Analysis: Stocks

ERG: H1 26: A strong Q1 does the heavy lifting

Earnings/Sales Releases H1 adjusted EBITDA rose 9% to €295m, but the momentum faded: after a 17% Q1, Q2 EBITDA was up just 1% as the wind resource normalised, Curtailment climbed and realised prices...

FUCHS Pref.: A resilient model delivers in H1

Earnings/Sales Releases Fuchs reported strong Q2 numbers, supported by positive pricing and market share gains – likely temporary. Growth in sales and earnings was recorded across regions. The lost...

Clariant: Optimism across the board for Clariant

Earnings/Sales releases Clariant reported strong Q2 results, with outperformance across segments against street estimates. The performance was led primarily by pricing on a yoy basis, as volumes from...

Crédit Agricole: Q2: reassuring rebound from a weak Q1

Earnings/Sales releases CASA delivered reassuring Q2 results, beating the consensus by 6% and rebounding from a weak Q1. revenue growth re-accelerated to +7% yoy , with strong LCL NII , Amundi and...

L'Oréal: China premium turns supportive

Earnings/Sales releases L'Oréal delivered a solid H1 26. Q2 sales beat consensus, driven by Professional Products and Dermatological Beauty, while L'Oréal Luxe grew 4.7% LFL, below expectations....

Vicat: Senegal drives the H1 upgrade

Significant news Vicat reported a strong first half and raised its 2026 guidance. Revenue rose 8.0% to €2.04bn, despite a €69m currency headwind, while EBITDA increased 10.8% to €367m. Organic...

BMW: Bottom-line beat masks a soft Q2; H2 weighed down by restructuring

Earnings/Sales Releases BMW reported Q2 2026 results, with group EBT, net income, and EPS surpassing consensus expectations. This outperformance is mainly attributed to a non-operating positive swing...

AXA: AXA 1H26: Resilient but pricing pressure persists in commercial lines and reinsurance

Earnings/Sales releases AXA delivered solid 1H26 results, slightly ahead of consensus. Strong Profitability in P&C — with further prudence building — and a sharp recovery in the Profitability of...

Sacyr: H1: Concession value rises, but profit overstates the improvement

Earnings/Sales releases Sacyr increased H1 revenue by 9.0% to €2.44bn and EBITDA by 9.4% to €708m, but the 157% rise in attributable profit to €78m gives the wrong impression. The prior-year...

Interroll: 1H26 with strong volumes but weaker profitability ahead

Earnings/Sales releases Interroll delivered a positive first half, with stronger sales and resilient order intake supported by improving demand in EMEA and Asia, as well as the contribution from...

Acciona: HY 26 in line, guidance reaffirmed on strong infrastructure and Nordex

Earnings/Sales releases Acciona delivered an in-line H1, supported by strong Infrastructure and Nordex performance and resilient international Energy prices. Infrastructure EBITDA rose 12% to €384m,...

Apple beat Wall Street. The market didn't bite.

Record earnings, yes. But Wall Street had heard the cash-flow story before, and the way Apple got there raised more questions than the headline answered.

Leonardo: Momentum builds with a cautious guidance upgrade

Earnings/Sales releases Leonardo delivered a strong H1, with order intake, margins, and cash conversion all improving. defence Electronics remained the main earnings engine, while Aeronautics...

Raiffeisen Bank International: Unexpected provision releases

Earnings/Sales releases The group posted a good set of results, further boosted by unexpected provision releases related to model changes. However, the quarterly surprise will have no impact on the...

Fugro: Cost discipline lifts margins, but wind backlog collapse clouds H2 and after…

Earnings/Sales releases Fugro’s first half shows genuine operating progress: revenue and adjusted EBITDA both rise, and cost cuts flow through to a wider EBIT margin. However, the improvement is...

Engie: Strong HY26 and a better-than-expected volatility impact drive a guidance upgrade

Earnings/Sales releases Engie posted very solid HY26 results ahead of expectations. Performance was led by renewables & BESS, power and gas networks and, to our surprise, energy management, up 42.7%...

Amplifon: Profitability beat and improving fundamentals point to a guidance upgrade

Earnings/Sales releases Amplifon's Q2 profitability surpassed market expectations, driven by healthy top-line growth across all regions, particularly in EMEA, a key market. Profitability improved and...

Euronext NV: Q2: Records keep coming as momentum broadens

Earnings/Sales Releases Euronext delivered another record quarter, with Q2-26 revenue of €543m , beating consensus by 4% and our estimates by 6%. Growth accelerated across all divisions, led by FICC...

OMV: OMV Q2 2026: Refining and Chemicals Offset Upstream Export Constraints

Earnings/Sales releases OMV delivered a materially stronger quarter vs Q1, driven by way higher refining margins, the first contribution from Borouge International and elevated upstream realised...