Concorde Securities - Autowallis NYRT (AUTOWALLIS) Downbeat results, bumpy road ahead

Report

Concorde Securities

Mate Somlai-Kiss

Downbeat results, bumpy road ahead

Summary: We place our TP and rating Under Revision on AutoWallis as
we are reassessing our investment case and estimates based on recent
developments and the FY25 earnings. AutoWallis posted downbeat FY, and
slightly more encouraging Q4 results today morning. Results are in line with
what we saw in the first three quarters: Top-line growth remains great, driven
by both organic and inorganic expansion, while profitability is still sluggish.
FY revenues overachieved our expectations by 3% and came in at HUF
477.4bn (+20% YoY). EBITDA came in at HUF 18.9bn (-6.6% YoY), however,
EBIT fell by more than 20% on the year as it came in at just HUF 11.1bn. Q4
revenues reached HUF 124.2bn (+15.9% YoY). Quarterly EBITDA increased
1.4%, while EBIT decreased by -8.5% YoY to HUF 4.1bn. Annual EPS came
in well below our estimates at HUF 10.7, down -16.5% on the year.

11/03/2026 5 EN

Underlying

Autowallis NYRT

AutoWallis Nyrt Formerly known as Altera Vagyonkezelo Nyrt. AutoWallis Nyrt, formerly known as Altera Vagyonkezelo Nyrt, is a Hungary-based investment company, with a focus on the automotive sector. The Company is engaged in retail and wholesale trade, service, short and long-term car rental. The Company is active in Central and Southeast Europe.

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HU0000164504 Budapest Stock Exchange Hungary

Provider

Concorde Securities

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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Analysts

Mate Somlai-Kiss

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Downbeat results, bumpy road ahead

Autowallis - Transitionary Elevated Costs Weigh On Q3 Results

Challenges remain, margins in focus

St rong year , attractive dividend – business as usual

Record profit in Q4, further growth ahead

Erste Q4 beat confirms conservative guidance; 2026 outlook broadly i

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