The Outlook change reflects the expected pressure on profitability and leverage amid high integration costs in 2023 and 2024 from two recent acquisitions.

The rating affirmation follows a strong operational performance in H1 2022 and a net cash position at June 2022, but with signs of cooling demand for loan products and real estate in Hungary in H2 2022.

The ratings are primarily driven by the company's strong domestic market position and above-industry-average profitability, but constrained by its small absolute size and overall dependency on real estate and loan transaction volumes.