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: ALE PW; HU Macro; PBK RO; PE RO; 4IG HB; CAI AV; M RO; SFG RO; 11B PW; CTPNV NA; PL Macro; PKN PW; PKN PW; INPST NA; LAMDA GA

HEADLINES: • Allegro: August is harvest time (downgraded to HOLD) • Hungary macro: challenging conditions keeping fiscal pressure high • Patria Bank: solid delivery in 2Q25 POSITIVE • Premier Energy: 2Q25 normalised EBITDA in line with our expectations NEUTRAL • 4iG: 2Q25 results review – 11% yoy increase in reported EBITDA, 3% above our estimate NEUTRAL • CA Immo: 2Q25 – continued progress with disposals; cancels treasury shares, launches new buyback • MedLife: takeaways from the 2Q25 earnings call NEUTRAL • Sphera Group: 2Q25 webcast - key takeaways NEGATIVE • 11 bit studios: 2Q25 earnings c...

Ferrari Group PLC : We met a confident management team in Ireland

Credit Morning 09/29/2025

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TeraPlast : Installations business drives growth. Model update after capital increase by including the share premium in the share capital