reports
- Research Team
WOOD Daily: EMEA Airlines; GEKTERNA GA; BFT PW; Allegro; JAHEZ AB; TIT...
HEADLINES: • EMEA Airlines: 2Q25 traffic - Easter good, conflict bad • GEK Terna: motorway traffic grows faster than expected in 1H25 POSITIVE • Benefit Systems: changes in the Supervisory Board NEUTRAL • Allegro: expands its delivery network via a partnership with Zabka, adding 11,600+ new pick-up points NEUTRAL • Jahez: takeaways from the conference call on the Snoonu deal POSITIVE • Titan Cement: 2Q25E financial results preview (due on 31 July)
- Jakub Caithaml
WOOD Flash - EMEA Airlines: 2Q25 traffic - Easter good, conflict bad
Calendar 2Q25 started off well for the sector, benefitting from the Easter effect and low fuel prices, but many airlines experienced disruptions to their networks later in the quarter, following Israel’s attack on Iran. Demand for flying seems broadly resilient so far, with fares helped by limited capacity growth in Europe, due to supply constraints. As we move into the peak season, Air Traffic Control (ATC) remains a bottleneck, especially as parts of the European network remain closed to traff...
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; OPAP GA; SOLUTION AB; BOROUGE U...
HEADLINES: • EME Macro/Strategy: macro all-in-one (14-20 July) • OPAP: acquires remaining 15.5% stake in Stoiximan POSITIVE • Solutions by STC: 2Q25E financial results preview (due out tomorrow) • Borouge: 2Q25E results preview (due on 31 July) NEUTRAL • Grupa Pracuj: 2Q25E results preview – 3% yoy adjusted EBITDA growth expected (due on 28 August) • Erste Bank: 2Q25E preview (due on 1 August) • OTP Bank: 2Q25E preview (due on 5 August) • Bank Pekao: 2Q25E preview (due on 7 August) • PKO BP: 2Q2...
- Research Team
WOOD Daily: DAT PW; EU Macro; CBF PW; SHO PW; OPAP GA; AEGN GA; GTC PW...
HEADLINES: • DataWalk: returning like a phoenix from the ashes (HOLD) • EU macro: Commission presents the new budget • cyber_Folks/Shoper: resign from large acquisition in the e-commerce space and bets on the development of own solutions NEGATIVE • OPAP: Greek gaming market growth accelerates further in May POSITIVE • Aegean Airlines: adds two A321neo XLRs, plans to start flying to India in March 2026E • GTC: buys out German minorities • CD Projekt: free update 2.3 for Cyberpunk 2077 today NEUTR...
- Research Team
WOOD Daily: UA Macro; VGO PW; MBR PW; CDR PW; SIPCHEM AB; BDX PW; TUPR...
HEADLINES: • Ukraine macro: notes on the economy and the reconstruction process • VIGO Photonics: 2Q25 sales down 11% yoy, to PLN 20.3m NEGATIVE • Mo-BRUK: refund of interest on the overpayment related to the 2017 waste disposal decision NEUTRAL • CD Projekt: Cyberpunk to be released for Apple Macs tomorrow NEUTRAL • Sipchem: 2Q25E results preview (due on 21 July) NEUTRAL • Budimex: 2Q25E preview – EBIT up slightly, by 5% yoy (prelims due on 28 July) • Tupras: 2Q25E results preview (due on 29 Ju...
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; EU macro; PKO PW; MYTIL GA; WPL...
HEADLINES: • EME Macro/Strategy: macro all-in-one (7-13 July) • EU macro: US tariff announcement worse than expected • PKO BP: to book PLN 1.25bn of FX mortgage saga costs in 2Q25E NEUTRAL • Metlen Energy & Metals: MSCI to keep the stock in the Greece Standard index, as largely expected • Wirtualna Polska: 2Q25E preview – soft quarter, with 1% yoy pro-forma adjusted EBITDA growth expected (due on 26 August)
Digital subscription results of AS Ekspress Grupp in the second quarte...
Digital subscription results of AS Ekspress Grupp in the second quarter of 2025 The number of digital subscriptions of AS Ekspress Grupp increased by 10% in the Baltic States year-over-year (2nd quarter: 4%, 1st six months: 3%) and totalled 244 884 at the end of June. The number of digital subscriptions of AS Delfi Meedia that publishes the news portal Delfi, newspapers Eesti Päevaleht, Maaleht, Eesti Ekspress and several popular magazines increased by 12% year-over-year (2nd quarter: 6%, 1st six months: 5%) and totalled 119 811.The number of digital subscriptions of AS Õhtuleht Kirjastus,...
