WOOD Daily: DOC AV; PKN PW; PZU PW; TXT PW; MOL HB; H2O RO; MTLN GA; M...

HEADLINES: • DO & CO: mixed 3Q FY26 P&L results; strong FCFF generation, double vs. last year NEUTRAL • Orlen: acquires stake in the Afrodite discovery in Norway NEUTRAL • PZU: 4Q25E results preview (due on 26 February) • Text: 3Q25-26E preview – 28% yoy EBITDA decline expected (due on 26 February) • MOL: to explore for oil and gas in Libya with TPAO and Repsol POSITIVE • Hidroelectrica: preliminary 4Q25 total volumes sold 18% above our estimate POSITIVE • Metlen Energy & Metals: secures access ...

WOOD Daily: BFT PW; ING PW; MBK PW; CAR PW; VGO PW; GEKTERNA GA; DIGI ...

HEADLINES: • Benefit Systems: grow baby, grow! (BUY - transfer of coverage) • ING BSK: 4Q25 results beat; solid DPS guidance; recent share price rally might have consumed part of the upside • mBank: solid 4Q25; rather cautious on the 2026E revenue outlook NEUTRAL • Inter Cars: January sales increase by 4.0% yoy NEGATIVE • VIGO Photonics: 4Q25E results preview – solid yoy adjusted EBITDA improvement expected (due on 16 March) • GEK Terna: seals c.EUR 1bn of Romanian railway projects – positive, b...

WOOD Daily: KOMB CP; TPE PW; ENA PW; WPL PW; CZ Macro; MTELEKOM HB; BR...

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...

WOOD Daily: ARCLK TI; XTB PW; CCC PW; OPL PW; HUG PW; TEN PW; RBW PW; ...

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...

The Rear-View Mirror – EME markets: all indices in the green in Januar...

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).

Lamda Development S.A.: 1 director

A director at Lamda Development S.A. sold 26,046 shares at 7.095EUR and the significance rating of the trade was 64/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...

Gek Terna S.A.: 1 director

A director at Gek Terna S.A. sold 50,000 shares at 33.000EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...

WOOD Daily: CPS PW; EME Strategy – OFEs; GPP PW; MIL PW; ING PW; MBK P...

HEADLINES: • Cyfrowy Polsat: structural headwinds ahead (downgraded to SELL) • EME Strategy: OFEs' 2025 annual assets structure • Grupa Pracuj: new job ads on Pracuj.pl reached 368k in 2H25, down 2% yoy NEUTRAL • Bank Millennium: 4Q25E preview (due on 9 February) • ING BSK: 4Q25E preview (due on 10 February) • mBank: 4Q25E preview (due on 10 February) • MOL: to buy NIS in Serbia POSITIVE • Motor Oil Hellas: concludes construction of 72MW of BESS projects NEUTRAL • GEK Terna: solid traffic growth...

WOOD Flash – MOL: to buy NIS in Serbia

MOL has signed a binding Heads of Agreement (HoA) to buy 56.15% of Serbian integrated oil company NIS from Gazprom Neft. The terms have not been disclosed and management expects the final agreement to be signed before the end of the first quarter of 2026E. The negotiations are ongoing with ADNOC for a minority stake. NIS has upstream operations, a single 96 kbpd refinery, and more than 400 retail sites. We see the acquisition as strengthening MOL’s operations and an excellent strategic fit.

Greek Equity Strategy – 2026 outlook | Less beta, more selectivity

Fundamentals taking over – Greek equities delivered an exceptional performance in 2025, emerging as one of the strongest markets globally, with the ASE General Index up c50%. This marked the 4th consecutive year of outperformance vs the Euro Stoxx 600, a streak not witnessed in the past two decades. The magnitude of the 2025 rally inevitably sets a high base heading into 2026 (especially since the ASE is already up c6% ytd). As a result, we believe the market will transition from a beta-driven p...

Greek Equity Strategy – 2026 outlook | Less beta, more selectivity

Fundamentals taking over – Greek equities delivered an exceptional performance in 2025, emerging as one of the strongest markets globally, with the ASE General Index up c50%. This marked the 4th consecutive year of outperformance vs the Euro Stoxx 600, a streak not witnessed in the past two decades. The magnitude of the 2025 rally inevitably sets a high base heading into 2026 (especially since the ASE is already up c6% ytd). As a result, we believe the market will transition from a beta-driven p...

