WOOD Daily: RO Energy; EME Macro/Strategy – Türkiye; HUG PW; NOVAL GA; APR PW; BHW PW; 11B PW; PE RO

HEADLINES: • Romanian Oil & Gas: still beyond the horizon (OMV Petrom downgraded to HOLD, Romgaz stays HOLD) • EME Macro/Strategy: Türkiye – twin deficits ameliorate, challenges persist • Huuuge Games: 2Q25 in line with expectations, USD 120m share buyback announced POSITIVE • Noval Property: 1H25 – FFO seems en route to exceed FY guidance POSITIVE • Auto Partner: 2Q25 earnings call takeaways – to test new small warehouse in Germany NEUTRAL • Bank Handlowy: to pay extra dividend in October POSITIVE • 11 bit studios: Frostpunk 2 console version released yesterday NEUTRAL • Premier Energy: to ac...

Romanian Oil & Gas: still beyond the horizon (OMV Petrom downgraded to HOLD, Romgaz stays HOLD)

In place of delays and cost overruns, the news on Neptun so far has been reassuring: first well spudded, platform under construction, and the start date unchanged. Nonetheless, we still have a two-year wait for completion. In the meantime, gas prices have been trending lower and oil prices are under pressure. Further deregulation in 2026E should free up the prices paid for gas, following power prices this year. We see the return of Russian gas as an outlier, which would crash gas prices. Romgaz has dipped its toe in the renewable waters, but OMV Petrom is diving in head first and planning 2.5G...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/18/2025

Another strong quarter, Q3 can be even better

Duna House posted record quarterly results in the second quarter as well. The Italian and Polish intermediary segment continued to post strong results while the Hungarian market somewhat slowed down in Q2. Given the improving performance in all three countries, the management reiterated its full year guidance of cleaned core net profit of HUF 2.9- 3.6bn.

Solid H1 results, unchanged outlook

ANY posted solid H1/25 earnings Tuesday, AMC. Q2/25 revenues came in at HUF 15.2bn, down -11% YoY, resulting in H1/25 revenues at HUF 38.7bn (+11% YoY). It is worth noting, that Q2/24 revenues were supported by election related revenues, therefore we do not attribute much importance to the quarterly decline. Similarly, quarterly net profit saw a -24% decline YoY, while H1/25 net profit attributable to the owners of ANY increased on the year by +40% to HUF 5.3bn. Q2 EPS of HUF 97 puts H1 EPS to HUF 372. Profitability in Q2/25 also slightly decreased while H1 margins expanded YoY. This ear...

Challenges remain, margins in focus

We cut our TP to HUF 200 and reiterate our Buy recommendation on AutoWallis as we forecast margins to remain depressed in 2025. Top-line growth supported by acquisitions remains solid, as revenues came in at HUF 128bn (+20.9% YoY). However, margin pressures remain, as transaction costs and the pricing power of the OEMs weigh on profitability. Quarterly EBITDA increased by 14% YoY to HUF 4.8bn compared to the low base of Q2/24, while EPS came in at HUF 3.38, down -2.5% on the year. The company sold 14,500 vehicles in Q2 and a total of 26,314 vehicles in H1. Distribution revenues increas...