ASi Ekspress Grupp 2025. aasta 2. kvartali digitellimuste tulemused
ASi Ekspress Grupp 2025. aasta 2. kvartali digitellimuste tulemused ASi Ekspress Grupp digitaalsete tellimuste hulk kasvas võrreldes eelmise aasta sama perioodiga Balti riikides kokku 10% (II kvartalis 4%, I poolaastas 3%) ja ulatus juuni lõpus 244 884-ni. Eestis uudisteportaali Delfi, Eesti Päevalehte, Maalehte, Eesti Ekspressi ja mitmeid populaarseid ajakirju kirjastava ASi Delfi Meedia digitellimuste hulk kasvas võrreldes eelmise aasta sama perioodiga 12% (II kvartalis 6%, I poolaastas 5%), ulatudes 119 811-ni.50%-liselt Ekspress Grupile kuuluva ASi Õhtuleht Kirjastus digitellimuste hul...
AS Ekspress Grupp soovib omandada AS Õhtuleht Kirjastuse täisosaluse
AS Ekspress Grupp soovib omandada AS Õhtuleht Kirjastuse täisosaluse ASi Ekspress Grupp ja ASi AVH Grupp vahel 9. juulil 2025 sõlmitud lepingu kohaselt ostab Ekspress Grupp seni AVH Grupile kuulunud 50% osaluse ASis Õhtuleht Kirjastus. Tehingu tulemusel saab Ekspress Grupist Õhtuleht Kirjastuse ainuomanik. Õhtuleht Kirjastus on üks Eesti suuremaid meediaettevõtteid, kes annab välja Eesti suurima tiraažiga päevalehte Õhtuleht ning mitmeid populaarseid ajakirju. Samuti haldab ettevõte veebiväljaandeid, sh ohtuleht.ee ja toidutare.ee portaale. Õhtuleht Kirjastuse omandamine annab Ekspress G...
AS Ekspress Grupp to Acquire Full Ownership of AS Õhtuleht Kirjastus
AS Ekspress Grupp to Acquire Full Ownership of AS Õhtuleht Kirjastus According to the agreement signed between AS Ekspress Grupp and AS AVH Grupp on June 9, 2025, Ekspress Grupp will purchase the 50% stake in AS Õhtuleht Kirjastus previously owned by AVH Grupp. As a result of this transaction, Ekspress Grupp will become the sole owner of Õhtuleht Kirjastus. Õhtuleht Kirjastus is one of Estonia's largest media companies, publishing Õhtuleht, the daily newspaper with the largest circulation in Estonia, as well as several popular magazines. The company also manages online publications, inclu...
Piletitasku has partnered with If Insurance
Piletitasku has partnered with If Insurance Customers of Piletitasku, the ticket sales platform operated by AS Delfi Meedia, a subsidiary of AS Ekspress Grupp, can now benefit from a new security solution: Piletitasku has teamed up with If Insurance to offer the option to insure tickets at the point of purchase. This means that in the event of sudden illness or an accident, ticket holders can receive a full refund. If desired, insurance can be conveniently added during the Piletitasku purchase process while selecting event tickets. Visitors do not need to search for separate insurance or c...
Piletitasku alustas koostööd If Kindlustusega
Piletitasku alustas koostööd If Kindlustusega ASi Ekspress Grupp tütarettevõtte AS Delfi Meedia piletimüügikeskkonna Piletitasku klientidele on saadaval uus turvalahendus: Piletitasku alustas koostööd If Kindlustusega ja pakub nüüd võimalust kindlustada pilet juba ostuhetkel. See tähendab, et ootamatu haigestumise või õnnetuse korral saab külastaja piletiraha tagasi. Kindlustuse saab soovi korral mugavalt lisada Piletitasku ostuprotsessis üritusele pileteid valides. Külastaja ei pea eraldi kindlustust otsima ega dokumente täitma – kõik toimub sujuvalt ühe ostuga. Teenuse eesmärk on pakkuda...
- Research Team
WOOD Daily: RO Macro; HU Macro; KRU PW; HUG PW; CAR PW; 11B PW; MUR PW...
HEADLINES: • Romania macro: MPC turns cautiously dovish on the fiscal package • Hungary macro: June inflation picks up further • Kruk: 2Q25 trading update shows a pick up in recoveries vs. 1Q25 NEUTRAL • Huuuge Games: preliminary 2Q25 revenue at USD 59m, down 7% yoy and 6% qoq NEUTRAL • Inter Cars: June sales growth at 10% yoy, implying 2Q25E revenue growth of also 10% yoy NEUTRAL • 11 bit studios: 280k copies of The Alters sold NEUTRAL • Murapol: sells 708 apartments and hands over 289 units in...
- Research Team
WOOD Daily: CIMSA TI; EME Macro/Strategy – Inflation Update; EME Macro...
