reports
- Anthony Dick
- Michael Foundoukidis
SBMO SBM OFFSHORE NV
KORI KORIAN SA
EVN EVN AG
SRP SRP GROUPE SA
FII LISI SA
ACX ACERINOX SA
FR VALEO SE
BON BONDUELLE SCA
FAE FAES FARMA S.A.
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
CTAC CTAC N.V.
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VIS VISCOFAN S.A.
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
GNFT GENFIT SA
EMMN EMMI AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
KENDR KENDRION NV
KTCG KAPSCH TRAFFICCOM
CARM CARMILA SAS
CON CONZZETA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
TLV BANCA TRANSILVANIA S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SMCP SMCP SA
BFSA BEFESA SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
AMAG AMAG AUSTRIA METALL AG
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GEST GESTAMP AUTOMOCION S.A.
EAT AMREST HOLDINGS SE
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
FI-N GEORG FISCHER AG
SPM SAIPEM S.P.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
ACAG AUSTRIACARD HOLDINGS AG
ENER GRUPO ECOENER S.A.
AQ AQUILA PART PROD COM
PLNW PLANISWARE
VIRI VIRIDIEN
CIRSA CIRSA ENTERPRISES S.A.
- Anthony Dick
- Michael Foundoukidis
SBMO SBM OFFSHORE NV
KORI KORIAN SA
EVN EVN AG
SRP SRP GROUPE SA
FII LISI SA
ACX ACERINOX SA
FR VALEO SE
BON BONDUELLE SCA
FAE FAES FARMA S.A.
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
CTAC CTAC N.V.
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VIS VISCOFAN S.A.
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
GNFT GENFIT SA
EMMN EMMI AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
KENDR KENDRION NV
KTCG KAPSCH TRAFFICCOM
CARM CARMILA SAS
CON CONZZETA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
TLV BANCA TRANSILVANIA S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SMCP SMCP SA
BFSA BEFESA SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
AMAG AMAG AUSTRIA METALL AG
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GEST GESTAMP AUTOMOCION S.A.
EAT AMREST HOLDINGS SE
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
FI-N GEORG FISCHER AG
SPM SAIPEM S.P.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
ACAG AUSTRIACARD HOLDINGS AG
ENER GRUPO ECOENER S.A.
AQ AQUILA PART PROD COM
PLNW PLANISWARE
VIRI VIRIDIEN
CIRSA CIRSA ENTERPRISES S.A.
- Ahmed Ben Salem
LHN HOLCIM AG
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
GRF GRIFOLS S.A. CLASS A
BAS BASF SE
BCP BANCO COMERCIAL PORTUGUES S.A.
UCB UCB S.A.
WPP WPP PLC
ANA ACCIONA SA
ACKB ACKERMANS & VAN HAAREN NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
KGX KION GROUP AG
IBE IBERDROLA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
SAN BANCO SANTANDER S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
DHER DELIVERY HERO SE
BIM BIOMERIEUX SA
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
STMN STRAUMANN HOLDING AG
H2O HIDROELECTRICA S.A.
- Ahmed Ben Salem
LHN HOLCIM AG
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
GRF GRIFOLS S.A. CLASS A
BAS BASF SE
BCP BANCO COMERCIAL PORTUGUES S.A.
UCB UCB S.A.
WPP WPP PLC
ANA ACCIONA SA
ACKB ACKERMANS & VAN HAAREN NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
KGX KION GROUP AG
IBE IBERDROLA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
SAN BANCO SANTANDER S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
DHER DELIVERY HERO SE
BIM BIOMERIEUX SA
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
STMN STRAUMANN HOLDING AG
H2O HIDROELECTRICA S.A.
- Peter Palovic
WOOD Flash – Hidroelectrica: preliminary 4Q25 results broadly in line ...
Yesterday (26 February), after the close, Hidroelectrica reported its 4Q25 preliminary results. The adjusted EBITDA stood at RON 1.58bn, 80% higher yoy and 17% above our estimate, adjusted for the impairments related to PP&E. Accounting for these adjustments, the EBITDA came in at RON 1.32bn, in line with our estimate of RON 1.31bn. The net result reached RON 0.99bn (+66% yoy) and was 6% above our estimate, on a lower effective tax rate than we assumed in our model.
- Daniela Popov
- Oleg Galbur
- Daniela Popov
- Jakub Krawczyk
- Research Team
WOOD Daily: EAT PW; KRU PW; TXT PW; ENA PW; CTPNV NA; RICHT HB; DHS HB...
HEADLINES: • AmRest: 4Q25 miss, due mainly to allegations about food safety in Czechia NEGATIVE • Kruk: 4Q25 results – bit of a mixed bag • Text: 3Q25-26 (calendar 4Q25) results – EBITDA down 25% yoy, 3% above the consensus NEUTRAL • Enea: impairments and higher provisions to reduce 2025 net income by PLN 1.37bn and EBITDA by PLN 162m NEUTRAL • CTP: 4Q25 results and conference call • Richter: 4Q25 beat, on gross margin and tight opex control POSITIVE • Duna House: 4Q25 in line, guidance implies ...
