4iG (4IG) Q3 2025 earnings summary

Executive summary

• Net sales revenue rose 8% YoY to HUF 538.1bn, with EBITDA up 17% YoY to HUF 203.3bn on a normalised basis, driven by disciplined financial policy and strong liquidity.

• Transformation programme consolidated telecom markets, strengthened space and defence, and established a resilient model focused on IT, Telecommunications, and Space & Defence.

• Strategic collaborations, MoUs, and partnerships with major international partners expanded the global footprint.

• Market capitalisation surged in 2025, with share price up over 419% YTD and market cap reaching HUF 1,434bn by late November.

• EPS turned positive to HUF 26.5 at end-Q3 2025 from a loss of HUF 87.99 at end-Q3 2024.

Financial highlights

• Q3 2025 net revenues increased 6% YoY to HUF 187.3bn, mainly from telecom and IT/SI segments.

• Q3 2025 EBITDA grew 18% YoY to HUF 70.1bn, with margin up 4.9pp to 39.6%.

• 9M 2025 net revenues up 8% YoY to HUF 538.1bn; EBITDA up 13% YoY to HUF 192.7bn.

• EBIT for Q1-Q3 2025: HUF 49.6bn (+43.01% YoY).

• Profit after tax for Q1-Q3 2025 was HUF 7.9bn, with adjusted net profit at HUF 34.9bn.

Outlook and guidance

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

• EBITDA growth anticipated from transformation synergies and both organic and inorganic expansion.

• Large-scale acquisitions expected to complete by January 2026, anticipated to significantly enhance financial results and support growth.

• Future profitability supported by strong order backlog in space and defence, and favorable market conditions.

• Ongoing expansion into new markets, including Croatia and Uzbekistan, and continued focus on digital infrastructure projects.