HEADLINES: • AmRest: 4Q25 miss, due mainly to allegations about food safety in Czechia NEGATIVE • Kruk: 4Q25 results – bit of a mixed bag • Text: 3Q25-26 (calendar 4Q25) results – EBITDA down 25% yoy, 3% above the consensus NEUTRAL • Enea: impairments and higher provisions to reduce 2025 net income by PLN 1.37bn and EBITDA by PLN 162m NEUTRAL • CTP: 4Q25 results and conference call • Richter: 4Q25 beat, on gross margin and tight opex control POSITIVE • Duna House: 4Q25 in line, guidance implies ...
HEADLINES: • Turkish food retailers: resilient in transition (BIM and Migros stay BUY, Sok Marketler stays HOLD) • Budimex: 4Q25 preliminary results in line with the January guidance NEUTRAL • Allegro: 4Q25E results preview – adjusted EBITDA expected to grow by 13% yoy (due on 12 March) NEUTRAL • Hungary macro: MNB delivers long-awaited rate cut • Richter: 4Q25E preview (due on 27 February) NEUTRAL • NEPI Rockcastle: 2H25 results at the top of the guided range NEUTRAL • Banca Transilvania: 4Q25E...
HEADLINES: • Graphisoft Park: 4Q25 – low LTV, high ROE POSITIVE • Kruk: issues preliminary 2025 net profit, almost in line with expectations NEUTRAL • Cyfrowy Polsat: main shareholders (Mr. Solorz's heir) want to participate in next nuclear power project NEGATIVE • Dino Polska: 4Q25E preview – 3% yoy EBITDA growth expected (due on 26 March) NEGATIVE • DIGI Communications: 4Q25 preliminary results – adjusted EBITDA up 7% yoy, 6% below our estimate NEGATIVE • BIM: BoD decides to increase the paid-...
HEADLINES: • Orange Polska: 4Q25 results – EBITDAaL up 7% yoy, 2% above the consensus; strong 2026E guidance POSITIVE • CD Projekt: The Witcher 3: Wild Hunt – Complete Edition available on Xbox Game Pass on 19 February NEUTRAL • Richter: announces R&D collaboration for endometriosis drug candidate NEUTRAL • Romania macro: NBR extends the pause • OMV Petrom / Romgaz: Romania to postpone gas price liberalisation until 2027E NEGATIVE • Romgaz: 4Q25 preview (due on 27 February) NEUTRAL • HELLENiQ En...
HEADLINES: • OPAP: only 6.7% of shares elect for cash exit; free float to remain above all-important 20% level POSITIVE • Wirtualna Polska: TUI renews cooperation with Wakacje.pl POSITIVE • Budimex: signs PLN 481m contract with GAZ-SYSTEM NEUTRAL • Orlen: 4Q25E results preview (due on 19 February) NEUTRAL • InPost: 4Q25E preview – flattish adjusted EBITDA expected (due on 18 March) NEUTRAL • Enea: 4Q25E preview – 11% EBITDA drop on weaker Generation and Mining (prelims due on 23 March; full due ...
HEADLINES: • Komercni Banka: neutral 2025 results and DPS; 2026E dividend payout ratio trimmed and no major upside surprise in the 2026E guidance NEUTRAL • Tauron / Enea: URE initiates proceedings over FWRC settlements NEUTRAL • Wirtualna Polska: 4Q25E preview – a weak quarter, with a 10% yoy pro-forma adjusted EBITDA drop expected (due on 24 March) • Czech Republic macro: CNB on hold • Magyar Telekom: 4Q25E preview – 12% yoy EBITDA growth expected (due on 25 February) • BRD-GSG: 4Q25 net profit...
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...
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).
HEADLINES: • Wizz Air: 3Q FY26 – broadly in line NEUTRAL • CCC: profit warning – 4Q25 EBITDA down 50-60% yoy, FY25E guidance missed by 15% NEGATIVE • Allegro/InPost: Allegro raises delivery fees by c.4%, effective as of 2 March NEUTRAL • Budimex: extension of strategic options review process for FBSerwis until April 2026 NEUTRAL • Santander Bank Polska: 4Q25E preview (due on 4 February) • OMV Petrom: 4Q25E results preview (due on 4 February) NEUTRAL • Titan: EUR 350m bond at 3.5% to fund M&A and...
HEADLINES: • VIGO Photonics: 4Q25 sales up 13.9% yoy, to PLN 27.4m POSITIVE • DataWalk: obtains another patent in the US POSITIVE • PKO BP: PLN 990m of FX mortgage saga provisions in 4Q25 NEUTRAL • CCC: EGM approves 2m shares buyback at a price of up to PLN 200/share NEUTRAL • CEZ: in talks to sell stake in Slovak nuclear design company NEUTRAL • Pegasus Airlines: 17% yoy ASK growth in 2025 NEUTRAL • Kazakhstan macro: monthly GDP increases further in December • Arabian Drilling: announces three ...
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