Waberer’s International has published its fourth quarter and full-year financial report for 2024, revealing that the company generated a total revenue of EUR 757.5 million during the year, representing a 6.5% year-on-year increase. Consolidated EBIT rose by 5.2% to EUR 45 million, while net income excluding non-cash FX effects totalled EUR 25.4 million, up 10% from 2023. However, the profit of the international freight segment (ITS) declined sharply by 82% to just EUR 1.6 million.
The downturn in the ITS segment was primarily driven by the deteriorating performance of the company’s Polish subsidiary (LINK). In response to the underperformance, Waberer’s restructured its business model in the second half of 2024 by reducing the size of its own fleet and increasing the share of subcontracted transport activities.
“In response to the segment’s Polish operation performance deterioration, LINK’s business strategy was adjusted in the second half of 2024 reflecting the changing external environment, with the aim to increase the proportion of subcontracting activity and to adjust the size of the own fleet to the market needs in the selected geographic area,” the report states.
Revenue in the ITS segment rose slightly by 1.2% year-on-year to EUR 442.4 million. While the own fleet transport revenue declined by 9%, forwarding services provided by subcontractors grew by 21.8% and helped balance the segment’s top-line performance.
In line with the business model adjustment, Waberer’s reduced the average number of trucks in operation to 2,847 (2023: 2,891). The number of drivers also dropped by 217 to an average of 3,464 in 2024. In contrast, the company’s total workforce remained stable, averaging 6,048 employees (2023: 6,044).
The performance of the segment’s Hungary-based operation showed some improvement, and the recently acquired rail logistics company PSP Group contributed positively with EUR 1.6 million in EBIT.
Meanwhile, the Regional Contract Logistics (RCL) segment had an outstanding year. Its revenue increased by 20% and EBIT rose by 25% to EUR 19.2 million. The expansion of waste recycling-related transportation tasks and new in-house logistics clients primarily fueled growth. In the fourth quarter alone, RCL delivered an EBIT of EUR 3.9 million, more than double the figure recorded in Q4 2023. Warehouse capacity increased by 6.6% year-on-year, reaching 244,300 square metres.
The Insurance segment also recorded its best-ever annual EBIT of EUR 24.2 million, up 30.2% year-on-year. While the acquisition of Magyar Posta Insurance companies in Q4 has already been reflected in the balance sheet, it did not yet impact the 2024 income statement.
Reflecting on the results, Zsolt Barna, Chairman and CEO of Waberer’s International Nyrt., said:
“While the economic environment showed signs of stagnation throughout the year in both Europe and Hungary, Waberer’s Group, thanks to its growth strategy and appropriately diversified activities, was able to achieve further growth in terms of both revenue and profitability.”
Overall, the company increased consolidated EBIT by 5.2% to EUR 45 million and revenue by 6.5% to EUR 757.5 million. Waberer’s pursued several strategic acquisitions during the year, including Serbia-based MDI, the rail logistics-focused PSP Group, the Magyar Posta Insurance companies, and road passenger transport company Pannonbusz.