HEADLINES: • Colt CZ Group SE: enter Synthesia Nitrocellulose (stays BUY) • Budimex: selected for PLN 353m A2 motorway widening contract NEUTRAL • mBank: 1Q26E preview (due on 30 April) • Bank Handlowy: 1Q26E preview (due on 7 May) • PKO BP: 1Q26E preview (due on 14 May) • Sarantis: 1Q26 trading update in line with expectations POSITIVE • EME Macro/Strategy: macro all-in-one (10-16 April)
HEADLINES: • Orlen: announces updated budget for the New Chemistry Project NEUTRAL • PGE: full 4Q25 results in line with the preliminaries NEUTRAL • VIGO Photonics: 1Q26 sales down 12.5% yoy, to PLN 19.3m NEGATIVE • Budimex: 1Q26E preview – harsh winter weighs on results (due on 6 May)
Earnings have bottomed; delivery now structurally de-risked… – Q4’25 marked a clear inflection point, with system NII stabilising q/q (+1.7% q/q) and confirming Q3’25 as the trough, as strong volume growth (>10% y/y, mainly corporate, with gradual retail recovery) and deposit repricing (c.30–40bps) offset rate normalisation. Fee generation (+12% y/y), alongside loan growth, remains the key positive driver, with strong momentum across lending commissions, asset management and bancassurance, suppo...
Earnings have bottomed; delivery now structurally de-risked… – Q4’25 marked a clear inflection point, with system NII stabilising q/q (+1.7% q/q) and confirming Q3’25 as the trough, as strong volume growth (>10% y/y, mainly corporate, with gradual retail recovery) and deposit repricing (c.30–40bps) offset rate normalisation. Fee generation (+12% y/y), alongside loan growth, remains the key positive driver, with strong momentum across lending commissions, asset management and bancassurance, suppo...
HEADLINES: • Murapol: 4Q25 slightly below our forecasts, but close to the consensus NEUTRAL • Murapol: 1Q26 sales up 8% yoy, handovers significantly lower NEUTRAL • Enea: 4Q25 in line with the preliminaries NEUTRAL • XTB S.A.: KNF issues PLN 20m fine over historical onboarding and product governance shortcomings NEGATIVE • Mo-BRUK: new contract signed for PLN 6.9m net NEUTRAL • 11 bit studios: revised amortisation method for Frostpunk 2 and The Alters NEUTRAL • Alior Bank: 1Q26E preview (due on ...
HEADLINES: • Metlen Energy & Metals: 2025 EBITDA drops 30% to EUR 753m, in line with warning NEUTRAL • Develia: 4Q25 conference call takeaways NEUTRAL • Synektik: solid delivery for the FY 2Q25 (CY 1Q26) order book NEUTRAL • 11 bit studios: new publishing project announced NEUTRAL • Orange Polska: 1Q26E preview – 6% yoy EBITDAaL growth expected (due on 22 April) • CEZ: Dukovany can operate until 2065-67 POSITIVE • DIGI Communications: new share issuance; new price target • NLB Group: takeover bi...
HEADLINES: • Czechoslovak Group: ReArming Europe – from ammo to armour (BUY - initiation of coverage) • Develia: strong handovers in 1Q26 (2.3x higher yoy), slightly disappointing sales (10% lower yoy) NEUTRAL • Kruk: 1Q26 trading update NEUTRAL • Kruk: recommends PLN 20 DPS • Huuuge Games: preliminary 1Q26 revenue at USD 56.5m, down 9% yoy and 4% qoq NEGATIVE • Bank Millennium: to book PLN 190m of FX mortgage saga provisions in 1Q26E NEUTRAL • Budimex: FBSerwis to remain within the group NEUTRA...
HEADLINES: • Develia : 4Q25 EBIT and net income 26% above our expectations, following stronger gross margin and lower SG&As POSITIVE • Develia: preliminary agreement to acquire major residential project in Gdańsk POSITIVE • Text: 4Q25-26 (calendar 1Q26) preliminary results – MRR of USD 6.93m (down 0.7% qoq and 2.7% yoy) NEGATIVE • Grupa Pracuj: key takeaways from the 4Q25 earnings call • 11 bit studios: announces DLC for Frostpunk 2 and Nintendo Switch port of Frostpunk POSITIVE • Jeronimo Marti...
HEADLINES: • Allwyn: over the hills and far away – from OPAP to Allwyn, and into growth (BUY - initiation of coverage) • Grupa Pracuj: 4Q25 results – adjusted EBITDA up 6% yoy, 6% above the consensus POSITIVE • Benefit Systems: net addition of 126.5k sports cards in 1Q26, solid growth in Poland POSITIVE • Asseco Poland: key takeaways from the 4Q25 results call NEUTRAL • Budimex: PLN 146m bid selected as most advantageous in Port Polska tender NEUTRAL • Budimex: signs PLN 261m tram depot contract...
EME Equity Market – March 2026 All indices decline, with Greek ASE posting the steepest loss. The MSCI EM Europe Index fell 8.0% mom in EUR terms and 10.8% mom in USD terms in March. The Greek ASE was the worst performer (-9.3% mom); followed by the Czech PX (-6.7% mom); the Hungarian BUX (-6.2% mom); the Turkish ISE30 (-5.1% mom); and the Polish WIG20 (-4.5% mom; all in EUR terms). The Romanian BET proved the most resilient, declining just 1.2% mom, in EUR terms.
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