However, despite the revenue growth, Waberer’s experienced a decline in EBIT. The second-quarter EBIT fell to €10.7 million, down 24.7% from Q2 2023.
The half-year EBIT also dropped to €19.2 million, a decrease of 24.5% compared to the previous year. This decline is attributed to one-off positive effects in the previous year, such as the transition to IFRS 17, which inflated the base period’s earnings (IFRS 17 is an International Financial Reporting Standard issued by the International Accounting Standards Board (IASB) that addresses the accounting for insurance contracts in financial statements. It was introduced to improve the consistency, transparency and comparability of financial statements across the insurance industry and will be effective from 1 January 2023).
The company’s net income also suffered, with Q2 2024 net income at €5.9 million, a significant decrease of 61% year-on-year. For the half-year, net income was €7.0 million, down 72.6% from the same period in 2023. This decline is partly due to lower EBIT, foreign exchange losses, and higher deferred taxes.
The company operates a fleet of 2,888 lorries, reflecting a 1.4% increase compared to the 2,847 trucks in Q2 2023. The average number of trucks for the first half of 2024 was 2,887, up by 1.7% from 2,840 in H1 2023.
Waberer’s workforce averaged 6,162 employees in the second quarter, up by 2.5% from 6,013 in Q2 2023. For the first half of 2024, the average number of employees was 6,209, an increase of 3.4% from 6,007 in H1 2023. Despite a slight reduction of 29 active truck drivers during the second quarter, largely due to a decrease of 39 drivers in the ITS segment, the overall fleet size has been maintained.
The Contract Logistics (RCL) segment saw significant growth, with its second-quarter EBIT rising by 15.7% to €5.2 million, driven by new customer acquisitions and the Serbian acquisition of MDI. The segment achieved a record half-year EBIT of €9.8 million, with revenue increasing by 18.4% to €120.4 million.
The International Transportation and Freight Forwarding (ITS) segment reported a return to profitability with a quarterly EBIT of €2.3 million. However, its half-year EBIT was €0.3 million, reflecting ongoing market challenges despite a successful spring tender season.
The Insurance segment’s half-year EBIT declined by 12.8% to €9.2 million, despite a 15.8% increase in revenue to €45.8 million. The decrease was attributed to large claims payments and the lack of one-off benefits from the previous year.
In addition to its core business, Waberer’s has made progress in property development. The company has launched a new real estate business unit focused on developing and investing in logistics real estate. This includes the completion of a greenfield warehouse project in Ecser and the acquisition of land in Debrecen for future warehouse developments. The move aims to capitalise on the company’s logistics expertise and meet the growing market demand for specialised real estate solutions.
Waberer’s management remains optimistic, forecasting an EBIT of over €40 million for 2024 and revenue between €750 million and €800 million. The company continues to pursue its 2027 strategic goals, focusing on expanding its service portfolio and regional presence.
“We are confident in our performance outlook for the short and long term,” said Zsolt Barna, Chairman and CEO of Waberer’s International. “Our strategic investments and acquisitions are paving the way for future growth, and we are steadily progressing towards our goal of becoming the leading logistics service provider in Central and Eastern Europe by 2027.”