Waberer’s - Record Quarterly EBIT On Structural Improvements

• Waberer's posted a record quarterly EBIT of EUR 10.6mn (+33% YoY) at Group level for Q2/22, fuelled by improving ITS and Other segments. However, net income totalled EUR 2.5mn in Q2/22 vs. 6.1mn a year earlier, dragged down by non-cash FX revaluation of balance sheet items and also a non-cash deferred tax (both totalled EUR 4.1mn). Importantly, the management stated that “neither the war in Ukraine, nor the increasing inflation generated significant industrial production or retail trade decrease in the relevant European countries, so Waberer’s was able to manage temporary fluctuations in demand through its diversified customer and service portfolio”. They added that Waberer’s proved to be capable of manoeuvring in the current unpredictable macro environment and EBIT guidance was reaffirmed. This confidence, in our view, is also based on the undersupplied European transport market where rising costs can be more easily passed onto customers than it used to be in the past. Overall, the management showed up remarkable results.