4iG (4IG) Q1 2025 earnings summary

Executive summary

• Telecommunications division transformation and unified 'One' brand drove market share gains in Hungary and the Western Balkans, consolidating brands for residential, small business, and enterprise clients.

• Expanded in space and defence industries with new international agreements, including MOUs with EDGE, Azercosmos, Rubicon Wireless, Axiom Space, and Creotech; HUSAT satellite program and Remtech Space Technology MAIT centre construction on track.

• Completed major transformation: separated Vodafone Magyarország into commercial (One Magyarország Zrt.) and infrastructure (V-Hálozat Távközlési Zrt.) entities; IT division spun off as 4iG Informatikai Zrt.

• Advisory Board strengthened with US diplomatic experts Richard Grenell and Matt Mowers joining; new Supervisory Board and Audit Committee members appointed.

Financial highlights

• Net sales revenue rose 11% year-over-year to HUF 171.46 billion, driven by telecom and IT segments.

• Reported EBITDA increased 11% to HUF 60.136 billion; normalized EBITDA up 15% to HUF 63.688 billion; EBITDA margin at 37.1% (normalized basis).

• EBIT reached HUF 14.8 billion, up 50.3% year-over-year.

• Net loss was HUF 0.1 billion, mainly due to non-cash items; adjusted profit after tax was HUF 4.2 billion.

• Share price rose 75.4% in Q1 2025, market capitalization reached HUF 549 billion as of May 8, 2025.

Outlook and guidance

• North Macedonia market entry expected to proceed with spectrum acquisition in July-August 2025 and commercial launch by end of 2026.

• Legal mergers of telecom entities planned for H2 2025.

• Continued investment in gigabit internet, 5G rollout, space/defence innovation, and operational efficiency in Albania and Montenegro.