Equity Analysis

Arkema: Earnings decline on soft demand and destocking

Earnings/Sales releases Arkema's Q4 2025 earnings lagged behind market estimates amid continued destocking and weakness in the U.S. and Europe, with Asia being the only region delivering growth....

Colonial SFL: AI vs. 2027-28 accelerating momentum

Earnings/Sales releases Colonial SFL reported a robust year-end performance, consistent with its 9M 25 trend. The company met its guidance with a recurring EPS of €0.336, within the expected range...

Wendel: Building a platform, waiting for the market to care

Earnings/Sales releases Wendel is clearly not standing still. The group is actively reshaping its portfolio, crystallising value through disciplined exits and rapidly building a scalable asset...

Adecco: Solid performance

Earnings/Sales releases Adecco posted a solid Q4 2025, with strong organic revenue growth driven by the Adecco GBU and a sequential slowdown in the revenue decline at Akkodis. The EBITA margin...

Bekaert: FY2025: Resilient results

Earnings/Sales releases 2025 was a difficult year for the company, significantly impacted by geopolitical factors. However, Bekaert has demonstrated its resilience. We continue to see an upside and...

Veolia: FY25: A transition year marked by portfolio evolution and active M&A

Earnings/Sales releasesSolid FY25 results fully in line with expectations, with a current NIGS of €1.6bn . Veolia confirmed its GreenUp 2027 roadmap. 2025 was an active portfolio reshaping year,...

Ocado Group PLC: Mixed H2 and FY25 results; FY26 technology guidance weighs on sentiment

Earnings/Sales releases Ocado Group’s H2 and FY25 results show a mixed picture. Revenue and EBITDA modestly beat expectations, but FY25 adjusted EPS of -44.6p lagged by approximately 20% due to...

KION Group: 2026 ambition tempered after margin reset

EARNINGS/SALES RELEASESThe FY25 results were broadly in line with consensus, confirming demand stabilisation and solid order momentum, particularly in Automation. Margins normalised as expected,...

Hikma Pharmaceuticals: Disappointing 2026 outlook and leadership turbulence rattle investors

Earnings/Sales releases Even though the H2 25 results were ahead of consensus, the 2026 outlook was below the street’s expectations. While Branded posted strong H2 growth, Injectables faced...

PUMA: Painful reset, clearer path forward

Earnings/Sales Releases Puma closed FY25 with a sharp Sales Decline and Operating Loss, as expected, reflecting decisive reset measures. Q4 confirmed continued top-line pressure but also showed...

Novonesis: Strong FY25 growth tempered by the Q4 miss

Earnings/Sales releasesNovonesis stumbled at the finish line — Q4 25 revenue and EBITDA missed consensus by 2.3% and 2.9% respectively, dragged down by weakness in the Planetary Health division....

London Stock Exchange Group: FY-25: Crushing Guidance and Defying AI Fears

Earnings/Sales releases LSEG's FY-25 results showed robust 7% organic revenue growth and a 50.3% Ebitda margin, exceeding guidance. Momentum in markets and improving subscription ASV supported the...

Clariant: A flat 2026 after a volume-led Q4 for Clariant

Earnings/Sales releases Clariant’s Q4 2025 sales growth was volume-led, with pricing broadly flat. Higher volumes and performance improvement initiatives drove a meaningful expansion in adj. EBITDA...

Rolls-Royce: Rolls-Royce gains altitude

Earnings/sales releases Rolls-Royce delivered a decisive beat and upgraded guidance, confirming a clear step-change in earnings power. LTSA repricing and durability improvements are structurally...

Munich RE: 4Q25: Strong capital returns offset challenging January renewals

Earnings/Sales Releases Munich RE’s 4Q25 results were broadly in line with expectations. The decline in the operating result in the quarter was largely anticipated, driven by management’s decision...

Sulzer: Strong FY25 results, positive outlook

Earnings/sales releases Order intake was again delayed in Flow and Chemtech. However, Services delivered solid Growth and margin improvement. The 2026 order intake guidance remains conservative due to...

Elecnor: Strong FY25 Delivery; Re-Rating Largely Captured

Earnings/Sales Releases Elecnor reported a strong Q4, exceeding market expectations at both revenue and Ebitda levels, while FY25 reflected a solid recovery in profitability and cash generation....

Technip Energies: Execution at Record Levels, Visibility Softens

Earnings/Sales releases In FY 2025, Technip Energies delivered good operational growth, with revenue of €7.2bn and recurring EBITDA of €638m , primarily driven by strong momentum in Project...

Emmi: Emmi strengthens premium positioning as profitability improves in FY 25

EARNINGS/SALES RELEASESEmmi reported strong results, achieving a 7.1% EBIT margin, meeting expectations. The group is adopting a more selective strategy by reducing M&A activity. Management is...