Equity Analysis

HelloFresh: Weather clears but execution is still on trial

Earnings/Sales releases HelloFresh posted a soft but slightly better-than-expected Q1 2026, with revenue down 7.7% in constant currency to EUR 1,675m and AEBITDA of EUR 23.6m, penalised by a circa EUR...

JC Decaux: Q126 trading statement: OKish, Q2/Q3 to benefit from the FIFA World Cup

Earnings/Sales releases The group released a trading statement for Q1 26, which aligned with expectations. While Q2 and Q3 will benefit from the FIFA World Cup, the group also indicates that several...

MTU Preparing for Takeoff

The aerospace equipment manufacturer, whose stock hit a record high before the conflict in Iran, has since faced sharp sell-offs, losing a quarter of its value in just a few weeks. Operational...

Makita's Sugar Rush Meets A Reality Check

The surge in Makita Corporation's share price and revenue growth tell a flattering story - until you carve out the yen tailwind. Management is now betting on Japan's infrastructure wave and its...

Wolters Kluwer: Wolters Kluwer Q1 '26 results puts AI disruption narrative in doubt again

Earnings/Sales releases Wolters Kluwer published a good Q1 trading update and reiterated its guidance for FY 26, with small tweaks at divisional levels to accommodate the current macro situation. The...

Orsted: Q1 26: no delays in the U.S, guidance maintained

Earnings/Sales releases Ørsted reported strong Q1 2026 operating results, with EBITDA of DKK 9.5bn slightly above consensus, driven mainly by improved Wind conditions after two weak years in Europe...

Jamjoom Pharmaceuticals Factory Company Proves Regional Growth Won't Kill its Margins

While Jamjoom Pharmaceuticals is currently making money, a stalling stock price and risky global expansion are starting to test investor nerves.

Viridien: Q1 2026: Net Loss Returns as Geoscience Backlog Slides -30% YoY

Earnings/Sales releasesViridien delivered a soft Q1 2026, with segment revenue down 36% QoQ to $214m, weighed down by earth data capex phasing, a Middle East-driven slowdown in Sensing & Monitoring...

TotalEnergies' Windfall Profits: While Critics May Lack the Right Answers, At Least They're Asking the Right Questions

As with every energy crisis, the French energy group is drawing fire from a segment of the political establishment.

Logitech International: Making the mundane count

Earnings/Sales releases Despite geopolitical instability, Logitech is displaying notable resilience with 4Q revenue of $1.09bn and organic growth of 3%. Profitability is improving, with non-GAAP...

Amplifon: Promising start to 2026

Earnings/Sales releasesAmplifon's Q1 Profitability surpassed expectations, with top-line growth across all regions. Despite challenging comparisons, Profitability improved. Management provided...

Raiffeisen Bank International: Confirmed guidance despite downgraded macroeconomic scenario

Earnings/Sales releases The group posted lower-than-expected first-quarter results. However, this was largely due to non-recurring factors, as the management reiterated its full-year...

Anheuser-Busch Inbev: Volumes are back in the growth equation

Earnings/Sales releasesAB InBev reported a strong Q1 26, ahead of expectations on key operating metrics. Organic volumes increased for the first time since Q1 23, with beer volumes rising by 1.2%....

Banco De Sabadell: No big surprise except the restructuring charge

Earnings/Sales releases The first quarter results were depressed by an unexpected restructuring charge, whereas the underlying performance showed no big surprise. The management continues to expect...

HUGO BOSS: Encouraging execution despite deliberate reset

Earnings/Sales releases Hugo Boss delivered an encouraging Q1 26, with performance ahead of expectations despite a deliberate top-line reset. Sales declined as planned under Claim 5 Touchdown, but...

BioNTech: Though Q1 operations missed expectations, 2026 guidance remained unchanged

Earnings/Sales Releases BioNTech's Q1 performance did not meet expectations, with Operating Losses exceeding forecasts. Despite this, 2026 Guidance remains unchanged. Although the co-founders'...

Fresenius Medical Care: In-line Q1, but US volumes remain a drag

Earnings/Sales releasesFMC reported a largely in-line Q1 26, with revenue and adjusted EBIT margin meeting consensus. However, shares fell c.6% as US same-market treatment growth turned negative for...

Market still cautious about AB InBev's situation

This morning, in an otherwise battered sector, quarterly results from the world's leading brewer were met with relief by investors.

Hsbc: Strong results obscured by an MFS-related loss

Earnings/Sales Releases The group posted a strong set of results, obscured by an unexpected fraud-related loss. We view the negative share price reaction on revived Private credit-related fears as...