Friday, 2 October 2026
WING Group recorded strong growth in the first half of 2026, supported primarily by a higher volume of residential completions. Consolidated revenue increased 41% year on year to HUF 130.3 billion from HUF 92.2 billion, while EBITDA rose 23% to HUF 19.5 billion. The increase reflects a substantially larger number of homes handed over to buyers compared with the same period of 2025.
The Group’s international operations continued to account for the majority of its business, with around 67% of revenue generated in Poland and Germany. Total assets stood at HUF 1,358 billion at the end of June, of which nearly 63% were associated with the two foreign markets. Equity amounted to HUF 256 billion, while loans and bond liabilities declined by HUF 24 billion from year-end 2025 to HUF 775 billion.
WING also strengthened its financing position during the period. Short-term loans and bonds represented 23.9% of total loan and bond liabilities at the end of June, down from 29.0% at the end of 2025. The company completed its €100 million bond programme with a further €34.8 million placement in March, following €65.2 million issued in 2025. Echo Group separately issued PLN 276 million and €47 million of bonds during the first half. At the same time, WING recorded approximately HUF 19.5 billion of losses related mainly to changes in the valuation of investment properties, which were predominantly unrealised rather than operating losses.
Poland remained a major source of residential activity. Echo Group sold 1,320 apartments and delivered 1,137 units during the six-month period, while construction began on another 1,481 homes. This brought the number of apartments under construction to 6,402 at the end of June, with a further 8,500 units in preparation. WING also completed the sale of part of the Resi4Rent portfolio to Vantage Development, part of TAG Immobilien, in a PLN 2.437 billion transaction covering 18 projects and 5,322 rental apartments.
Asset disposals continued in Poland’s office sector. Brain Park A in Kraków, with almost 14,000 sqm of leasable space, was sold for €34 million in March, followed by the disposal of the more than 16,000 sqm Brain Park B for €40.3 million in May. Together with the earlier €33 million sale of Building C, the transactions completed the disposal of the Brain Park complex.
In Hungary, WING expanded both its investment holdings and development pipeline. The Group acquired Capital Square and secured the Váci út 39 site for a new KPMG headquarters of more than 8,000 sqm. Residential projects include the 471-unit Greenway Apartments, 195-home Park West Rise, 147-unit second phase of Le Jardin and 257-unit Római Park, alongside planned developments of 293 apartments on Karinthy Frigyes Street and 407 homes in Debrecen. WING’s operating Hungarian property portfolio reached 526,519 sqm at the end of June.
In Germany, majority-owned Bauwert had ten development projects and one existing property in its portfolio at the end of June. Five projects totalling 184,357 sqm were under construction, with another five representing almost 228,000 sqm in preparation or planning. With Bauwert’s current projects valued at more than €2.5 billion, Germany has become an important third pillar alongside Hungary and Poland. Across the Group, residential development remains the principal area targeted for future growth, complemented by investments and developments in offices, industrial and logistics properties, retail and hotels.
