4iG (4IG) H1 2026 earnings summary

Executive summary

• Net revenues rose 16.7% year-over-year to HUF 409.4 billion in H1 2026, with normalized EBITDA at HUF 126.3 billion and EBITDA margin at 30.9%.

• Telecommunications remained the largest segment, while IT and Space and Defence showed robust growth; 89% of revenue was generated in Hungary.

• Strategic transformation continued with major investments, including a $100 million investment in Axiom Space, full ownership of Colt CZ Hungary, and entry into the energy sector.

• Improved credit profile and disciplined leverage, with net debt/EBITDA at 3.7x and BB- stable rating confirmed.

• Energy sector entry announced, with projects in wind and SMR nuclear across Hungary, Poland, North Macedonia, and Montenegro.

Financial highlights

• H1 2026 net revenues reached HUF 409.4 billion, up 16.7% year-over-year, mainly from M&A in space and defence and IT project deliveries.

• Normalized EBITDA for H1 2026 was HUF 126.3 billion, down 3.6% year-over-year; EBITDA margin declined by 6.5 percentage points to 30.9%.

• Profit after tax was HUF 21.9 billion, reversing a loss of HUF 1.1 billion in H1 2025.

• Unrealized FX gains significantly boosted financial income, while interest expenses rose due to new bond issuance.

• Market capitalization as of June 30, 2026, was HUF 545 billion.

Outlook and guidance

• Management expects further EBITDA margin improvement and earnings growth through synergy realization and integration of acquired companies.

• Energy segment to become a new pillar, leveraging renewables and next-generation infrastructure, with phased project rollouts and long-term investor partners.

• Ongoing development of Space and Defence, with a robust contract backlog and new international partnerships.

• Commitment to maintaining net debt/LTM EBITDA below 4x and enhancing ESG compliance.