OPUS GLOBAL (OPUS) Q1 2024 earnings summary

Executive summary

• Consolidated balance sheet total at HUF 1,065.1 billion, equity at HUF 365.8 billion, and total comprehensive income of HUF 11.9 billion for Q1 2024, with stable financial position and minimal asset reallocation year-over-year.

• Total operating income decreased by 13.8% year-over-year to HUF 144.0 billion, while operating costs fell by 14.7%, resulting in EBITDA of HUF 24.7 billion, down 3.9%.

• Net financial income improved significantly to HUF 2.9 billion from a loss last year, mainly due to reduced financial expenses.

• Profit before taxes rose 16.4% to HUF 17.3 billion, and profit after taxes increased 3.6% to HUF 11.2 billion, outpacing national economic growth.

Financial highlights

• Balance sheet total decreased by 0.7% from year-end 2023, while equity increased by 2.8%.

• Total operating income: HUF 144.0 billion (down 13.8% year-over-year); operating costs: HUF 129.6 billion (down 14.7%).

• EBIT: HUF 14.4 billion (down 4.7%); EBITDA: HUF 24.7 billion (down 3.9%).

• Net financial income: HUF 2.9 billion (up from a loss of HUF 0.24 billion); profit before taxes: HUF 17.3 billion (up 16.4%).

• EPS (basic and diluted): HUF 9.8 (up from HUF 9.3); BVPS: HUF 561.8 (up 13.2%).

Outlook and guidance

• Performance aligns with domestic economic trends, with stable and predictable results in market services and energy sectors offsetting industrial decline.

• Continued focus on cost management and leveraging sectoral strengths, especially in energy and tourism.