4iG (4IG) Q1 2026 earnings summary

Executive summary

• Net sales revenue rose 18.4% year-over-year to HUF 203 billion in Q1 2026, with EBITDA up 15.3% to HUF 69.3 billion and a 34% margin; Net Debt/EBITDA ratio at 3.6x, reflecting disciplined financial management.

• Credit rating affirmed at BB-/Stable by Scope Ratings; strong operating results across all business segments after transformation to a business line management model.

• Major acquisitions closed in IT (FaceKom, Mobil Adat, ACE Network), space and defence (N7 Defence Holding, Rába, HeliControl), and a USD 70 million capital increase in AXIOM Space.

• Mubadala UAE sovereign wealth fund invested USD 50 million via a three-year convertible loan, to be converted into shares in 2029; EUR 176.6 million bond issued for defence acquisitions.

• Significant new agreements in space and defence with global leaders, including Northrop Grumman, Lockheed Martin, and a preliminary telco infrastructure deal with potential EUR 1 billion synergy.

Financial highlights

• Net sales revenue reached HUF 203 billion, up 18.4% year-over-year; EBITDA at HUF 69.3 billion, EBITDA margin at 34%.

• EBIT up 45.9% to HUF 21.6 billion; reported net loss of HUF 1.7 billion, but adjusted profit (excluding PPA, one-offs, FX losses) was HUF 5.9 billion.

• Telecommunications contributed 74.6% of revenue, IT 14.4%, space and defence 11%.

• Market capitalisation as of 31 March 2026 was HUF 778 billion (approx. EUR 2.0 billion).

• 90% of revenue from Hungary, 7% Albania, 3% Montenegro.

Outlook and guidance

• Ongoing transformation and integration of acquisitions expected to further strengthen operational efficiency and revenue streams.

• Anticipated synergies from telco infrastructure sharing could reach up to EUR 1 billion in coming years.

• Strategic focus on expanding high-value, software-based and SaaS contracts in IT.

• Defence and space industry backlog exceeds EUR 3.5 billion, with framework agreements over EUR 4.5 billion.

• Continued expansion in space, defence, and digital infrastructure, with a focus on international projects and partnerships.