WABERER'S INTERNATIONAL (3WB) Q2 2025 earnings summary

Executive summary

• Consolidated quarterly revenue reached EUR 203 million, up 7.2% year-over-year, with half-year revenue at EUR 397.4 million, a 3.6% increase.

• Quarterly EBIT rose 68% to EUR 18 million, and half-year EBIT increased 51% to EUR 29 million, driven by the integration of Post Insurance companies and synergy realization.

• Insurance segment EBIT surged to EUR 11 million in Q2 (+240% YoY) and EUR 20.7 million in H1 (+124% YoY), mainly from Post Insurance acquisition.

• Logistics segment EBIT was EUR 7.1 million in Q2 (down EUR 0.4 million YoY), but improved EUR 5.7 million sequentially from Q1.

• Management maintains guidance for annual consolidated EBIT to exceed EUR 50 million in 2025.

Financial highlights

• Net income for H1 2025 increased by EUR 13.9 million, with adjusted net income (excluding non-cash FX) up EUR 10.2 million.

• Net income for Q2 was EUR 13.4 million (+128% YoY); H1 net income was EUR 20.9 million (+200% YoY).

• EBITDA for Q2 was EUR 32.7 million (+30% YoY); H1 EBITDA was EUR 58.3 million (+23% YoY).

• Net leverage ratio improved to 1.4x from 2.3x at year-end 2024, with net indebtedness at EUR 112 million.

• Dividend of HUF 134 per share approved and paid in July 2025.

Outlook and guidance

• Management expects annual consolidated EBIT to exceed EUR 50 million for 2025.

• Medium-term strategic plan targets consolidated EBIT above EUR 100 million by 2031.

• Integration of GYSEV CARGO and further rail logistics expansion anticipated in H2 2025.