Unibep S.A. – Summary of preliminary 1Q’26 results

The preliminary estimated results achieved in 1Q'26 do not differ significantly from our forecasts – lower revenues, but slightly better margins. The results were negatively affected by very unfavorable weather conditions in January and February. At the current share price, we maintain a positive attitude towards the stock, we expect the backlog to grow in the coming months and improve the results in the coming quarters. However, the base of results from 2025 is high, in the whole of 2026 we forecast higher consolidated revenues in the Unibep group, but lower profits y/y