The Rear-View Mirror – EME markets: Poland – worst performer in August

EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG 20, which declined 5.1% mom in EUR terms.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/19/2025

Another strong quarter, Q3 can be even better

Duna House posted record quarterly results in the second quarter as well. The Italian and Polish intermediary segment continued to post strong results while the Hungarian market somewhat slowed down in Q2. Given the improving performance in all three countries, the management reiterated its full year guidance of cleaned core net profit of HUF 2.9- 3.6bn.

Solid H1 results, unchanged outlook

ANY posted solid H1/25 earnings Tuesday, AMC. Q2/25 revenues came in at HUF 15.2bn, down -11% YoY, resulting in H1/25 revenues at HUF 38.7bn (+11% YoY). It is worth noting, that Q2/24 revenues were supported by election related revenues, therefore we do not attribute much importance to the quarterly decline. Similarly, quarterly net profit saw a -24% decline YoY, while H1/25 net profit attributable to the owners of ANY increased on the year by +40% to HUF 5.3bn. Q2 EPS of HUF 97 puts H1 EPS to HUF 372. Profitability in Q2/25 also slightly decreased while H1 margins expanded YoY. This ear...

Challenges remain, margins in focus

We cut our TP to HUF 200 and reiterate our Buy recommendation on AutoWallis as we forecast margins to remain depressed in 2025. Top-line growth supported by acquisitions remains solid, as revenues came in at HUF 128bn (+20.9% YoY). However, margin pressures remain, as transaction costs and the pricing power of the OEMs weigh on profitability. Quarterly EBITDA increased by 14% YoY to HUF 4.8bn compared to the low base of Q2/24, while EPS came in at HUF 3.38, down -2.5% on the year. The company sold 14,500 vehicles in Q2 and a total of 26,314 vehicles in H1. Distribution revenues increas...