reports
- Krisztian Karikas
Magyar Telekom - Solid Results In Q3, FY Guidance Reiterated
Magyar Telekom has reported strong results for the third quarter and slightly beat market consensus at the bottom line. Even with the lack of inflation-based fee adjustment, MTEL was able increase its profitability partially driven by strong cost control as well as the elimination of suppl. telecom tax. Adjusted net profit reached HUF 55.2bn in the third quarter and increased to HUF 165.6bn in the first nine month. Management reiterated its full year guidance, expecting ca. 15% EBITDAaL gr...
- Mate Somlai-Kiss
Waberer’s - Solid Results Bolster Confidence In FY Guidance
Waberer’s reported Q3/25 earnings today, once again delivering strong results. Quarterly EBIT came in at EUR 12.4mn (+23% YoY) on record quarterly revenues of EUR 205.4mn (+7.8%YoY). Logistics delivered a strong increase in EBIT on lower revenues, coming in at EUR 5.5mn (+53.4%YoY). Insurance EBIT came in at EUR 6.9mn, +6.3% higher than a year ago. The rapid efficiency improvement coming from the Posta Biztosítók acquisition helped deliver solid results, however, the higher-than-expected co...
- Gabor Bukta
OTP - No Surprise In Q3, Guidance Unchanged, TP Lifted
Q3/25 adj. profit came slighly ahead of consensus at HUF 330bn and showed c.2% QoQ positive dynamics on an FX-adjusted basis despite special one-offs having boosted Q2 results. Trends in core banking revenues also came in-line with expectations. NIM stayed flat and NF&C grew by 2% QoQ also on FX adjusted basis, buoyed by the increase in HU, BG and UZB. However, the FV adjustment to the Hungarian subsidized loan portfolio added HUF 8bn in other incomes in Q3, which was indeed also expected o...
- Mihaly Gajda
MOL - MOL Beats Consensus On Clean CCS EBITDA, Driven By Refining And ...
Clean CCS EBITDA came in at USD 974 mn, beating both market consensus (USD 943 mn) and our estimates (USD 990 mn). The biggest positive surprise came from Refining within Downstream and the exceptionally strong performance of Consumer Services. Petrochemicals remained a heavy loss-maker, as expected, with a worsening outlook. However, Waste Management delivered a large and unexpected loss with limited commentary.
- Gabor Bukta
RICHTER GEDEON - Q3 Disappoints, FY25 Guidance Cut, TP Cut
Richter posted disappointing Q3/25 results today morning. The Company missed analysts’ estimates on all lines and maybe in all business units. Revenues missed by 7% and came in at HUF 214bn (-1% YoY, -11% QoQ), while the net profit fell short of expectations by 22%, reaching only HUF 43bn (+17% YoY, -16% YoY). Innovative business units, including CNS and WHC, continued to perform well thanks to the eyecatching growth of Vraylar and Ryeqo, however, they also missed our cEBIT forecast by only...
- Mihaly Gajda
Erste - Erste Beats Analyst Expectations Due To Strong NII And NFCI
Erste beat both the analyst consensus (EUR 836 mn) and our estimate (EUR 864 mn), reporting a net profit of EUR 901 mn. The outperformance was driven by strong NII and NFCI, further supported by a positive surprise in other results. The latter included an EUR 77 mn one-off gain in Romania, which offset banking levies. Asset growth remained healthy across both loans and deposits. Impairments were slightly higher than consensus. Guidance was upgraded for NII and CIR based on an improved earni...
- Mihaly Gajda
Raiffeisen - Raiffeisen Beats Estimates On NII, Costs, And Provisions
Raiffeisen beat both the analyst consensus of EUR 424mn and our estimate of EUR 366 mn on net profit to shareholders excluding Russia, posting EUR 349 mn. The bank outperformed expectations across nearly all key items, most notably in net interest margin, operating expenses, and provisions. An upward revision to the consensus for full-year consolidated profit now appears highly likely, provided there is no exceptionally high provision booking in Q4. Management provided a conservative estim...
- Mihaly Gajda
Petrom - OMV Petrom Misses EBIT Consensus Slightly, Beats On Profit Wi...
OMV Petrom reported a Clean CCS EBIT of RON 1,368 mn, slightly missing consensus by 2.6%, mainly due to the E&P segment. E&P was heavily impacted by impairment charges and higher-than-expected depreciation; excluding the increase in depreciation, its Clean CCS EBIT would have been around RON 510 mn, roughly halfway between the analyst consensus and Concorde’s estimate. We had been more optimistic on realized gas prices, depending on the share of gas sold at market versus capped prices. Oth...
