In the first half of 2026, UNIMOT Group’s adjusted EBITDA reached PLN 250.9 million, with the Bitumen and Infrastructure & Logistics segments jointly accounting for nearly 58% of the year-on-year increase. UNIMOT Group generated PLN 7.90 billion in revenue, while adjusted net profit amounted to PLN 110.7 million.
In Q2 2026, UNIMOT Group generated PLN 4.37 billion in revenue, PLN 146.0 million in adjusted EBITDA and PLN 120.8 million in adjusted net profit. Reported EBITDA was negative PLN 49.5 million, while consolidated net loss amounted to PLN 77.4 million.
The difference between reported and adjusted EBITDA was primarily attributable to an accounting adjustment related to the valuation of mandatory liquid fuel stocks and the timing of logistics costs. The total value of EBITDA adjustments in Q2 amounted to PLN 196.0 million.
H1 2026, consolidated results:
Revenue: PLN 7.90 billion vs. PLN 7.20 billion y/y
Adjusted EBITDA: PLN 250.9 million vs. PLN 157.6 million y/y
Adjusted net profit: PLN 110.7 million vs. PLN 36.9 million y/y
“The first half of 2026 demonstrated the importance of the diversification of UNIMOT Group’s business. The sources of our results were spread across different areas of our operations, while conditions varied significantly between individual segments. This structure allows us to partially mitigate the impact of changes taking place in individual markets, although the operating environment remains difficult to predict. Operational flexibility, risk management and the ability to respond quickly to market and regulatory changes are becoming particularly important today,” says Adam Sikorski, President of the Management Board of UNIMOT S.A.
Diversified sources of performance
UNIMOT Group’s adjusted EBITDA increased by PLN 93.2 million year-on-year in H1 2026. The Bitumen and Infrastructure & Logistics segments jointly accounted for nearly 58% of this increase. The Bitumen segment improved its result by PLN 29.9 million, while Infrastructure & Logistics increased its result by PLN 23.6 million.
In the Bitumen segment, adjusted EBITDA amounted to PLN 66.5 million, up 82% year-on-year. Segment revenue increased by 21% to PLN 685.7 million. The result was supported, among other factors, by flexible adjustments to the product offering in response to market conditions, diversification of supply sources and active price and foreign exchange risk management, including hedging, procurement and logistics optimisation, and inventory management. UNIMOT Bitumen also played an important role in balancing the availability of bitumen products on the Polish market and expanded deliveries using its own fleet.
The Infrastructure & Logistics segment generated PLN 75.2 million in adjusted EBITDA, an increase of 46% year-on-year. The result was supported, among other factors, by more efficient use of storage capacity and the development of activities carried out at the terminals, including bioblending, the production of diesel fuel for heating and marine applications, LPG and FAME. Transport work increased by 10% to 487 million net tonne-kilometres, while the volume of products handled and dispatched at terminals decreased by 11%. The Group also continued to develop its own and leased rail fleet. In January 2026, Olavion completed the acquisition of a 60% stake in the German company RBP-Rheinische Bahnpersonal- und Verkehrsgesellschaft mbH, expanding the Group’s rail operations into the German market.
Other areas of the business showed mixed trends. Natural gas sales volumes increased by 70% year-on-year to 2,367 GWh. The segment benefited, among other factors, from higher sales to end customers and gas deliveries to foreign wholesale markets. Sales in the renewable energy segment, measured by the capacity of completed installations, increased by 112% year-on-year to 23.4 MWp.
In the Service Stations segment, adjusted EBITDA amounted to PLN 7.6 million, an increase of 7% year-on-year. At the end of June, the AVIA network comprised 151 stations, including 96 franchise stations and 55 operated directly by UNIMOT. Five new stations were launched in Q2: two company-owned stations, including one AVIA Truck location, and three franchise stations. Sales volumes under the AVIA Card fleet programme exceeded 44.7 million litres, up 29% year-on-year. At the same time, the segment was affected by a decline in fuel sales volumes following the introduction of the CPN package and pressure on non-fuel operations. Non-fuel margin amounted to PLN 10.2 million in H1, down 8% year-on-year.
In the Liquid Fuels segment, sales volumes amounted to 1.10 million m³ in H1, down 9% year-on-year. Adjusted EBITDA amounted to PLN 82.1 million. In Q2 alone, adjusted EBITDA increased by 8.3% year-on-year to PLN 38.7 million, despite a 15.1% decline in sales volumes and higher year-on-year costs of maintaining mandatory stocks.
The segment was also affected by strong backwardation, i.e. a situation in which current fuel prices are higher than prices for delivery at later dates. This reduced the economic attractiveness of fuel storage and was one of the factors limiting the attractiveness of seaborne imports.
In Q2, UNIMOT reduced seaborne diesel imports, as they did not provide an adequate level of profitability under prevailing market conditions. At the same time, supplies from German refineries increased the Group’s resilience to market fluctuations and shocks and supported supply continuity. Higher financing costs related to mandatory stocks and working capital, resulting from a sharp increase in petroleum product prices, were an additional burden.
More challenging conditions affected the LPG segment, where sales volumes decreased by 11% year-on-year to 128.7 thousand tonnes, while adjusted EBITDA amounted to PLN 2.9 million compared with PLN 4.7 million a year earlier. The segment was affected, among other factors, by higher logistics and supply chain adjustment costs and volatility in energy market prices. Demand was also affected by the unfavourable price relationship between LPG and petrol under the maximum retail price regulations covering petrol and diesel but not LPG.
Development of the Group’s business
In H1 2026, UNIMOT Group continued activities aimed at developing and diversifying its business. In addition to expanding Olavion’s operations into the German market, key projects included securing long-term access to LNG infrastructure and commencing the development of the Group’s own renewable energy generation assets.
UNIMOT Energia i Gaz entered into agreements with GAZ-SYSTEM concerning access to the infrastructure of the second floating LNG regasification terminal in the Gdańsk area. The Group secured the right to 12 regasification slots per year for 15 years, starting in 2030. The total estimated value of the agreements in terms of regasification fees amounts to PLN 2.11 billion net.
In June, UNIMOT Renewables acquired a 100% stake in a company implementing the Gostynin wind farm project, with a planned capacity of 34.2 MW. The purchase price for the shares amounted to PLN 51 million, while estimated total capital expenditure related to the project may reach up to PLN 302 million. The wind farm comprises nine turbines with an individual capacity of 3.8 MW and is currently at the preparation and implementation stage.
“In the first half of the year, UNIMOT Group played an important role in filling the import gap in the domestic liquid fuels market, providing additional supplies where domestic supply was insufficient. In an environment of high market volatility, our expertise in international trading, diversification of supply routes and logistics is particularly important, allowing us to respond flexibly to market needs. At the same time, we are developing activities in areas where we can leverage the expertise built by the Group in recent years, such as LNG, renewable energy and logistics,” adds Adam Sikorski.
UNIMOT Group is Poland’s largest independent multi-energy group, with more than 30 years of experience in the fuels and energy market. The Group operates, among other areas, in liquid and gaseous fuels, electricity, renewable energy, fuel infrastructure, rail logistics, bitumen, the AVIA service station network and the defence sector.
