reports
AS Ekspress Grupp to acquire traffic training platform Liikluslab
AS Ekspress Grupp to acquire traffic training platform Liikluslab On 19 December 2025, AS Ekspress Grupp entered the contract for the acquisition of 100% of shares in the traffic training platform Liikluslab Baltic OÜ. Liikluslab Baltic OÜ is a platform for traffic education materials (liikluslab.ee) founded in 2019, which has expanded rapidly and offers services to both private individuals and driving schools. Liikluslab Baltic has two subsidiaries: the traffic learning environment Teooria OÜ (teooria.ee) and Liikluslab Tervis OÜ, which deals with health certificates for driving license a...
AS Ekspress Grupp omandab liiklusõppeplatvormi Liikluslab
AS Ekspress Grupp omandab liiklusõppeplatvormi Liikluslab 19. detsembril 2025 sõlmis AS Ekspress Grupp lepingu liiklusõppeplatvormi Liikluslab Baltic OÜ 100% osade omandamiseks. Liikluslab Baltic OÜ on 2019. aastal asutatud liiklusõppematerjalide platvorm (liikluslab.ee), mis on kiiresti laienenud ja pakub teenust nii eraisikutele kui ka autokoolidele. Liikluslab Balticul on kaks tütarettevõtet: liiklusõppekeskkond Teooria OÜ (teooria.ee) ja juhiloa taotlejate tervisetõenditega tegelev Liikluslab Tervis OÜ. Omandamise eesmärk on digitaalse äri kasvatamine ja laienemine uude ärivaldkonda. ...
Changes in the Supervisory Boards of AS Ekspress Grupp’s subsidiaries
Changes in the Supervisory Boards of AS Ekspress Grupp’s subsidiaries Due to the of the current CEO of AS Ekspress Grupp, alterations to the Supervisory Boards of significant subsidiaries will take place in December 2025. Liina Liiv, a of the Management Board of Ekspress Grupp, will become a new member of AS Delfi Meedia Supervisory Board. The Supervisory Board of Delfi Meedia will continue in a composition of four members: Hans Luik (the Chairman), Karl Anton, Rain Sarapuu and Liina Liiv. Liina Liiv will also become a new member of the Supervisory Board of the Latvian subsidiary A/S De...
Muudatused AS Ekspress Grupp tütarettevõtete nõukogudes
Muudatused AS Ekspress Grupp tütarettevõtete nõukogudes ASi Ekspress Grupp senise tõttu toimuvad detsembris 2025 muudatused grupi oluliste tütarettevõtete nõukogudes. ASi Delfi Meedia nõukogu uueks liikmeks saab Ekspress Grupi Liina Liiv. Nõukogu jätkab tegevust neljaliikmelises koosseisus: Hans Luik (esimees), Karl Anton, Rain Sarapuu ja Liina Liiv. Läti tütarettevõtte A/S Delfi ja Leedu tütarettevõtte UAB Delfi uueks nõukogu liikmeks saab samuti Liina Liiv. A/S Delfi nõukogu hakkab tegutsema järgmises koosseisus: Liina Liiv (esimees), Rain Sarapuu ja Karl Anton. UAB Delfi nõukogu jätk...
- Research Team
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...
- Research Team
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...
OPINION OF THE SUPERVISORY BOARD OF AKTSIASELTS EKSPRESS GRUPP IN RESP...
OPINION OF THE SUPERVISORY BOARD OF AKTSIASELTS EKSPRESS GRUPP IN RESPECT OF TAKEOVER BID The opinion of the Supervisory Board of Aktsiaselts Ekspress Grupp (“Ekspress Grupp”) (“Supervisory Board”) has been drawn up on 9 December 2025 in accordance with § 171 (2) of the Securities Market Act (“SMA”) and § 21 of Regulation No. 71 of the Minister of Finance, dated 28 May 2002, “Rules for Takeover Offers” (“Rules”) with regard to the voluntary takeover bid made by HHL Rühm Osaühing (“Bidder”) on 25 November 2025 for the acquisition of all the shares of Ekspress Grupp not already owned by the B...
