WOOD Daily: ARCLK TI; XTB PW; CCC PW; OPL PW; HUG PW; TEN PW; RBW PW; ...

HEADLINES: • Arcelik (BUY, PT TRY 207.5): 4Q25 results – in line operationally NEUTRAL • XTB S.A.: 4Q25 net profit materially ahead of expectations • CCC: acquisition of controlling stake in MKRI NEUTRAL • Orange Polska: fined PLN 34m by Poland's antitrust regulator NEUTRAL • Huuuge Games: January 2026 Sensor Tower bookings estimate down 1% mom NEUTRAL • Ten Square Games: January 2026 Sensor Tower bookings estimate flat mom NEUTRAL • Rainbow Tours: 4Q25E preview – EBITDA marginally above zero in...

The Rear-View Mirror – EME markets: all indices in the green in Januar...

EME Equity Market – January 2026 All regions in the green in January, with the Turkish ISE the best performer. The MSCI EM Europe Index added 11.1% mom in EUR terms and 13.2% mom in USD terms in January. The Turkish ISE was the top performer (+20.8% mom), followed by the Hungarian BUX (+17.5% mom); the Romanian BET (+11.1% mom); the Greek ASE (+9.2% mom); the Polish WIG 20 (+5.9% mom); and the Czech PX (+2.4% mom; all in EUR terms).

WOOD Morning (30 January 2026)

HEADLINES: • Raiffeisen Bank International: preliminary 2025 results, and initial 2026E guidance • Budimex: consortium wins PLN 4bn PKP PLK Rail Baltica tender POSITIVE • Huuuge Games: 3Q25E preview – adjusted EBITDA up 15% qoq (due on 20 March) • OMV: 4Q25E results preview (due on 4 February) NEUTRAL • Krka: preliminary 4Q25 revenues in line, but operating earnings miss NEGATIVE • Short News (HTO, ASELS)

WOOD Daily: BCG LN; KRU PW; BFT PW; SNP RO

HEADLINES: • Baltic Classifieds Group: the perfect storm cannot last forever (stays BUY) • Kruk: plans to change organisational structure NEUTRAL • Benefit Systems: Poland's antitrust watchdog brings charges against the company NEGATIVE • OMV Petrom: State-owned Bulgarian Energy Holding to become a partner in Han Asparuh offshore project POSITIVE

WOOD Daily: OPAP GA; BFT PW; OPL PW; PEO PW; BHW PW; MONET CP; KOMB CP

HEADLINES: • OPAP: waiving of the 5% exit threshold paves the way for the Allwyn merger NEUTRAL • Benefit Systems: changes in the Supervisory Board NEUTRAL • Orange Polska: 4Q25E – 4% yoy EBITDAaL growth expected (due on 18 February) • Bank Pekao: 4Q25E preview (due on 19 February) • Bank Handlowy: 4Q25E preview (due on 17 March) • MONETA Money Bank: 4Q25E preview (due on 3 February) • Komercni Banka: 4Q25E preview (due on 6 February)

Benefit Systems S.A.: 1 director

A director at Benefit Systems S.A. sold 1,000 shares at 3,760.000PLN and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...

WOOD Daily: ESLT US; ZAB PW; DVL PW; HUG PW; CEZ CP; MTLN GA

HEADLINES: • Elbit Systems: bags new DIRCM contract from APAC POSITIVE • Zabka: 4Q25 trading update – sales +14.4% on lfl of 4.8%; FY adjusted EBITDA margin maintained at upper end of 12-13% range NEUTRAL • Develia: sells 3.3k units in 2025, at the top of the guided range NEUTRAL • Huuuge Games: preliminary 4Q25 revenue at USD 58.6m, down 5% yoy, but up 5% qoq POSITIVE • CEZ: informs customers about the cancelling of the RES surcharge NEUTRAL • Metlen Energy & Metals: expands local Defence Hub f...

WOOD Daily: KRU PW; SPL PW; EBS AV; CAR PW; DHS HB; CCOLA TI; EME Macr...

HEADLINES: • Kruk: 4Q25 trading update – miss on annual investments, but recoveries strong NEUTRAL • Santander Bank Polska/Erste Bank: shift of shareholdings finalised as of 9 January NEUTRAL • Inter Cars: December sales increased by 13.6% yoy NEUTRAL • Duna House: strong 4Q KPIs; Czexit; Italy stake raised to 95% POSITIVE • Coca-Cola Icecek: 4Q25 trading update and 2026E volume guidance NEUTRAL • EME Macro/Strategy: macro all-in-one (1-8 January)

Wedbush Morning Call - Jan 12 2026 7:03AM

WOOD Daily: KTY PW; ALE PW; BFT PW; MBR PW; TEN PW; PL Telecoms; GEKTE...

HEADLINES: • Kety: still fuel in the tank (stays BUY) • Allegro: disposal of Mall’s Slovenian and Croatian business with a PLN 235m loss POSITIVE • Benefit Systems: net addition of 145.6k sports cards in 4Q25, acceleration in Türkiye POSITIVE • Mo-BRUK: SKO cancels increased fees for 2016 and 2020 NEUTRAL • Ten Square Games: 4Q25 bookings up 12.5% qoq, better than Sensor Tower's estimates POSITIVE • Polish telecoms: mobile number portability in 4Q25 NEUTRAL • GEK Terna / Motor Oil Hellas: EC cle...

