Equity Analysis

Veolia: Q1 '26: Resilient revenues amid complex geopolitical backdrop

Earnings/Sales releases Veolia reported revenue slightly below expectations at €11.43bn versus €11.49bn, while earnings were fully in line. EBITDA rose 5.1% at constant scope and FX to €1,766m,...

Arkema: Key upstream solutions defend broader softness

Earnings/Sales releases Q1 2026 sales were broadly in line with expectations, supported by March pre-buying amid otherwise soft demand. Specialty Materials volume growth offset weakness in Primary...

D/s Norden: Tankers strength and vessel gains

Earnings/Sales releases The Q1 2026 results highlight a strong divergence in performance between Tankers, which delivered solid earnings driven by elevated rates, and Dry cargo, which was impacted by...

Diageo: Europe and emerging markets deliver, NAM still the drag

Earnings/sales releases Diageo posted Q3 organic net sales growth of +0.3%, well ahead of the -2.3% consensus, driven by strong performances in Europe, LAC, and Africa. However, the beat is partly...

Zalando: Execution solid, pressure remains

Earnings/Sales releases Zalando delivered a reassuring Q1, with adjusted EBIT ahead of expectations despite a slightly softer top line. B2B profitability was the clear bright spot, while B2C margins...

Ferrari: Solid Q1, FY26 guidance confirmed, strong buy and hold recommendation reiterated

Earnings/Sales releases Ferrari reported a strong Q1, effectively managing geopolitical instability through flexible geographic allocation. Performance was bolstered by a strong price mix effect,...

Warehouse Automation: Growth Is Structural, but Not Equal

Significant news Warehouse automation offers strong structural growth, driven by e-commerce, labour shortages and supply chain regionalization. However, value creation is uneven across products and...

RATIONAL: Growth holds firm, margins face headwinds

Earnings/Sales releases Rational delivered a solid Q1, with revenues ahead of expectations driven by strong demand in North America and Europe, while iVario continued to outperform. Profitability...

Demant: Q1 sales beat and strong confidence in 2026 outlook are noteworthy

Earnings/Sales releasesDemant began 2026 positively, with sales exceeding the company-compiled consensus. Growth was observed across all segments. Notably, the strong demand for the newly launched...

Novo Nordisk: The tide has begun to turn

Earnings/Sales releases After a series of downgrades in 2025, Novo Nordisk eventually upgraded its 2026 guidance, backed by the massive uptake of the oral obesity drug. Nonetheless, the Q1 sales and...

Infineon: Q2 26: AI-led supercycle drives margin expansion and structural growth

Earnings/Sales releases Infineon Technologies is entering a cyclical upswing supported by structural growth drivers, most notably artificial intelligence , power infrastructure, and software-defined...

Equinor: Record production, but we expected more

Earnings/Sales releases Equinor delivered a good Q1 2026 on production at 2,313 kboe/d and adjusted operating income jumping 58% QoQ to $9.77bn, supported by higher liquids and US gas prices....

Vestas Wind Systems: Encouraging start and another buyback; confirmed 2026 targets limit additional upside

Earnings/Sales releases Vestas reported a beat across the board in Q1, except for orders. Orders rose yoy with strong demand in Offshore in EMEA. Offshore also supported revenue growth in this quarter...

DSM-Firmenich: Volumes deliver, margin to follow

Earnings/Sales releases DSM-Firmenich commenced the year strongly, with like-for-like growth driven entirely by volume and a notable outperformance in Perfumery & Beauty. Margins were constrained by...

Fresenius: Q1 miss; guidance hold provides a floor

Earnings/Sales releases Fresenius delivered a weak Q1, missing revenue and EBIT expectations by up to 3.2% on AV estimates. biopharma momentum and Helios margin remain bright spots, but with organic...

J D Wetherspoon: Improved LFL momentum in Q3, but persistent cost pressures temper outlook

Earnings/Sales releases JD Wetherspoon's Q3 trading was slightly ahead of expectations, with momentum improving in the latter half. While market outperformance is likely to continue, rising industry...

AXA: 1Q26 Activity indicators: Resilient top line amid market softening in commercial lines

Earnings/Sales releases AXA's 1Q26 activity indicators proved broadly resilient, with Property & Casualty holding up well amid market softening in commercial lines and reinsurance — particularly at...

Koninklijke Philips NV: Q1 outperformance well received by markets

Earnings/Sales releases Philips reported a stronger-than-expected Q1 performance, with comparable sales growth driven by robust results in Personal Health and healthy contributions from Connected Care...

Logitech continues to surprise

Operating in a challenging and extremely competitive sector, coupled with dominance from low-cost Asian manufacturers, the Swiss-listed, California-based computer peripherals specialist has long stood...