The Rear-View Mirror – EME markets: Poland – worst performer in August

EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG 20, which declined 5.1% mom in EUR terms.

WOOD Daily: OTP HB; CZG CP; 11B PW; CDR PW; TXT PW; SFG RO; M RO; ACAG GA; RBW PW; EUR PW; DAT PW; LAMDA GA; ALPHA GA

HEADLINES: • OTP Bank: all about capital returns (stays BUY) • Colt CZ Group SE: acquires SNC – a strategic move POSITIVE • 11 bit studios: 2Q25 EBITDA 14-24% above our and the market's expectations; guidance on new projects POSITIVE • CD Projekt: 2Q25 EBITDA 19-24% above our and the market's expectations POSITIVE • Text: 1Q25-26 (calendar 2Q25) results – EBITDA down 21% yoy, 5% below the consensus NEGATIVE • Sphera Group: 2Q25 soft, but better than we expected; FY25E budget cut NEGATIVE • MedLife: small 2Q25 misses on top and EBITDA lines, but huge FX revaluation losses NEGATIVE • Austriacard...

OSE Immunotherapeutics : OSE Immuno, une update du management avant un vote sous tension

Savencia SA : H1 results down. Set to examine merger with Savencia Gourmet to become global leader in premium foodservice

Savencia SA : Résultats du S1 en retrait. Etude d’un projet de rapprochement avec Savencia Gourmet pour devenir un leader mondial du Foodservice premium