Report
Research Team

WOOD Daily: ALR PW; RICHT HB; ASELS TI; THYAO TI; ISCTR TI; CIMSA TI; ZAB PW; AIRA LI; BOCHGR GA; EU Oil and Gas Monthly; MOL HB; GPW PW; ADNOCDIS UH; ELPE GA; IGN1L LH; KLKIM TI; ENA PW; PGE PW; TPE PW; ALE PW

HEADLINES:
• Alior Bank: solid 2Q25, with a beat vs. the market's expectations on stronger other income and lower LLPs POSITIVE
• Richter: 2Q25 results broadly in line NEUTRAL
• Aselsan: 2Q25 results – strong beat, driven by operating performance POSITIVE
• Turkish Airlines: 2Q25 – EBIT above the consensus on better costs POSITIVE
• Isbank: 2Q25 highlights – a mixed bag, but management sounds confident in sharp margin recovery in 2H25E
• Cimsa: 2Q25 financial results review – strong revenue growth, with pressure on profitability POSITIVE
• Zabka: 2Q25 above the consensus; FY25E rollout upped to 1.3k stores POSITIVE
• Air Astana Group: 2Q25 – 18% ASK growth, 7% lower RASK yoy
• Bank of Cyprus: 2Q25 results highlights
• European oil and gas monthly: July 2025 – diesel for successful investing
• MOL: signs oil trading agreement with KazMunayGas NEUTRAL
• Warsaw Stock Exchange: Finance Minister proposes tax-exempt investment account POSITIVE
• ADNOC Distribution: 2Q25E results preview (due out tomorrow) NEUTRAL
• HELLENiQ Energy: 2Q25E results preview (due out tomorrow) NEUTRAL
• Ignitis Group: 2Q25E preview – 24% higher adjusted EBITDA expected, on strong Green Capacities and Networks (due on 13 August)
• Kalekim: 2Q25E earnings preview (due on 13 August)
• Enea: 2Q25E preview – 9% EBITDA drop due to weaker Generation and Mining (due on 8 September, preliminaries expected on 25 August)
• PGE: 2Q25E preview – 31% higher recurring EBITDA, due to improvements each segment (due on 9 September)
• Tauron: 2Q25E preview – 11% higher EBITDA, driven by Distribution and Conventional Generation (due on 10 September)
• Allegro: 2Q25E results preview – adjusted EBITDA expected to grow by 20% yoy (due on 18 September)
• Short News (4iG)
Underlyings
ADNOC Distribution PJSC

AIR ASTANA JSC

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.

Allegro.eu SA

Aselsan Elektronik Sanayi ve Ticaret A.S. Class B

Cimento Sanyai Ve Ticaret A.S.

Cimsa Cimento Sanayi ve Ticaret is engaged in the cement industry. Co. produces and sells cement and ready-mixed concrete. As of Dec. 31, 2004, Co. maintains 17 ready-mixed concrete plants in 8 provinces.

Enea S.A.

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

Ignitis Grupe

KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS

PGE Polska Grupa Energetyczna S.A.

PGE Polska Grupa Energetyczna is an electricity company based in Poland. Co. is engaged in the generation and selling of electricity. Co. is a predominant power producer and supplier in Poland and a major heat and power sector company in Central and Eastern Europe. Co. supplies over 5 million households, businesses and institutions through a combination of its own fuel resources (lignite), power generation and final distribution networks. Co.'s activities focus on the following areas: Conventional Power Generation, Renewable Power Generation, Nuclear Power Generation, Wholesale, Distribution and Retail. Co. has 12.2 GW of installed generation capacity.

TAURON Polska Energia S.A.

Tauron Polska Energia is engaged in the generation, transmission, distribution, and sale of electricity and heat in Poland. Co. generates electricity from various conventional and renewable energy sources, including hard coal, lignite, natural gas, biomass, wind, solar, and hydro power. It is also involved in quarrying, crushing, and breaking of limestone; quarrying of stone for the construction industry; mining of hard coal; trading in electricity; and production of technical gases. In addition, Co. engages in the repair and maintenance of machinery and electrical equipment; electrical installations; and construction of power lines.

Turk Hava Yollari A.O.

Turk Hava Yollari is engaged in the airline industry with the airline flying to 103 destinations, throughout Turkey and internationally. As of the year end, Co. maintains 66 aircrafts with a total seat capacity of 10,672, and leases a A300-200 cargo aircraft. Co. has various services for their customers which include: various ways of checking in and on-line ticket sales.

Turkiye Is Bankasi Anonim Sirketi Class C

Turkiye Is Bankasi is a commercial banking group based in Turkey Co. is engaged in the provision of private, retail, commercial and corporate banking, money market and securities market operations as well as international banking services. Co. provides services to corporations, SMEs and other trading companies (excluding real trading persons) within the course of its corporate and commercial operations. Co. is organized into two main business segments: Banking segment, which includes corporate, retail and private banking, as well as treasury; and non-banking operations, which are followed according to insurance, ‘investment and finance' and ‘manufacturing and trading' segments.

Warsaw Stock Exchange

Gielda Papierow Wartosciowych w Warszawie SA (Warsaw Stock Exchange, GPW) is a Poland-based stock exchange. It is a parent entity of WSE Group that offers products and services within its trading markets of equity, derivate, fixed income and structured products. It also distributes market data. The Company has two business lines: Financial market, which includes trading in equities, derivatives, fixed-income and other instruments, listing, and information services; and Commodity market, which includes trading in electricity and property rights in certificates of origin, operation of a register of certificates of origin, clearing, trade and technical trade operator services. As of December 31, 2011, it operates two wholly owned subsidiaries, WSEInfoEngine SA, providing data transmission and information services; and Instytut Rynku Kapitalowego WSE Research SA, engaged in publishing; as well as 92.47%-owned BondSpot SA.

ZABKA GROUP

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

Other Reports on these Companies
Other Reports from Wood and Company

ResearchPool Subscriptions

Get the most out of your insights

Get in touch