Wallis Group posted record revenue of HUF 912 billion in 2025, with more than 60% generated in foreign markets.

BBJ: Beyond the headline figures, what were the most important drivers of 2025’s growth, and how does that reflect Wallis Group’s long-term investment approach?

Gyula Mező: Record revenue was driven primarily by growth in international markets, with the combined revenue of our portfolio companies increasing by nearly 30% last year. All of our subsidiaries contributed to the strong result, but I would highlight four in particular.

AutoWallis continued to expand in line with its announced growth strategy, increasing both the number of vehicles sold and its revenue. At Wing, residential unit sales rose, and the company also completed several exits in Poland. Akko Invest, our publicly listed integrated real estate services company, also achieved record results. Praktiker increased both revenue and market share, with new store openings providing additional support for that growth.

BBJ: Group-level EBITDA was close to HUF 97 billion in 2025, compared with HUF 103 bln a year earlier. How do you interpret that result alongside the record revenue, and what does it say about the earnings capacity of the portfolio?

GM: In a challenging economic environment, where there has now been no meaningful growth for three consecutive years, we kept EBITDA broadly stable in 2025. I consider that a strong result, particularly because, unlike in previous years, we did not complete any major company sale or other significant transaction during the year.

BBJ: Talking of group-level corporate transactions, what types of investment opportunities is Wallis actively seeking, and what criteria must a potential acquisition or partnership meet before it can become part of the portfolio?

GM: We continue to look primarily for investment opportunities involving companies at a mature stage of development, where we can work together with a management team that also holds an ownership position to generate shared value growth. We also need to share the same fundamental values, including integrity, professionalism, and hard work.

BBJ: Wallis now has businesses in real estate, automotive and mobility services, retail, and specialty flooring production. How does the group set strategic priorities and allocate capital across such different sectors?

GM: The current constraint on our capital allocation is not the amount of capital available to us, but the capacity that can be effectively deployed in each market.

Our real estate companies primarily operate through development projects, where we can clearly identify the limits imposed by market demand and our own execution capacity, and then determine the corresponding capital requirements. At Wing, the current focus is on residential development in all three countries, and capital is mainly being allocated to such projects within the individual companies.

AutoWallis has sufficient capital to implement its strategy and growth plans for several years. This is partly due to the capital increase we completed in 2024 and partly to the substantial earnings generated by its core operations.

At Praktiker, we have opened three new stores in recent years, and we plan additional locations. We view each of these as an investment expected to generate an appropriate return.

BBJ: AutoWallis operates in 17 countries, while Wing has substantial exposure in Hungary, Poland, and Germany. How do you balance local decision-making with common group-level governance, capital allocation, and risk management across this international portfolio?

GM: Our portfolio companies have local management teams in Hungary, Poland, and Germany that are responsible for operations. At the top of the decision-making chain, however, Wallis Group executives also sit on the companies’ boards, meaning that final decisions on investments, including investments

abroad, and divestments are ultimately made in Hungary. Our objective remains to build an international investment group. In that context, we are still in the investment phase in some of the countries mentioned, including Germany.

We seek to mitigate risk through diversification by both geography and business activity. In real estate, we are present across every major market segment, allowing us to allocate capital among them in response to changing market conditions. We also cover several segments of the automotive market, with operations in services as well as vehicle distribution and retail.

BBJ: European financing conditions have shifted considerably in recent years. How has Wallis adapted its financing mix, and what lessons has the group drawn about raising capital in the current environment?

GM: We rely primarily on our own equity, although we also make use of external financing. Wallis Group consistently seeks to ensure that, alongside traditional bank financing, our companies can also raise capital from public markets. Because our businesses have a stable financial background, they have continued to obtain funding through these channels in recent years, and their bond auctions have been oversubscribed on several occasions. In addition to institutional bonds, Wing has also successfully issued retail bonds. Another component of our financing mix is state-backed funding intended to support international investment. Both Wing and AutoWallis have used such facilities in recent years.

BBJ: Where do you see Wallis’s strongest competitive advantages, and what are the main challenges of building an international portfolio from Budapest?

GM: Our greatest advantage is the local knowledge we have accumulated. We have been present in several countries across the region for many years, and we work closely with the management teams of our portfolio companies. Building that network of relationships is not simple and is one of the main challenges involved.

We work well with the leadership of the two international real estate companies within Wing Group, Poland’s Echo Investment and Germany’s Bauwert. Bauwert is more than 40 years old and has benefited from strong management continuity since its founding, while Echo’s chief executive has held the position for approximately 10 years. Both management teams are deeply embedded in their respective markets.

At AutoWallis, central direction is provided from Budapest, with the group working closely with local management teams in the other countries where it operates.

BBJ: Your Horizont Program connects experienced professionals and key middle managers across your companies. Why is leadership development and knowledge-sharing important to your long-term growth strategy, and how do you measure its value?

GM: We believe deeply in human values as fundamental principles. Successful Western companies show that training and development strengthen both individuals and organizations. We expect participants in the Horizont Program to take on leadership positions within the group over the long term. In our experience, colleagues who are supported and developed internally can become exceptionally effective and successful leaders. Another objective is to strengthen relationships between our companies. We want to place greater emphasis on personal connections alongside the predominantly formal relationships that already exist across the group.

BBJ: What milestones will determine whether Wallis has succeeded in its next phase of development beyond revenue and EBITDA growth? In which areas do you expect the group to change most significantly?

GM: Our core values will not change. We will remain adaptive and make decisions quickly when we identify new opportunities that can generate long-term value, and we will work hard to realize that value. One area where we plan to place even greater emphasis is developing and training our colleagues, because they will secure the group’s long-term success. We will measure that success by how much participants in these programs develop, how much value they add to our companies, and how many of them become senior executives within the group over the next five years. I would also like our senior executives to be recognized as leading professionals in their respective industries.

This article was first published in the Budapest Business Journal print issue of September 18, 2026.