Fawry for Banking Technology and Electronic Payments (FWRY) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 65% YoY to EGP 1.795bn and throughput increased 62% to EGP 189bn; EBITDA rose 98% to EGP 1.087bn.

• Net profit after tax reached EGP 641.7m, while net profit attributable to parent shareholders was EGP 605.4m, up from EGP 307.1m.

• Growth reflected higher throughput and finance revenue; a 51% stake in Code Zone was acquired during the quarter.

Financial highlights

• Revenue was EGP 1.795bn, up 65% YoY; excluding airtime, growth would have been 73%, while airtime revenue grew 19%.

• EBITDA increased 98% to EGP 1.087bn; net profit attributable to parent shareholders rose 97% to EGP 605.4m.

• Gross profit was EGP 1.214bn versus EGP 715.6m; operating profit reached EGP 856.8m versus EGP 448.4m.

• Profit before tax was EGP 856.2m versus EGP 446.8m; basic and diluted EPS were EGP 0.18, versus EGP 0.09.

• Expenses rose YoY but declined as a share of revenue, including HR, marketing and selling, and OPEX and G&A.

Outlook and guidance

• ADP continued to outperform guidance, while Acceptance and Agent Banking growth exceeded guidance in Q1.

• Gold and EGX 30 investment products were soft-launched in Q2 2025; P2P and remittances were expected to launch soon.