Wedbush Morning Call - Jan 12 2026 7:03AM

WOOD Daily: KTY PW; ALE PW; BFT PW; MBR PW; TEN PW; PL Telecoms; GEKTE...

HEADLINES: • Kety: still fuel in the tank (stays BUY) • Allegro: disposal of Mall’s Slovenian and Croatian business with a PLN 235m loss POSITIVE • Benefit Systems: net addition of 145.6k sports cards in 4Q25, acceleration in Türkiye POSITIVE • Mo-BRUK: SKO cancels increased fees for 2016 and 2020 NEUTRAL • Ten Square Games: 4Q25 bookings up 12.5% qoq, better than Sensor Tower's estimates POSITIVE • Polish telecoms: mobile number portability in 4Q25 NEUTRAL • GEK Terna / Motor Oil Hellas: EC cle...

The Rear-View Mirror – EME markets: Czech PX in the lead in December

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).

WOOD Daily: TXT PW; PZU PW; PEO PW; MBK PW; SPL PW; CPS PW; MBR PW; CD...

HEADLINES: • Text: preliminary 3Q25-26 (calendar 4Q25) results – MRR of USD 6.98m (-1.1% qoq and -1.7% yoy) NEGATIVE • PZU/Bank Pekao: delay merger deadline NEGATIVE • mBank: to face PLN 362.1m of FX mortgage saga costs in 4Q25E NEUTRAL • Santander Bank Polska: updates market on the impact of sale of 60% stake in Santander Consumer Bank NEUTRAL • Santander Bank Polska: calls EGM for 22 January NEUTRAL • Cyfrowy Polsat: Liechtenstein court upholds May ruling on Solorz family succession POSITIVE •...

WOOD Daily: LAMDA GA; KTY PW; PKN PW; PGE PW; PGE PW; Czech Republic m...

HEADLINES: • Lamda Development: 3Q25 - malls and marinas steady, bond and land sale to boost liquidity • Kety: 4Q25 results and 2026E guidance conference call NEUTRAL • Orlen: to acquire butadiene plant at Plock, Poland, from Synthos NEGATIVE • PGE: to acquire a 350MW offshore project from RWE POSITIVE • Polish utilities: offshore auction results - minimum price at PLN 477/MWh POSITIVE • Czech Republic macro: CNB extends the pause

WOOD Flash – Lamda Development: 3Q25 - malls and marinas steady, bond ...

Lamda’s 3Q25 results show a steady contribution from the existing malls and marinas. Gross profit generated by the Ellinikon was weak in 3Q25, with the margin likely weighed down by the Riviera Tower. Capex for the Ellinikon projects slightly exceeded EUR 100m in 3Q25, with a further material acceleration expected in 4Q25E, according to the guidance. The recent EUR 500m bond placement (3.8% yield) and the ION land sale (expected to close in 2026E) should provide a meaningful boost to liquidity. ...

WOOD Daily: Polish utilities; KTY PW; KTY PW; RBW PW; SPL PW; Polish u...

HEADLINES: • Polish utilities: 2026E distribution bills to increase 7.6% yoy on average, implying a smaller-than-expected reduction in WACC POSITIVE • Kety: 4Q25 preliminary results in line with expectations; FY25 guidance met NEUTRAL • Kety: conservative management guidance for 2026E NEUTRAL • Rainbow Tours: summer 2026E season pre-sales +6.1% yoy NEUTRAL • Santander BP: PFSA agrees the sale of a 49% stake to Erste • Polish utilities: retail electricity price for 2026E set at PLN 495/MWh; utili...

PSA Media & Entertainment: Video Game Round-Up

This report by global gaming analyst Pelham Smithers recaps (1) the recent video game data,(2) which was the best game of 2025 and (3) what is happening to online discounts for Switch 2.

WOOD Morning (5 December)

HEADLINES: • Baltic Classifieds Group: FY 1H26 financial results review and conference call takeaways NEUTRAL • Orange Polska: signs Social Agreement for 2026-27 with trade unions POSITIVE • Budimex: GDDKiA cancels selection for Starogard Gdański bypass NEGATIVE • CEZ: minority shareholders group suing State for WFT damages NEUTRAL • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • CD Projekt • cyber_Folks/Shoper • Orange Polska • Text • Vercom • 4iG • Magyar Telekom • Titan