Investor Presentation • Nov 29, 2025
Investor Presentation
Open in ViewerOpens in native device viewer
THIS INFORMATION SHEET WAS PREPARED BY 4IG NYRT. (HEADQUARTERS: BUDAPEST 1013, KRISZTINA KÖRÚT 39.). THIS INVESTOR PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT OUR BELIEFS AND EXPECTATIONS, ARE FORWARD-LOOKING STATEMENTS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES AND PROJECTIONS, AND THEREFORE SHOULD NOT HAVE UNDUE RELIANCE PLACED UPON THEM. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE THEY ARE MADE, AND WE UNDERTAKE NO OBLIGATION TO UPDATE PUBLICLY ANY OF THEM IN LIGHT OF NEW INFORMATION OR FUTURE EVENTS. FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES.
PLEASE NOTE THAT THIS EVENT IS BEING RECORDED FOR INTERNAL USE ONLY. BY JOINING THE PRESENTATION, YOU CONSENT TO BEING RECORDED. THIS PRESENTATION IS ALSO AVAILABLE IN THE "PRESENTATIONS FOR INVESTORS" SUBFOLDER OF OUR WEBSITE.
Contact information of the data protection officer: dr. Ágoston Csordás (agoston.csordas (@) 4ig.hu)
Purpose of data processing: Accurate recording of what was said during the presentation, to ensure that each of the participants acts based on authentic and clear information that can be accurately recalled later.
Legal basis for data management: The consent of the data subject and the legitimate interest of the data controller.
Legitimate interest: The data controller assumes responsibility for the information it provides, according to which the data controller's legitimate interest is to be able to faithfully recall the information provided in the event of a dispute or later question.
Duration of storage: Completion of the transcript of the presentation, but no later than 45 days after the presentation.
Rights of the data subject: You can request access to your personal data, its correction, deletion or restriction of processing, and you can object to the processing of personal data, and you have the right to data portability. You can withdraw your given consent later, but this does not affect the legality of the data processing carried out before the withdrawal.
Filing a complaint: You can file a complaint with the National Data Protection and Freedom of Information Authority with a possible violation of rights related to data management.
Postal address: 1363 Budapest, Pf.: 9.
Address: 1055 Budapest, Falk Miksa st. 9-11.
E-mail: ugyfelszolgalat (@) naih.hu URL: http://naih.hu



Group CEO

Péter Fekete Barna Gáspár
Group Head of Investor Relations and Capital Markets

1
5


INTRODUCTION MACROECONOMICS MARKET SHARE

7
| 31-Dec 2023 |
31-Dec 2024 |
31-Mar 2025 |
30-Jun 2025 |
30-Sep 2025 |
24-Nov 2025 |
|
|---|---|---|---|---|---|---|
| EURHUF | 382.78 | 410.09 | 401.90 | 399.30 | 391.11 | 383.04 |
| EURUSD | 1.11 | 1.04 | 1.08 | 1.18 | 1.17 | 1.15 |
| USDHUF | 346.44 | 393.60 | 371.17 | 340.00 | 332.69 | 332.21 |

Source: KSH





If 4iG SDT EGY successfully completes the RÁBA takeover and due diligence, CSG Defence may acquire 49% of 4iG SDT EGY, indirectly up to 37% of RÁBA Plc
One Macedonia and Ericsson signed a nonbinding Letter of Intent to build the first standalone (SA) 5G mobile networks in the Western Balkans, with Ericsson providing end-to-end design, delivery and commissioning
4iG, the European Commission and GÉANT signed a joint declaration to promote secure, high-quality digital connectivity across the Western Balkans and strengthen links with the EU
4iG SDT and EUTELSAT SA signed a frequency license agreement connected to frequency usage rights and orbital positions affecting the performance of the HUSAT programme announced on 20 November 2024
A
A D
4iG SDT signed a non-binding Letter of Commitment with Axiom Space Inc to reaffirm their intent to implement cooperation in several key domains. The Parties will work to bring advanced space infrastructure and innovation initiatives to Hungary and other key markets
SpaceCom, a company in which 4iG holds a 20% minority share – on 29th September 2025, published its announcement on a rights offering in the Tel Aviv Stock Exchange (TASE), which represents the first step of Spacecom's new court-approved debt settlement plan.The settlement process has since been completed with 4iG maintaining its ownership share in this financial investment





