Record quarterly revenues, but weak EBIT in Q1

Key message: Waberer’s reached revenues of EUR 196.7mn in Q1/24, a quarterly record
at consolidated level. The Group achieved an EBIT of EUR 8.5mn, supported by further
improvement in the Contract Logistics and Insurance segments. Despite the drop in the
quaterly EBIT, we expect that earnings will improve in the coming quarters. The
management reaffirmed its FY2024 EBIT guidance of over EUR 40mn as they continue to
see growing operating results after a temporary slowdown. RCL and the insurance
segments remained quite strong, while the ITS segment is projected to reach higher
margins due to the pass-through of higher costs after the segment was hit by significantly
higher toll fees in Q1 (in-line with previous comments). Following a significant CAPEX-cycle,
the financial indebtedness of the Company may have peaked at around EUR 237mn at the
end of March, which translated into a net debt to EBITDA ratio of 2.5x. Waberer’s will
distribute HUF 120 as dividends (goes ex-div on 25 June).