Unimot has released estimated consolidated financial results for Q3 2025. According to preliminary data, the consolidated EBITDA adjusted (for the estimated valuation of obligatory liquid and gaseous fuel stocks, justified cost and revenue deferrals and one-time events) amounted to PLN 87 million in this period, and the estimated sales revenues amounted to PLN 3,719 million.
The Group's performance in the same period last year was respectively: PLN 105 million of consolidated adjusted EBITDA and PLN 3,652 million of sales revenues.
The market environment in the fuel industry is still not conducive to delivering the results we expect. Particularly acute are the effects of the sanctions loophole, causing Russian-blended LPG to flood the Polish market in 2025, while as a Group we are bearing the costs of logistics from the west. Therefore, I am all the more pleased that the 19th sanctions package finally takes into account the problematic isobutanes and n-butane and they will disappear from the Polish market finally after 26 January, when the transition period for this package is going to end. At the same time, it is worth noting that in Q3 we generated a solid result in the bitumen segment, which is just finishing its seasonal peak. In turn, we see great potential for the future in transformational areas – we have already concluded three cooperation agreements with Ukrainian companies in the area of renewable energy sources, and on the Polish market we are going to carry out, among others, a large project for DINO, consisting in installation of PV panels on 120 stores of that chain,” said Adam Sikorski, President of the Management Board of Unimot S.A.
The liquid fuels segment achieved the adjusted EBITDA of PLN 18 million in Q3 2025. Negative pressure on the segment's financial performance was exerted by the land premium for diesel fuel, which remains at levels that limit the ability to earn satisfactory margins. In addition, at the beginning of Q3 2025, the diesel market was experiencing a strong backwardation trend, a situation in which prices for later delivery contracts were lower than current prices. On the other hand, the fuel industry was positively affected by the amendment to the Act of 16 February 2007 on Stocks of Crude Oil, Petroleum Products and Natural Gas (...). The changes introduced included a gradual reduction in the level of mandatory stock by fuel producers and traders, thus reducing their burden. Unimot estimates that thanks to the changes in the law, in 2025 the segment's adjusted EBITDA will rise by ca. PLN 5-6 million. The volume of liquid fuels sold in the reported period amounted to 600 thousand cubic meters.
The bitumen segment generated PLN 50 million in adjusted EBITDA in Q3 2025. This is a segment that achieves maximum sales efficiency in Q2 and Q3, due to the peak road construction and repair season.
The infrastructure and logistics segment, which includes fuel terminals and the railroad company Olavion, is generating financial results at a stable level. In Q3 2025, the adjusted EBITDA of this segment amounted to PLN 32 million.
In turn, the Q3 2025 adjusted EBITDA of the LPG segment was negative at -PLN 14 million. This is due to exploitation of a sanctions loophole in the Polish market, allowing the supply of isobutanes and n-butane of Russian origin. The surging sales of that Russian product in the Polish market resulted in deteriorating market conditions and significantly reduced the segment's efficiency. This factor, combined with the decline in domestic LPG consumption and the fact that Unimot Group had to incur increased logistics costs due to the shift in the supply chain to the west, resulted in losses on LPG sales. In addition, Q3 2025 includes costs resulting from the revaluation of unit costs related to LPG trading for the three quarters of this year.
Final operating and financial data will be published in the consolidated report for Q3 2025.
