WOOD Daily: SPL PW; Polish media; DVL PW; SNP RO; BELA GA; Turkish aut...

HEADLINES: • Santander BP: posts solid 4Q25 numbers; rebranding costs guidance in line; DPS of PLN 46 seems very feasible NEUTRAL • Polish media: CPS's audience share at 22.30%, while WP TV is at 0.57% in January 2026 NEUTRAL • Develia: management targets for 2026E close to our forecasts NEUTRAL • OMV Petrom: 4Q25 results and dividend proposal NEUTRAL • Jumbo: January sales +8% on easy comps; guiding for 5% sales growth and EUR 310-320m net earnings in 2026E NEUTRAL • Turkish automotive: strong ...

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).

WOOD Morning (28 January 2026)

HEADLINES: • Titan: three deals cemented, more to come (stays BUY) • Eurocash: wins court battle with antimonopoly watchdog POSITIVE • PKO BP: 4Q25E preview (due on 12 March) • Mo-BRUK: 4Q25E – 21% yoy EBITDA growth expected (due on 23 April) • Hungary macro: MNB on hold • Hidroelectrica: shareholders’ approval for key strategic projects • DIGI Communications: hires Linklaters and Uría Menéndez for legal work in its Spanish IPO NEUTRAL • EME Strategy: MSCI – consultations under way to reclassify...

Med Life SA: 1 director

A director at Med Life SA sold 700,000 shares at 11.500RON 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 s...

WOOD Daily: SPLUS HB; ACP PW; PL telecoms; PE RO; MTLN GA; Türkiye mac...

HEADLINES: • Shopper Park Plus: shopping for yield (HOLD – initiation of coverage) • Asseco Poland: incentive scheme for CEO announced NEUTRAL • PL telecoms: UKE approves the deregulation of Orange on the BSA and LLU markets NEUTRAL • Premier Energy: completion of the Hungarian acquisition NEUTRAL • Metlen Energy & Metals: enters 40/60 JV with Tsakos for large hybrid RES project in Greece NEUTRAL • Türkiye macro: CBT delivers 100bp cut • Alior Bank: 4Q25E preview (due on 24 February)

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...

Cyfrowy Polsat: structural headwinds ahead (downgraded to SELL)

We have downgraded our rating on Cyfrowy Polsat (CPS) to SELL (from Hold) and cut our price target (PT) to PLN 11.86/share (from PLN 15.42), implying 12% downside potential. We believe that the positive short-term triggers in CPS’ story have materialised already (succession completion, interest rates cuts supporting the FCF), while the weak 4Q25 results and 2026E outlook (we expect further declines in the telecoms segment) could fuel drops. Most importantly, in the long term, we see structural h...

WOOD Daily: PL Macro; MUR PW; PCO PW; XTB PW; PZU PW; CTPNV NA; WIZZ L...

HEADLINES: • Poland macro: rates unchanged, and some positive news • Murapol: sells 767 and hands over 1,286 units in 4Q25 NEGATIVE • Pepco Group: 1Q26 revenues growth eases to 4% yoy; FY26E guidance maintained NEGATIVE • XTB S.A.: over 250k new clients in 4Q25 in sight NEUTRAL • PZU/Bank Pekao: merger uncertain even by end-4Q27E, according to the Minister of State Assets NEUTRAL • CTP: prices EUR 500m 4Y bond at 3.4%; leases space in Amsterdam to Crisp POSITIVE • Wizz Air: may grow capacity by ...

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...

WOOD Daily: INPST NA; CZG CP; TL Automotive; KAP LI; EU Oil and Gas Mo...

HEADLINES: • InPost: potential bid for all the company’s shares; valuation gap vs. Allegro closes POSITIVE • Colt CZ Group SE: closes Synthesia Nitrocellulose deal NEUTRAL • Turkish automotive: strong momentum in light vehicle sales continued in December POSITIVE • Kazatomprom: Kazakhstan changes the law on uranium subsoil agreements POSITIVE • European Oil and Gas Monthly: December 2025 – whoops, there goes gravity • Short News (4iG)

WOOD Daily: CEZ CP; TXT PW; DAT PW; APR PW; CPS PW; WPL PW; JMT PL; TL...

HEADLINES: • CEZ: government reiterates intention to seek full control of generation assets NEUTRAL • Text: key takeaways from the 3Q25-26 preliminary earnings call NEUTRAL • DataWalk: key takeaways from an interview with the CEO NEUTRAL • Auto Partner: December sales growth accelerates to 17.9% yoy POSITIVE • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 23.20%, while WP TV at 0.57% in December 2025 NEUTRAL • Jeronimo Martins: 4Q25E trading update preview – 8% yoy sales growth expected...

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: LPP PW; PE RO; Polish telecoms; PCO PW; CEZ CP; Hungary ma...

HEADLINES: • LPP: profitable growth (stays BUY) • Premier Energy: M&A-driven growth on track (upgraded to BUY) • Polish telecoms: Revolut enters the Polish mobile market NEUTRAL • Pepco Group: 2H25 in line with guidance; FY26 EBITDA and earnings growth guidance of 9%+ and 25%+, 2025-30E EBTDA CAGR of 9%+ POSITIVE • CEZ: cabinet approves step to lower utility bills NEUTRAL • Hungary macro: MNB softens its hawkish tone • OPAP: EGM for merger with Alwyn set for 7 January; preference shares scrapped...

WOOD Daily: CCC PW; JMT PL; ALE PW; INPST NA; MBR PW; KTY PW; PCO PW; ...

HEADLINES: • CCC: shareholders ask for 2m share buyback POSITIVE • Jeronimo Martins: court approves PLN 160m fine from Antimonopoly Office NEGATIVE • Allegro/InPost: EU to introduce EUR 3 payment for all packages coming from outside the community NEUTRAL • Mo-BRUK: PLN 19m 2017 waste-fee case closed NEUTRAL • Kety: 4Q25E preliminary results preview – flat yoy EBITDA in a tough environment (due on 17 December) • Pepco Group: 2H25E preview – EBITDA decline of 5% yoy expected (due on 17 December) N...

WOOD Daily: PL Macro; WPL PW; ALE PW; ACP PW; BFT PW; BDX PW; CCC PW; ...

HEADLINES: • Poland macro: NBP cuts again, with inflation back at target • Wirtualna Polska: sells Invia Flights Germany at EUR 42.3m EV, 9.0x 2024 EV/EBITDA POSITIVE • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • Allegro • Asseco Poland • Benefit Systems • Budimex • CCC • Kety • PGE • Tauron • Primoco UAV • Aquila Part Prod Com S.A. • MedLife • Mavi • Georgia Capital • GEVORKYAN • Krka • Medicover

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 12/03/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/12/2025

WOOD Daily: OPTIMA GA; CTPNV NA; PCF PW; CPS PW; WPL PW; BDX PW; 11B P...

HEADLINES: • Optima Bank: buying the dip (stays BUY) • CTP: great story, fairly valued (downgraded to HOLD) • PCF Group: key takeaways from the 3Q25 earnings call • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 22.37%, while WP TV at 0.46% in November 2025 NEUTRAL • Budimex: plans to pay out 100% of net income in dividends in 2025-29E NEUTRAL • 11 bit studios: finalises agreement with Microsoft on licence for Game Pass POSITIVE • Huuuge Games: October Sensor Tower bookings estimate flat...

MedLife SA : Slowing momentum on macro headwinds and tough comps. Neut...