Report
Research Team

WOOD Daily: OPL PW; CDR PW; RICHT HB; RO Macro; SNP RO; SNG RO; ELPE GA; LOGO TI; TOASO TI; BOCHGR GA

HEADLINES:
• Orange Polska: 4Q25 results – EBITDAaL up 7% yoy, 2% above the consensus; strong 2026E guidance POSITIVE
• CD Projekt: The Witcher 3: Wild Hunt – Complete Edition available on Xbox Game Pass on 19 February NEUTRAL
• Richter: announces R&D collaboration for endometriosis drug candidate NEUTRAL
• Romania macro: NBR extends the pause
• OMV Petrom / Romgaz: Romania to postpone gas price liberalisation until 2027E NEGATIVE
• Romgaz: 4Q25 preview (due on 27 February) NEUTRAL
• HELLENiQ Energy: 4Q25E results preview (due on 26 February) NEUTRAL
• Logo Yazilim: 4Q25 results – low-quality NI beat, lacklustre FY26E guidance NEGATIVE
• Tofas: proposes distribution of TRY 20 DPS NEUTRAL
• Bank of Cyprus: strong 4Q25 delivery, materially ahead of expectations POSITIVE
Underlyings
CD Projekt S.A.

CD Projekt is a holding company of the CD PROJEKT Capital Group which conducts its operations in two activity segments: CD PROJEKT RED and GOG.com. CD PROJEKT RED's activities cover the creation and publication of videogames, licensing the associated distribution rights and manufacturing tie-in products which exploit the commercial appeal of brands owned by Co. The activities of GOG Ltd. involve digital distribution of videogames via Co.'s proprietary GOG.com distribution platform, on the basis of contracts signed by GOG Ltd. with producers, IPR holders and external publishers. The platform enables customers to purchase games, remit payment and download game files to their personal devices.

Logo Yazilim Sanayi ve Ticaret A.S.

Logo Yazilim Sanayi ve Ticaret AS is a Turkey-based company engaged in the development of computer operation systems, business application software, database structures, multimedia software, as well as in the provision of technical support and service, and training. The Company's products are offered in eight units: Small and Medium Enterprises (SME) products, Enterprise Resource Planning (ERP) products, Java products, Vertical solutions, Integration products, Human Resources (HR) products, Business Intelligence solutions, Mobile solutions and LOGO keys. Its products and services are used in a range of industries, such as distribution, machine and automotive spare parts, marine, packaging, retailing, cement, glass, steel, furniture, telecommunication, information technology (IT), tourism and textile. The Company has business partners in Azerbaijan, Egypt, Georgia, Germany, India, Iran, Iraq, Kazakhstan, Kyrgyzstan, Kosovo, Kuwait, Libya, Russia, Sudan, Syria, Turkmenistan, and the Unit

Orange Polska S.A.

Orange Polska SA is a supplier of telecommunications services in Poland. Co. provides services, including fixed-line telecommunication services, Integrated Services Digital Network, voice mail, dial-up and fixed access to the Internet and Voice over Internet Protocol. Co. is one of Poland's three DCS 1800 and GSM 900 mobile telecommunications providers. Co. provides also third generation UMTS services. In addition, Co. provides leased lines, radio-communications and other telecommunications value added services, sells telecommunications equipment, produces electronic phone cards and provides data transmission, telephone directories, multimedia services and various Internet services.

Petrom S.A.

Societatea Nationala De Gaze Naturale ROMGAZ SA

Tofas Turk Otomobil Fabrikasi A.S.

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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