Public Power Corporation (PPC) | Greener, faster, stronger

Greenification roadmap intact, without funding overhang – PPC’s Capital Markets Day (CMD) delivered a clear and cohesive roadmap for the next chapter of the Group’s transformation, building on the message communicated last year. Although the updated targets reflected mainly the 1-year rollover (to 2028e), the messaging indicated a sharpening of strategic focus on renewables, flexible generation, networks and customer solutions across SE Europe. The shift in the generation mix is set to accelera...

Public Power Corporation (PPC) | Greener, faster, stronger

Greenification roadmap intact, without funding overhang – PPC’s Capital Markets Day (CMD) delivered a clear and cohesive roadmap for the next chapter of the Group’s transformation, building on the message communicated last year. Although the updated targets reflected mainly the 1-year rollover (to 2028e), the messaging indicated a sharpening of strategic focus on renewables, flexible generation, networks and customer solutions across SE Europe. The shift in the generation mix is set to accelera...

WOOD Daily: DOC AV; DIA PW; APR PW; CPS PW; GPP PW; TPE PW; 11B PW; 11...

HEADLINES: • DO & CO: value á la carte (upgraded to BUY) • Diagnostyka: 3Q25 results in line with expectations; strong demand continues POSITIVE • Auto Partner: 3Q25 EBITDA below our forecasts, following weaker gross margin and higher SG&As NEGATIVE • Cyfrowy Polsat: key takeaways from the 3Q25 results call NEGATIVE • Grupa Pracuj: key takeaways from the 3Q25 earnings call NEUTRAL • Tauron: 3Q25 conference call highlights NEUTRAL • 11 bit studios: key takeaways from the 3Q25 results call NEUTRAL...

WOOD Daily: HTO GA; PZU PW; ALE PW; CPS PW; GPP PW; PKN PW; DOM PW; TP...

HEADLINES: • OTE: multiple tailwinds supporting the equity story (stays BUY) • PZU: very strong 3Q25 bottom line, strong beat vs. expectations, but slower revenue growth raises questions for the future POSITIVE • Allegro: 3Q25 above expectations; FY25E guidance trimmed due to slower November NEUTRAL • Cyfrowy Polsat: 3Q25 results review – adjusted EBITDA down 12% yoy, in line with the consensus NEUTRAL • Grupa Pracuj: 3Q25 results – adjusted EBITDA up 3% yoy, 2% above our forecast and 11% above ...

WOOD Daily: GSPARK HB; ESLT US; WPL PW; PPC GA; ENA PW; PBK RO; NRP NA...

HEADLINES: • Graphisoft Park: industry-leading FFO ROE, despite low LTV (stays BUY) • Elbit Systems: 3Q25 results – strong margin recovery, solid FCF generation POSITIVE • Wirtualna Polska: 3Q25 results review – adjusted EBITDA up 57% yoy, 3% above the consensus; strong 4Q25E outlook in Travel e-commerce POSITIVE • Public Power Corporation: 3Q25 beat, but FY25E guidance unchanged NEUTRAL • Enea: full 3Q25 results in line with the preliminaries NEUTRAL • Patria Bank: solid bottom-line delivery in...

WOOD Daily: MOL HB; PGE PW; BFT PW; H2O RO; SFG RO; Romania macro; DIG...

HEADLINES: • MOL: much to admire, despite the fire (stays BUY) • PGE: decent 3Q25 results - recurring EBITDA at PLN 2.95bn (+6% vs. our expectations), but weak net income NEUTRAL • Benefit Systems: 3Q25 adjusted EBIT up 42% yoy, 15% above our forecast; FY25E cards addition target exceeded by November, FY26 plan of 260k+ new cards POSITIVE • Hidroelectrica: 3Q25 net profit of RON 0.73bn, 14% lower yoy and 5% below our estimate NEGATIVE • Sphera Group: 3Q25 soft, but better than we expected NEUTRA...

WOOD Daily: AEGN GA; ELM AB; EAT PW; CAR PW; HSBK LI; ELPE GA; SNG RO;...

HEADLINES: • Aegean Airlines: summer performance ahead of our estimates (upgraded to BUY) • Elm: clarity is on its way (stays BUY) • AmRest: 3Q25 below expectations NEGATIVE • Inter Cars: 3Q25 EBITDA above our expectations and the market by 3-6% NEUTRAL • Halyk Bank: 3Q25 highlights before the call - good quarter with an 8% beat to our estimate, 2026E guidance POSITIVE • HELLENiQ Energy: 3Q25 results beat, on record-high refining output POSITIVE • Romgaz: 3Q25 results - net income beat our expec...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/11/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/11/2025

WOOD Daily: BIMAS TI; CEZ CP; KSPI US; AIRA LI; OPTIMA GA; ASELS TI; A...

