Report
Research Team

WOOD Daily: PCO PW; BELA GA; THEON NA; Czech Republic macro; EWG LN; PZU PW; TLV RO; BCG LN

HEADLINES:
• Pepco: lfl recovery continued in 4Q25, with Poland falling behind W. Europe; another EUR 50m buyback announced POSITIVE
• Jumbo: 1H25 earnings slightly lower than expected - adj. EBITDA +7% yoy to EUR 165m NEGATIVE
• Theon International: wins another sizeable OCCAR contract POSITIVE
• Czech Republic macro: CNB on hold
• Eurowag: TA Associates completes GBP 56m ABB
• PZU: new acting CEO appointed, pending PFSA approval NEUTRAL
• Banca Transilvania: proposes an extraordinary DPS of RON 0.6420341921 POSITIVE
• Baltic Classifieds Group: trading commentary ahead of 2025 AGM - lower expectations on revenues and net income growth NEGATIVE
Underlyings
BALTIC CLASSIFIEDS GROUP PLC

Banca Transilvania S.A.

Jumbo S.A.

Jumbo is a trading company based in Greece. Co.'s main operation is retail sale of toys, baby items, seasonal items, decoration items, books and stationery. A part of its operations is wholesale of toys and similar items to third parties. Co. and its subsidiaries have four geographical segments: Greece, Cyprus, Bulgaria and Romania. At June 30 2015, Co. operated 72 stores in Greece, Cyprus, Bulgaria and in Romania and the on line store e-jumbo.

PEPCO GROUP NV

Powszechny Zaklad Ubezpieczen Spolka Akcyjna

Powszechny Zaklad Ubezpieczen is an insurance group based in Poland. Co. is engaged in offering a broad range of insurance and financial products. Co. pursues three main lines of business: Property and Casualty Insurance, offered by PZU; Life Insurance, offered by PZU Zycie; and Open-end Pension Funds, offered by PTE PZU, the manager of OFE PZU Zlota Jesien. Co. maintains a network of sales and service outlets including 500 outlets throughout Poland, including 243 shared outlets (common for PZU and PZU Zycie), 137 outlets of PZU Zycie and 120 outlets of PZU. Co.'s business is focused on the Polish market but it also conducts insurance business in the Lithuanian and Ukrainian markets.

THEON INTERNATIONAL PLC

W.A.G PAYMENT SOLUTIONS PLC

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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