Unimot published estimates of consolidated financial results for Q4 2024. According to preliminary data, the adjusted consolidated EBITDA (adjusted for estimated valuation of mandatory liquid and gas fuel inventories, justified timing shifts in costs and revenues, and one-time events) amounted to PLN 82.1 million. After including the conditional payment related to the bitumen segment amounting to PLN 22 million, it reached PLN 60.1 million. The estimated total revenues for the reported period were PLN 3,927 million.
The results of the Group in the corresponding period of the previous year were as follows: PLN 46.6 million in adjusted consolidated EBITDA and PLN 3,049 million in total revenues.
"We are pleased with the solid financial results achieved in Q4, which were the outcome of strong operational performance. We are particularly pleased with the bitumen segment, which, thanks to the tremendous effort put into the development of this company after the acquisition—especially through consistent operational optimization and leveraging our years of experience in import and trading—achieved results that exceeded the expectations set when this business was integrated into the Unimot Group. According to the agreement made in 2023, we will have to incur the cost of so-called conditional payments. From a management perspective, we can only be pleased that the combination of our potentials has resulted in synergies, leading to such strong results, and we hope that this trend will be maintained. We are also satisfied with the achievements of the other segments, including the liquid fuels segment, which, after the turmoil in the second half of 2023, is now operating in a market equilibrium that allows for stable business operations," says Adam Sikorski, the President of the Management Board of Unimot S.A.
The results of the Unimot Group in Q4 2024 were primarily impacted by the bitumen segment, which achieved an adjusted EBITDA of PLN 19 million in Q4 2024. After accounting for the conditional payment, the result amounted to -PLN 3 million. The conditional payment of PLN 22 million was estimated for the entire 2024 and arises from Unimot Bitumen meeting the conditions outlined in the agreement signed on April 7, 2023. Under this agreement, the Unimot Group acquired 100% of the shares in Lotos Terminale (now Unimot Terminale) from ORLEN S.A., and at the same time took control over the Uni-Bitumen company (now Unimot Bitumen). The conditional payments are dependent on Unimot Bitumen meeting two conditions simultaneously in the years 2023-2032: exceeding the reference EBITDA margin and exceeding the reference result established in the agreement for each year. The conditional payments are currently being accrued, and their disbursement will occur after the repayment of the loan financing the acquisition of Unimot Terminale assets.
The liquid fuels segment of the Unimot Group achieved an adjusted EBITDA of PLN 45.1 million in Q4 2024. This segment was positively impacted by a decrease in purchase premiums, costs of maintaining mandatory inventories, and higher land premiums. The Unimot Group continues to consistently pursue the diversification of its product portfolio and focuses on introducing and increasing the share of products that allow for the generation of higher margins.
Stable financial results were achieved by the infrastructure and logistics segment, which recorded an adjusted EBITDA of PLN 24 million. This segment includes, among others, activities related to fuel storage and railway transport services.
The natural gas segment achieved an adjusted EBITDA of PLN 11.1 million, mainly due to the sale of natural gas to end customers and the use of its storage capacities in trading this commodity.
The results of the LPG segment (-PLN 2.2 million) were under pressure due to pricing challenges arising from an oversupply of the product from the eastern direction in the Polish market, while the Unimot Group also incurred costs related to the execution of a contract for the transshipment and storage of LPG gas in Wilhelmshaven (Germany). The contract was signed to ensure greater independence and logistical stability for the Unimot Group in the supply of LPG gas, following the implementation of the LPG import ban from Russia to the European Union, effective in December 2024.
As for the operational results achieved by the Unimot Group in Q4 2024, according to preliminary estimates, the Group achieved a sales volume of diesel, heating oil, gasoline, and biofuels at 685.8 thousand cubic meters (a 43% increase year-on-year). Additionally, the Group recorded an 8% year-on-year decrease in LPG gas sales, reaching 62 thousand tons.
