VERTIKAL Group, listed on the Budapest Stock Exchange's Xtend market, has published its report for the first half of 2024, revealing significant growth: while revenue increased by 314 percent, EBITDA by 76 percent and profit before tax by 93 percent compared to the first half of 2023. This growth is primarily attributed to the launch of the waste management concession system on July 1, 2023, where the company participates as a key partner of the concessionaire MOHU MOL Waste Management Ltd. The report also includes a strategic outlook, in which the company reaffirmed its target figures set for 2028.
Based on the unaudited income statements for the first half of 2024, VERTIKAL Group, a leading player in the Hungarian environmental management sector, continued its dynamic growth: net sales increased from HUF 2,477 million to HUF 10,138 million, EBITDA from HUF 674 million to HUF 1,189 million and profit before tax from HUF 474 million to HUF 918 million compared to the same period in 2023. The increase is 314 percent for revenue, 76 percent for EBITDA and 93 percent for profit before tax.
The main driver of this growth was the launch of the waste management concession system on July 1, 2023, in which the company, as a key partner of the concession holder MOHU MOL Waste Management Ltd., operates in five regions, serving nearly 300 municipalities and almost 1 million residents. Additionally, the company made significant infrastructural advancements during the first half of the year: investing HUF 2.5 billion in its Dombóvár plant which primarily focused on energy development alongside the modernization of manufacturing technology.
VERTIKAL's presence in the capital markets also strengthened during the period: the company successfully issued nearly 94.8 million new shares in February, with a total issue value of approximately HUF 928 million. Also in February, VERTIKAL became one of the largest issuers included in the newly launched XTEND index, which tracks the performance of the BÉT Xtend mid-cap platform.
In the report, the company also reviewed the target figures for the period up to 2028, originally published in October 2023. Following the revision, based on the results of the first half of 2024 and the first full year of the concession scheme, the forecast has been confirmed with minimal adjustments compared to the previous indicators: the company has not significantly lowered its targets for annual projected revenue, while it has confirmed the previous targets for EBITDA.
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About VERTIKAL Group
Listed on the mid-cap platform BÉT Xtend of the Budapest Stock Exchange, VERTIKAL Group is a key player in Hungary’s environmental management and protection sector, with a history spanning nearly 50 years. The company aims to be among the first in the domestic market to implement the concept of circular economy through synergies between its environmental management, logistics, and plastics industry activities. Employing nearly 400 people, the company also places significant emphasis on collaborations with universities, research and development, modernizing its equipment and manufacturing technologies, employee training, and increasing the number of its partner collaborations.
