reports
- Research Team
WOOD Daily: PEO PW; EBP PW; EUR PW; ING PW; KRU PW; MBK PW; CAR PW; PK...
HEADLINES: • Bank Pekao: solid 1Q26 results, volume growth shines POSITIVE • Erste Bank Polska: 1Q26 results in line with expectations, market focus on the future business outlook NEUTRAL • Eurocash: massive miss in 4Q25, due mainly to PLN 296m in negative one-offs NEGATIVE • ING BSK: neutral 1Q26 results NEUTRAL • Kruk: results below expectations and flat line with regards to revenue dynamcis NEGATIVE • mBank: 1Q26 results - solid beat, driven by low provision charges and good admin cost delive...
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
TKNSA TEKNOSA IC VE DIS TICARET AS
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
RICHT RICHTER
MCOV B MEDICOVER AB
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
CTPNV CTP NV
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: MIL PW; GPW PW; EAT PW; ALE PW; WPL PW; H2O RO; SNG RO; SN...
HEADLINES: • Bank Millennium: solid 1Q26 results, but the valuation already reflects improved earnings, driven by lower FX mortgage costs POSITIVE • Warsaw Stock Exchange: management proposes PLN 3.4 DPS NEUTRAL • AmRest: 1Q26E preview – we expect flat EBITDA (due on 7 May) NEUTRAL • Allegro: 4Q25E results preview – we expect adj. EBITDA to grow 12% yoy (due on 14 May) NEUTRAL • Wirtualna Polska: 1Q26E results preview - weak quarter, 22% yoy pro-forma adj. EBITDA drop expected (due on 19 May) • ...
GEKTERNA GEK TERNA
AKCNS AKCANSA CIMENTO
CCOLA COCA-COLA ICECEK A.S.
TKNSA TEKNOSA IC VE DIS TICARET AS
FROTO FORD OTOMOTIV SANAYI A.S.
GPW WARSAW STOCK EXCHANGE
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
EAT AMREST HOLDINGS SE
ALG ALLEGRO.EU SA
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: PKN PW; PGE PW; VGO PW; BDX PW
HEADLINES: • Orlen: announces updated budget for the New Chemistry Project NEUTRAL • PGE: full 4Q25 results in line with the preliminaries NEUTRAL • VIGO Photonics: 1Q26 sales down 12.5% yoy, to PLN 19.3m NEGATIVE • Budimex: 1Q26E preview – harsh winter weighs on results (due on 6 May)
- Research Team
WOOD Daily: MTLN GA; DVL PW; SNT PW; 11B PW; OPL PW; CEZ CP; DIGI RO; ...
HEADLINES: • Metlen Energy & Metals: 2025 EBITDA drops 30% to EUR 753m, in line with warning NEUTRAL • Develia: 4Q25 conference call takeaways NEUTRAL • Synektik: solid delivery for the FY 2Q25 (CY 1Q26) order book NEUTRAL • 11 bit studios: new publishing project announced NEUTRAL • Orange Polska: 1Q26E preview – 6% yoy EBITDAaL growth expected (due on 22 April) • CEZ: Dukovany can operate until 2065-67 POSITIVE • DIGI Communications: new share issuance; new price target • NLB Group: takeover bi...
- Research Team
WOOD Daily: ALWN GA; GPP PW; BFT PW; ACP PW; BDX PW; CPS PW; WPL PW; M...
HEADLINES: • Allwyn: over the hills and far away – from OPAP to Allwyn, and into growth (BUY - initiation of coverage) • Grupa Pracuj: 4Q25 results – adjusted EBITDA up 6% yoy, 6% above the consensus POSITIVE • Benefit Systems: net addition of 126.5k sports cards in 1Q26, solid growth in Poland POSITIVE • Asseco Poland: key takeaways from the 4Q25 results call NEUTRAL • Budimex: PLN 146m bid selected as most advantageous in Port Polska tender NEUTRAL • Budimex: signs PLN 261m tram depot contract...
- Research Team
The Rear-View Mirror – EME markets: all indices down; energy the only ...
