4iG (4IG) H2 2025 earnings summary

Executive summary

• Net sales revenue rose 6.8% YoY to HUF 733.9bn; EBITDA up 19% YoY to HUF 275bn on a normalised basis in 2025.

• Net Debt/LTM EBITDA at 3.2x, reflecting disciplined financial policy; bond restructuring reduces annual repayments by HUF 37bn (2026–2030).

• Completed group-wide transformation, separating Commercial Telco and Infrastructure Telco, enabling customer base diversification and growth.

• Space & Defence segment expanded via strategic M&A and new projects, establishing major partnerships and increasing international presence.

• Share price and market cap surged 350% in 2025, making it the best performing stock on the Budapest Stock Exchange.

Financial highlights

• FY 2025 net revenues: HUF 733.9bn, up 7% YoY; EBITDA: HUF 275bn, up 19% YoY; EBITDA margin: 37.5%.

• Q4 2025 net revenues: HUF 195.8bn, up 4% YoY; EBITDA: HUF 82.3bn, up 34% YoY.

• Net profit for FY 2025: HUF 44.4bn, up 190% YoY; Q4 2025 net profit: HUF 12.8bn.

• Financial income benefited from HUF 17.5bn FX gains in FY 2025, reversing prior year FX losses.

• One-off HUF 14.1bn non-cash interest expense from bond restructuring impacted financial expenses.

Outlook and guidance

• Revenue expected to grow above 10% in 2026, driven by portfolio expansion, geographical diversification, and sustained ICT and defence demand.

• Nominal EBITDA projected to increase further, supported by defence ramp-up, infrastructure growth, and recent acquisitions.