4iG (4IG) H1 2025 earnings summary

Executive summary

• H1 2025 net sales rose 8.8% YoY to HUF 350.8bn, reported EBITDA up 11.1% to HUF 122.6bn, and normalised EBITDA up 19% to HUF 131.2bn; EBITDA margin at 34.9%.

• 87% of revenue from telecommunications, 12% from IT, and 1% from space and defence; 87% of revenue generated in Hungary.

• Adjusted net profit was HUF 10.8bn, reversing a loss in H1 2024; reported net loss of HUF 1.1bn due to non-cash items.

• Transformation Programme reached final milestone, delivering synergies across IT, Telco, and Space & Defence; full synergy effects expected in H2 2025.

• Share price nearly doubled (+98.5%) in H1 2025, driven by transformation and entry into defence.

Financial highlights

• Net sales revenue: HUF 350.8bn (+8.8% YoY); EBITDA: HUF 122.6bn (+11.1% YoY); EBIT: HUF 28.2bn (+40.5% YoY).

• H1 2025 net profit after tax at HUF 10.8bn, reversing a loss in H1 2024; EPS: HUF -3.84 (vs. HUF -78.29 in H1 2024).

• Operating cash flow: HUF 108.9bn (vs. HUF 73.1bn in H1 2024); cash and cash equivalents: HUF 76.3bn.

• Q2 2025 EBITDA margin at 34.1%, up 2.7pp YoY; H1 2025 normalised EBITDA margin at 37.4%.

• Net debt at HUF 900.1bn as of 30 June 2025; Net Debt/LTM EBITDA at 3.8x (3.7x excluding non-cash items).

Outlook and guidance

• 2025 outlook remains positive, with revenue growth expected above 10%, mainly from telecom and public sector IT.

• EBITDA growth anticipated from transformation synergies and recent acquisitions.

• Ongoing transformation and integration in Hungary and the Western Balkans, with further expansion in space and defence.

• Continued focus on cost management, digitalisation, and network expansion; further cross-selling and infrastructure development planned.

• Capital increase of HUF 96bn in Space & Defence segment expected by end of September 2025 to support satellite and defence projects.