Report
Research Team

WOOD Daily: RO Macro; TUPRS TI; RBW PW; RBW PW; VGO PW; PL Macro; KTY PW; MBR PW; MUR PW; SNT PW; ZAB PW; EUR PW; MONET CP; CEZ CP; DIGI RO; PPC GA; ARCLK TI; AKCNS TI; LOGO TI; ROE1L LH

HEADLINES:
• Romania macro: minority government in place, commitment to reforms kept
• Tupras: jet propelled (stays BUY)
• Rainbow Tours: 4Q25 EBITDA 20% above our forecast, but 28% below the consensus POSITIVE
• Rainbow Tours: proposes PLN 8.6 DPS (6% yield), 36% below our expectations NEGATIVE
• VIGO Photonics 4Q25 results review – adjusted EBITDA of PLN 6.2m, 34% above our estimate; miss on the bottom line due to a tax one-off NEUTRAL
• Poland macro: strong end to 1Q, but Hormuz spoils the picture for 2Q
• Kety: 1Q26 conference call takeaways NEUTRAL
• Mo-BRUK: 4Q25 conference takeaways NEUTRAL
• Murapol: proposes PLN 1.97/share additional dividend, implying a total 2025 payout of PLN 200m (total PLN 4.91 DPS), in line with our expectations NEUTRAL
• Synektik: FY 2Q25 (CY 1Q26) revenues up 71% yoy NEUTRAL
• Zabka: 1Q26E results preview – 10% yoy EBITDA growth expected (due on 28 April) NEUTRAL
• Eurocash: 4Q25E preview – EBITDA decline of 10% yoy expected (due on 30 April) NEUTRAL
• MONETA Money Bank: solid 1Q26 results, as always, but we see this as reflected in the current valuation NEUTRAL
• CEZ: announces vote on spinning out distribution at upcoming AGM NEUTRAL
• DIGI Communications: postpones IPO of its Spanish subsidiary NEGATIVE
• Public Power Corporation: proposes c.EUR 4.0bn capital increase NEGATIVE
• Arcelik: significant miss on the bottom line in 1Q26 NEGATIVE
• Akcansa: proposes TRY 1.88 DPS (0.9% yield)
• Logo Yazilim: coverage discontinued
• Artea Bankas: 1Q25 results preview (due on 27 April)
Underlyings
Akcansa Cimento

Co. is engaged in the manufacture and sale of clinker, cement and ready mixed concrete, establishment of facilities for the same or their purchase in part or in full.

Arcelik A.S.

Arcelik is engaged in the commercial and industrial activities in respect of the production, sales and marketing, customer services after sales, exportation and importation of consumer durable goods and consumer electronics. Co. has two segments: white goods reportable segment, which comprises washing machines, dryers, dish washers, refrigerators, ovens, cookers and the services provided for these products; and the consumer goods reportable segment, which comprises televisions primarily with flat screens, computers, cash registers, other electronic devices and the services provided to consumers for these products.

CEZ as

CEZ Group is a dynamic, integrated electricity conglomerate based in the Czech Republic and with operations in a number of countries of Central and Southeastern Europe and Turkey. Co. is an international group consisting of nearly 120 companies, Czech and foreign. Co.'s primary activities involve the production and transmission of electricity through nuclear, coal-fired and hydro power stations; production and distribution of heat and processing of secondary products generated during the production of electricity and heat as well as coal mining. Co. has operating companies in Poland, Bulgaria, Romania, the Netherlands, Ireland, Germany, Hungary, Albania, Turkey, Serbia, and Slovakia.

Digi Communications NV

Eurocash S.A.

Eurocash, through its subsidiaries, is engaged in the distribution of food products, household chemicals, alcohol, and tobacco products (fast moving consumer goods). Through a range of distribution formats, Co. and its subsidiaries focus its business activities on the wholesale distribution to customers across the wholesale market segments, in particular, to stores throughout Poland such as retail stores, convenience stores at petrol stations, restaurants, hotels and cafeterias. Co. and its subsidiaries operate a range of distribution formats focused on supplying independent stores in Poland, which primarily include: Cash and Carry, Franchise Systems, and Distribution.

