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ULM GPW Periodic report · PAP Biznes

Ulma Construccion SA (ULM) · Q1 2026 results

Share price: 51.50 zł · 2026-11-10

Results Q1 2026 vs Q1 2025 · year over year · published 20 May 2026 and 20 May 2025

Net income turned to a loss from a profit a year earlier. The report's language is unchanged.

Only a basic analysis is available for this company at the moment.

1 · Numbers

Turned loss

Net income vs Q1 2025

Net income -2.9M vs 309.0K

Revenue −8.1%

2 · How the report reads

Unchanged

Language tone vs last period

Report language: restrained for a company report — about as upbeat as in Q1 2025.

Weak signal: formal report language, not a call.

3 · What stood out

Figure

The company signed agreements for project funding totaling 255 billion PLN in eligible expenditures, which includes 198 billion PLN in EU funding.

Official channels

The company's own website and social media accounts.

Read between the lines

No major shifts flagged this period.

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q1 2025.

Report language Restrained (was restrained)

Restrained for a company report — about as upbeat as in Q1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“The engineering sector had the greatest impact – a decrease of 55%, non-residential construction – a decrease of 28%, and residential construction decreased by 15%.”
“In the period January-March 2026, the construction industry recorded a strong growth in the volume of completed construction works, which amounted to 1,231.4 billion tenge, representing an increase of 14.8% compared to the same period...”
“The negative impact of rising energy prices on the economy is not yet felt in Q1, however, tensions will be higher in the summer and autumn.”

Full figures

PLN · PAP Biznes report (2026-05-20)

Metric Q1 2026 Q1 2025 Change
Revenue 48.8M 53.1M −8.1%
Gross profit 4.8M 8.8M −45.8%
Operating income -3.2M 1.3M Turned loss
Net income -2.9M 309.0K Turned loss
EPS -0.56 0.06 Turned loss
P/E today 19.5 24.6 19.4 +5.2

Topics

Topics are drawn from the full report text, not management commentary.

Most discussed now

  • The discussed factors typically improve in subsequent quarters, and the peak of the construction season usually falls in the third quarter…
  • The Group updates the present value of liabilities for benefits after employment once a year on the balance sheet date at the end of the…
  • Wage growth in construction was significantly higher and reached 8% (6.3% in February).
  • The biggest market barrier for construction companies remains high employment costs, clearly distancing the next barriers: high burdens on…
  • Defense coordination remains intact, and support for international financial programs continues, with key Western institutions viewing…

Faded since Q1 2025

  • Fading In road construction, there was a real decline of 2%, and in the segment most important from the Company's point of view, covering the…
  • Fading In the first quarter of 2025, the Capital Group achieved a financial surplus (net profit + depreciation) amounting to 14,252 thousand.
  • Fading Rising inflation, combined with a high exchange rate, is causing a significant increase in costs

Latest announcements

Official filings, newest first.

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