The Rear-View Mirror – EME markets: Czech PX in the lead in December

EME Equity Market – December 2025 Czech PX the best performer in December; no market in the red. The MSCI EM Europe Index added 3.4% mom in EUR terms and 4.6% mom in USD terms in December. The Czech PX was the top performer, adding 7.6% mom; followed by the Romanian BET (+7.1% mom); the Polish WIG 20 (+6.4% mom); the Greek ASE (+1.8% mom), the Turkish ISE 30 (+0.4% mom) and the Hungarian BUX (+0.2% mom; all in EUR terms).

WOOD Daily: TXT PW; PZU PW; PEO PW; MBK PW; SPL PW; CPS PW; MBR PW; CD...

HEADLINES: • Text: preliminary 3Q25-26 (calendar 4Q25) results – MRR of USD 6.98m (-1.1% qoq and -1.7% yoy) NEGATIVE • PZU/Bank Pekao: delay merger deadline NEGATIVE • mBank: to face PLN 362.1m of FX mortgage saga costs in 4Q25E NEUTRAL • Santander Bank Polska: updates market on the impact of sale of 60% stake in Santander Consumer Bank NEUTRAL • Santander Bank Polska: calls EGM for 22 January NEUTRAL • Cyfrowy Polsat: Liechtenstein court upholds May ruling on Solorz family succession POSITIVE •...

WOOD Daily: Polish utilities; KTY PW; KTY PW; RBW PW; SPL PW; Polish u...

HEADLINES: • Polish utilities: 2026E distribution bills to increase 7.6% yoy on average, implying a smaller-than-expected reduction in WACC POSITIVE • Kety: 4Q25 preliminary results in line with expectations; FY25 guidance met NEUTRAL • Kety: conservative management guidance for 2026E NEUTRAL • Rainbow Tours: summer 2026E season pre-sales +6.1% yoy NEUTRAL • Santander BP: PFSA agrees the sale of a 49% stake to Erste • Polish utilities: retail electricity price for 2026E set at PLN 495/MWh; utili...

WOOD Daily: LPP PW; PE RO; Polish telecoms; PCO PW; CEZ CP; Hungary ma...

HEADLINES: • LPP: profitable growth (stays BUY) • Premier Energy: M&A-driven growth on track (upgraded to BUY) • Polish telecoms: Revolut enters the Polish mobile market NEUTRAL • Pepco Group: 2H25 in line with guidance; FY26 EBITDA and earnings growth guidance of 9%+ and 25%+, 2025-30E EBTDA CAGR of 9%+ POSITIVE • CEZ: cabinet approves step to lower utility bills NEUTRAL • Hungary macro: MNB softens its hawkish tone • OPAP: EGM for merger with Alwyn set for 7 January; preference shares scrapped...

WOOD Morning (10 December 2025)

HEADLINES: • XTB S.A.: morphing into a Pan-European super app (BUY - initiation of coverage) • Eurocash: new strategy aiming at 2027E EBIT of PLN 600m POSITIVE • Rainbow Tours: winter season pre-sales growth accelerates to 8.2% yoy POSITIVE • Budimex: PLN 276m bid from BDX consortium scores highest in tender for district heat network construction NEUTRAL • 4iG: signs strategic partnership agreements in Türkiye POSITIVE • 4iG: sells 4iG Broadcast Infrastructure NEUTRAL • Short News (4iG)

PSA Media & Entertainment: Video Game Round-Up

This report by global gaming analyst Pelham Smithers recaps (1) the recent video game data,(2) which was the best game of 2025 and (3) what is happening to online discounts for Switch 2.

WOOD Daily: PGSUS TI; APR PW; BDX PW; EME Macro/Strategy; DNP PW; ENA ...

HEADLINES: • Pegasus Airlines: signs an agreement to acquire Czech Airlines for EUR 154m • Auto Partner: November sales growth decelerates to 2.6% yoy NEGATIVE • Budimex: PLN 1.1bn offer selected by PKP PLK POSITIVE • EME Macro/Strategy: macro all-in-one (28 November-4 December) • Postcards from Prague • Dino • Enea • Warsaw Stock Exchange • CEZ • Banca Transilvania • BRD-GSG • Cimsa • Akcansa • Artea Bankas • Ignitis • NLB Group • Mavi: 3Q25E earnings preview (due out 10 December)

WOOD Morning (5 December)

HEADLINES: • Baltic Classifieds Group: FY 1H26 financial results review and conference call takeaways NEUTRAL • Orange Polska: signs Social Agreement for 2026-27 with trade unions POSITIVE • Budimex: GDDKiA cancels selection for Starogard Gdański bypass NEGATIVE • CEZ: minority shareholders group suing State for WFT damages NEUTRAL • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • CD Projekt • cyber_Folks/Shoper • Orange Polska • Text • Vercom • 4iG • Magyar Telekom • Titan

WOOD Daily: PL Macro; WPL PW; ALE PW; ACP PW; BFT PW; BDX PW; CCC PW; ...

HEADLINES: • Poland macro: NBP cuts again, with inflation back at target • Wirtualna Polska: sells Invia Flights Germany at EUR 42.3m EV, 9.0x 2024 EV/EBITDA POSITIVE • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • Allegro • Asseco Poland • Benefit Systems • Budimex • CCC • Kety • PGE • Tauron • Primoco UAV • Aquila Part Prod Com S.A. • MedLife • Mavi • Georgia Capital • GEVORKYAN • Krka • Medicover

EM Corporate Credit/Turkish Corporates top picks

Most Turkish non-financial public debt issuers have published their 3Q/9M25 results (we expect Limak Group entities to report by end-December). Below, we have revised and updated our view on Turkish corporate bonds based on the published results and corporate commentary.