Budapest Stock Exchange BUX and BUMIX indices
Wiener Börse region CECE Index
FTSE Global Equity Index Series Mid Cap Index

4iG Plc. is listed on the Budapest Stock Exchange Market Cap
(24th November 2025)
HUF 1,434 bn (EUR 3.74 bn)


| 4iG Group (HUF Mn) |
*Q3 2024 |
PPA 1 | One off 2 |
Non Realised FX difference 3 |
Normalised Q3 2024 |
Q3 2025 | PPA 1 | One off 2 |
Non Realised FX difference 3 |
Normalised Q3 2025 |
% chang |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Revenues | 176,176 | · · . ] · - | - | 176,176 | 187,258 | - | - | 187,258 | 6% | ||
| Other operating income | 748 | ···· | - | = | 748 | 1,620 | _ | - | - | 1,620 | 117% |
| Total income | 176,924 | - | - | - | 176,924 | 188,878 | - | - | - | 188,878 | 7 % |
| Capitalised value of own produced assets | 4,621 | - | - | - | 4,621 | 4,993 | - | - | - | 4,993 | 8% |
| Raw material and consumbles used | -53,280 | * | _ | -53,280 | -53,179 | - | - | -53,179 | 0% | ||
| Services used | -32,760 | 1,638 | = | -31,122 | -31,692 | - | 3,974 | - | -27,718 | -11% | |
| Personnel expenses | -25,975 | ~ | - | = | -25,975 | -32,748 | - | - | - | -32,748 | 26% |
| Other expenses | -10,091 | 31 | _ | = | -10,060 | -6,142 | - | - | - | -6,142 | -39% |
| Operating costs | -122,106 | 31 | 1,638 | - | -120,437 | -123,761 | - | 3,974 | - | -119,787 | -1% |
| EBITDA | 59,439 | 31 | 1,638 | _ | 61,108 | 70,110 | - | 3,974 | - | 74,084 | 21% |
| EBITDA margin | 33.7% | - | - | · · · · · · · · · · · · · · · · · · · | 34.7% | 37.4% | - | - | - | 39.6% | 4.9pp |
| Depreciation and amortisation | -44,853 | 5,842 | - | -39,011 | -48,738 | 5,852 | - | - | -42,886 | 10% | |
| EBIT | 14,586 | 5,873 | 1,638 | - | 22,097 | 21,372 | 5,852 | 3,974 | - | 31,198 | 41% |
| Financial income | 1,923 | *** | _ | 843 | 2,766 | 8,370 | - | - | -6,444 | 1,926 | -30% |
| Financial expenses | -18,402 | 192 | _ | -18,210 | -17,859 | 20 | - | - | -17,839 | -2% | |
| Share of profit of associate and joint ventures | 73 | _ | - | - | 73 | -433 | - | - | - | -433 | -693% |
| Profit before taxes (PBT) | -1,820 | 6,065 | 1,638 | 843 | 6,726 | 11,450 | 5,872 | 3,974 | -6,444 | 14,852 | 121% |
| Income taxes | -1,080 | -543 | - | - | -1,623 | -2,378 | -437 | - | - | -2,815 | 73% |
| Profit / Loss after Tax | -2,900 | 5,522 | 1,638 | 843 | 5,103 | 9,072 | 5,435 | 3,974 | -6,444 | 12,037 | n/a |
Net sales revenue increased by 6% YoY, primarily driven by the telecommunications segment. This growth was fuelled by the expansion of the postpaid mobile subscriber base and a rise in ARPU (Average Revenue Per User). The IT/SI (Information Technology/System Integration) segment also contributed positively to revenue growth, mainly due to the successful implementation of the Elderly Care programme and other IT projects.
Depreciation and amortisation: Due to increased volume of property, plant and equipment, intangible assets and leased assets, the Group recorded depreciation charges in the first three quarters of 2025 that were 10% higher than a year earlier.
Financial income and expenses: Thanks to favourable exchange rate movements, the Group recognised HUF 6.4 billion of unrealised foreign exchange gains (primarily related to the Vodafone acquisition loan), whereas in the same period of the previous year HUF 0.8 billion of foreign exchange losses were recorded. The amount of realised foreign exchange differences also showed a significant increase (Q3 2025: HUF 2.5 billion foreign exchange gain vs. Q3 2024: HUF 0.7 billion foreign exchange loss).
*Modified results
1PPA (Purchase Price Allocation effect): Subsequent fair value restatements of assets and liabilities of previously acquired subsidiaries, recognised in the income statement, which do not involve cash outflow.
<sup>2One-off items: Costs related to the Group's transformation and restructuring.
3Unrealised foreign exchange gain/loss adjustment: Revaluation differences arising from the period end remeasurement of assets and liabilities denominated in foreign currencies (primarily the Vodafone acquisition loan)

