Top line holds, margins retreat | H2 recovery in focus | Market valuation detached from fundamentals * AQUILA reported H1 2026 revenues of RON 1.665b, up 6% Y/Y, but the gross margin on goods sold contracted by 4pp to 18%, …
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Strong H1 2026 earnings mask weaker Q2 | FY 2026 outlook cut on extended outages and higher power purchase costs * SNN reported a H1 2026 net of RON 1,184m, up 37% Y/Y and 3% above our estimate. EBIT advanced …
H1 strength unlikely to survive the hydrology reset | 17.6x FY 2026E EBITDA looks hard to square with fundamentals * H1 2026 results were broadly in line with our estimates despite a softer revenue mix. Net profit reached RON 2,571m, …
Operating momentum intact despite a noisy bottom line | Spain scales, Romania delivers, deleveraging begins * DIGI reported H1 2026 revenues of EUR 1,190.7m, up 10.6% Y/Y and c.1% above our estimate. Adjusted EBITDA increased 17.4% Y/Y to EUR 397.8m, …
