Equity Analysis

Symrise: Q1 lifts the floor, guidance intact

Earnings/Sales ReleasesSymrise reported a stronger-than-expected Q1 2026, with organic sales declining by only 0.4% versus management's own pre-close assumption of a low-single-digit decline. Reported...

Sandoz: Remarkable biosimilar performance runs the show

Earnings/Sales releasesQ1 sales met expectations, backed by impressive Biosimilars growth, which more than compensated for the decline in Generics. The management maintained its full-year guidance....

Adidas: Strong start, cautious tone persists

Earnings/Sales releasesAdidas delivered a stronger-than-expected Q1, beating expectations on both top-line and profitability, with broad-based growth and strong acceleration in apparel. footwear...

Siltronic AG: Strengthening AI-driven wafer demand recovery

Earnings/sales releasesSiltronic AG delivered Q1 results with revenue declining to €307 million, EBITDA margin compressing to 21.2%, and EBIT falling to -€52 million. Despite these soft headline...

Amundi: Q1: Strengthening momentum

Earnings/Sales Releases Amundi delivered a robust Q1-26 beat, with adjusted net income rising 15% yoy to €350m. Outperformance was driven by record €32bn net inflows, well above the €12.8bn...

Haleon: Q1 performance met expectations; full-year outlook reaffirmed

Earnings/Sales releasesHaleon's Q1 organic sales met expectations, driven by growth in oral health, therapeutic skin health, and VMS, though partially offset by weaknesses in respiratory health,...

TotalEnergies: Resilience tested by the Middle East conflict, shareholder returns strengthened.

Earnings/Sales releases TotalEnergies delivered a resilient Q1 2026 despite the Middle East conflict erupting on February 28. Organic production grew +4% YoY, outpacing the 3% annual guidance and...

NXP: NXP shows its class

Earnings/Sales releasesNXP Semiconductors posted strong Q1 2026 results, driven by automotive and industrial growth, expanding margins, and rising data centre exposure. Improved guidance and solid...

Santander: Confirmed guidance again

Earnings/Sales releases Once again, the group posted a good set of results fully in line with expectations. This enabled the management to reiterate its short and, above all, long-term Guidance based...

Epiroc: Q126: the impressive order-intake supports our opinion

Earnings/Sales releases The group reported results slightly below expectations, primarily due to strong currency headwinds. However, the positive news is the robust margins and, notably, the...

Skandinaviska Enskilda Bank: Q1: Cost Efficiency Mitigates Revenue Miss

Earnings/Sales releasesSeb's Q1 2026 results saw total income miss consensus as geopolitical volatility pressured trading and fee income. Despite this, PBT met forecasts thanks to disciplined cost...

Starbucks valuation hits all-time high

It's good news for the Seattle-based coffee chain, which has returned to strong growth in Q1, driven by price hikes that have been surprisingly well absorbed across its US coffee shops.

Puig Brand SA: Growth led by Asia, anchored by Fragrance

Earnings/Sales Releases Puig delivered a solid start to FY26, with Q1 sales beating expectations and confirming the momentum seen in Q4 25. Growth was driven by resilient fragrance and strong makeup,...

AstraZeneca: Desirable start to 2026, but most strengths are already priced in

Earnings/Sales releases The Q1 26 results were somewhat ahead of the street's expectations, backed by a strong showing from oncology and rare disease products, and decent growth for R&I, which was to...

Sopra Steria Group: When organic growth joins the table !

Earnings/Sales releases Sopra Steria delivered a first quarter that surprised the consensus. Growth in key verticals, particularly aerospace and defense, significantly boosted overall performance,...

Adidas succeeds where Nike fails

Adidas has enjoyed an excellent start to the year, reporting its Q1 results this morning.

DWS: On track to achieve targets.

Significant news Despite the challenging macro environment amid the conflict between Iran and the United States, and the resulting outflows in the US, DWS's product mix and market exposure...

Bic: Q1 beat led by stationery; all eyes on September's turnaround plan

Earnings/Sales releasesBic’s Q1 results delivered a resilient organic beat, outperforming consensus by 150bp. Growth was anchored by a standout performance in Stationery , particularly in North...

Fortum: Q1 26: Strong optimisation premium create the surprise on achieved prices

Earnings/Sales releases Results were ahead of expectations on generation, driven mainly by stronger hydro, while nuclear volumes were slightly weaker due to issues at Oskarshamn 3. The main positive...