Ignitis Group Q3 out before open Q3 adj. EBITDA EUR 104m (est 108) Q3 adj. EBITDA Green cap EUR 49m (est 50) Q3 adj. EBITDA Networks EUR 60m (est 59) Group & core segments adj. EBITDA roughly in-line. 2025 adj. EBITDA guid. EUR 510-540m (prev 500-540, est 542) Webinar @ 1pm

Ignitis Q3 update published Q3 core segments adj. EBITDA inline Multiple tailwinds support guided high-end 2025 est. adj. EBITDA at EUR 541m (0.2% above high-end of guidance) 2025 est. DPS EUR 1.37 = yield 6.6% (net 5.6%) Base case SOTP FV EUR 28.79/shr. research.enlightresearch.net/jsp/demoLogin.…

Akola Group Q1/25-26 out after close. Q1/25-26 Sales EUR 394m (est 413) Q1 EBIT 27m (est 16) Q1 PFF segm. EBIT 13.3m (est 5.9) Q1 Food EBIT segm. 13.4m (est 10.5) Q1 Net profit 18m (est 9) Another stellar report with bottom line doubling our est. Webinar tomorrow @ 9am

Tallinna Sadam Q3 Update published Q3 EBIT 10% above est. w/ sales inline (2nd consecutive EBIT beat). Cargo = star of the qtr w/ +52% y/y EBIT growth --> 32% y/y group EBIT growth. We reiterate div est 7c/shr = 5.9% yield research.enlightresearch.net/jsp/demoLogin.…

KN Energies Q3/25 out after close Q3 Revenue EUR 25.6m (est. 25.3) Q3 EBITDA EUR 13.7m (est. 13.6) Q3 Net Profit EUR 4.6m (est. 4.2) In line on revenue and EBITDA, above on Net profit. 9M/25 Operating Cash Flow 2.1x higher y/y (EUR 76.3m vs EUR 35.6m).

Grigeo Q3/25 out after close Q3/25 Sales EUR 56.3m (est. 55.6) Q3/25 EBITDA EUR 8.9m (est. 7.2) Q3/25 EBIT EUR 5.9m (est. 4.2) Q3/25 Net profit EUR 4.8m (est. 3.4) Solid beat on both Sales and Earnings

Akola Q1-25/26 Update publ. Shr. +50% ytd = Baltics large caps no. 1 Q1 EBIT beat 65% = 2025/26 EBIT est raised 16% EBITDA guid. 70-90m reiterated (est. 110m) Cap. allo. clarity = nxt trigger research.enlightresearch.net/jsp/demoLogin.…

I will give a talk at Financial Freedom Forum 2025 on "How to read stock research the right way". Looking forward to seeing you there! #FFF - via #Whova event app

Artea Bank to buy-back more shares When: 1 Dec to 23 Jan (incl.), pause during Q4/25 blackout (30 days bef. publication on 27 Feb 2026). How many: up to 175K shrs per day total 3.369m shrs. = EUR 2.98m @ today's close 0.886/shr.

Apranga November sales out after close Nov sales +4% to EUR 34.4m (est. +2% EUR 33.7m) Nov like-for-like sales based on m2 +3.5% (est. +1.2%) Headline figure and sales based on m2 above est. Jan-Nov sales LT +7.2%, LV +5.1%, EE -1.2%

Tallink Nov pax out pre-open Nov PAX +1.9% (est +2.3%) Nov Cargo -7.3% (est -9.1%) PAX roughly inline while Cargo was better than est.

Enlight market view % 2026 top picks publ. 2025 Top picks +45% ytd 2026 Top picks = 4 new stocks Favor banks in 2026 as interest rates stabilize & retail bond investors happily take over non-performing loans Favor LT in 2026 2026E Baltic PE 9.4x attractive = 41% war discount

Apranga announced 2026 targets after close 2026 Sales target +6.7% (est. 3.0%) 2026 Net Investments EUR 4-6m (est. 8.1m) 2026 target above our current estimates We will review our estimates following Q4/25 Estimated 2025 div. yield 7.6% (net 6.5%)

Ekspress Grupp bid acceptance (EUR 1.25/shr.) was 22.55% = bidder owns 96.12% & possibility for simplified squeeze out of remaining shares.

2025 19% Baltic Index gain is history, time to kickoff 2026 trading! Enlight Top 5 PE avg 6.3x on 2026E & Net div yld 2025E to be paid 2026 6.9%. = historical low due War disc. Top things to watch: LT pension reform, EE economic recover, Baltic bond bubble. Happy 2026 investing!

Baltic Mkts start 2026 smoking hot! LT pension reform & historical low valuations drive markets. TLL +1.4% VNO +1.0% Most traded @ 12.55pm LHV +2.7% MRK +2.2% ROE +1.8% CPA +1.7% TKM +1.6% IGN +1.2%

Tallink Dec stats PAX +0.2% y/y (est +1.2%) Cargo -3.8% y/y (est -8.9%) Pax slightly below, Cargo above. 2025 PAX -0.9% (est -0.3%)

Apranga December sales out after close Dec sales +0.4% to EUR 36.8m (est. +9% EUR 39.9m) Dec like-for-like sales based on m2 -0.4% (est. +8.2%) Headline figure and sales based on m2 significantly below 2025 sales including VAT EUR 372m, 1.3% below EUR 377m guidance (est. 375)

Ignitis share print @ IPO price (EUR 22.5) for second time since IPO year 2020 IGN 2025E DPS EUR 1.37 = 5.2% net yld Ignitis is on our dividend top pick list together with EfTEN (6.1%) & Telia Lietuva (5.4% net yld)

TKM Q4 out after close Q4/25 Net sales EUR 239m (est. 254) Q4/25 EBIT 11.0m (est. 14.2) 2025 EPS 0.43 (est. 0.48) Q4/25 all segments profitable but below estimates due to soft EE eco Est. will be reviewed