Waberer's 2026 Q2 Review
- Waberer’s EBIT decreased by 13.9% YoY to EUR 15.5MM in Q2 2026, as the 11.8% higher revenue at EUR 227.0MM was more than offset by the increase in expenses. Logistics segment’s EBIT decreased by 37.9% YoY to EUR 4.4MM, negatively impacted by the lack of warehouse developments, while insurance segment’s EBIT increased by 1.6% YoY to EUR 11.1MM.
- Reported Net Income increased by 36.2% YoY to EUR 18.2MM in Q2 2026, mostly supported by favourable net financial results. FX adjusted net income was 43.6% lower at EUR 6.9MM in Q2 2026.
- Diluted EPS increased to EUR 1.0 in Q2 2026 vs EUR 0.7 in Q2 2025. Based on the LTM Q2 2026 EPS of EUR 2.50, the company’s P/E ratio is 5.3x, placing Waberer’s multiple below its historical 6-9x range. Dividend of HUF 143 was paid early July 2026 reflecting 2.78% dividend yield. In addition, the company completed its HUF 200MM share repurchase program in late May 2026.
- Management confirmed its 2026 guidance (first issued on 14.05.2026) which points toward EBIT in the range of EUR 55MM - 62MM, similar to the EUR 58MM in 2025. In addition, Management highlighted that they will review the medium term strategic plan in H2 2026 which was previously issued in early 2025, and covering the period up to 2030.
- Our 12-month target price is HUF 7 148, with Buy recommendation. Our target price is supported by the diversified and resilient operation, with continued growth across multiple segments, and strong ability to execute acquisitions. Our conclusion is also supported by the company’s current P/E ratio of 5.3x versus the 14.2x median P/E multiple of our synthetic benchmark created. While we acknowledge that the logistics industry was out of favour in the last two years, the gradual recovery from the bottom of the cycle condition, with some of the direct competitors forced to sell or restructure their operation, Waberer’s has the potential to accelerate its regional growth.