AKTSIASELTSI EKSPRESS GRUPP NÕUKOGU ARVAMUS ÜLEVÕTMISPAKKUMISE KOHTA
AKTSIASELTSI EKSPRESS GRUPP NÕUKOGU ARVAMUS ÜLEVÕTMISPAKKUMISE KOHTA Aktsiaseltsi Ekspress Grupp („Ekspress Grupp”) nõukogu („Nõukogu”) arvamus on koostatud 9. detsembril 2025 kooskõlas väärtpaberituru seaduse („VPTS“) § 171 lõikega 2 ja rahandusministri 28. mai 2002 määruse nr 71 Ülevõtmispakkumisreeglid („Reeglid“) §-iga 21 seoses HHL Rühm Osaühing („Ülevõtja“) poolt 25. novembril 2025 tehtud vabatahtliku ülevõtmispakkumisega kõigi Ülevõtjale mittekuuluvate Ekspress Grupi aktsiate omandamiseks („Pakkumine”). Nõukogu liikmed ja käesoleva arvamuse koostajad on Ülar Maapalu (esimees), Argo ...
- Research Team
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...
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in Novem...
EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
DVL DEVELIA SA
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
ACAG ARABIAN CONTRACTING SERVICES CO
H2O AUSTRIACARD HOLDINGS AG
7203 HIDROELECTRICA S.A.
OPTIMAr ELM CO
MUR2 OPTIMA BANK S.A.
AQ MURAPOL SA
TRESTATES AQUILA PART PROD COM
THEON TRADE ESTATES REIC SA
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
PRIUA GEVORKYAN A.S.
BOCHGR PRIMOCO UAV SE
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
PE RO DIAGNOSTYKA SA
PREMIER ENERGY
- Research Team
WOOD Morning (28 November)
HEADLINES: • Kaspi.kz: too cheap to ignore (stays BUY) • VIGO Photonics: 3Q25 results review – adjusted EBITDA over 2x above our estimate; order intake up 24% yoy POSITIVE • CCC: final 3Q25 EBITDA spot on prelims NEUTRAL • Rainbow Tours: 3Q25 conference call highlights NEUTRAL • Polish banks: President signs bill on higher CIT for the banks • Murapol: main shareholder sells 20.5% of shares in ABB NEUTRAL • Primoco UAV: promising tactical UAV producer (HOLD - initiation of coverage) • CTP: enters...
Court rules that the insolvency petition against AS Delfi was unfounde...
Court rules that the insolvency petition against AS Delfi was unfounded On November 26, The Riga City Court issued a decision confirming that the insolvency submitted by SIA Ekis & Co-Positioning and Consulting against AS Delfi, a Latvian subsidiary of AS Ekspress Grupp, was unfounded. The court’s ruling dispels doubts raised in public and confirms that the petition had no factual or legal basis. AS Delfi Latvia will assess its further actions based on the court’s conclusions and the publicly available reasoning of the judgment. “The court’s decision has been made and it is clear and d...
Kohtuotsuse järgi on AS Delfi vastu esitatud maksejõuetusmenetluse ava...
Kohtuotsuse järgi on AS Delfi vastu esitatud maksejõuetusmenetluse avaldus alusetu Riia linnakohus tegi 26. novembril otsuse, millega tunnistas SIA Ekis & Co-Positioning and Consultingu esitatud maksejõuetusmenetluse avalduse ASi Ekspress Grupp tütarettevõtte AS Delfi vastu alusetuks. Kohtuotsus hajutab avalikkuses tõstatatud kahtlused ja kinnitab, et avaldusel puudus faktiline ja õiguslik alus. AS Delfi kavandab oma edasise tegevuse kohtu järelduste ja kohtuotsuse avalikult kättesaadava põhjenduse põhjal. „Kohtuotsus on tehtud ja see on selge ja lõplik. Jätkame oma tööd ja missiooni ...
- Alessio Chiesa
- Raffaella Tenconi
EME Macro/Strategy: dividends in EMEA – yield hunting after markets ha...
