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 ...
The 4Q25 results and the 2026E guidance imply around 3-4% consensus FFO downgrades for 2026E, and feature a material gap between the EPRA earnings (at EUR 336m) and the company-adjusted EPRA earnings (at EUR 405m). That said, CTP announced that it will start to capitalise the interest costs related to developments. As a result, the consensus FFO estimates are likely to be reviewed upwards instead.
Aalberts: In-line FY25, but low quality / AMG: 4Q25 beat by 7%; in-line 2026 guidance / Bekaert: In-line 2025, cautious outlook for 2026 to result in c.8% consensus cut / CMB.TECH: A small bit beat but not the full story / Corbion: Dividend sweetener / CTP: Q4 results lighter due to some delays; stronger 2026 outlook / DEME: Strong FY25 numbers and FY26 outlook / Elia Group: Preview FY25 results / SBM Offshore: Another step-up in shareholder return / Syensqo: Substantial miss in 4Q25; FY26 outlo...
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 ...
Gross Rental Income rose 14.4% YoY to €759.8m vs. €764.3m expected, supported by 4.5% like-for-like rental growth. EPRA EPS came in at €0.85, slightly below our €0.86 estimate due to some completions shifting into early 2026. Leasing remained robust, with new leases up 10% YoY. For FY26, CTP guides adj. EPRA EPS to € 1.01–1.03, of which €0.09 is related to the capitalisation of interest on debt for its development pipeline. The original range of €0.92-0.94 corresponds to our estimate of €0.91. L...
HEADLINES: • Turkish food retailers: resilient in transition (BIM and Migros stay BUY, Sok Marketler stays HOLD) • Budimex: 4Q25 preliminary results in line with the January guidance NEUTRAL • Allegro: 4Q25E results preview – adjusted EBITDA expected to grow by 13% yoy (due on 12 March) NEUTRAL • Hungary macro: MNB delivers long-awaited rate cut • Richter: 4Q25E preview (due on 27 February) NEUTRAL • NEPI Rockcastle: 2H25 results at the top of the guided range NEUTRAL • Banca Transilvania: 4Q25E...
Constellium: very strong Q4 2025 results with the momentum continuing into H1 2026|Eramet publishes weak results for 2025 but takes radical measures to rapidly improve its financial structure, notably with a plan to strengthen its equity capital by € 500m|AF-KLM: Unit costs under control enabling good profitability levels|
Constellium: very strong Q4 2025 results with the momentum continuing into H1 2026|Eramet publie de faibles résultats 2025 mais prend des mesures radicales pour améliorer rapidement la structure financière, notamment avec un projet de renforcement des fonds propres de 500 m EUR|AF-KLM: Unit costs under control enabling good profitability levels|
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