Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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Mihaly Gajda
- Mihaly Gajda
OMV resilient despite macro strain, Petrochemicals remain weak
OMV reported clean CCS EBIT of EUR 1,031 mn in Q2 2025, down 11% QoQ and 16% YoY, broadly in line with the market consensus of EUR 1,022 mn. CCS net income came in at EUR 385 mn, also close to consensus. The differences between actual results and consensus were minimal, both at the aggregate and segment levels.
Krisztian Karikas
- Krisztian Karikas
Upgraded guidance creates more room for payout
Magyar Telekom has reported solid results for the second quarter and beat market consensus estimates. Thanks to the efficient cost reduction and one-off items, adjusted net profit reached HUF 110bn in the first half of 2025. Such that management has lifted its full year guidance, expecting ca. 15% EBITDAaL growth over the year, at least HUF 200bn adjusted net profit and HUF 200bn free cashflow. Due to the better than expected results, we adjust our forecast for this year while keeping our ...
Gabor Bukta
- Gabor Bukta
Record Q clean EBIT overshadowed by one-offs
Summary: Richter posted its Q2/25 results today morning. The Company beat analysts’ estimates in terms of revenues by +3% and clean EBIT by +8%, while net profit for Q2 missed estimates by -6%, but we pointed out after Abbvie’s Q2 report that the consensus may have underestimated the value-add of CNS. Quarterly clean EBIT amounted to a record of HUF 79.6bn, but net profit reached HUF 51.8bn. It was shaped by one-offs, which overall dragged on earnings. On the one hand, higher-than expected ...
Mihaly Gajda
- Mihaly Gajda
Petrom beats expectations, lifted by one-off litigation gain
• The company reported clean CCS operating profit of RON 1,188 mn, representing a 6% decline QoQ and a 14% decline YoY. However, it outperformed the consensus estimate of RON 1,111 mn, exceeding it by 7%, mainly due to stronger-than-expected performance in the E&P segment. The results were significantly boosted by a one-off litigation settlement, which increased EBITDA and EBIT by RON 200 mn. The outperformance was even more pronounced at the net profit level, further supported by RON 170 mn in ...
Szabolcs Pal
- Szabolcs Pal
Erste beats expectations mainly due to a one-off effect and improved t...
Erste Group delivered strong H1 2025 results supported by revenue growth in core markets, disciplined cost management, robust asset quality, and a significant positive one-off item, has prompted a broad-based upgrade to the full-year 2025 guidance. The quarter was also marked by an accelerated capital build, with the CET1 ratio increasing to 17.4%, placing the bank in a strong position ahead of the planned consolidation of Santander Bank Polska around year-end 2025.
Mihaly Gajda
- Mihaly Gajda
OMV resilient despite macro strain, Petrochemicals remain weak
OMV reported clean CCS EBIT of EUR 1,031 mn in Q2 2025, down 11% QoQ and 16% YoY, broadly in line with the market consensus of EUR 1,022 mn. CCS net income came in at EUR 385 mn, also close to consensus. The differences between actual results and consensus were minimal, both at the aggregate and segment levels.
Krisztian Karikas
- Krisztian Karikas
Upgraded guidance creates more room for payout
Magyar Telekom has reported solid results for the second quarter and beat market consensus estimates. Thanks to the efficient cost reduction and one-off items, adjusted net profit reached HUF 110bn in the first half of 2025. Such that management has lifted its full year guidance, expecting ca. 15% EBITDAaL growth over the year, at least HUF 200bn adjusted net profit and HUF 200bn free cashflow. Due to the better than expected results, we adjust our forecast for this year while keeping our ...
Gabor Bukta
- Gabor Bukta
Record Q clean EBIT overshadowed by one-offs
Summary: Richter posted its Q2/25 results today morning. The Company beat analysts’ estimates in terms of revenues by +3% and clean EBIT by +8%, while net profit for Q2 missed estimates by -6%, but we pointed out after Abbvie’s Q2 report that the consensus may have underestimated the value-add of CNS. Quarterly clean EBIT amounted to a record of HUF 79.6bn, but net profit reached HUF 51.8bn. It was shaped by one-offs, which overall dragged on earnings. On the one hand, higher-than expected ...
