EME Equity Market – October 2025 Hungarian BUX leads in October, Türkiye and Greece lag. The MSCI EM Europe Index added 3.5% mom in EUR terms and 1.8% mom in USD terms in October. The Hungarian BUX was the top performer, adding 9.1% mom in EUR terms; followed by the Polish WIG20 (+5.9% mom) and the Romanian BET (+5.4% mom) (in EUR terms). The Czech PX was also in the green (+2.8% mom in EUR terms). The Greek ASE and the Turkish ISE30 (-1.9% mom and -1.1% mom, in EUR terms, respectively) both los...
Changes in the Management Board of AS Ekspress Grupp The supervisory board of AS Ekspress Grupp has decided to appoint Liina Liiv as a new management board member starting from December 1, 2025, for a term until November 30, 2030. As of January 1, 2026, Liina Liiv will assume the duties of the group CEO. Liina Liiv's more than 15 years experience in strategic marketing, communication and business development adds value to the development of Ekspress Grupp. The current CEO and management board member of AS Ekspress Grupp, Mari-Liis Rüütsalu, will from her position on 31 December 2025, when...
Muudatused ASi Ekspress Grupp juhatuses ASi Ekspress Grupp nõukogu otsustas valida alates 1. detsembrist 2025 uueks juhatuse liikmeks Liina Liivi tähtajaga 30. november 2030. Alates 1. jaanuarist 2026 asub Liina Liiv täitma grupi tegevjuhi ülesandeid. Liina Liivi enam kui 15-aastane kogemus strateegilise turunduse, kommunikatsiooni ja äriarenduse valdkonnas annab lisaväärtust Ekspress Grupi arengusse. ASi Ekspress Grupp senine tegevjuht ja juhatuse liige Mari-Liis Rüütsalu 31. detsembril 2025. aastal, kui lõpeb tema viimane nelja-aastane ametiaeg. ASi Ekspress Grupp nõukogu tänab Mari-Lii...
AS Ekspress Grupp: Consolidated unaudited interim report for Q3 and 9 months of 2025 The revenue of Ekspress Grupp continued to grow in the 3rd quarter and the first nine months of the year, driven by the Group's investments in the fields of conference business, ticket sales and digital outdoor screens. The digital subscriptions of media companies also grew strongly. The revenue of AS Ekspress Grupp for the 3rd quarter of 2025 increased by EUR 1.1 million (+6%) year-over-year, totalling EUR 17.9 million. The revenue for the first nine months of 2025 increased by EUR 3.6 million (+7%) year-...
AS Ekspress Grupp: 2025. aasta III kvartali ja 9 kuu konsolideeritud auditeerimata vahearuanne Ekspress Grupi müügitulu jätkas nii III kvartalis kui ka 9 kuu kokkuvõttes kasvu, mida vedasid grupi investeeringud konverentsiäri, piletimüügi ja digitaalsete väliekraanide valdkonnas. Tugeva kasvu tegid ka meediaettevõtete digitaalsed tellimused. Ekspress Grupi 2025. aasta III kvartali müügitulu kasvas aastases võrdluses 1,1 miljoni euro võrra (+6%), ulatudes 17,9 miljoni euroni. 2025. aasta 9 kuu müügitulu kasvas eelmise aastaga võrdluses 3,6 miljoni euro võrra (+7%) 56,3 miljoni euroni. Suu...
HEADLINES: • Bank Pekao: 3Q25 very solid; 20%+ ROE delivery; key catalyst will be M&A decisions NEUTRAL • Komercni Banka: 3Q25 beat driven purely by positive LLPs balance, still no breakthrough in NII performance NEUTRAL • ING BSK: posts solid 3Q25 results NEUTRAL • mBank: 3Q25 bottom line misses estimates, but purely on higher tax and FX mortgage saga provisions NEUTRAL • Kruk: 3Q25 results a mixed bag – recoveries strong, revenues down, no breakthrough in Spain NEUTRAL • Jeronimo Martins: beat...
HEADLINES: • Polish utilities: a flash in the pan (Enea and Tauron stay HOLD, PGE stays SELL) • Bank Millennium: posts solid 3Q25, all priced in NEUTRAL • Akbank: 3Q25 highlights – no major surprises, but NIM recovery remains slow and 2026E COR guidance appears cautious NEUTRAL • Kety: 3Q25 conference call highlights NEUTRAL • Orange Polska: key takeaways from the 3Q25 earnings call NEUTRAL • Orlen: wins USD 146m from Gazprom POSITIVE • Türkiye macro: CBT delivers 100bps cut, in line with the co...
HEADLINES: • Hidroelectrica: water should yield more (SELL - transfer of coverage) • MONETA Money Bank: posts solid 3Q25 results NEUTRAL • Orange Polska: 3Q25 results – EBITDAaL up 4% yoy, 2% above the consensus; 2025E guidance reiterated POSITIVE • Kety: full 3Q25 results fully in line with the preliminaries NEUTRAL • Sarantis: 3Q trading update slightly below expectations; FY25E guidance maintained NEGATIVE • MOL: to become a holding company NEUTRAL • Warsaw Stock Exchange: CEO favours Poland ...
Ekspress Grupp’s subsidiary Delfi Latvia facing contractual dispute regarding advertising sales AS Ekspress Grupp informs that its Latvian subsidiary AS Delfi has received notice that SIA Ekis & Co-Positioning and Consulting has filed an insolvency application against Delfi in relation to a contractual dispute over advertising services in news portal LA.lv. Ekspress Grupp wishes to clarify that this is a standard commercial dispute regarding contested invoices that should be resolved through normal legal channels, not through insolvency proceedings. Delfi Latvia has legitimate concerns a...
Ekspress Grupi Läti tütarettevõte Delfi on seotud lepingulise vaidlusega AS Ekspress Grupp teatab, et grupi Läti tütarettevõte AS Delfi on saanud teate, et SIA Ekis & Co-Positioning and Consulting on esitanud Delfi vastu maksejõuetusmenetluse avalduse seoses lepingulise vaidlusega reklaamiteenuste üle uudisteportaalis LA.lv. Ekspress Grupp soovib selgitada, et tegemist on tavapärase ärivaidlusega, mis puudutab vaidlustatud arveid ja mis tuleks lahendada tavaliste õiguskanalite kaudu, mitte maksejõuetusmenetluse teel. Läti Delfil on põhjendatud kahtlused ja Delfi on taotlenud arveldamisek...
HEADLINES: • Kazatomprom: soft metal still rocks (stays BUY) • Elbit Systems: strong execution at a rich valuation (stays HOLD) • MONETA Money Bank: management recommends CZK 4/share extra dividend due before the year-end POSITIVE • Mo-BRUK: conditions have been met for the acquisition of Eco Point PSA shares POSITIVE • Inter Cars: September sales growth accelerates to 13% yoy POSITIVE • Rainbow Tours: winter season pre-sales 5.7% higher yoy NEUTRAL • GTC: repurchases EUR 195m of 2026 bonds • Er...
Digital subscription results of AS Ekspress Grupp in the third quarter of 2025 The number of digital subscriptions of AS Ekspress Grupp increased by 10% in the Baltic States year-over-year (3rd quarter: 0%, 9 months: 3%) and totalled 244 500 at the end of September. 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 8% year-over-year (3rd quarter: 1%, 9 months: 6%) and totalled 121 118.The number of digital subscriptions of AS Õhtuleht Kirjastus, 50% of w...
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