HEADLINES: • BIM: 3Q25 results – strong beat POSITIVE • CEZ: 3Q25 operating results miss, bottom line beats by 9% NEUTRAL • Kaspi.kz: 3Q25 highlights – 2025 continues to be soft; USD 100m buyback NEUTRAL • Air Astana Group: 3Q25 – EBITDAR down 17% yoy, despite 15% ASK growth NEGATIVE • Optima Bank: small bottom-line miss in 3Q25, but FY25E guidance maintained NEUTRAL • Aselsan: second Steel Dome serial production contract, and signs MOU with ROMARM POSITIVE • Auto Partner: October sales growth d...

CEZ : Q3 EBITDA is in line with our estimates but 7% below consensus, ...

WOOD Flash – Pegasus Airlines: 3Q25 – RASK pressure exceeds our estima...

Despite 17% capacity growth, the EBIT declined 20% yoy, driven by a sharp yield contraction, with the RASK down 14% yoy. For context, during the summer periods of 2024, 2023, 2022 and 2019 (excluding the COVID-19 period), the average EBIT margin stood at 36% – around 50% above the 24% achieved in 3Q25 – despite fuel cost support. The company has lowered its guidance slightly. Management noted that the market conditions in 4Q25 remain unchanged, implying continued pressure on the RASK. We expect ...

WOOD Daily: TLV RO; JAHEZ AB; PGSUS TI; CCC PW; ALPHA GA; DNP PW; INPS...

HEADLINES: • Banca Transilvania: bottom-line beat in 3Q25, on higher trading income and lower costs POSITIVE • Jahez: 3Q25 financial results review NEGATIVE • Pegasus Airlines: 3Q25 – RASK pressure exceeds our estimate NEGATIVE • CCC: preliminary 3Q25 EBITDA miss of 5%; FY25E EBITDA guidance cut to PLN 1.7-1.8bn, from PLN 2.4bn NEGATIVE • Alpha Bank: 3Q25 highlights – a mixed bag NEUTRAL • Dino: key takeaways from the 3Q25 call NEGATIVE • InPost: key takeaways from the 3Q25 call NEGATIVE • MOL: ...

Pegasus Hava Tasimaciligi A.S.: Pegasus Airlines: New Issuer

Our credit view of this issuer reflects its solid domestic and international route network, against its relatively high leverage driven by lease financed fleet expansion.

WOOD Daily: THEON NA; OTP HB; DNP PW; INPST NA; MOL HB; MGROS TI; THYA...

Please excuse the lateness of our Daily today, due to technical issues. HEADLINES: • Theon International: impressions from the CMD POSITIVE • OTP Bank: books solid 3Q25, in line with expectations; market waiting for management to reveal plans on surplus capital allocation decisions NEUTRAL • Dino: 2-3% EBITDA miss in 3Q25; lfl and EBITDA dynamics behind Zabka; FY25E guidance maintained NEGATIVE • InPost: 3Q25 slightly above expectations; FY25E EBITDA guidance trimmed, on slower Yodel NEUTRAL • ...

WOOD Flash – EMEA airlines: 3Q25 traffic – softer yields and CASKX inf...

Low fuel prices remain a key tailwind for the sector, but many airlines under our coverage are seeing margin compression this year, as yields lag CASK inflation. The early summer was also affected negatively by the June escalation of the conflict in the Middle East. We expect Wizz Air to deliver c.20% EBIT growth, off a relatively low base last summer; while Aegean Airlines and Turkish Airlines to record mid-single digit yoy EBIT declines in 3Q25E, with the modest yield pressure and rising CASK ...

WOOD Daily: PKO PW; CBF PW; VRC PW; SHO PW; RICHT HB; CTPNV NA; FROTO ...

HEADLINES: • PKO BP: posts solid 3Q25 results NEUTRAL • cyber_Folks: 3Q25 results review – 55% yoy EBITDA growth, 3% above the consensus POSITIVE • Vercom: 3Q25 results review – 10% yoy EBITDA growth, 2% above the consensus POSITIVE • Shoper: 3Q25 results review – EBITDA up 28% yoy, to PLN 18.4m, in line with the consensus NEUTRAL • Richter: weak 3Q25 across all segments NEGATIVE • CTP: 3Q25 – in line, FY targets reiterated NEUTRAL • Ford Otosan: 3Q25 results in line operationally NEUTRAL • Sok ...

European Oil and Gas Monthly: October 2025 – gas markets serene

Brent crude oil prices fell by USD 3.6/bbl vs. the previous month, to USD 63.9/bbl. In September, OPEC production hit its highest level since April 2023, reaching 28.4mbpd. The WOOD benchmark refining margin increased to USD 15.6/bbl, the highest since September 2023. Olefin margins were lower, but polyolefins margins improved marginally.

Petrom - OMV Petrom Misses EBIT Consensus Slightly, Beats On Profit Wi...

OMV Petrom reported a Clean CCS EBIT of RON 1,368 mn, slightly missing consensus by 2.6%, mainly due to the E&P segment. E&P was heavily impacted by impairment charges and higher-than-expected depreciation; excluding the increase in depreciation, its Clean CCS EBIT would have been around RON 510 mn, roughly halfway between the analyst consensus and Concorde’s estimate. We had been more optimistic on realized gas prices, depending on the share of gas sold at market versus capped prices. Oth...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/04/2025