Unibep S.A. – Analytical report

The financial results of 2Q'25 show the positive effects of the activities carried out to improve the profitability of contracts. The gross margin on sales in the construction segment reached 7.7% and the operating profitability reached 4.3%, levels not observed in Unibep S.A. for 5 years. In recent months, the company has been acquiring a larger number of orders, standing out positively from other construction companies. The Group's order book at the end of Q3'25 is likely to exceed PLN 4 billion and will be at a record high. Net debt in the last quarter, despite the intensification of works in the summer season, decreased, and thanks to the advances received for the implementation of contracts, it may fall by the end of this year. We are increasing the target price per share from PLN 14.3 to PLN 15.0 within 9 months. We recommend buying shares.