Unibep S.A. – Analytical report

The last quarter of last year was very good for Unibep, especially in the field of construction activities. The margins realized by the company both in 4Q'25 and in the whole of 2025 were the highest in several years. In 2026, it will almost certainly not be possible to achieve such high levels of profitability – we forecast a slight increase in revenues, but slightly lower profits. The long-term outlook for the company remains positive, and the good results of 2025 and a strong balance sheet confirm the improvement in the quality of the group's management. We are raising the target price per share from PLN 15.0 to PLN 17.5 within 12 months, but due to the nearly 50% increase in the share price since our previous recommendation from September 26 last year, we are lowering the recommendation to "accumulate".