WABERER'S INTERNATIONAL (3WB) investor relations material

Executive summary

• Q3 revenue rose 11.1% to €228.1m and EBITDA increased 2.3% to €27.9m, while EBIT fell 12.9% to €10.8m; 9M revenue rose 10.0% to €663.0m and EBIT declined 9.8% to €37.4m.

• Lower logistics earnings reflected delayed third-party warehouse projects, absent development gains and one-off LINK restructuring costs; insurance earnings improved.

Financial highlights

• Q3 / 9M gross profit was €28.9m / €85.6m, up 2.1% / 4.0%; operating income was €10.3m / €36.4m, down 15.0% / 10.2%.

• Q3 net income was €0.3m versus €11.2m; excluding non-cash FX effects, it was €4.2m versus €7.3m. 9M net income was €26.2m, down 18.4%.

• Excluding unrealised FX effects, net income after tax was €4.2m in Q3 and €18.4m in 9M, down €3.1m and €6.7m YoY; including FX, the changes were -€10.9m and -€5.9m.

Outlook and guidance

• FY 2026 EBIT guidance is €50–55m, reflecting absent third-party development activity and one-off LINK reorganisation costs, with a nearly €10m combined annual impact.

• Core logistics and insurance activities are expected to match the 2025 base period in 2026; significant earnings growth is expected in 2027, with specific projections due in Q1 2027.

• International transport EBIT is expected to improve by more than €10m in 2027 following restructuring and rate increases; record results are expected in 2027 and 2028.

• Signed automotive and warehouse logistics projects are expected to support earnings in 2027–28; automotive and electronics contracts have stated five-year revenue potentials of €150m+ and €50m+ and are expected to add >€15m consolidated EBIT by 2028.