The first-quarter after-tax profit of listed holding company Opus Global rose 17% year on year to HUF13.2bn (€32.3mn), boosted by improved margins, an earnings report released ahead of the opening bell on June 13 shows.

The diversified holding company, active in construction, the food industry, energy, tourism and asset management, is owned by Lorinc Meszaros, the former gas fitter and the childhood friend of the prime minister. Meszaros tops the list of Hungary’s wealthiest individuals, with his net worth having risen 40% over the year to HUF1.5 trillion.

Revenue fell 13% to HUF125.2bn, but operating costs declined at a faster pace, dropping 20% to HUF103.3bn leading to a 53% y/y increase in operating profit to HUF22.0bn.

EBITDA rose 32.3% to HUF32.6bn, while the EBITDA margin improved from 17.1% to 26.1%, the highest since Q2 2019.

Total comprehensive income was stable at HUF11.9bn.

Opus had total assets of HUF1 trillion at the end of March, down 3% from end-2024.

Group-level revenue was dragged down by a nearly 40% decline in the construction segment, where all major subsidiaries, R-Kord, RMI and Meszaros & Meszaros, posted lower turnover. The steepest drop was seen at RMI, whose revenue shrank by almost 60%.

The energy division saw revenue rise 9% and EBITDA surge by more than 70%, making it the group’s primary profit driver.

Food industry results were negatively affected by rising costs, which could not be fully passed on to customers despite favourable FX trends.

"Significant efficiency gains achieved in early 2025 confirm that focusing on synergies was the right decision. Our diversified portfolio continues to deliver strong performance," said CEO Koppany Lelfai, as quoted in the report.

Opus shares have underperformed the benchmark BUX index, hovering near record highs, after gaining nearly 10% year to date.