| 4iG Group (HUF Mn) |
9M 2024* | PPA 1 | One off 2 |
Non Realised FX difference 3 |
Normalised 9M 2024 |
9M 2025 | PPA 1 | One off 2 | Non Realised FX difference 3 |
Normalised 9M 2025 |
% chang |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Revenues | 498,657 | - 1 . | 498,657 | 538,085 | 10 (10 1 4 ) 10 | 538,085 | 8% | ||||
| Other operating income | 2,855 | 2,855 | 3,112 | - | - | - | 3,112 | 9% | |||
| Total income | 501,512 | - | - | - | 501,512 | 541,197 | - | - | - | 541,197 | 8% |
| Capitalised value of own produced assets | 13,067 | - | - | - | 13,067 | 12,833 | - | - | - | 12,833 | -2% |
| Raw material and consumbles used | -144,797 | - *** | -144,797 | -147,579 | 476 | - | . 7 / / / | -147,103 | 2% | ||
| Services used | -87,275 | - | 3,164 | = 1 | -84,111 | -96,788 | - | 10,074 | - | -86,714 | 3% |
| Personnel expenses | -81,267 | - | - | - | -81,267 | -95,617 | - | - | - | -95,617 | 18% |
| Other expenses | -31,465 | 101 | _ | - . | -31,364 | -21,385 | 56 | - | - | -21,329 | -32% |
| Operating costs | -344,804 | 101 | 3,164 | - | -341,539 | -361,369 | 532 | 10,074 | - | -350,763 | 3% |
| EBITDA | 169,775 | 101 | 3,164 | 173,040 | 192,661 | 532 | 10,074 | 203,267 | 17% | ||
| EBITDA margin | 34.0% | - | 1.7 | rans i sin |
34.7% | 35.8% | - | - | - | 37.8% | 3.1pp |
| Depreciation and amortisation | -135,092 | 18,166 | - | 1.1.1.1- | -116,926 | -143,062 | 17,822 | - | - | -125,240 | 7% |
| EBIT | 34,683 | 18,267 | 3,164 | - | 56,114 | 49,599 | 18,354 | 10,074 | - | 78,027 | 39% |
| Financial income | 5,490 | - • | - | . 1. 1. 1 |
5,490 | 23,786 | - | - | -14,181 | 9,605 | 75% |
| Financial expenses | -61,107 | 575 | = | 8,961 | -51,571 | -55,381 | 288 | - | - | -55,093 | 7% |
| Share of profit of associate and joint ventures | -326 | _ **** | - | - | -326 | -1,448 | - | - | - | -1,448 | 344% |
| Profit before taxes (PBT) | -21,260 | 18,842 | 3,164 | 8,961 | 9,707 | 16,556 | 18,642 | 10,074 | -14,181 | 31,091 | 220% |
| Income taxes | -5,056 | -1,746 | - | - | -6,802 | -8,632 | -1,728 | - | - | -10,360 | 52% |
| Profit / Loss after Tax | -26,316 | 17,096 | 3,164 | 8,961 | 2,905 | 7,924 | 16,914 | 10,074 | -14,181 | 20,731 | n/a |
Net sales revenue: Increased by 8% YoY, primarily driven by the telecommunications segment. This growth was fuelled by the expansion of the postpaid mobile subscriber base and a rise in ARPU (Average Revenue Per User). The IT/SI (Information Technology/System Integration) segment also contributed positively to revenue growth, mainly due to the successful implementation of the Elderly Care program and other IT projects.
Depreciation and amortisation: Due to increased balance of assets, the Group recognised normalised depreciation charges that were 7% higher than in the previous period.
Financial income and expenses: In contrast with the same period of the previous year, the Group recorded a combined realised and unrealised foreign exchange gain of HUF 16.4 billion (of which HUF 14.2 billion unrealised, whereas in the first three quarters of 2024 a combined foreign exchange loss of HUF 9.9 billion (of which HUF 9 billion unrealised) was reported.
*Modified results
<sup>1PPA (Purchase Price Allocation effect): Subsequent fair value restatements of assets and liabilities of previously acquired subsidiaries, recognised in the income statement, which do not involve cash outflow.
2One-off items: Costs related to the Group's transformation and restructuring.
Unrealised foreign exchange gain/loss adjustment: Revaluation differences arising from the period end remeasurement of assets and liabilities denominated in foreign currencies (primarily the Vodafone acquisition loan)


