HEADLINES: • European Oil and Gas Monthly: February 2026 – trouble brewing in Hormuz • EME Macro/Strategy: Hungary – the Tisza policy programme • cyber_Folks: preliminary 4Q25 results review – 72% yoy adjusted EBITDA growth, 2% above our expectations POSITIVE • Shoper: preliminary 4Q25 results review – 14% yoy adjusted EBITDA growth, 3% above our expectations POSITIVE • Vercom: preliminary 4Q25 results review – 25% yoy EBITDA growth, 2% above our expectations POSITIVE • Poland macro: outlook imp...
EME Equity Market – February 2026 Muted performance across the region, with the Turkish ISE the best performer. The MSCI EM Europe Index declined by 0.7% mom in EUR terms and 2.1% mom in USD terms in February. The Turkish ISE was the top performer, adding 5.4% mom in EUR terms; while the Polish WIG and the Romanian BET improved slightly (+0.9% and +0.3% mom, respectively, in EUR terms). The Czech PX and the Greek ASE were the worst performers (-4.9%, and -3.0% mom, respectively, in EUR terms), w...
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...
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