Scope Ratings has revised the outlook on WINGHOLDING Zrt.'s credit rating to stable while affirming its B+ rating. The decision reflects the WING Group's revenue growth of 53% in 2025, an 80% improvement in EBITDA, a declining debt level and international growth.
The rating recognises the strategy that has enabled the WING Group, with a balance sheet total of nearly €3.9 billion, to become one of the property players in Hungary, Poland and Germany. WING Group revenues rose to HUF 304 billion in 2025, while adjusted EBITDA reached HUF 64 billion, and total bond and loan debt decreased by HUF 46 billion (5.5%) over the year. Scope expects the group's financial metrics to improve in the coming years, supported by a residential pre-sales pipeline, rising handovers and proceeds from asset disposals.
The group's international operations accounted for more than 70% of consolidated revenues. In Poland, the company sold nearly 2,900 residential units in 2025, up around 30% year-on-year. Transactions included the disposal of more than half of the Resi4Rent residential rental platform, which at HUF 210 billion became the largest transaction in the history of Poland's institutional residential rental market. In Germany, Bauwert, in which the group holds a stake, has a development pipeline of more than 435,000 sqm through to 2030. In Hungary, WING is strengthening its position in 2026 through acquisitions along Budapest's Váci Road office corridor and the launch of new office, industrial, hotel and residential developments, while the company also completed its €100 million bond programme.
"The revision to a stable outlook recognises not only our financial results, but also our diversified international operations," said Noah Steinberg, Chairman and CEO of WINGHOLDING Zrt., adding: "The Scope Ratings decision is a validation of the long-term strategy that the group has executed over recent years."
WING will continue to focus on financial stability, delivering developments and capitalising on growth opportunities in Central European markets.
