025. A significant impact on sales came from the acquisition and completion of the contract for the reconstruction of an existing technical road along the border with the Republic of Belarus. In 2025, the infrastructure segment recorded a gross sales margin of 7.5%, compared with 7.6% in 2024.
Contract acquisition in the infrastructure sector decreased by approx. 25% compared with 2024 (PLN 0.58 billion in 2025 vs. PLN 0.76 billion in 2024), largely due to the low supply of new public sector projects. Many road projects were not announced in 2025 due to environmental constraints or were still in the appeal process. This resulted in an order portfolio of PLN 1.35 billion at the end of 2025 (a decrease of 13% year-on-year). The Issuer is currently awaiting the signing of contracts following the submission of the most advantageous bids in tender procedures. Their total value is currently approx. PLN 332 million.
The sector continues efforts to diversify geographically and product-wise. The commercial teams are actively seeking additional contracts in new regions of the country. One of the goals is to secure a project in the railway construction sector.
At the end of 2025, the backlog of orders of the entire construction segment increased to PLN 3.8 billion from approx. PLN 3 billion the previous year. Contract acquisition within the segment amounted to approx. PLN 2.6 billion (an increase of 67% y/y).
Similarly to the commentary on the Capital Group’s results, the Issuer’s Management Board notes that one-off events recorded in the development activity influenced the overall operating profitability achieved in both 2025 and 2024.
In 2024, the subsidiaries of the Issuer operating within the Unidevelopment Group adopted resolutions to discontinue preparatory work on selected land plots for residential development projects and to retain these plots to benefit from their potential appreciation in value, which required reclassifying the land from inventory to investment property and measuring it at fair value. In addition, the sale of a plot located on Coopera Street in Warsaw was completed.
A one-off event in 2025 was the adjustment of the fair value of land reclassified in 2024 from inventory to investment property. The market-driven valuation adjustment caused an increase in the value of the investment property and impacted the operating result as well as net profit.
The Issuer presents below the consolidated estimated financial data both including and excluding one-off events.
Sales in the development segment reached approx. PLN 224 million (a 25% decrease y/y). On one hand, the sales level was influenced by the execution of scheduled handovers of apartments in accordance with the signed development agreements. On the other hand, the significant negative factor affecting the potential of the entire development segment was the unfavourable macroeconomic situation impacting the residential construction market.
In 2025, the Capital Group recorded sales of 296 units in the development segment, compared with 231 units the previous year (an increase of 28% year-on-year), of which 14 units in 2025 were part of joint development projects with external partners (66 units in 2024).
For revenue from handovers, 303 units were recognised in 2025, compared with 491 units in 2024 (a decrease of 38% year-on-year), of which 24 units in 2025 were part of joint development projects with external partners (345 units in 2024). It was a key factor in the overall sales volume. Gross profit on sales declined to 23% in 2025 from 30.6% in 2024, reflecting lower sales, its structure, and adjustments to the offer in line with market conditions and customer expectations.
At the end of 2025, the Unidevelopment Group had signed 10 new reservation agreements for residential units in ongoing projects.
In 2025, the Unidevelopment Group conducted sales across 10 residential investments. During this period, the Group began handing over the premises in the “Sadyba Spot” project in Warsaw’s Mokotów district and in the Osiedle Idea Aurora project in Radom. It also started construction and sales of units in the second stage of the “Kusocińskiego” investment in Gdańsk. In Q4 2025, the Group began handing over the premises in the first stage of the “Kusocińskiego” investment and launched a new residential project in Warsaw, “Omulewska”, which will comprise 237 units.
At the same time, the Management Board anticipates the possibility of optimising the existing land bank in order to focus on investments that create the most favourable conditions for achieving key business objectives in the development sector.
The modular segment, implemented and supervised by Unihouse SA, achieved sales of over PLN 191 million in 2025, which was higher than in the previous year by +13%. The sales structure changed significantly compared to previous years. The economic slowdown in the German and Scandinavian markets resulted in reduced operations in these countries. The share of exports decreased to 23% (47% in 2024).
Contracts signed in 2025 amounted to PLN 0.34 billion (PLN 0.13 billion in 2024). As a result, the backlog of orders reached PLN 0.24 billion at the end of 2025, an increase of 183% year on year. A significant item is the largest export contract in the segment’s history, secured in Frankfurt am Main, Germany, in October last year, with a value of approx. PLN 152 million (a contract significant for market and financial reasons, as well as for ensuring continuity of production and the efficient use of the factory’s production capacity over the next two years).
Optimisation measures initiated in 2023 and continued in 2024 and 2025 at Unihouse SA have yielded tangible results. The segment’s gross profit margin increased from 3.2% to 6.8%. EBIT also turned positive, increasing 147% year-on-year.
A similar trend was observed in production, which reached 28 100 m2 in 2025. It was nearly double the 14 500 m2 produced in 2024.
The management of Unihouse SA is actively expanding market penetration in Poland and abroad, resulting in additional contracts in the backlog of orders. After the reporting date, three contracts totalling approx. PLN 80 million were secured. Additional significant contracts are under preparation and are expected to be finalised in the coming months of 2026. The management of Unihouse SA positively assesses the prospects related to the concentration of acquisition activities on the Polish and German markets, where the Unihouse SA brand is already established.
THE OUTLOOK
Our corporate objective remains unchanged: to build the company’s value as a diversified entity developing in a balanced manner across all currently pursued areas of activity. We prioritise increasing the order portfolio in segments with higher profitability and stronger market growth dynamics, while at the same time ensuring financial stability.
