WOOD Daily: PL Macro; WPL PW; ALE PW; ACP PW; BFT PW; BDX PW; CCC PW; KTY PW; PGE PW; TPE PW; PRIUA CP; AQ RO; M RO; MAVI TI; CGEO LN; GEV CP; KRKG SV; MCOVB SS

HEADLINES: • Poland macro: NBP cuts again, with inflation back at target • Wirtualna Polska: sells Invia Flights Germany at EUR 42.3m EV, 9.0x 2024 EV/EBITDA POSITIVE • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • Allegro • Asseco Poland • Benefit Systems • Budimex • CCC • Kety • PGE • Tauron • Primoco UAV • Aquila Part Prod Com S.A. • MedLife • Mavi • Georgia Capital • GEVORKYAN • Krka • Medicover

The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in November

EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).

WOOD Daily: ING PW; GPW PW; MUR PW; PKN PW; EXAE GA; H2O RO; AQ RO; SFG RO

HEADLINES: • ING BSK: eyes 19% ROE and is more open to higher dividend payouts in its strategy update POSITIVE • Warsaw Stock Exchange: strong 3Q25 delivery with a 7% beat to consensus POSITIVE • Murapol: 3Q25E close to our forecasts with weaker revenue, but stronger gross margin NEUTRAL • Orlen: swaps some Norwegian assets with DNO NEUTRAL • Athens Exchange Group: Euronext reportedly reaches the acquisition threshold NEUTRAL • Hidroelectrica: 3Q25 net profit of RON 0.73bn, 14% lower yoy; consensus downgrades possible for 2025E NEGATIVE • Aquila Part Prod Com: trading margin for market share ...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 12/16/2025

Credit Morning 12/16/2025

Kering announces a JV agreement with Ardian regarding the property located in New York City|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 16/12/2025