WOOD Daily: MBR PW; DSPW CP; CPS PW; CPS PW; PCO PW; ALE PW; APR PW; CAR PW; PKN PW; TPE PW; CAI AV; ENA PW; CBF PW; VRC PW; TITC GA; WINE RO

HEADLINES: • Mo-BRUK: 1Q25 EBITDA 7% below our forecast, but a substantial 24% miss vs. the consensus NEGATIVE • Doosan Skoda Power: weak 1Q25 – EBITDA down 70% yoy NEGATIVE • Cyfrowy Polsat: 1Q25 results review – adjusted EBITDA up 5% yoy, in line with the consensus NEUTRAL • Cyfrowy Polsat: Liechtenstein court dismisses Zygmunt Solorz's lawsuit against his children POSITIVE • Pepco Group: 1H25 slightly below expectations on worsening Poundland; lfl improvement at Pepco; another EUR 234m impairment and FY25E guidance cut at Poundland NEGATIVE • Allegro: 1Q25 results in line with expectations;...

WOOD Daily: ING PW; JMT PL; BHW PW; BDX PW; MGROS TI; TBCG LN; CGEO LN; ADNOCDRI UH; KLKIM TI; BELA GA; European Oil and Gas Monthly; CZ Macro; CTPNV NA; DSPW CP; PL Macro; BFT PW; MOL HB; ALE PW; APR PW; CAR PW; DIA PW

HEADLINES: • ING BSK: 1Q25 results in line with expectations and our annual 2025E expectations NEUTRAL • Jeronimo Martins: beat in 1Q25; Biedronka margin stabilised, despite adverse calendar effect; FY25E guidance maintained POSITIVE • Bank Handlowy: dull 1Q25 results; dividend recommendation due later in May; uncertainty over impact of sale of retail operations persisting NEUTRAL • Budimex: 1Q25 EBITDA misses forecast slightly, backlog down marginally qoq, but rising amount of pending contracts NEUTRAL • Migros: 1Q25 results – operationally in line NEUTRAL • TBC Bank: 1Q25 – first read – high...

BT Group : FY 2026 FCF guidance below the consensus

easyJet : H1 in line - FY guidance confirmed

Unibail-Rodamco-Westfield : A clear normalisation trajectory and strong growth drivers