Grupa Kety SA

Grupa Kety is an aluminum industry company based in Poland. Co.'s operations are organized in three business segments: Aluminum Extrusions, Aluminum Architectural Systems and Flexible Packaging. Co. offers aluminum extrusions in different shapes, bars, tubes and wires of aluminum and its alloys, which are used in the construction & building, advertising, indoor fittings, transportation, automotive industry, white goods, machinery engineering and electrical engineering. Co.'s Aluminum Architectural Systems produces aluminum joinery, realizing investment projects and selling systems. Co.'s flexible packaging segment offers packaging made of aluminum foil, films and paper.

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.

MONETA Money Bank AS

Moneta Money Bank as is a Czech Republic-based retail and expanding small and medium enterprises (SME) bank. The Company holds an universal banking licence and provides a range of retail and SME-focused financial products and services. The Company operates through a national distribution network of 229 branches and through alternative distribution channels, such as the internet, its call centre, auto dealers, brokers and approximately 4,700 leasing partners. The Company together with its controlled subsidiaries offers current accounts, savings accounts, term deposits and transactional banking products including payment services and debit cards, consumer loans, credit cards, overdrafts, mortgages and auto loans, auto leases and other complementary products such as bancassurance and sales of investment funds.

MURAPOL SA

Public Power Corporation S.A.

Public Power Corp. is a vertically intergrated electric utility engaged in electricity generation, transmission and distribution throughout Greece. At Dec 31 2014, Co. and its subsidiaries generated electricity in its own 62 power generating stations of Co. and from the additional stations which belong to its wholly owned subsidiary PPC Renewables S.A, facilitated the transmission of electricity through its own power lines of approximately 12,273 km and distributed electricity to consumers through its own distribution lines for Medium and Low voltage of 235,100 km which are managed by its wholly owned subsidiary Hellenic Distribution Network Operator (HEDNO S.A.) (Medium and Low voltage).

Rainbow Tours S.A.

Rainbow Tours SA. Rainbow Tours SA is a Poland-based tour operator. The Company provides a range of tour options, including city tours, long-distance airplane trips, package holidays, last minute and last second trips, to various destinations worldwide. In addition, it offers online flight ticket reservation services. The Company has 77 branch offices throughout Poland. Additionally, the Company designs information technology (IT) solutions for tourist industry. As of December 31, 2011, the Company operated sevens subsidiaries, Portal Turystyczny Sp. z o.o., Rainbour Tours Biuro Podrozy Sp. z o.o., Travelovo Sp. z o.o., Traveltech Sp. z o.o., ABC Swiat Podrozy Sp. z o.o., Bee&Free sp. z o.o. and TravelLab sp. z o.o. On December 4, 2012, the Company sold its entire stake in TravelTech Sp. z o.o.

Siauliu Bankas

Siauliu bankas AB is a Lithuania-based company engaged in the provision of commercial banking and financial services to private and corporate clients. It offers such services as provision of bank accounts, offering the debit and credit cards and safety deposit boxes, cash and non-cash money transfers, operations with securities, currency exchange, lending and investment services, Internet banking, financial brokerage and real estate development. It also issues monetary warranties, guarantees and other warranty liabilities, as well as performs operations with payable documents, such as checks and others. The Bank has several branches, numerous client service units and subsidiaries.

Synektik

Synektik SA is a Poland-based company active in the medical sector. It produces PACS software which allows running a diagnostic imaging laboratory. It runs a research laboratory which performs acceptance and specialist tests of X-ray equipment. The Company sells medical equipment and operates a services center for imaging equipment. Synektik SA is a partner of Siemens. On November 28, 2013, the Company raised its stake in Miedzynarodowe Centra Medyczne Inwestycje Sp z o o to 100%.

Vigo System SA

Vigo System SA is a Poland-based company engaged in the production of detectors business sector. The Company is a manufacturer of standard and customized High Operating Temperature cadmium mercury telluride (HgCdTe) detectors. The Company's products are divided into three categories, including Infrared Detectors, Infrared Cameras and Measurement Equipment. The Company sells its products worldwide, including the United States, Canada, Finland and Australia, among others. It also cooperates and sells the products to NASA.

ZABKA GROUP

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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.

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