Report
Research Team

WOOD Daily: MUR PW; ENA PW; XTB PW; MBR PW; 11B PW; ALR PW; MIL PW; PEO PW; ING PW; CZG CP

HEADLINES:
• Murapol: 4Q25 slightly below our forecasts, but close to the consensus NEUTRAL
• Murapol: 1Q26 sales up 8% yoy, handovers significantly lower NEUTRAL
• Enea: 4Q25 in line with the preliminaries NEUTRAL
• XTB S.A.: KNF issues PLN 20m fine over historical onboarding and product governance shortcomings NEGATIVE
• Mo-BRUK: new contract signed for PLN 6.9m net NEUTRAL
• 11 bit studios: revised amortisation method for Frostpunk 2 and The Alters NEUTRAL
• Alior Bank: 1Q26E preview (due on 28 April)
• Bank Millennium: 1Q26E preview (due on 28 April)
• Bank Pekao: 1Q26E preview (due on 30 April)
• ING BSK: 1Q26E preview (due on 30 April)
• Colt CZ Group SE: key takeaways from the FY26 CMD event POSITIVE
• Colt CZ Group SE: AGM approves Amsterdam dual listing NEUTRAL
• Short News (CEZ)
Underlyings
11 Bit Studios S.A.

11 BIT STUDIOS SA is a Poland-based company engaged in the game development industry. Its product portfolio includes four games: Anomaly Korea, Sleepwalker's Journey, Funky Smugglers and Anomaly Warzone Earth. The Company produces video games for different devices, such as video consoles, personal computers (PC), and Apple products (iPhone, iPad), among others.

Alior Bank SA

Alior Bank is a universal lending and deposit-taking bank which renders services to individuals, legal persons and other entities which are Polish and foreign persons. Co.'s core activities include maintaining bank accounts, granting loans and advances, issuing banking securities and purchasing and selling foreign currency. Co. also conducts brokerage activities, consulting and financial agency services and renders other financial services.

Bank Millennium SA

Bank Millennium provides various banking products and services to individual clients, small businesses, corporate, and public sector entities in Poland. Co. offers current account, custody account, and escrow account; standard deposits, negotiated deposits, millenet deposits, and automatic overnight deposits; debit and charge cards; funds management; professional cash services; and management of balances of current and auxiliary accounts. Co. also provides current account overdraft facility, real estate loans, revolving credits, working capital loans, investment loans, energy financing facility, sureties, line of guarantees, letters-of-credit, preferential loans, and bid bond guarantees.

BANK POLSKA KASA OPIEKI SA

Bank Polska Kasa Opieki (the Bank) is a commercial bank providing a range of banking services, mainly in Poland. The segments of the Bank are as follows: Retail banking, which comprises all banking activities related to retail customers and small and micro companies; Private banking, which comprises all banking activities related to the affluent individual customers; Corporate and Investment banking, which comprises all banking activities related to the companies, interbank market, debt securities and other instruments; and Assets and Liabilities Management and other, which is engaged in the supervision and monitoring of fund transfers, and other activities centrally managed.

Ceska Zbrojovka Group

Enea S.A.

ENEA is engaged in production of electricity and heat; trade in electricity; and distribution of electricity.

ING Bank Slaski S.A.

ING Bank Slaski is a bank holding company. Through its subsidiaries, Co. is engaged in providing a range of banking services rendered for individual and institutional clients in line with the scope of services outlined in Co.'s charter. Co. runs operations both in the home currency and in foreign currencies. Co. is also active on the domestic and foreign financial markets. The subsidiary, ING Bank Hipoteczny S.A., also runs banking business, including loans secured with mortgage. Additionally through subsidiaries, Co. operates brokerage services, real estate, leasing of real estate and advisory and acts as a financial intermediary as well as provides other financial services.

Mo-BRUK S.A.

Mo-Bruk SA is a Poland-based company involved in the production of concrete. It is also active in the area of hazardous and other than hazardous industrial waste management. Additionally, the Company operates a waste recovery plant, waste recycling plant, alternative fuel production plant and an industrial waste landfill. The Company produces alternative fuels from municipal and industrial wastes. The Company is also the owner of two open non-stop petrol stations for liquefied fuel, as well as a technical inspection station. Mo-Bruk SA is also engaged in the construction of concrete surfaces. As of December 31, 2011, the Company operated one wholly owned subsidiary, Raf-Ekologia Sp. z o.o.

MURAPOL SA

X-Trade Brokers Dom Maklerski SA

X Trade Brokers Dom Maklerski SA is a Poland-based brokerage house. The Company's offer comprises foreign exchange market (FOREX), commodities and indices trading, equity CFD, options, as well as other over the counter (OTC) derivatives in the European Union. The Company offers online trading and operates xStation, xOption, xMobile, xTab, Sidoma and MetaTrader trading platforms. It also provides market analysis and trading updates. It has a number of branches across Europe, in the Czech Republic, France, Germany, Hungary, Italy, Portugal, Romania, Slovakia and Spain, among others.

Provider
Wood and Company
Wood and Company

WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.

A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.

Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

Analysts
Research Team

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