HEADLINES: • Cimsa: on a path of growth and diversification (stays BUY) • EME Macro/Strategy: inflation – short- and medium-term forecasts • EME Macro/Strategy: macro all-in-one (30 June-6 July) • Ten Square Games: 2Q25 bookings down 10% qoq, but slightly better than Sensor Tower's estimates NEUTRAL • CD Projekt: Cyberpunk: Edgerunners 2 anime series in production NEUTRAL • Polish telecoms: mobile number portability in 2Q25 NEUTRAL • Optima Bank SA: listing of new shares due to share split NEUTR...
AS Ekspress Grupp refinances bonds
AS Ekspress Grupp refinances bonds AS Ekspress Grupp and AS SEB Pank have signed a loan contract to refinance the outstanding EUR 5 million bonds from LHV pension funds on 10 July 2025. The loan will have a 2 July 2030 deadline compared to the earlier bonds’ redemption date of 7 October 2027. As a result of the refinancing, Ekspress Grupp’s annual interest expenses will decrease by ca EUR 150 thousand while the annual loan service will increase by ca EUR 340 thousand. As a result of the refinancing, Ekspress Grupp will decrease the average interest rate of its financial liabilities, using...
AS Ekspress Grupp refinantseerib võlakirjad
AS Ekspress Grupp refinantseerib võlakirjad AS Ekspress Grupp ja AS SEB Pank sõlmisid laenulepingu, millega Ekspress Grupp refinantseerib 10. juulil 2025. aastal LHV pensionifondide võlakirjad kokku 5 mln euro väärtuses. Laenu tähtaeg on 2. juuli 2030, varasema võlakirjade lunastustähtaja 7. oktoober 2027 asemel. Refinantseerimise tulemusel väheneb Ekspress Grupi aastane intressikulu ca 150 000 euro võrra, samas kui aastane laenuteenindus suureneb ca 340 000 euro võrra. Refinantseerimise tulemusena vähendab Ekspress Grupp kontserni võlakohustuste keskmist intressimäära, orienteerudes sama...
- Research Team
WOOD Daily: RO Macro; RO Banks; EME Macro/Strategy – PL; PL Macro; TXT...
HEADLINES: • Romania macro: discussing a new fiscal package with the EU • Romanian banks: government to increase tax on gross revenues to 4% NEGATIVE • EME Macro/Strategy – Poland: bigger, happier but also more divided • Poland macro: MPC reduces the policy rate by 25bps • Text: 1Q25-26 (calendar 2Q25) preliminary results – MRR of USD 7.17m (up 0.7% qoq, up 1.4% yoy); 928 net LiveChat customers outflow NEGATIVE • Mo-BRUK: guiding for PLN 33m outflow related to the 2018-19 increased fees; PLN 50-...
- Research Team
The Rear-View Mirror – EME markets: rebound in Türkiye
EME Equity Market – June 2025 All EME indices in the green in June, with a rebound in Türkiye. The MSCI EM Europe Index advanced by 3.2% mom in EUR terms and 6.9% in USD terms. The Turkish ISE 30 Index was the best performer in our region, recouping the losses from the previous month and adding +6.6% mom in EUR terms. The Hungarian BUX and the Polish WIG indices added 3.1% and 2.8% mom in EUR terms, respectively, followed closely by the Romanian BET and the Greek ASE, with both adding 2.0% mom i...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
OMV OMV AG
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
PBK PATRIA BANK SA
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
VRC VERCOM SA
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
BOROUGE BOROUGE
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: LPP PW; ADNOCDRI UH; RICHT HB; HUG PW; TEN PW; GPW PW; Mac...
HEADLINES: • LPP: fire at Romanian warehouse causes temporary disruption in SEE operations; c.PLN 400m in assets destroyed (all insured) NEGATIVE • ADNOC Drilling: oilfield services awarded a five-year contract for hydraulic fracturing POSITIVE • Richter: European Commission approval for denosumab biosimilars NEUTRAL • Huuuge Games: June Sensor Tower bookings estimate flat mom NEUTRAL • Ten Square Games: June Sensor Tower bookings estimate flat mom NEUTRAL • Warsaw Stock Exchange: PLN 3.15/share...
- Research Team
WOOD Daily: Polish banks; CGEO LN; Czech Republic macro; InPost/Shoper...
HEADLINES: • Polish banks: Finance Ministry mulls levy on obligatory reserve interest revenues NEGATIVE • Georgia Capital: sells 20% stake in water utility for USD 70.4m POSITIVE • Czech Republic macro: CNB on hold • InPost/Shoper: InPost Pay records 8.5m users, and operates in over 2.5k online stores NEUTRAL • Metlen: launches tender share exchange offer from Metlen SA to Metlen PLC, as part of the planned LSE listing NEUTRAL
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