The general construction segment is intensifying efforts to acquire new contracts and expanding its operations across Poland. The defined regionalisation of structures enables more active operations in the markets of Małopolska, Podkarpacie and Lower Silesia. In this area, in 2025 we signed contracts with a total value of PLN 1.2 billion, which translated into a backlog of orders exceeding PLN 1.5 billion at the end of the year. The military segment is developing dynamically, with contracts worth approx. PLN 0.53 billion secured since the beginning of the year. The military sector has become a very important element of our operations and will continue to be further developed. This will be supported by implemented organisational changes and the establishment of dedicated structures for the execution of special projects. Available market data indicate that expenditure on the construction and modernisation of military infrastructure, together with the “East Shield” programme, may exceed PLN 120 billion over the next 10 years. As a company with a majority of Polish capital, we are particularly motivated to participate in investments related to broadly understood national defence.
The structure of executed orders should gradually shift towards the development of public utility and industrial construction, alongside specialised construction, while at the same time limiting activity in residential construction. As the Issuer, we remain ready to continue development in eastern markets. Organisationally, we are prepared to participate in the reconstruction of Ukraine.
Within the infrastructure sector, the value of contract acquisition at the end of the third quarter of 2025 amounted to PLN 0.58 billion and was 25% lower than in the corresponding period of the previous year. The decisions of the contracting authorities to launch tenders and contracts were postponed.
The accumulation of road tenders in 2026, following a weak 2025, may create an opportunity to enter new voivodeships. We are analysing our opportunities and prospects for establishing operations in the Wielkopolskie and Świętokrzyskie voivodeships, where we anticipate numerous tenders. In 2026, total expenditure on transport infrastructure in Poland is expected to amount to approx. PLN 100 billion. GDDKiA plans to allocate around PLN 20 billion for the construction of motorways, expressways and ring roads, while railway companies, including PKP PLK, announce the contracting of investments worth approx. PLN 40 billion. Additionally, Centralny Port Komunikacyjny plans to launch tenders with a total value of around PLN 40 billion in 2026. We intend to actively participate in securing selected contracts in these areas, particularly as efforts are underway to establish our presence in the railway market, and an important success for us was securing a contract for the design and construction of a railway siding together with accompanying works for CPK.
The energy sector already demonstrated its significant role in the revenue and profit structure of the Unibep Capital Group in 2025. As a company, we aim to participate in Poland’s energy transition, and market announcements indicate that substantial financial resources are planned for investments in the energy sector.
Favourable prospects for further development are supported by the large scale of planned public expenditure, including PLN 80 billion for the development of PSE transmission networks in 2025–2034 and approx. PLN 85 billion in investments planned by PKN Orlen for renewable energy sources and petrochemicals by 2031. In addition, the construction of nuclear infrastructure—estimated at approx. PLN 300 billion—is also highly significant, and we intend to participate in this process in the area of accompanying infrastructure.
Unidevelopment SA is a company with extensive know-how, operating in promising markets, including locations that in 2025 ranked among the top in Poland in terms of sales of new residential units (Warsaw and the Tri-City). Thanks to its optimised structure and knowledge of the specifics of individual cities, the company is able to effectively utilise their potential and translate it into the achievement of its business objectives.
In 2026, the company will focus on the continued implementation of projects already launched in Warsaw, the Tri-City and Radom, and will expand its offering later this year. The company’s plans assume a focus on projects ensuring a fast return on capital, secure in terms of the status of the development land and located in attractive locations. Additional development prospects arise from the possibility of leveraging the extensive experience of Unidevelopment SA in joint venture cooperation with external partners.
Unihouse S.A. has diversified its backlog of orders, strengthening its position in the Polish market while continuing its presence in the Scandinavian and German markets. An example is the contract signed in Q4 2025, with a value exceeding PLN 152 million, which will be executed in 2026–2027 and ensures approx. 30% utilisation of production capacity in 2026. A strong backlog of orders also provides opportunities to stabilise and optimise production processes.
In Norway, private sector investments are currently on hold; however, in 2025 the company continues activities related to the execution of contracts within public procurement projects. In 2025, another facility was completed and put into use, and the third project under public procurement is currently nearing completion. The geopolitical situation and uncertainty among private investors are causing delays in investment decisions. The low NOK exchange rate does not help either. Consequently, the Company’s activities are focused on the public procurement sector, where attention is currently concentrated, and within which it continues to execute ongoing projects.
In the German market, despite a recession persisting over the past two years, the Company sees development prospects, particularly in public contracts related to the defence sector. Increasing expenditure on modernising armed forces and security infrastructure creates stable, long-term opportunities to execute high-value, strategically significant projects. Securing a strategic public contract serves as an important reference point for the Company’s further activity in this market. This project not only strengthens its credibility as a partner in public tenders but also opens up new opportunities for cooperation in future ventures, especially in the military and defence-adjacent segments. As a result, the German market is becoming increasingly important for the Company in terms of future foreign expansion, representing a promising growth direction based on stable modernisation programs and predictable streams of public orders in the defence sector.
The Management Board of the Issuer believes that, under current market conditions, particular attention should be focused on the domestic market, where the Company sees significant and still untapped potential. At the same time, a stable level of orders is maintained in the Polish market, and growing client confidence in the high quality of delivered products and executed projects strengthens the Issuer’s position and supports the acquisition of additional contracts. Previous experience in executing projects for the military sector, including the construction of barracks buildings in Tomaszów Mazowiecki, as well as collaboration with institutions operating in the residential construction area, particularly with Social Housing Initiatives, provides a solid foundation for the continued, stable development of activities in the domestic market.
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.