KRU KRUK S.A.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
WIZZ WIZZ AIR HOLDINGS PLC
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
EAT AMREST HOLDINGS SE
DUNAHOUSE DUNA HOUSE
CTPNV CTP NV
ELPE HELLENIQ ENERGY
H2O HIDROELECTRICA S.A.
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: EBS AV; PZU PW; PGE PW; CDR PW; CTPNV NA; MTELEKOM HB; AQ ...
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 ...
- Research Team
WOOD Daily: ADNOCDIS UH; MOL HB; 4IG HB; H2O RO; TBCG LN; SOLUTION AB
HEADLINES: • ADNOC Distribution: in the slow lane (downgraded to HOLD) • MOL: 4Q25 results – underlying numbers better than reported NEUTRAL • 4iG: enters agreement with e& PPF Telecom Group on share swap POSITIVE • Hidroelectrica: signs contract for new photovoltaic park with 8.9 MWp capacity NEUTRAL • TBC Bank: 4Q25 financial results review • Solutions by STC: 4Q25 conference call takeaways
- Hela Zarrouk
DKSH DKSH HOLDING AG
MF WENDEL SE
F3C SFC ENERGY AG
MERY MERCIALYS SA
GOE GROUPE GORGE SA
ICAD ICADE SA
TPS ORANGE POLSKA S.A.
WIE WIENERBERGER AG
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
SHOT SCANDIC HOTELS GROUP
TWEKA TKH GROUP N.V. CERT
BRAV BRAVIDA HOLDING AB
TKO TIKEHAU CAPITAL SCA
DUE DURR AG
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
AGR AGRANA BETEILIGUNGS-AG
EAT AMREST HOLDINGS SE
GRE GRENERGY RENOVABLES
VRLA VERALLIA SAS
SFQ SAF-HOLLAND SE
ORP ORPEA
PLNW PLANISWARE
HAVAS HAVAS N.V
- Hela Zarrouk
DKSH DKSH HOLDING AG
MF WENDEL SE
F3C SFC ENERGY AG
MERY MERCIALYS SA
GOE GROUPE GORGE SA
ICAD ICADE SA
TPS ORANGE POLSKA S.A.
WIE WIENERBERGER AG
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
SHOT SCANDIC HOTELS GROUP
TWEKA TKH GROUP N.V. CERT
BRAV BRAVIDA HOLDING AB
TKO TIKEHAU CAPITAL SCA
DUE DURR AG
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
AGR AGRANA BETEILIGUNGS-AG
EAT AMREST HOLDINGS SE
GRE GRENERGY RENOVABLES
VRLA VERALLIA SAS
SFQ SAF-HOLLAND SE
ORP ORPEA
PLNW PLANISWARE
SUNN SUNRISE
HAVAS HAVAS N.V
- Research Team
WOOD Daily: OPL PW; CDR PW; RICHT HB; RO Macro; SNP RO; SNG RO; ELPE G...
HEADLINES: • Orange Polska: 4Q25 results – EBITDAaL up 7% yoy, 2% above the consensus; strong 2026E guidance POSITIVE • CD Projekt: The Witcher 3: Wild Hunt – Complete Edition available on Xbox Game Pass on 19 February NEUTRAL • Richter: announces R&D collaboration for endometriosis drug candidate NEUTRAL • Romania macro: NBR extends the pause • OMV Petrom / Romgaz: Romania to postpone gas price liberalisation until 2027E NEGATIVE • Romgaz: 4Q25 preview (due on 27 February) NEUTRAL • HELLENiQ En...
- Jakub Krawczyk
- Konrad Zomer
LR LEGRAND
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
TKA THYSSENKRUPP AG
UBSN UBS GROUP AG
CBK COMMERZBANK AG
DAI DAIMLER AG
RXL REXEL SA
SCMN SWISSCOM AG
FHZN FLUGHAFEN ZURICH AG
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
MOCORP METSO OUTOTEC OYJ
STR STRABAG SE
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
H2O HIDROELECTRICA S.A.
CVC CVC CAPITAL PARTNERS PLC
TKMS TKMS AG & CO. KGAA
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
ULVR UNILEVER PLC
- Konrad Zomer
LR LEGRAND
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
TKA THYSSENKRUPP AG
UBSN UBS GROUP AG
CBK COMMERZBANK AG
DAI DAIMLER AG
RXL REXEL SA
SCMN SWISSCOM AG
FHZN FLUGHAFEN ZURICH AG
EL ESSILORLUXOTTICA SA
SCHP SCHINDLER HOLDING AG PREF
DTE DEUTSCHE TELEKOM AG
MOCORP METSO OUTOTEC OYJ
STR STRABAG SE
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
H2O HIDROELECTRICA S.A.
CVC CVC CAPITAL PARTNERS PLC
TKMS TKMS AG & CO. KGAA
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
ULVR UNILEVER PLC
- Research Team
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 ...
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