Data in HUF million


SEGMENTS
GEOGRAPHIES
DEEP DIVE




21

AMBITIONS
• Digital Uzbekistan 2030 is a national strategy aiming to use digital technologies and infrastructure to connect more people to fast internet, increase efficiency and decrease inequalities by 2030, an attractive opportunity for 4iG




• Customer satisfaction and brand preference metrics are improving and are leading to increased market share, especially in consumer mobile and converged fixed mobile propositions
MARKET
• By preparing the acquisition of a relatively small telecommunications infrastructure company, 4iG is laying the groundwork for its entry into the Croatian market in line with Group strategy



| Segment | Q3 2024 (actual)* |
Q3 2025 (actual) |
% change |
|---|---|---|---|
| IT | 21,996 | 31,225 | 42% |
| Telco | 154,304 | 160,881 | 4% |
| Space | -3 | 1,992 | n/a |
| Holding 2 | 4,224 | 11,918 | n/a |
| Eliminations 3 | -4,345 | -18,758 | n/a |
| Total | 176,176 | 187,258 | 6% |
| Segment | Q3 2024 (actual)* |
Q3 2025 (actual) |
% change | ||
|---|---|---|---|---|---|
| IT : | 5,981 | 5,794 | -3% | ||
| Telco | 57,555 | 63,590 | 10% | ||
| Space | - | -629 | n/a | ||
| Holding 2 | -4,283 | -901 | n/a | ||
| Eliminations 3 | 186 | 2,256 | n/a | ||
| Total | 59,439 | 70,110 | 18% |


Modified actual results
<sup>2 Holding Segment: includes expenses related to strategic and operational governance of the Group and the one-off items not allocated to the operative segment.
<sup>3 Elimination of the intra-segment transactions within the Group
4 Note: Net Revenue and EBITDA impacts of Eliminations and Holding segment are excluded from the total for Net Revenue and EBITDA split calculation purposes displayed on the charles
<-- PDF CHUNK SEPARATOR -->

| Segment | 9M 2024 (actual)* |
9M 2025 (actual) |
% change |
|---|---|---|---|
| IT | 55,142 | 77,656 | 41% |
| Telco | 443,436 | 470,888 | 6% |
| Space | 5,615 | 6,295 | 12% |
| Holding 2 | 7,955 | 30,333 | n/a |
| Eliminations 3 | -13,491 | -47,087 | n/a |
| Total | 498,657 | 538,085 | 8% |
| Segment | 9M 2024 (actual)* |
9M 2025 (actual) |
% change |
|---|---|---|---|
| IT | 11,463 | 12,892 | 12% |
| Telco | 168,361 | 180,975 | 7% |
| Space | ., 1,872 | -432 | n/a |
| Holding 2 | -11,511 | -2,613 | n/a |
| Eliminations 3 | -410 | 1,839 | n/a |
| Total | 169,775 | 192,661 | 13% |


