WOOD Flash – Duna House: 4Q25 in line, guidance implies upside for our forecasts
In 2025, Duna House delivered record results, with Italy, Hungary and Poland all exceeding management’s initial guidance. Management expects the positive momentum to continue across its markets. The 2026E guidance implies upside for our forecasts. A year ago, the company’s long-term strategic plan targeted EBITDA from the core operations (excluding M&A) of EUR 22m by 2029E; while the current guidance suggests that this level could be reached as early as in 2026E. While Duna House continues to assess potential acquisitions, its strong liquidity enabled management to propose a dividend above the formal payout policy. Including the advance dividend paid out in December 2025 from the 2025 profit, the total distributions amount to c.HUF 3.25bn, a 74% payout from the 2025 profit, well above the stated 47% policy.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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