EME Equity Market – March 2026 All indices decline, with Greek ASE posting the steepest loss. The MSCI EM Europe Index fell 8.0% mom in EUR terms and 10.8% mom in USD terms in March. The Greek ASE was the worst performer (-9.3% mom); followed by the Czech PX (-6.7% mom); the Hungarian BUX (-6.2% mom); the Turkish ISE30 (-5.1% mom); and the Polish WIG20 (-4.5% mom; all in EUR terms). The Romanian BET proved the most resilient, declining just 1.2% mom, in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
SNT SYNEKTIK
OMV OMV AG
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
H2O HIDROELECTRICA S.A.
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
PRIUA PRIMOCO UAV SE
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Roy Külter
- Steven Boumans
CA CARREFOUR SA
BVI BUREAU VERITAS SA
ADS ADIDAS AG
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
HAL HAL TRUST
VNA VONOVIA SE
MOBN MOBIMO HOLDING AG
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
ALLN ALLREAL HOLDING AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SPIE SPIE SA
IREN INVESTIS HOLDING SA
SRE SIRIUS REAL ESTATE LIMITED
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
KBX KNORR-BREMSE AG
PHNX PHOENIX GROUP HOLDINGS PLC
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
ULVR UNILEVER PLC
IS INTERSHOP HOLDING AG
- Roy Külter
- Steven Boumans
CA CARREFOUR SA
BVI BUREAU VERITAS SA
ADS ADIDAS AG
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
HAL HAL TRUST
VNA VONOVIA SE
MOBN MOBIMO HOLDING AG
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
VASTB VASTNED RETAIL BELGIUM NV
ALLN ALLREAL HOLDING AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SPIE SPIE SA
IREN INVESTIS HOLDING SA
SRE SIRIUS REAL ESTATE LIMITED
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
KBX KNORR-BREMSE AG
PHNX PHOENIX GROUP HOLDINGS PLC
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
ULVR UNILEVER PLC
IS INTERSHOP HOLDING AG
- Oleg Galbur
- Research Team
WOOD Daily: ACP PW; DAT PW; KTY PW; PGE PW; TPE PW; WPL PW; PKN PW; RB...
HEADLINES: • Asseco Poland: 4Q25 review – net profit up 4.5x yoy, in line with the consensus; 2026 backlog up 19% yoy NEUTRAL • DataWalk: actual 4Q25 numbers fully in line with preliminaries NEUTRAL • Kety: preliminary 1Q26 EBITDA and net profit above our expectations POSITIVE • PGE: decent 4Q25 preliminary results (adjusted recurring EBITDA 17% above expectations), distorted by one-offs POSITIVE • Tauron: 4Q25 conference call takeaways NEUTRAL • Wirtualna Polska: announces tender to acquire own...
- Jean-François Granjon
- Louis Boujard
- CFA
EVT EVOTEC SE
PHA PHARMAGEST INTERACTIVE SA
ALDEL DELFINGEN INDUSTRY SA
OERL OC OERLIKON CORPORATION AG
VRAP VRANKEN-POMMERY MONOPOLE SA
NOEJ NORMA GROUP SE
POS PORR AG
ADN1 ADESSO AG
ALBFR SIDETRADE SA
SMHN SUESS MICROTEC AG
CSM CORBION NV
WPL WIRTUALNA POLSKA HOLDING SA
DMP DERMAPHARM HOLDING SE
ATRY ATRYS HEALTH
S30 SOLUTIONS 30 SE
KTA KNAUS TABBERT
LHYFE LHYFE S.A.
CO CASINO GUICHARD-PERRACHON
- Jean-François Granjon
- Louis Boujard
- CFA
EVT EVOTEC SE
PHA PHARMAGEST INTERACTIVE SA
ALDEL DELFINGEN INDUSTRY SA
OERL OC OERLIKON CORPORATION AG
VRAP VRANKEN-POMMERY MONOPOLE SA
VETO VETOQUINOL SA
NOEJ NORMA GROUP SE
POS PORR AG
ADN1 ADESSO AG
ALBFR SIDETRADE SA
SMHN SUESS MICROTEC AG
CSM CORBION NV
WPL WIRTUALNA POLSKA HOLDING SA
DMP DERMAPHARM HOLDING SE
ATRY ATRYS HEALTH
S30 SOLUTIONS 30 SE
KTA KNAUS TABBERT
LHYFE LHYFE S.A.
