HEADLINES: • Motor Oil Hellas: 4Q25 net earnings and dividend beat; strong refining drives FCF POSITIVE • Warsaw Stock Exchange: solid operational delivery in 4Q25, bottom line miss on impairment charges, communicated ahead of results NEUTRAL • Ten Square Games: 4Q25 adjusted EBITDA 11% below the market consensus; management recommends PLN 10.0 DPS NEUTRAL • Benefit Systems: 4Q25 earnings call takeaways NEUTRAL • Huuuge Games: 4Q25 earnings call takeaways NEUTRAL • Alior Bank: wants to pay a DPS...
HEADLINES: OMV: Strait-up winner (stays BUY) Benefit Systems: 4Q25 miss on adjusted EBIT; supportive update of 2025-27E strategy POSITIVE Huuuge Games: 4Q25 adjusted EBITDA above expectations, DTC channel continues to grow POSITIVE DIGI Communications: takes steps to enter UK telco market NEUTRAL GEK Terna: increases EYDAP stake to 12.8% POSITIVE EME Macro/Strategy: macro all-in-one (13-19 March) Austriacard: expands US footprint with new card personalisation facility POSITIVE
HEADLINES: • Ignitis Group: steady as she goes (stays BUY) • Zabka: beat in 4Q25; FY26E guidance of continued rapid expansion and stable profitability POSITIVE • CD Projekt: 4Q25 results review – beat related to other operating income and income tax POSITIVE • Inter Cars: 4Q25E preview – 16% yoy EBITDA growth expected (due on 28 April) • LPP: 4Q25E results preview – 32% yoy EBITDA growth expected (due on 26 March) NEUTRAL • Doosan Skoda Power: 4Q25 above our expectations, backlog in line, materi...
HEADLINES: • mBank: bid or no bid? • Bank Handlowy: solid 4Q25, giving support to strong dividend yield expectations NEUTRAL • Dom Development: 4Q25 – a good end to a record year NEUTRAL • Tauron: preliminary 4Q25 EBITDA 7% below our expectations, following provisions in the Supply segment; adjusted EBITDA 11% above our forecast POSITIVE • Budimex: KIO orders rejection of company’s offer in Rail Baltica tender NEGATIVE • Benefit Systems: PLN 40.6m provision to be created in the 4Q25E results NEG...
HEADLINES: • Aegean Airlines: 4Q25 – below both our and the consensus estimates • Bank Pekao: management proposes PLN 19.77 DPS • PGE: URE orders PLN 605m payment to the Price Difference Payment Fund NEUTRAL • OPAP: online competition in Greece set to intensify as Superbet preps market entry NEGATIVE • Türkiye macro: CBT on hold, as expected
HEADLINES: • BIM: 4Q25 results – strong beat POSITIVE • Enea: preliminary 4Q25 EBITDA 25% below expectations on Supply one-offs; adjusted EBITDA 2% below forecast NEUTRAL • Enea / Tauron: URE orders additional payments to the Price Difference Payment Fund NEUTRAL • PGE: completes acquisition of 350 MW Bałtyk II offshore wind project from RWE NEUTRAL • Warsaw Stock Exchange: PLN 10.7m impairment losses to spoil otherwise strong quarter (due on 23 March) NEGATIVE • Footshop: preliminary 4Q25 resul...
HEADLINES: • Modivo Group: the role of a serial disruptor is never easy (stays BUY) • Budimex: built on solid ground, priced for perfection (HOLD - transfer of coverage) • Budimex: 4Q25 conference highlights NEUTRAL • cyber_Folks / Shoper: key takeaways from the 4Q25 earnings call POSITIVE • Vercom: key takeaways from the 4Q25 earnings call POSITIVE • PGE: PLN 12.1bn loan impairment recognised in stand-alone accounts NEGATIVE • Rainbow Tours: summer 2026E season pre-sales accelerate to +10.9% yo...
HEADLINES: • Coca-Cola Icecek: 4Q25 results – operational recovery masked by higher tax expenses NEUTRAL • PGE: recognises deferred tax asset of c.PLN 2bn in the Conventional Generation Segment POSITIVE • Tauron: PLN 392m positive impact from impairment reversal in stand-alone accounts; no impact on consolidated results NEUTRAL • CD Projekt: Cyberpunk 2077 available on Xbox Game Pass on 10 March POSITIVE • Aquila Part Prod Com S.A.: 4Q25 earnings beat, on slowing opex POSITIVE • GEK Terna: surpr...
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: • Erste Bank: 4Q25 results – net profit beats expectations • PZU: 4Q25 results – in line with expectations • PGE: to book a PLN 0.7bn provision NEGATIVE • CD Projekt: releases Reigns: The Witcher, card-swiping game NEUTRAL • CTP: 4Q25 – both FFO and guidance trail our and the consensus estimates slightly NEUTRAL • Magyar Telekom: 4Q25 results review – EBITDA up 11% yoy, in line with the consensus; conservative 2026E guidance NEUTRAL • Aquila Part Prod Com S.A.: 4Q25E preview (due out ...
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