Report
Research Team

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 Energy: preliminary 4Q25 normalised EBITDA and net profit above our estimates; full-year numbers above 2025E guidance and our forecasts POSITIVE
• Romgaz: 4Q25 results – net income beats our expectations
• MedLife: 4Q25 – misses on EBITDA, mainly on personnel costs NEGATIVE
• Banca Transilvania: good set of numbers in 4Q25, 9% bottom-line beat due partly to RON 121m bargain gains booked POSITIVE
• Hidroelectrica: 4Q25 preliminary results broadly in line with our estimates NEUTRAL
• Sphera Group: 4Q25 broadly in line with expectations NEUTRAL
• HELLENiQ Energy: 4Q25 results in line NEUTRAL
• OTE: 4Q25 results review – organic adjusted EBITDA up 2% yoy, in line with expectations; strong 2026E guidance POSITIVE
• Alpha Bank: solid set of numbers in 4Q25; payout ratio increased to 55% NEUTRAL
• Eurobank Ergasias Services: solid 4Q25 delivery and outlook upgrade NEUTRAL
• Piraeus Bank: solid 4Q25 delivery, with the shareholder payout increased to 55% NEUTRAL
• Cimsa: solid 4Q25 financial results POSITIVE
Underlyings
AmRest Holdings SE

Amrest Holdings SE is a Spain-based company active in the restaurants and bars sector. The Company's core activity is operating Kentucky Fried Chicken (KFC), Pizza Hut, Burger King and Starbucks restaurants through its subsidiaries in Poland, the Czech Republic, Hungary, the Russian Federation, Serbia, Croatia, Bulgaria, Spain and France, on the basis of franchises granted, and Applebee's in the United States. Additionally, in Spain and France the Company operates its own brands La Tagiatella, Trastevere and il Pastificcio. It also operates PizzaPortal.pl, an online portal for ordering food from various restaurants. The Company operates through subsidiaries, such as AmRest Sp z o o, AmRest sro, AmRest doo, AmRest Adria doo, Blue Horizon Hospitality Group PTE, AmRest TAG SL, SC Marinopoulos Coffee Company III Srl and Marinopoulos Coffee Company Bulgaria EOOD, among others.

Banca Transilvania S.A.

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.

Duna House

Enea S.A.

ENEA is engaged in production of electricity and heat; trade in electricity; and distribution of electricity.

Eurobank Ergasias Services & Holdings SA

Eurobank Ergasias and its subsidiaries are organized in the following reportable segments: Retail. which incorporates customer current accounts, savings, deposits and investment savings products, credit and debit cards, consumer loans, small business banking and mortgages; Corporate, which incorporates direct debit facilities, current accounts, deposits, overdrafts, loan and other credit facilities, foreign currency and derivative products; Wealth Management, which incorporates private banking services; Global and Capital Markets, which incorporates investment banking services; and International, which incorporates operations in Romania, Bulgaria, Serbia, Cyprus, Ukraine and Luxembourg.

Hellenic Telecommunications Organization SA

Hellenic Telecommunications Organization is a full-service telecommunications group. Co. provides local, long-distance and international fixed-line telecommunications services in Greece and Romania, and mobile telephony services through its Cosmote subsidiary in Greece, as well as in Albania, Bulgaria, the Former Yugoslav Republic of Macedonia and Romania. Co. also provides internet access services and Internet Protocol (IP) -based telecommunications applications, as well as information technology application development and hosting services using IP technologies. Also, Co. provides several other telecommunications services, including value-added services and public telephone services.

HIDROELECTRICA S.A.

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.

Livechat Software SA

Livechat Software SA is a Poland-based company engaged in the software industry. The Company is a producer and global provider of software as a service (SaaS) LiveChat, communication software for business. LiveChat enables fast and intuitive communication between company's employees and customers visiting corporate Website. The application also tracks customers' activity on a Website. The Company produces and distributes software for business-to-consumer (B2C) and business-to-business (B2B) communication. Its product portfolio includes three types of LiveChat plans: Solo, dedicated to single user and offering such features as unlimited chats, ticketing system, enhanced security and basic reporting; Team, for numerous teams that additionally includes chat routing and groups creation; and Enterprise, for companies that, additionally to previous ones, provides advanced reporting, work scheduler and unlimited visits on a Website.

Med Life

Piraeus Bank SA

Societatea Nationala De Gaze Naturale ROMGAZ SA

Sphera Franchise Group SA

Wizz Air Holdings Plc

Wizz Air Holding is a European airline. As of Mar 31 2017, Co. provided more than 500 routes from 28 bases, connecting 141 destinations across 42 countries. Co. has two reportable segments: the airline and the tour operator business units, marketed under the Wizz Air and Wizz Tours brand names, respectively. Wizz Air sells flight tickets and related services to external customers and, to an extent, to Wizz Tours. Wizz Tours sells travel packages to external customers covering the network of Wizz Air.

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
Research Team

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