WOOD Daily: TUPRS TI; KRU PW; WPL PW; ENA PW; G2M SS; TLV RO; TEN PW; GPP PW; PCO PW; HU Macro; EAT PW

HEADLINES: • Tupras: enjoying life in the margins (stays BUY) • Kruk: 2Q25 beat, on a positive tax balance, lower financial costs and a drop in the cost to collect ratio POSITIVE • Wirtualna Polska: 2Q25 results review – adjusted EBITDA up 24% yoy, 6% above the consensus; weak 2H25E outlook NEGATIVE • Enea: preliminary 2Q25 EBITDA 15% above our expectations, supported by strong Supply and better Generation; PLN 2.8bn capex, including wind farm acquisitions POSITIVE • Gentoo Media: 2Q25 financial results review – another weak quarter, with updated guidance implying downside for our estimates NE...

WOOD Flash – Banca Transilvania: small bottom-line miss in 2Q25, due mostly to lower-than-expected core income and higher provisions booked

Banca Transilvania (TLV) reported its 2Q25 results this morning (26 August), posting shareholder net profit of RON 1,087m (+10% yoy), a small (4%) miss vs. our expectations. The NII and NFC were below expectations, but offset partially by a better other income delivery. Costs were in line, and the provisions booked were the major source of the delta, but were also offset partially by the lower net profit attributable to minorities. All-in-all, we view the results as slightly negative, due to the rather underwhelming core income delivery. With this print, TLV is trailing slightly behind our FY2...

Purcari Wineries : FY guidance maintained, profitability headwinds persist in Q2 2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 27/08/2025

Branicks : Q2 2025 results were in line with our estimates