The Rear-View Mirror – EME markets: Turkish ISE back in the lead

EME Equity Market – February 2026 Muted performance across the region, with the Turkish ISE the best performer. The MSCI EM Europe Index declined by 0.7% mom in EUR terms and 2.1% mom in USD terms in February. The Turkish ISE was the top performer, adding 5.4% mom in EUR terms; while the Polish WIG and the Romanian BET improved slightly (+0.9% and +0.3% mom, respectively, in EUR terms). The Czech PX and the Greek ASE were the worst performers (-4.9%, and -3.0% mom, respectively, in EUR terms), while the Hungarian BUX declined by 0.3% mom in EUR terms.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 26/02/2026

St rong year , attractive dividend – business as usual

Summary: ANY posted solid FY25 results . Revenue reached HUF 71.9bn, up 2% on the year. EBITDA and EPS both grew by 9% YoY, coming in at HUF 14.3bn and HUF 594, respectively. Q4 slightly weighed on the full -year results, as the monetization of the next milestone income s related to Angola did not occur before the end of the fiscal year. As a result, earnings came in marginally below our estimates. However, this does not raise any concerns, as ANY is expected to recognize these milestone revenues in the next quarter, leavi ng us satisfied with the overall FY performance. Shareholders hav...

Record profit in Q4, further growth ahead

DH Group posted record results today morning. Strong performance was seen across all markets. For the full year, cleaned core EBITDA amounted to HUF 7.52bn (+58% YoY) while cc. net profit reached HUF 4.46bn (+82% YoY) both are exceeding management guidance. After the great results management proposed HUF 2.5bn dividend payment for the AGM, equaling to a DPS of HUF 72.7 and a decent 5.1% dividend yield based on yesterday’s close price. 2026 guidance assumes cc. EBITDA to come in a range of HUF 7.521bn – 8.313bn and cc. net profit to be between HUF 4.531bn – 5.008bn which would imply 5-6%...

Erste Q4 beat confirms conservative guidance; 2026 outlook broadly i

Regarding 2025 Q4 results Erste has beet market consensus on most important line items and on the bottom line as well, achieving EUR 944 mn net profit compared to EUR 824 mn of consensus and EUR 830 mn of Concorde’s estimate. Reported results were also supported by EUR 144 mn of one-off items within other results; however, even excluding these, pre-provision operating profit still came in above consensus. The whole 2026 year’s results was considerably above its guidance published at the beginning of 2025, it has achieved 16.6% ROTE vs >14% guidance, suggesting that its year opening guid...