Report
Research Team

WOOD Daily: GSPARK HB; KRU PW; CPS PW; DNP PW; DIGI RO; BIMAS TI; EME Macro/Strategy Weekly; EME Strategy - FTSE; TBCG LN; SOLUTION AB

HEADLINES:
• Graphisoft Park: 4Q25 – low LTV, high ROE POSITIVE
• Kruk: issues preliminary 2025 net profit, almost in line with expectations NEUTRAL
• Cyfrowy Polsat: main shareholders (Mr. Solorz's heir) want to participate in next nuclear power project NEGATIVE
• Dino Polska: 4Q25E preview – 3% yoy EBITDA growth expected (due on 26 March) NEGATIVE
• DIGI Communications: 4Q25 preliminary results – adjusted EBITDA up 7% yoy, 6% below our estimate NEGATIVE
• BIM: BoD decides to increase the paid-in capital via 100% bonus issue NEUTRAL
• EME Macro/Strategy: macro all-in-one (13-19 February)
• EME Strategy: FTSE GEIS February 2026 Review
• TBC Bank: 4Q25 results and conference call highlights
• Solutions by STC: signs contract with National Water Company POSITIVE
Underlyings
ARABIAN INTERNET & COMMUNICATIONS SERVICES CO

BIM Birlesik Magazalar A.S.

Bim Birlesik Magazalar is engaged in operating retail stores through its retail shops throughout Turkey, which sell an assortment of approx. 600 items, including a number of private labels. Co.'s object is to offer consumers basic food items and consumer goods at discount prices with quality. Co.'s private labels provides its consumers with quality tasting sausage, salami and similar meat products while at the same time being suitable to the consumers family budget. Products include meat products, breakfast and dairy products, beverages, legumes and bakery, snacks and sweets, fruits and vegetables, frozen foods, and non-food items - cleaning supplies.

Cyfrowy Polsat SA

Digi Communications NV

Dino Polska S.A.

Dino Polska is engaged in the business of retail sale in non-specialized stores with food, beverages and tobacco. In addition, Co. conducts processing of meats and the resulting products are dedicated, in the form of culinary meat, to external recipients within Co.'s retail chain. As of December 31, 2016, Co. operated a network of 628 Dino stores.

Kruk S.A.

Kruk SA. Kruk SA is a Poland-based company, which is engaged in the business support industry. The Company is a multi-operator, which offers loss prevention and debt collection services. The Company divides its business into two main operating segments: Debt Purchase, including acquisition of non-performing debt portfolios, and Debt Collection Outsourcing, offering fee-based collection of debt on client's behalf, focused on consumer and corporate loans. The Company provides services to financial institutions and large corporate customers. It manages receivables of banks, credit intermediaries, leasing companies and digital platform providers, among others. The Company's operating activities concentrate in a number of countries, such as Poland, Romania, Czech Republic, Slovakia and Spain. The Company's subsidiaries include Kruk Deutschland GmbH, Presco Investments Sarl and Espand Soluciones de Gestion y Recuperacion de Deuda SL, among others.

TBC Bank Joint Stock Co

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.

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Research Team

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