Analysis: Stocks

Volkswagen: Q2 below expectations and FY26 revenue guidance trimmed amid Audi and China softness

Earnings/Sales releases Volkswagen’s Q2 results fell short of expectations, impacted by reduced volume and tariff headwinds. Performance in China, especially for Audi, was weak, with profitability...

Sartorius: Mixed Q2 26: Tariff accounting distorts the results

Earnings/Sales releasesSartorius reported mixed Q2 26 numbers, with revenue below consensus but underlying EBITDA slightly ahead . Equipment inflected as guided and LPS delivered its fourth...

Deutsche Boerse: Q2: Volatility normalisation confirms structural growth is real

Earnings/Sales releasesDeutsche Boerse’s Q2-26 beat consensus , with net revenue €1.62bn and EBITDA €979m . Trading normalized as expected, Commodities fell 9% versus Q1’s +14%, but...

Securitas: Q2 2026 miss

Earnings/Sales releasesSecuritas delivered a disappointing Q2 2026 performance, with no reported Organic Growth and an operating margin before amortisation slightly below expectations. Organic Growth...

Neste: Neste: renewables margin at a record, but working capital sinks the cash

Earnings/Sales releases Neste's second quarter came in above the first on comparable earnings, driven almost entirely by Renewable Products, where the sales margin hit a record on the Hormuz crisis....

Munich RE: Munich Re's Q2 beat sums up the state of the industry

Latest Munich RE has just reported a preliminary net profit of approximately €2.2bn for 2Q26, up 5.5% y/y. This is 23% above consensus and 40% above the €1,575m pro-rata quarterly run rate implied...

BNP Paribas: Q2: Capital milestone unlocks future accelerated shareholders returns

Earnings/Sales releases BNP delivered a strong Q2: revenue €14.1bn , PBT €6.1bn , 13.3% ROTE. CIB and Eurozone NII drove the beat; positive jaws were sustained. The standout was CET1 reaching 13%,...

Besi: Besi Q2 2026: AI investment cycle continues to accelerate advanced packaging demand

Earnings/Sales releases Besi delivered a strong Q2 2026, with record Order momentum driven by AI-related advanced packaging, Photonics and hybrid bonding demand. Revenue, earnings and margins...

SGS: Organic growth accelerates in Q2 but SGS's equity story remains well priced

Earnings/Sales releases SGS saw organic growth accelerate in Q2 across NR, H&N and C&P, alongside resilient growth in Certification. However, growth in I&E was impacted by the conflict in the Middle...

Colonial SFL: Still healthy

Earnings/Sales releases Colonial SFL continues to perform well in an end market in France that keeps deteriorating. The Spanish market is performing very well. Fact Like-for-like revenue growth was...

Metso Corporation: Decent Q226 results and a positive order intake surprise

Earnings/Sales ReleasesMetso's Q226 results showed a 6% year-on-year revenue increase to €1,334m and a 21% rise in adjusted EBITA to €221m, though profitability was slightly below consensus at the...

DENSO's Growth Ambitions Face Execution Test

Demand remains intact - and strong - but the market is asking tougher questions.

Nexity: The market rebound is slow to materialize.

Earnings/Sales releases Revenue and bookings are down in the second quarter of 2026. The anticipated market rebound has yet to materialize. Nexity reiterates that its turnaround plan is sufficient to...

Can DFM Capitalize on Dubai's Financial Ambitions?

Dubai Financial Market PJSC continues to attract investors, although the stock still mirrors investor caution. ...

Banco De Sabadell: So far, so good

Earnings/Sales releases The second-quarter underlying performance was fully in line with expectations, thereby enabling the new CEO to confirm the group's RoTE objectives for 2026 and 2027. Following...

Nestlé: Nestlé is turning despite surface turbulence

Latest Nestlé's trading session experienced a nearly 8% decline yesterday, which appeared excessive. The primary concern was the lack of H2 margin acceleration. However, the overall investment case...

Acerinox: Nice Q226. The valuation is demanding though.

Earnings/Sales releases Acerinox's Q226 valuation appears demanding despite strong H1 results. The company reported an EBITDA of €271m, surpassing consensus by approximately €20m. This performance...

Carrefour: A mixed H1; hypermarket CMD could be the next catalyst

Earnings/Sales releases Carrefour reported a mixed H1 FY26 performance, with Q2 lfl sales beating expectations but recurring operating income modestly missing consensus. Management reiterated...

Leonteq AG: H1-26: Embracing Growth

Earnings/Sales releases H1-26 confirmed Leonteq’s profitability rebound, beating pre-tax consensus with a +10% fee income growth and a healthier revenue mix, validating that earnings troughed in...