HEADLINES: • Tofas: shifting gear to growth (stays BUY) • Huuuge Games: preliminary 3Q25 revenue at USD 55.8m, down 5% yoy and 5% qoq NEUTRAL • Wizz Air: restarts flights to Abu Dhabi, tempers expectations on groundings NEGATIVE • 4iG: signs sale and purchase agreement regarding acquisition of N7 Holding subsidiaries NEUTRAL • Air Astana: CEO Peter Foster to retire at end-March 2026 • EME Strategy: FTSE reclassifies Greece as a Developed Market POSITIVE
HEADLINES: • Diagnostyka: risk of the gradual loss of key customer, Luxmed NEGATIVE • PZU / Bank Pekao: potential merger continuing • Ten Square Games: 3Q25 bookings up 4.5% qoq, better than Sensor Tower's estimates POSITIVE • Polish telecoms: mobile number portability in 3Q25 NEUTRAL • GTC: prices EUR 455m bond with an 8% yield POSITIVE • Piraeus Financial Holdings: prices EUR 600m AT1 bond POSITIVE • Czech Republic macro: elections – forced cooperation should keep the economy strong • EME Macr...
HEADLINES: • Doosan Škoda Power: high steam pressure needs to cool off (downgraded to SELL) • Diagnostyka: testing positive (downgraded to HOLD) • Dom Development: 3Q25 – record sales, strong handovers, optimistic outlook POSITIVE • GTC: prices EUR 455m bond on 3 October POSITIVE • Text: key takeaways from the 2Q25-26 preliminary earnings call NEUTRAL • European Oil and Gas Monthly: September 2025 – droning on about margins • 4iG: signs letter of intent with Axiom Space NEUTRAL • Athens Exchange...
EME Equity Market – September 2025 Romanian BET led in September, while Türkiye and Hungary lagged. The MSCI EM Europe Index added 0.7% mom in EUR terms and 1.1% in USD terms. The Romanian BET was the top performer, adding 3.6% in EUR terms; followed by the Czech PX (+3.2% mom) and the Polish WIG20 (+1.1% mom) (all in EUR terms); while there was a muted performance from the Greek ASE (+0.6% mom in EUR terms). The Turkish ISE30 and the Hungarian BUX were the worst performing indices in September(...
HEADLINES: • GTC: launches a landmark bond refinancing with a 6.5% EUR 455m 2030 tranche POSITIVE • Zabka: key takeaways from the Investor Day POSITIVE • PCF Group: 2Q25 earnings call takeaways • CCC: final 2Q25 EBITDA 3% below the prelims, on an earlier recognition of costs NEUTRAL • Benefit Systems: end-3Q25 card base at 2.38m, Türkiye accelerated in September NEUTRAL • Wizz Air: September capacity growth slower than the summer, but better load factor NEUTRAL • OTE/DIGI Communications: sale o...
HEADLINES: • Zabka Group: 2026-28E rollout targets raised to 1.3k stores p.a.; dividend policy announced POSITIVE • PCF Group: 2Q25 losses deeper qoq on lower revenue and material write-offs • Rainbow Tours: consolidated August sales +17.6% yoy, driven by Paralela 45 acquisition; stand-alone sales +7.9% yoy POSITIVE • Polish utilities: electricity sales tariffs for 4Q25 set at PLN 573/MWh POSITIVE • Ten Square Games: September Sensor Tower bookings estimates flat mom, improvement in core games N...
HEADLINES: • Mo-BRUK: growth acceleration priced in already (downgraded to HOLD) • GTC: moves to amend terms of the two outstanding Forint bonds • OTE/DIGI Communications: Telekom Romania sold to DIGI and Vodafone for EUR 70m POSITIVE • EMEA Airlines: flights cancelled in Europe over weekend due to cyberattack on airport software • Wizz Air: strike on 26 September may disrupt operations in Italy NEGATIVE • Huuuge Games: earnings call takeaways NEUTRAL • Titan: Fidelity Investments cuts ownership...
HEADLINES: • Romanian Oil & Gas: still beyond the horizon (OMV Petrom downgraded to HOLD, Romgaz stays HOLD) • EME Macro/Strategy: Türkiye – twin deficits ameliorate, challenges persist • Huuuge Games: 2Q25 in line with expectations, USD 120m share buyback announced POSITIVE • Noval Property: 1H25 – FFO seems en route to exceed FY guidance POSITIVE • Auto Partner: 2Q25 earnings call takeaways – to test new small warehouse in Germany NEUTRAL • Bank Handlowy: to pay extra dividend in October POSIT...
Double digit H1’25 profitability growth… – Sarantis group grew H1’25 EBIT by 18% yoy to €38m, despite the soft +1% top line growth (€304m), as a result of the strong mix improvement and the cost initiatives. Net profit increased by 20% to €29m. Importantly, the group’s export activity grew significantly in H1’25, with sales from exports rising to c€18m (+52% yoy) and exports’ EBIT more than doubling to c€7m, mainly reflecting the strong rollout of the group’s suncare products in the U.S market. ...
Double digit H1’25 profitability growth… – Sarantis group grew H1’25 EBIT by 18% yoy to €38m, despite the soft +1% top line growth (€304m), as a result of the strong mix improvement and the cost initiatives. Net profit increased by 20% to €29m. Importantly, the group’s export activity grew significantly in H1’25, with sales from exports rising to c€18m (+52% yoy) and exports’ EBIT more than doubling to c€7m, mainly reflecting the strong rollout of the group’s suncare products in the U.S market. ...
HEADLINES: • Sarantis: 1H25 in line with expectations; profit guidance unchanged NEUTRAL • GEK Terna: 1H25 earnings beat on one-offs; broadly in line on an underlying basis POSITIVE • Footshop: 2Q25 broadly in line with our estimates; 2025E guidance unchanged NEUTRAL • PGE: 2Q25 results fully in line with preliminaries NEUTRAL • Enea: 2Q25 conference call highlights NEUTRAL • Inter Cars: August sales growth decelerates to 5% yoy NEGATIVE • Georgia Capital: announces early redemption of USD 100m ...
HEADLINES: • Metlen Energy & Metals: 1H25 EBITDA -6% yoy, hit by one-offs NEUTRAL • Enea: full 2Q25 results in line with preliminaries NEUTRAL • CCC: CEO finds back-to-school sales strong, maintains FY25E guidance, considering buyback POSITIVE • Tofas: details of new LCV model (K9) announced POSITIVE • Sarantis: 1H25E preview – 14% yoy EBITDA growth expected (due out today, after the close) NEUTRAL • GEK Terna: 1H25E results preview (due out tomorrow) • VIGO Photonics: 2Q25E results preview – 76...
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