Tuesday, 15 September 2026
Unibep could see its order book approach PLN 6 billion as several large contracts move towards finalisation, while the Polish construction group maintains a more selective approach to new business and prepares for the possibility of lower general construction revenue in 2026.
The company currently estimates its backlog at around PLN 4.5–4.6 billion. That figure could move close to PLN 6 billion if major projects in the pipeline proceed to signed contracts. Among them are works connected with the E75 Białystok–Ełk railway section and a planned sports and entertainment arena in Białystok. At the end of June, the combined construction and modular backlog stood at approximately PLN 3.66 billion.
The larger pipeline follows a first half in which Unibep deliberately limited the amount of new work it accepted. New contracting across the construction business was substantially lower than a year earlier, reflecting management’s decision to focus more heavily on the expected profitability of projects rather than expanding turnover through less attractive contracts.
This approach is visible in the group’s first-half financial performance. Consolidated revenue declined 17.3% year-on-year to PLN 856.6 million, but gross profit from sales remained close to the previous year’s level at PLN 80.9 million. As a result, the gross margin increased to 9.4% from 7.9%. Construction revenue fell 28.4% to PLN 648.4 million, while the segment’s gross margin improved to 10.2% from 6.9%.
Management has indicated that general construction revenue may remain below the 2025 level for the full year because the first-half shortfall is unlikely to be completely recovered. Part of the difference could be offset by stronger activity at Unihouse, where modular construction revenue increased sharply during the first six months of the year.
Residential development is also showing stronger sales activity. Unidevelopment sold 164 homes during the first half of 2026, compared with 110 a year earlier, representing an increase of 49%. Unibep is aiming for approximately 300 residential sales over the full year, although management has acknowledged that reaching this level will depend on market conditions.
The developer is also looking to replenish its land portfolio, with Warsaw remaining the immediate priority and the Tricity market expected to receive greater attention in subsequent periods. Management does not currently intend to expand Unidevelopment into additional regional markets.
The combination of a potentially much larger construction pipeline, improving margins, expanding modular activity and stronger residential sales suggests that Unibep is entering the second half of 2026 from a stronger position than its headline revenue decline might indicate. The key issue will be how much of the prospective workload converts into signed contracts while the group maintains the improved profitability that has become central to its contracting strategy.
