WABERER'S INTERNATIONAL (3WB) Q3 2024 earnings summary

Executive summary

• Q3 revenue grew 10.5% year-over-year to €193m, with nine-month revenue at €582m, driven by higher-margin RCL and insurance segments.

• Q3 EBIT reached €10.1m, up 27% year-over-year, mainly due to improved insurance segment performance and contract logistics expansion.

• Strategic projects, including acquisitions and new logistics centers, contributed to EBIT improvement and business expansion.

• Group restructuring to a holding structure for more efficient management and cost control, effective January 2025.

• Management maintains 2024 EBIT guidance of €40m and expects revenue of €770-780m, excluding newly acquired companies.

Financial highlights

• Consolidated Q3 revenue up 11% year-over-year; nine-month revenue at a record level.

• Q3 EBIT increased 27% year-over-year to €10.1m; nine-month EBIT at €29.3m.

• Q3 net income surged 890% year-over-year to €5.4m, driven by improved profitability and absence of negative FX effects.

• Net leverage increased to 2.6x due to strategic investments and acquisitions.

• Q3 gross profit was €28.5m (+64.5% YoY); EBITDA for Q3 was €24.4m (+13.6% YoY).

Outlook and guidance

• Full-year 2024 EBIT expected to exceed €40m, in line with previous record results.

• Revenue guidance for 2024 is €770-780m, excluding newly acquired companies.

• Second half of 2024 projected to outperform the previous year, supported by completed/acquired projects with over €10m EBIT contribution.

• Integration of Posta Biztosítók and other insurance acquisitions expected to impact results from Q1 2025.

• Continued focus on rail logistics, regional expansion, and logistics infrastructure development.