WOOD Daily: TBCG LN; KRKG SV; GEKTERNA GA; DOC AV; HTO GA

HEADLINES: • TBC Bank: good run, approaching fair value (downgraded to HOLD) • Krka: preliminary 2Q25 numbers – a mixed bag NEUTRAL • GEK Terna: 50/50 JV with Motor Oil Hellas over their electricity supply and gas-fired power generation activities POSITIVE • DO & CO: EUR 2.00/share dividend approved, in line with our estimate NEUTRAL • OTE: 2Q25E results preview – 2% yoy adjusted EBITDA growth expected (due on 6 August)

WOOD Daily: RO Banks; KOMB CP; MONET CP; PCO PW; BELA GA; PL Utilities...

HEADLINES: • Romanian Banks: fishing in Romania’s murky waters (Banca Transilvania stays BUY, BRD-GSG stays HOLD) • Komercni Banka: closing the rerating bet (downgraded to HOLD) • MONETA Money Bank: priced for perfection, but needs to deliver (stays HOLD) • Pepco Group: 3Q25 revenues of New Pepco up 8% yoy, in line with expectations; FY25E guidance maintained; EUR 50m buyback NEUTRAL • Jumbo: 1H25 sales up by a solid 8% yoy, as largely expected NEUTRAL • Polish utilities: Ministry of State Asset...

WOOD Daily: RO Macro; HU Macro; KRU PW; HUG PW; CAR PW; 11B PW; MUR PW...

HEADLINES: • Romania macro: MPC turns cautiously dovish on the fiscal package • Hungary macro: June inflation picks up further • Kruk: 2Q25 trading update shows a pick up in recoveries vs. 1Q25 NEUTRAL • Huuuge Games: preliminary 2Q25 revenue at USD 59m, down 7% yoy and 6% qoq NEUTRAL • Inter Cars: June sales growth at 10% yoy, implying 2Q25E revenue growth of also 10% yoy NEUTRAL • 11 bit studios: 280k copies of The Alters sold NEUTRAL • Murapol: sells 708 apartments and hands over 289 units in...

European Oil and Gas Monthly: June 2025 – bullish cues from Hormuz

Brent crude oil prices rose USD 5.8/bbl vs. the previous month, on the fear of a disruption in the Strait of Hormuz. Despite rising crude prices, a strong diesel crack means that the WOOD benchmark also improved, to USD 13.0/bbl, the highest level since March 2024. Petrochemicals margins were lower, but not affected by the high oil prices, as may have been expected.

WOOD Daily: RO Macro; RO Banks; EME Macro/Strategy – PL; PL Macro; TXT...

HEADLINES: • Romania macro: discussing a new fiscal package with the EU • Romanian banks: government to increase tax on gross revenues to 4% NEGATIVE • EME Macro/Strategy – Poland: bigger, happier but also more divided • Poland macro: MPC reduces the policy rate by 25bps • Text: 1Q25-26 (calendar 2Q25) preliminary results – MRR of USD 7.17m (up 0.7% qoq, up 1.4% yoy); 928 net LiveChat customers outflow NEGATIVE • Mo-BRUK: guiding for PLN 33m outflow related to the 2018-19 increased fees; PLN 50-...

The Rear-View Mirror – EME markets: rebound in Türkiye

EME Equity Market – June 2025 All EME indices in the green in June, with a rebound in Türkiye. The MSCI EM Europe Index advanced by 3.2% mom in EUR terms and 6.9% in USD terms. The Turkish ISE 30 Index was the best performer in our region, recouping the losses from the previous month and adding +6.6% mom in EUR terms. The Hungarian BUX and the Polish WIG indices added 3.1% and 2.8% mom in EUR terms, respectively, followed closely by the Romanian BET and the Greek ASE, with both adding 2.0% mom i...

Polska Grupa Energetyczna Sa: 1 director

A director at Polska Grupa Energetyczna Sa bought 20,000 shares at 9.959PLN and the significance rating of the trade was 55/100. 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...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/01/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 01/07/2025

Sphera Franchise Group : Clouds on the horizon

WOOD Daily: BRISA TI; MBK PW; Polish telecoms; MYTIL GA

HEADLINES: • Brisa: takeaways from the virtual CMD, and FY25E guidance • mBank: 2Q25 FX mortgage saga costs at PLN 539.6m NEUTRAL • Polish telecoms: T-Mobile Poland announces new 2P mobile & fibre bundle POSITIVE • Metlen: details of the 1-for-1 share exchange offer • Short News (CEZ)

WOOD Daily: EMEA Airlines; RO Banks; MOL HB; GSPARK HB; CEZ CP; SNP RO...