- Mihaly Gajda
OMV - OMV Outperforms Expectations, Driven By Strong Refining Performa...
OMV reported clean CCS EBIT of EUR 1,262 mn in Q3 2025, up 22% QoQ and 20% YoY, beating both the analyst consensus (EUR 1,168 mn) and Concorde’s estimate (EUR 1,173 mn). The outperformance was mainly driven by a strong contribution from Fuels & Feedstock (refining), particularly from ADNOC, the equity-consolidated Middle Eastern joint venture, which delivered EUR 52 mn versus virtually zero in the previous quarter. Consensus likely assumed less than EUR 10 mn. Other segments performed broa...
- Krisztian Karikas
Another strong quarter, Q3 can be even better
Duna House posted record quarterly results in the second quarter as well. The Italian and Polish intermediary segment continued to post strong results while the Hungarian market somewhat slowed down in Q2. Given the improving performance in all three countries, the management reiterated its full year guidance of cleaned core net profit of HUF 2.9- 3.6bn.
- Mate Somlai-Kiss
Solid H1 results, unchanged outlook
ANY posted solid H1/25 earnings Tuesday, AMC. Q2/25 revenues came in at HUF 15.2bn, down -11% YoY, resulting in H1/25 revenues at HUF 38.7bn (+11% YoY). It is worth noting, that Q2/24 revenues were supported by election related revenues, therefore we do not attribute much importance to the quarterly decline. Similarly, quarterly net profit saw a -24% decline YoY, while H1/25 net profit attributable to the owners of ANY increased on the year by +40% to HUF 5.3bn. Q2 EPS of HUF 97 puts H1 EPS...
- Mate Somlai-Kiss
Challenges remain, margins in focus
We cut our TP to HUF 200 and reiterate our Buy recommendation on AutoWallis as we forecast margins to remain depressed in 2025. Top-line growth supported by acquisitions remains solid, as revenues came in at HUF 128bn (+20.9% YoY). However, margin pressures remain, as transaction costs and the pricing power of the OEMs weigh on profitability. Quarterly EBITDA increased by 14% YoY to HUF 4.8bn compared to the low base of Q2/24, while EPS came in at HUF 3.38, down -2.5% on the year. The com...
- Krisztian Karikas
RGU growth is indisputable, profitability needs to improve
DIGI has reported its Q2 results today morning. While the revenue growth remained solid, supported by the continued strong customer base expansion on key markets, net profit to owners disappointed in this quarter as well which came in at EUR -0.9mn, 104% down YoY.
- Mihaly Gajda
Model Update
We have updated our financial model to reflect recent macroeconomic developments, setting a 2026 year-end ex-dividend target price of 3,330 HUF, representing a 20.5% upside (14.1% CAGR) including the anticipated HUF 283 dividend following the 2025 fiscal year. Consequently, we maintain our Accumulate recommendation for MOL.
- Mate Somlai-Kiss
Record quarterly EBIT, improving operations
Summary: Waberer’s reported strong Q2/25 results today. The company posted record quarterly EBIT of EUR 18mn (+68% YoY) on consolidated revenues of EUR 203mn (+7.2%YoY). Logistics saw a slight decrease compared to the base period, with EBIT decreasing by EUR 0.4mn to EUR 7.1mn in the second quarter. Logistics revenues also fell, due to the lower fleet size of LINK. The Insurance segment continues to drive growth, with Q2 segment EBIT reaching EUR 11mn. Growth was mainly driven by the Posta ...
- Mihaly Gajda
BME one-off drags headline results, core MOL segments deliver
The company has delivered USD 685 mn clean CCS EBITDA missing the consensus, but only due to a USD 98 mn one-off related to BME acquisition. Core segment delivered on expectations at the EBITDA level. EBIT and profit miss were strengthened by higher than expected depreciation and strongly negative CCS effect. These are non-cash items and only the increased depreciation is recurring.
- Mihaly Gajda
Model Update
We have updated our financial model to reflect recent macroeconomic developments, setting a 2026 year-end ex-dividend target price of 0.790 RON, representing a 9.0% upside including the anticipated 0.020 RON special dividend following the 2024 fiscal year (regular dividend has been already paid out) and total dividend of 0.068 RON following the 2025 fiscal year. Consequently, we change our recommendation to Neutral from Accumulate for OMV Petrom.
- 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
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
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 ...
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