Enlight Research

Ignitis Group Q1 out pre-mkt Q1 Rev. EUR 939m (est 803) Q1 adj. EBITDA EUR 192m (est 197) Per seg. adj. EBITDA: Cust. & Sol. above at EUR 13.1 (est. -6), Green Cap. below at EUR 86 (est. 106), other seg. in line Overall above on rev., slightly below on adj. EBITDA Webinar @ 1 PM

DelfinGroup Q1 out pre-mkt Q1 Rev. EUR 3.2m (est 3.3) Q1 Pre-tax Profit 3.6m (est 3.6) Q1 EPS 6.2c (est 6.1) Inline on Revenues and Profits. Both DelfinGroup & Eleving Q1s met estimates = solid start of year.

Eleving Q1 out pre-mkt Q1 Total Rev. EUR 64.3m (est 65.7) Q1 PTP 9.5m (est 9.4) Q1 Net profit 4.8m (est 5.3) Rev & Profits roughly inline.

Tallinna Sadam Q1 out pre-mkt Q1 Rev. EUR 28.2m (est 28.8) Q1 EBITDA 11.6m (est 13.3) Q1 EBIT 5.7m (est 6.6) Q1 EPS 2c (est 2c) Rev. inline, profits below mainly due to Ferry segment ( but EPS inline). Webinar 10am (EE), 11am (ENG)

EfTEN post-Q1 est. published on website. Q1/26 Net profit +18% y/y to EUR 4.9m (est 4.3) Two excellent divestments announced. Div. est. raised by 1c each year 2026-28. Div. yld 2026E 6.3% should be attractive given track record & risk profile.

Artea Q1 report published Q1 Profit beat on impressive cost cutting. Potential for a bid w/ +20% premium next yr. Regardless of bid, shr appears undervalued @ 1x book w/ ROE 12%. See report for comp w/ LHV & Coop. research.enlightresearch.net/jsp/demoLogin.…

Merko Q1 out pre-mkt Q1 Sales EUR 57m (est 90) Q1 EBIT 1.3m (est 9.9) Q1 PTP 1.7m (est 11.7) Q1 EPS 25c (est 58c) Sales & Profits below as both Construction & RE Development miss.

Tallink Apr stats out pre-open Apr PAX unchg. y/y (est +4%) Apr Cargo +5% y/y (est +13%) Est. too optimistic following strong Q1/26 growth (pax +7%, cargo +13%). Still, ytd growth solid (pax +5%, cargo +11%).

Apranga April sales out after close Apr sales +5.7% to EUR 29.8m (est. +4.1% EUR 29.2m) Apr like-for-like sales based on m2 +4.5% (est. +2.9%) Headline figure and sales based on m2 above Jan-Apr sales LT +9.8%, LV +4.9%, EE +7.9% In April +4 new stores (LT +1, LV +1, EE +2)

EfTEN Q1 out pre-open Q1 Rev EUR 8.4m (est 8.3) Q1 Income from Prop. mgmt 5.5m (est 5.1) Q1 Net profit 4.9m (est 4.3m) Rev inline, Profits above (net profit +18% y/y), Simply impressive!

Apranga Q1/26 out after close Q1 Sales EUR 68.3m (est. 67.2) Q1 EBITDA 6.3m (est. 5.8) Q1 EBIT EUR 1m (est. 0.9) Q1 Net profit EUR 0.4m (est. 0.3) Roughly in line on both sales and earnings.

Sign up to Liven IPO events tomorrow (Wed): 4.30pm Early look @ phase II Regati apts 5.30pm CEO Andero, Designer Alina, CFO Joonas, Valuation Mattias Register: calendly.com/uuskodu-liven/… Latvian & Lithuanian investors: IPO webinar tomorrow 11am, (link): meet.google.com/tpq-wquu-tdc

Artea Q1 out after close Loans +7% (est +9%) NII 36m (est 39) Fees 7.4m (est 7.8) Profit bef impair 20.1m (est 18.0) Impair 0.5m (est 3.3) Net profit 15.4m (est 12.1) ROE 105.x% (est 8.3%) CI 0.56 (est 0.63) Rev. below, Profit beat on excellent cost control. Webinar tomo. 8.30am

Correction on loans, should +7% y/y vs. est. +9%. +1% is q/q.

Tallink Q1 Update publ. Both Sales & Profits above. We raise Rev. & EBITDA est. Div. est. EUR 6c/shr reiterated for 2026-28 = 9.5% annual yield = appears undervalued. Solid start of year although Q1 is a low-season qtr. Base case FV EUR 0.85/shr. research.enlightresearch.net/jsp/demoLogin.…

TKM Q1 Update publ Rev beat, profits below. Cars came back = 50% y/y Rev. growth. Supermarkets still slow as Iran war hit consumer conf. Div. yld 6.5% this yr is ok while waiting for EE economy to pickup. research.enlightresearch.net/jsp/demoLogin.…

Telia Q1 out pre-mkt Q1 Rev. EUR 129m (est 124) Q1 EBITDA 51.2m (est 50.9) Q1 EPS 4.2c (est 4.2) Q1 Free Cash Flow +29% y/y to EUR 40m. Solid start of 2026. 5.5% Net yield on yest. close (EUR 2.18/shr.)

Liven announced IPO price EUR 4.68/shr. = PE 8.7x on the last 12 months reported Net profit. Implies 27% discount to Enlight Base case Fair value EUR 6.42/shr. See link IPO research report: research.enlightresearch.net/jsp/demoLogin.… on enlightresearch.net

Tallink Q1 out pre-mkt Q1 Rev. EUR 149m (est 139) Q1 EBITDA 2m (est -8) Q1 PTP -22m (est -23) Q1 EPS -3c (est -3c) Rev. & EBITDA above, Net profit inline. Webinar 12am today

Liven IPO research Play on TLL new apt market that recovered nicely 2025 (+29% to 2.3K apt solid) but still <natural rate of 2.8-3K. Liven unique concept=most # sold apts in TLL 2025. Est IPO price 5.13/shr (TBA Liven)=PE 12M trail 9.6x research.enlightresearch.net/jsp/demoLogin.…