Report
Research Team

WOOD Daily: TL Food Retailers; BDX PW; ALE PW; HU Macro; RICHT HB; NRP NA; TLV RO; OPAP GA; ASELS TI; TKNSA TI; TBCG LN; CGEO LN; CGEO LN; IGN1L LH; ARABIAND AB; GEV CP

HEADLINES:
• Turkish food retailers: resilient in transition (BIM and Migros stay BUY, Sok Marketler stays HOLD)
• Budimex: 4Q25 preliminary results in line with the January guidance NEUTRAL
• Allegro: 4Q25E results preview – adjusted EBITDA expected to grow by 13% yoy (due on 12 March) NEUTRAL
• Hungary macro: MNB delivers long-awaited rate cut
• Richter: 4Q25E preview (due on 27 February) NEUTRAL
• NEPI Rockcastle: 2H25 results at the top of the guided range NEUTRAL
• Banca Transilvania: 4Q25E results preview (due on 27 February)
• OPAP: 4Q25E results preview (due on 2 March)
• Aselsan: solid 4Q25 results, accelerated Steel Dome investments POSITIVE
• Teknosa: weak set of results in 4Q25 NEGATIVE
• TBC Bank: key takeaways from the 2026 Strategy Day
• Georgia Capital: solid 4Q25 financial results – positive view maintained, but discount to NAV has narrowed POSITIVE
• Georgia Capital: 4Q25 conference call takeaways
• Ignitis Group: 4Q25 adjusted EBITDA 7% higher yoy and 23% above our forecast, due to strong Green Generation POSITIVE
• Arabian Drilling: 4Q25E results preview (due on 1 March) NEUTRAL
• GEVORKYAN: finishes acquisition in Italy; 94 potential new customers NEUTRAL
Underlyings
Allegro.eu SA

ARABIAN DRILLING CO.

Aselsan Elektronik Sanayi ve Ticaret A.S. Class B

Banca Transilvania S.A.

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.

Budimex S.A.

Budimex S.A. is a holding company. Through its subsidiaries, Co. is engaged in building, assembly and erection works in the scope of general industrial and engineering construction, electrical power construction & assembly, environmental protection, road and highway construction, water and sewage system construction, the rendering of design services and technical and business consulting and real estate development. Co. maintains activities in strategic segments of the market, such as road and bridge construction, general construction works (office, hotel and institutes of higher education), and ecological/environment-related construction.

Georgia Capital

Georgia Capital PLC. Georgia Capital PLC is a United Kingdom-based holding company. The Company is focused on investing in developing businesses in Georgia. Its portfolio companies include Georgian Global Utilities LLC (GGU), JSC m2 (m2), JSC Aldagi (Aldagi) and JSC Teliani Valley (Teliani). GGU carries on business in two areas: water utility and renewable energy generation. m2 is the Company's real estate business. m2 develops residential and commercial property in Georgia, outsourcing design while focusing on project and construction management, and sales. m2 also focuses on developing hotels with outsourced operations. Aldagi is a provider of property and casualty insurance products in Georgia. Aldagi primarily focuses on the Georgian motor vehicle, property, credit life, and liability insurance markets and also on other markets offering cargo and agricultural (Agro) insurance. Teliani is a wine and beer producer in Georgia and its sells its products across 15 countries.

GEVORKYAN A.S.

Greek Organisation of Football Prognostics SA

OPAP is engaged in the operating and management of numerical lottery and sports betting games as well as lottery games. Co. holds concession to operate and manage new sports betting games in Greece as well as a right of first refusal to operate and manage any new lottery games permitted by the Hellenic Republic. Co. operates six numerical lottery games, including Joker, Lotto, Proto, Extra 5, Super 3, and Kino; and three sports betting games consisting of Stihima, Propo, and Propo-goal. Co. is also engaged in designing new lottery games, including Bingo and Super 4. Co. distributes its games through an extensive on-line network of agents.

Ignitis Grupe

Migros Ticaret A.S

Migros Ticaret is a retailing group based in Turkey. Co. offers spacious stores in a wide range of formats and locations whose vast selection of stationery, glass and kitchenware, appliance, book, clothing, and other items along with groceries and other necessities. Co. maintains a store network of 1,004 national and international locations with a national presence in 70 provinces in Turkey's seven geographical regions. Store brand names include M, MM, MMM, 5M, MigroJet, Tansas, Macrocenter and Ramstores. Co. also provides customers alternatives such as internet, call centers, kiosks, catalogues, and mobile shopping networks.

NEPI Rockcastle Plc

NEPI Rockcastle is engaged in developing, acquiring and holding commercial properties, either directly or indirectly through the acquisition of listed equities.

Sok Marketler Ticaret AS

Sok Marketler Ticaret AS. Sok Marketler Ticaret AS, located in Istanbul, Turkey, owns and operates grocery stores. It sells Amigo, Crown, Deren, Evin, Karmen, Lio, Peki, Piyale and Tempo brands. The Company was founded in 1995.

TBC Bank Joint Stock Co

Teknosa Ic Ve Dis Ticaret AS

Teknosa Ic ve Dis Ticaret AS is a Turkey-based company engaged in the retail trade of electronics. Its products mainly comprise of a wide range of consumer electronics and household appliances, such as dishwashers, vacuum cleaners, televisions, mobile phones, digital cameras as well as personal computers, among others.

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.

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