Report
Research Team

WOOD Daily: ACP PW; DAT PW; KTY PW; PGE PW; TPE PW; WPL PW; PKN PW; RBW PW; HUG PW; TEN PW; EME Strategy – MSCI; OMV AV; ROE1L LH

HEADLINES:
• Asseco Poland: 4Q25 review – net profit up 4.5x yoy, in line with the consensus; 2026 backlog up 19% yoy NEUTRAL
• DataWalk: actual 4Q25 numbers fully in line with preliminaries NEUTRAL
• Kety: preliminary 1Q26 EBITDA and net profit above our expectations POSITIVE
• PGE: decent 4Q25 preliminary results (adjusted recurring EBITDA 17% above expectations), distorted by one-offs POSITIVE
• Tauron: 4Q25 conference call takeaways NEUTRAL
• Wirtualna Polska: announces tender to acquire own shares at PLN 59/share POSITIVE
• Orlen: agree to acquire Grupa Azoty Polyolefins S.A. NEUTRAL
• Rainbow Tours: flattish February sales yoy at both consolidated (+0.7%) and stand-alone (-1.2%) levels NEGATIVE
• Huuuge Games: March Sensor Tower bookings estimate flat mom NEUTRAL
• Ten Square Games: March Sensor Tower bookings down mom, with declines in core titles NEGATIVE
• EME Strategy: MSCI – Greece to be reclassified to DM by May 2027
• OMV / ADNOC: complete merger of their petrochemicals business POSITIVE
• Artea Bankas: approval of EUR 0.047/share dividend distribution NEUTRAL
• Short News (4iG)
Underlyings
Asseco Poland SA

Asseco Poland is a provider of proprietary information technology ("IT") solutions which is based in Poland. Co. is engaged in provision of consulting on IT infrastructure, security solutions, human resources solutions, outsourcing services as well as fully comprehensive IT support. Co.'s profile includes software and computer hardware consultancy, production of software as well as supply of software and hardware. This category includes analysing, developing, and programming ready-to-use IT systems. In addition to IT services, Co. also sells goods including mainly computer hardware.

Datawalk SA

Datawalk SA Formerly known as Pilab SA. Datawalk SA, formerly known as Pilab SA, is a Poland-based a software publisher. The Company specializes in the area of data analysis, offering Business Intelligence solutions. It operates DataWalk, an agile analysis platform, which enables financial and insurance institutions to discover fraud attempts, combat money laundering, as well as analyze and monitor business processes, such as sales, claim adjustment and debt collection, among other applications. The Company operates through Datawalk Inc, its wholly-owned subsidiary based in the United States.

Grupa Kety SA

Grupa Kety is an aluminum industry company based in Poland. Co.'s operations are organized in three business segments: Aluminum Extrusions, Aluminum Architectural Systems and Flexible Packaging. Co. offers aluminum extrusions in different shapes, bars, tubes and wires of aluminum and its alloys, which are used in the construction & building, advertising, indoor fittings, transportation, automotive industry, white goods, machinery engineering and electrical engineering. Co.'s Aluminum Architectural Systems produces aluminum joinery, realizing investment projects and selling systems. Co.'s flexible packaging segment offers packaging made of aluminum foil, films and paper.

OMV AG

OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).

PGE Polska Grupa Energetyczna S.A.

PGE Polska Grupa Energetyczna is an electricity company based in Poland. Co. is engaged in the generation and selling of electricity. Co. is a predominant power producer and supplier in Poland and a major heat and power sector company in Central and Eastern Europe. Co. supplies over 5 million households, businesses and institutions through a combination of its own fuel resources (lignite), power generation and final distribution networks. Co.'s activities focus on the following areas: Conventional Power Generation, Renewable Power Generation, Nuclear Power Generation, Wholesale, Distribution and Retail. Co. has 12.2 GW of installed generation capacity.

Polski Koncern Naftowy ORLEN S.A.

Polski Koncern Naftowy Orlen's activities are divided into three main business segments: the Refining Segment that comprises crude oil processing as well as wholesale and retail trade in refinery products. The Petrochemical Segment that encompasses production and sale of petrochemicals and chemicals. The Retail Segment that comprises of sales at petrol stations. Co.'s basic products include gasolines, diesel oils, light heating oil, Jet fuel, liquid gas, polyetylene, polypropylene, benzene, butadiene, acetone, phenol, glycols, toluen, ortoxylene.

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.

Siauliu Bankas

Siauliu bankas AB is a Lithuania-based company engaged in the provision of commercial banking and financial services to private and corporate clients. It offers such services as provision of bank accounts, offering the debit and credit cards and safety deposit boxes, cash and non-cash money transfers, operations with securities, currency exchange, lending and investment services, Internet banking, financial brokerage and real estate development. It also issues monetary warranties, guarantees and other warranty liabilities, as well as performs operations with payable documents, such as checks and others. The Bank has several branches, numerous client service units and subsidiaries.

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.

Wirtualna Polska Holding SA

Wirtualna Polska Holding SA is a Poland-based holding company. The Company owns entities that are engaged in the Internet publishing and broadcasting content, including operating business, technology, sports and entertainment portals, as well as electronic mail (e-mail) and electronic commerce (e-commerce). It also offers a range of advertising products, including display ads. The Company operates through such Internet portals as Wirtualna Polska, o2.pl, Money.pl, WP SportoweFakty, Dobreprogramy.pl, WP Parenting, Domodi and Homebook, among others. The Company operates domestically.

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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