WOOD Flash – Duna House: strong 4Q KPIs; Czexit; Italy stake raised to 95%
Duna House (DH) has published its 4Q25 KPIs, which imply continuing strong momentum across all core markets. Both financial intermediation and real estate services posted c.30% yoy growth and reached new highs in 4Q25. The good dynamics across all markets is the key driver of our positive view on the stock, which we reiterated in our latest update, published in October 2025. In addition, DH’s cash flow continues to benefit from real estate sales. We estimate that the company’s low leverage could allow for as much as a EUR 50-65m spend on M&A, without pushing the net debt/EBITDA above the 3.0x internal target. In November 2025, Duna House entered Spain via the staged purchase of Don Piso, a well-known local brokerage brand. This morning (9 January), Duna House announced its exit from the Czech Republic (where it had a negligible presence), and an increase in its stake in the Italian HGroup to 95%. We expect to see more M&A activity during 2026E. In the absence of acquisitions, we expect the company to have the capacity to pay out a special dividend from the proceeds from real estate sales.
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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