Modified actual results
<sup>2 Holding Segment: includes expenses related to strategic and operational governance of the Group and the one-off items not allocated to the operative segment.
<sup>3 Elimination of the intra-segment transactions within the Group
4 Note: Net Revenue and EBITDA impacts of Eliminations and Holding segment are excluded from the total for Net Revenue and EBITDA split calculation purposes displayed on the chara

| FINANCIAL DEBT (30 SEP 2025) |
HUFMn |
|---|---|
| Credits & loans & bonds (long-term) |
773,664 |
| Other long-term financial liabilities | 22,339 |
| Financial lease liabilities (long-term) | 131,871 |
| Credits & Ioans (short-term) |
43,860 |
| Financial lease liabilities (short-term) | 31,153 |
| TOTAL DEBT | 1,002,887 |
| Cash and cash equivalents | 137,950 |
| NET DEBT | 864,937 |
| CAPITALISATION | as of 24 Nov 2025 |
|---|---|
| Share Price (HUF) | 4,795 |
| Total Number of Shares | 299,074,974 |
| MARKET CAP (HUF Mn) |
1,434,065 |
| NET DEBT (HUF Mn) (30 Sep 2025) |
864,937 |
| ENTERPRISE VALUE (HUF Mn) |
2,299,002 |
| NET DEBT / LTM EBITDA (x) | 3.41 |

• 2025 outlook remains positive, underpinned by progress on multi-country integration and growing demand for digital connectivity and defence technologies.
• Revenue growth is expected to be above 10%, primarily driven by telecommunications (organic and inorganic) and public sector IT services.
• EBITDA is expected to grow due to synergy effects of the transformation programme, organic and inorganic growth (Netfone, PR-Telecom, Canal+, Space&Defence segment)


ESG


| Issuer rating | BB | |
|---|---|---|
| Outlook | Stable | |
| Long-term senior unsecured debt rating |
BB | |
| Last review | May 2025, affirmation | |
| Last change | December 2024 Outlook revised to Stable |
https://scoperatings.com/ratings-and-research/rating/EN/178811



• The 4iG Group received the 2. place in the II. Large Enterprises category in the "Responsible Employer" competition in 2025
The certification process evaluated nine areas of human resources, including:
• 4iG Group has 20 Subsidiaries / Affiliates where it operates 56 certified management systems based on 11 international standards and further 8 system implementation in progress



• Almost all of the Subsidiaries / Affiliates (9) of the 4iG Group are NIS2 audited. The audit of 3 Subsidiaries / Affiliates is ongoing, 2 is in the pipeline
4IG.HU/FOR -INVESTORS

WE CAUTION YOU THAT A NUMBER OF IMPORTANT FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. IN ADDITION TO FIGURES PREPARED IN ACCORDANCE WITH IFRS, 4IG ALSO PRESENTS OTHER FINANCIAL PERFORMANCE MEASURES, INCLUDING, AMONG OTHERS, EBITDA, EBITDA AL, EBITDA MARGIN, AND NET DEBT. THESE OTHER MEASURES SHOULD BE CONSIDERED IN ADDITION TO, BUT NOT AS A SUBSTITUTE FOR, THE INFORMATION PREPARED IN ACCORDANCE WITH IFRS. THESE OTHER FINANCIAL PERFORMANCE MEASURES ARE NOT SUBJECT TO IFRS OR ANY OTHER GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. OTHER COMPANIES MAY DEFINE THESE TERMS IN DIFFERENT WAYS.
THIS PRESENTATION DOES NOT QUALIFY AS AN INVESTMENT OFFER, ACCORDING TO § 5 PARAGRAPH 1, POINT 9 OF THE CAPITAL MARKETS ACT, AND DOES NOT CONTAIN ANY ANALYSIS, PROPOSAL OR OTHER INFORMATION ABOUT INVESTMENT ANALYSIS, FINANCIAL INSTRUMENT, STOCK MARKET PRODUCT OR ITS ISSUER (ISSUERS), THE PUBLICATION OF WHICH, BY ITSELF OR IN ANOTHER WAY, MAY INFLUENCE THE INVESTOR TO INVEST HIS OWN OR OTHER PEOPLE'S MONEY , OR MAKE YOUR OTHER ASSETS PARTIALLY OR ENTIRELY DEPENDENT ON THE EFFECTS OF THE CAPITAL MARKET, BSZT. (ACT ON INVESTMENT COMPANIES AND COMMODITY EXCHANGE SERVICE PROVIDERS) § 4. UNDER PARAGRAPH (2) POINT 8.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.