Report
Research Team

WOOD Daily: ASELS TI; EMEA Airlines; RBW PW; HUG PW; TEN PW; APR PW; FTSHP CP; 4IG HB; RICHT HB; SPLUS HB; M RO; SFG RO; ETE GA; OPTIMA GA; BRISA TI; CIMSA TI; EME Macro/Strategy Weekly; ELM AB; ARABIAND AB

HEADLINES:
• Aselsan: master of multi-domain warfare (stays BUY)
• EMEA airlines: attack on Iran disrupts global aviation
• Rainbow Tours: flattish yoy January sales growth at both the consolidated (+2.6% yoy) and stand-alone (+1.6% yoy) levels NEGATIVE
• Huuuge Games: February 2026 Sensor Tower bookings estimate flat mom NEUTRAL
• Ten Square Games: February 2026 Sensor Tower bookings estimate up 33% mom POSITIVE
• Auto Partner: 4Q25E preview – 7% yoy EBITDA deterioration expected (due on 15 April)
• Footshop: to change CEO NEGATIVE
• 4iG: 4Q25 results review – 35% yoy increase in reported EBITDA, 30% above our estimate POSITIVE
• Richter: takeaways from the 4Q25 earnings call NEUTRAL
• Shopper Park Plus (HOLD, PT EUR 12.0): 2025 EBITDA c.3% and 7% below our and management's projections
• MedLife: takeaways from the 4Q25 earnings call NEUTRAL
• Sphera Group: 4Q25 webcast takeaways NEUTRAL
• National Bank of Greece: preliminary FY25 results – ahead of the consensus
• Optima Bank: 4Q25E preview (due on 3 March)
• Brisa: 4Q25 improving, but earnings miss NEGATIVE
• Cimsa: 4Q25 conference call takeaways
• EME Macro/Strategy: macro all-in-one (20-26 February)
• Elm: 4Q25 financial results review NEGATIVE
• Arabian Drilling: 4Q25 results – dividend announcement and contract updates NEUTRAL
Underlyings
4iG Nyrt

4iG Nyrt. 4iG Nyrt, formerly Freesoft Szoftverfejleszto es Szamitatechnikai Szolgaltato Nyrt is a Hungary-based company engaged in providing software products and consultancy. The Company's activities include development and implementation of specific, custom-made software systems, document management, knowledge management, portal and collaboration applications, complex services for business needs in the areas of implementation, support and consultation, intranet- and Internet-based development, services, graphical and creative design, and consultation, design, development and implementation of mobile business applications, as well as operation, support, outsourcing, application service provision (ASP), application portfolio management (APM), hosting and other services. The Company has three subsidiaries: Axis Consuling 2000 Kft, BankSoft Kft and HUMANsoft Kft.

ARABIAN DRILLING CO.

Aselsan Elektronik Sanayi ve Ticaret A.S. Class B

Auto Partner SA

Auto Partner SA is a Poland-based company engaged in the auto, truck and motorcycle parts industry. The Company is an importer and distributor of spare parts for cars and light commercial vehicles. Auto Partner SA is an enterprising entity with its headquarters as well as logistic and distribution centre located in Bierun near Tychy. The Company has approximately 60 branch offices across the domestic markets and some representative offices in neighboring countries, in the Czech Republic, Slovakia, Ukraine and Belarus, among others. Auto Partner SA distributes stabilizer links, steering rod end sets, steering rods, suspension arms, pins, rubber - metal parts, power steering pumps and steering gears, among others.

Brisa-Bridgestone Sabanci Lastik Sanayi ve Ticaret A.S.

Brisa Bridgestone Sabanci Lastik Sanayi ve Ticaret is engaged in the manufacture and sale of vehicle tires for domestic and foreign brands.

Cimento Sanyai Ve Ticaret A.S.

Cimsa Cimento Sanayi ve Ticaret is engaged in the cement industry. Co. produces and sells cement and ready-mixed concrete. As of Dec. 31, 2004, Co. maintains 17 ready-mixed concrete plants in 8 provinces.

FOOTSHOP A.S.

Med Life

National Bank of Greece S.A. ADS

OPTIMA BANK S.A.

Rainbow Tours S.A.

Rainbow Tours SA. Rainbow Tours SA is a Poland-based tour operator. The Company provides a range of tour options, including city tours, long-distance airplane trips, package holidays, last minute and last second trips, to various destinations worldwide. In addition, it offers online flight ticket reservation services. The Company has 77 branch offices throughout Poland. Additionally, the Company designs information technology (IT) solutions for tourist industry. As of December 31, 2011, the Company operated sevens subsidiaries, Portal Turystyczny Sp. z o.o., Rainbour Tours Biuro Podrozy Sp. z o.o., Travelovo Sp. z o.o., Traveltech Sp. z o.o., ABC Swiat Podrozy Sp. z o.o., Bee&Free sp. z o.o. and TravelLab sp. z o.o. On December 4, 2012, the Company sold its entire stake in TravelTech Sp. z o.o.

SHOPPER PARK PLUS ZRT

Sphera Franchise Group SA

Ten Square Games

Ten Square Games SA is a Poland-based mobile games development company. The Company is focused on 3D simulation hobby games for people who seek outdoor experiences on their mobile devices, like fishing or hunting games. Its games are available on social platforms, a network of partner sites, as well as on Google Play, App Store and Microsoft Store.

Provider
Wood and Company
Wood and Company

WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.

A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.

Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

Analysts
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