WOOD Flash – Hidroelectrica: preliminary 4Q25 results broadly in line with our estimates

Yesterday (26 February), after the close, Hidroelectrica reported its 4Q25 preliminary results. The adjusted EBITDA stood at RON 1.58bn, 80% higher yoy and 17% above our estimate, adjusted for the impairments related to PP&E. Accounting for these adjustments, the EBITDA came in at RON 1.32bn, in line with our estimate of RON 1.31bn. The net result reached RON 0.99bn (+66% yoy) and was 6% above our estimate, on a lower effective tax rate than we assumed in our model.

WOOD Daily: EAT PW; KRU PW; TXT PW; ENA PW; CTPNV NA; RICHT HB; DHS HB; WIZZ LN; PE RO; SNG RO; M RO; TLV RO; H2O RO; SFG RO; ELPE GA; HTO GA; ALPHA GA; EUROB GA; TPEIR GA; CIMSA TI

HEADLINES: • AmRest: 4Q25 miss, due mainly to allegations about food safety in Czechia NEGATIVE • Kruk: 4Q25 results – bit of a mixed bag • Text: 3Q25-26 (calendar 4Q25) results – EBITDA down 25% yoy, 3% above the consensus NEUTRAL • Enea: impairments and higher provisions to reduce 2025 net income by PLN 1.37bn and EBITDA by PLN 162m NEUTRAL • CTP: 4Q25 results and conference call • Richter: 4Q25 beat, on gross margin and tight opex control POSITIVE • Duna House: 4Q25 in line, guidance implies upside for our forecasts POSITIVE • Wizz Air: Indigo partners sell 10m shares in ABB • Premier Energ...

bioMerieux : Q4 revenues and 2025 earnings in line – Guidance: continuing FX impacts

BASF : Mixed outlook, with better cash than earnings

AMAG : Better-than-expected Q4, more positive on 2026e despite lack of guidance