HEADLINES: • EMEA airlines: disruption in Middle East operations • Romanian banks: draft government plan suggests new tax on banks is being considered • MOL: to acquire Budapest University of Technology and Economics NEGATIVE • Graphisoft Park: sells residential land plot POSITIVE • CEZ: AGM approves dividend of CZK 47/share NEUTRAL • OMV Petrom: to invest in solar power plant in Bulgaria NEUTRAL • OPAP: Greece invites bidders for State lotteries licence NEUTRAL • Short News (BFT, CDR)

WOOD Daily: EME Macro/Strategy Weekly; THYAO TI; AEGN GA; GEV CP; EME ...

HEADLINES: • EME Macro/Strategy: macro all-in-one (16-22 June) • Turkish Airlines: confirms talks over Air Europa stake purchase NEUTRAL • Aegean Airlines: may issue EUR 200-250m of new bonds NEUTRAL • GEVORKYAN: might raise up to 3.5m shares in the next 5Y NEUTRAL • EME Strategy: MSCI 2025 Global Market Accessibility Review

WOOD Daily: SPL PW; TL Macro; DNP PW; CZG CP; 4IG HB

HEADLINES: • Santander Bank Polska: sells 60% stake in SCB for 2024 P/BV of 1.2x, books modest gain of PLN 0.4bn NEGATIVE • Türkiye macro: weak BoP, but improving budget • Dino: AGM approves 1:10 share split NEUTRAL • Colt CZ Group SE: closes VSS acquisition • 4iG: signs non-binding term sheet to acquire nine defence subsidiaries from N7 Holding NEUTRAL

WOOD Daily: GEV CP; EME Macro/Strategy Weekly; 11B PW

HEADLINES: • GEVORKYAN: never-ending capex story (downgraded to HOLD) • EME Macro/Strategy: macro all-in-one (9-15 June) • 11 bit studios: new release The Alters attracts strong player reviews and number of players POSITIVE

GEVORKYAN: never-ending capex story (downgraded to HOLD)

We have downgraded GEVORKYAN to HOLD (from Buy), with a new 12M price target (PT) of CZK 257/share, implying 11% upside. The share price is 6% below its July 2022 IPO price. We believe the relatively high IPO valuation (12.6x EV/EBITDA) and the prolonged capex cycle are the key reasons for the rerating of the stock closer to its CEE industrial peers. While the capex cycle has enabled GEVORKYAN to expand capacity, buy high-end machinery and sign a record number of contracts, it is still not over....

WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; PGE PW; PEO PW; PZU ...

HEADLINES: • Greek banks: take a bow (Alpha downgraded to HOLD, Eurobank stays HOLD, NBG stays BUY and Piraeus upgraded to BUY) • PGE: new strategy assumes PLN 30bn of EBITDA in 2035E and PLN 235bn in capex in 2025-35E NEUTRAL • Bank Pekao/PZU: call for analysts and investors to discuss potential merger • CCC: final 1Q25 results spot on the prelims NEUTRAL • Romania macro: inflation jumps in May • GEK Terna: clinches EUR 1bn of Romanian railway projects POSITIVE • Athens Exchange Group: AGM appr...

WOOD Daily: WIZZ LN; MAVI TI; CCOLA TI; CEZ CP; DOC AV; RICHT HB

HEADLINES: • Wizz Air: despite setbacks, upside risks may prevail (stays BUY) • Mavi: strong set of results in 1Q25, share buyback programme initiated POSITIVE • Coca-Cola Içecek: investigations launched into the company NEGATIVE • CEZ: ANO proposes State subsidises power prices NEUTRAL • DO & CO: dividend proposal of EUR 2.00/share NEUTRAL • Richter: to voluntarily restrict price of one OTC drug NEUTRAL • Short News (CAR, MBR, SHO)

WOOD Daily: CAR PW; 11B PW; OPL PW; CBF PW; DOC AV; TXT PW

HEADLINES: • Inter Cars: May sales growth accelerates to 13% yoy POSITIVE • 11 bit studios: Steam demo of Moonlighter 2 attracted limited interest and disappointing reviews NEGATIVE • Orange Polska: increases prices for its Nju mobile post-paid tariffs POSITIVE • cyber_Folks: acquires Romanian hosting company Hosterion for EUR 6.7m NEUTRAL • DO & CO: 4Q FY25E preview - 7% EBITDA growth yoy (due on 12 June) • Text: 4Q24-25E preview – 10% yoy EBITDA increase expected (due on 27 June)

WOOD Daily: CBF PW; SHO PW; VRC PW; EME Macro/Strategy Weekly; APR PW;...

HEADLINES: • cyber_Folks: e-commerce first – a new chapter begins (stays BUY) • Shoper: new investor, new opportunities (stays BUY) • Vercom: solid growth, boosted potentially by M&A (upgraded to BUY) • EME Macro/Strategy: macro all-in-one (2-8 June) • Auto Partner: May sales disappoint, with limited 8% yoy growth NEGATIVE • 11 bit studios: launch trailer of The Alters and new Moonlighter 2 trailer presented during PC Gaming Show NEUTRAL