The macro backdrop entering 2026E remains broadly supportive for high-dividend strategies across Emerging Europe and the frontier markets, but the opportunity set has clearly narrowed. After a year of sharp repricing across the WOOD universe, the high dividend conditions of 2024-25 have largely disappeared, as a result of many sectors rerating materially. As a result, high-dividend exposure is no longer a broad regional trade: the most compelling opportunities are now concentrated. However, the ...
MOL MOL NYRT
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
19XX NEPI ROCKCASTLE PLC
SFG SPHERA FRANCHISE GROUP SA
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
IGN1L IGNITIS GRUPE
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
H2O HIDROELECTRICA S.A.
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
BOCHGR BANK OF CYPRUS
- Research Team
WOOD Daily: DOC AV; DIA PW; APR PW; CPS PW; GPP PW; TPE PW; 11B PW; 11...
HEADLINES: • DO & CO: value á la carte (upgraded to BUY) • Diagnostyka: 3Q25 results in line with expectations; strong demand continues POSITIVE • Auto Partner: 3Q25 EBITDA below our forecasts, following weaker gross margin and higher SG&As NEGATIVE • Cyfrowy Polsat: key takeaways from the 3Q25 results call NEGATIVE • Grupa Pracuj: key takeaways from the 3Q25 earnings call NEUTRAL • Tauron: 3Q25 conference call highlights NEUTRAL • 11 bit studios: key takeaways from the 3Q25 results call NEUTRAL...
- Emmanuel Matot
UNIQA INSURANCE GROUP AG
ZVTG ZAVAROVALNICA TRIGLAV D.D.
ITP INTERPARFUMS
VLS VALNEVA SE
FR VALEO SE
ISP INTESA SANPAOLO S.P.A.
POS PORR AG
GLB GLANBIA PLC
SOI SOITEC SA
UCG UNICREDIT S.P.A.
EDR EDREAMS ODIGEO SA
PYT POLYTEC HOLDING
CPS CYFROWY POLSAT SA
ANR ANSWEAR.COM
CABKA CABKA N.V.
ZAB ZABKA GROUP
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Emmanuel Matot
UNIQA INSURANCE GROUP AG
ZVTG ZAVAROVALNICA TRIGLAV D.D.
ITP INTERPARFUMS
VLS VALNEVA SE
FR VALEO SE
ISP INTESA SANPAOLO S.P.A.
POS PORR AG
GLB GLANBIA PLC
SOI SOITEC SA
UCG UNICREDIT S.P.A.
EDR EDREAMS ODIGEO SA
PYT POLYTEC HOLDING
CPS CYFROWY POLSAT SA
NFN NFON AG
ANR ANSWEAR.COM
CABKA CABKA N.V.
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Research Team
WOOD Daily: HTO GA; PZU PW; ALE PW; CPS PW; GPP PW; PKN PW; DOM PW; TP...
HEADLINES: • OTE: multiple tailwinds supporting the equity story (stays BUY) • PZU: very strong 3Q25 bottom line, strong beat vs. expectations, but slower revenue growth raises questions for the future POSITIVE • Allegro: 3Q25 above expectations; FY25E guidance trimmed due to slower November NEUTRAL • Cyfrowy Polsat: 3Q25 results review – adjusted EBITDA down 12% yoy, in line with the consensus NEUTRAL • Grupa Pracuj: 3Q25 results – adjusted EBITDA up 3% yoy, 2% above our forecast and 11% above ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
DOM DOM DEVELOPMENT SA
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
ALG ALLEGRO.EU SA
GPP GRUPA PRACUJ DA
GEV GEVORKYAN A.S.
- Bojan Djurickovic
Changes in substantial shareholding
Changes in substantial shareholding AS Ekspress Grupp informs about the change in the structure of shareholders with substantial holdings. On 12.11.2025, OÜ HHL Rühm informed AS Ekspress Grupp that as a result of recent transaction, OÜ HHL Rühm holding in AS Ekspress Grupp increases to 73.57%. OÜ HHL Rühm has acquired 7,963,307 shares of Ekspress Grupp from Hans Luik. After the transaction on 07.11.2025, HHL Rühm OÜ, controlled by Hans Luik, owns 73.57% (22,775,442 shares) of the shares of AS Ekspress Grupp. The ultimate beneficiary did not change as a result of the transaction. Ülar Maa...
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