CO CASINO GUICHARD-PERRACHON
- Bojan Djurickovic
- Jerôme Bodin
APAML APERAM SA
ZIL2 ELRINGKLINGER AG
HCO HIGHCO SA
CGM CEGEDIM SA
PSM PROSIEBENSAT.1 MEDIA SE
VETO VETOQUINOL SA
LNA LNA SANTE SA
CAI CA IMMOBILIEN ANLAGEN AG
CWC CEWE STIFTUNG & CO KGAA
UBS UBM DEVELOPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
ONTEX ONTEX GROUP N.V.
DGM DIAGNOSTIC MEDICAL SYSTEMS
WPL WIRTUALNA POLSKA HOLDING SA
JUN3 JUNGHEINRICH AG PREF
JST JOST WERKE AG
2CRSI 2CRSI SA
S92 SMA SOLAR TECHNOLOGY AG
MRX MISTER SPEX SE
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
AROBS AROBS TRANSILVANIA SOFTWARE SA
FLOW FLOW TRADERS LTD
IOS IONOS GROUP SE
ARVEN ARVERNE GROUP SA
- Jerôme Bodin
APAML APERAM SA
ZIL2 ELRINGKLINGER AG
HCO HIGHCO SA
CGM CEGEDIM SA
PSM PROSIEBENSAT.1 MEDIA SE
VETO VETOQUINOL SA
LNA LNA SANTE SA
CAI CA IMMOBILIEN ANLAGEN AG
CWC CEWE STIFTUNG & CO KGAA
UBS UBM DEVELOPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
ONTEX ONTEX GROUP N.V.
DGM DIAGNOSTIC MEDICAL SYSTEMS
WPL WIRTUALNA POLSKA HOLDING SA
JUN3 JUNGHEINRICH AG PREF
JST JOST WERKE AG
2CRSI 2CRSI SA
S92 SMA SOLAR TECHNOLOGY AG
MRX MISTER SPEX SE
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
AROBS AROBS TRANSILVANIA SOFTWARE SA
FLOW FLOW TRADERS LTD
IOS IONOS GROUP SE
ARVEN ARVERNE GROUP SA
- Bojan Djurickovic
- Research Team
WOOD Daily: LPP PW; MIL PW; PEO PW; PCO PW; WPL PW; EWG LN; MOH GA; MG...
HEADLINES: • LPP: 4Q25 ahead of expectations; FY26E guidance raised despite a slow start to the year POSITIVE • Bank Millennium: to pay PLN 118m of resolution fund charges in 1Q26 NEUTRAL • Bank Pekao: to pay PLN 413m of resolution fund charges in 1Q26 xx NEUTRAL • Pepco: 1H26 trading update - sales up 3.7% yoy; FY26E guidance maintained NEUTRAL • Wirtualna Polska: key takeaways from the 4Q25 earnings call NEGATIVE • Eurowag: 2H25 results and 2026E guidance POSITIVE • Motor Oil: shifts crude sla...
- Jean-François Granjon
- Margaux van Oerle
- Jean-François Granjon
- Margaux van Oerle
- Research Team
WOOD Daily: WPL PW; BHW PW; PKO PW; TEN PW; VGO PW; CZG CP; Hungary ma...
HEADLINES: • Wirtualna Polska: 4Q25 results - adj. EBITDA -5% yoy, 2% below consensus; gloomy outlook for 1Q26E and subsequent quarters NEGATIVE • Bank Handlowy: to book PLN 132.5m of resolution fund charges this year NEUTRAL • PKO BP: to book PLN 487m of annual resolution fund charges in 2026E NEUTRAL • Ten Square Games – 4Q25 earnings call takeaways NEUTRAL • VIGO Photonics: acquires InfraRed Associates for USD 8.4m POSITIVE • Colt CZ: 4Q25 results and FY26 guidance xx POSITIVE • Hungary macro...
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