Mihaly Gajda
- Mihaly Gajda
Petrom beats expectations, lifted by one-off litigation gain
• The company reported clean CCS operating profit of RON 1,188 mn, representing a 6% decline QoQ and a 14% decline YoY. However, it outperformed the consensus estimate of RON 1,111 mn, exceeding it by 7%, mainly due to stronger-than-expected performance in the E&P segment. The results were significantly boosted by a one-off litigation settlement, which increased EBITDA and EBIT by RON 200 mn. The outperformance was even more pronounced at the net profit level, further supported by RON 170 mn in ...
Szabolcs Pal
- Szabolcs Pal
Erste beats expectations mainly due to a one-off effect and improved t...
Erste Group delivered strong H1 2025 results supported by revenue growth in core markets, disciplined cost management, robust asset quality, and a significant positive one-off item, has prompted a broad-based upgrade to the full-year 2025 guidance. The quarter was also marked by an accelerated capital build, with the CET1 ratio increasing to 17.4%, placing the bank in a strong position ahead of the planned consolidation of Santander Bank Polska around year-end 2025.
Sandor Jobbagy
- Sandor Jobbagy
NBH Rate-setting meeting Central bank continued lowering its effectiv...
At the August 29 Monetary Council (MC) meeting theNBH lowered the effective 1-day depo rate by 100bpsto 14%.Similarly, the top of the interest rate corridor waslowered by 100bps. The base rate was left unchangedat 13.00%. The decisions were in line with the marketconsensus and came as neutral for the forint andother Hungarian assets. Subsequent central bankcomments were similar to the previous ones in termsof cautiousness. Referring to the approaching mergerof the effective depo rate and the bas...
Sandor Jobbagy
- Sandor Jobbagy
HU CPI: 16.4% in August, slightly higher-than-expected
August CPI: ongoing disinflation, though with higher m/m index Y/Y: 16.4% (Bloomberg consensus: 16.3%, previous: 17.6%) M/M: 0.7% (Bloomberg consensus: 0.5%, previous: 0.3% )Disinflation slowed down slightly due to an 8.2% m/m jump of car fuel prices in August. Still, the y/y CPI indexdropped more than 1pp compared to the July figure. Base effect has remained on the rise, but m/m repricingwas less favourable (+0.3%) compared to the May-July period. The food prices rose, but below the average.H...
Sandor Jobbagy
- Sandor Jobbagy
HU CPI: 17.6% in July, in line with the consensus
July CPI: faster disinflation, with low m/m index Y/Y: 17.6% (Bloomberg consensus: 17.7%, previous: 20.1%) M/M: 0.3% (Bloomberg consensus: 0.1%, previous: 0.3% )CPI index (y/y) dropped below 20% for the first time after 10 months. Base effect has been on the rise, butm/m reprcing was also moderate (+0.3%). Food prices once again showed deflation, -0.9% m/m in July after -0.4% in June. A total of three main categories were in deflation (clothes and durable goods too), whilehousehold energy’s ha...
Sandor Jobbagy
- Sandor Jobbagy
NBH Rate-setting meeting Central bank continued lowering its effectiv...
At the July 25 Monetary Council (MC) meeting theNBH lowered the effective 1-day depo rate by 100bpsto 15%.Similarly, the top of the interest rate corridor waslowered by 100bps. The base rate was left unchangedat 13.00%. The decisions were in line with the marketconsensus and came as neutral for the forint andother Hungarian assets. Subsequent central bankcomments were similar to that of the comments inJune: they highlighted ongoing cautious stance andsuggested that further rate cuts may arrive p...
Sandor Jobbagy
- Sandor Jobbagy
NBH Rate-setting meeting: Central bank continued lowering its effectiv...
At the June 20 Monetary Council (MC) meeting theNBH lowered the effective 1-day depo rate by 100bpsto 16%.Similarly, the top of the interest rate corridor waslowered by 100bps. The base rate was left unchangedat 13.00%. The decisions were in line with the marketconsensus and came as neutral for the forint andother Hungarian assets. Subsequent central bankcomments were similar to that of the comments inMay: they highlighted ongoing cautious stance andsuggested that further rate cuts may arrive pr...