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 ...
HEADLINES: • Dom Development: sells 4.4k apartments in 2025, an all-time high POSITIVE • Bank Millennium: to add PLN 487m of FX mortgage saga costs in 4Q25E NEUTRAL • Polish banks: Puls Biznesu on M&A in the Polish banking sector • Titan: Titan America enters agreement to acquire Keystone Cement Company POSITIVE • OPAP: Allwyn merger passes EGM; focus shifts to 9 February exit-right deadline NEUTRAL • Jumbo: 2025 sales +7%, to EUR 1.23bn, as expected; declares EUR 0.50 special DPS NEUTRAL • Turk...
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).
A turbulent 2025e – We have moderately lowered our 2025 revenue forecast to €1.84bn (up 3.8% yoy) and reduced our bottom-line estimate by c2% to €139mn (+7% yoy), while maintaining both our load factor (82.5%) and EBITDA forecast (€422mn, +4% yoy). These revisions capture the two-speed nature of 2025: robust H1 pricing and meaningful FX gains offset by Q3 softness and an anticipated Q4 pullback on a demanding comp base. At the same time, Aegean continues to push significant capacity growth into ...
A turbulent 2025e – We have moderately lowered our 2025 revenue forecast to €1.84bn (up 3.8% yoy) and reduced our bottom-line estimate by c2% to €139mn (+7% yoy), while maintaining both our load factor (82.5%) and EBITDA forecast (€422mn, +4% yoy). These revisions capture the two-speed nature of 2025: robust H1 pricing and meaningful FX gains offset by Q3 softness and an anticipated Q4 pullback on a demanding comp base. At the same time, Aegean continues to push significant capacity growth into ...
HEADLINES: • CCC: shareholders ask for 2m share buyback POSITIVE • Jeronimo Martins: court approves PLN 160m fine from Antimonopoly Office NEGATIVE • Allegro/InPost: EU to introduce EUR 3 payment for all packages coming from outside the community NEUTRAL • Mo-BRUK: PLN 19m 2017 waste-fee case closed NEUTRAL • Kety: 4Q25E preliminary results preview – flat yoy EBITDA in a tough environment (due on 17 December) • Pepco Group: 2H25E preview – EBITDA decline of 5% yoy expected (due on 17 December) N...
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
Passenger traffic momentum has weakened in 2025, and we do not expect it to improve significantly in 2026. Turkey’s aviation traffic trends showed 6.6% y/y growth in 10M25 (international +7%; domestic +6%), marking a slowdown from previous years (2023: +18%; 2024: +8% y/y) as the tourism sector faces headwinds from TL appreciation and geopolitics. Foreign tourist arrivals stayed flattish y/y in 10M25, marking the slowest y/y performance since the Covid rebound. Looking ahead to 2026, continued T...
EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.