Analysis: Stocks

Wacker Chemie: Wacker needs more than savings for a rerating

Earnings/sales releases Wacker delivered strong Q2 results, supported by both prices and volumes. Adjusted earnings surged due to support from cost savings – the primary driver, better fixed cost...

Veolia: HY26: Strong organic delivery, pricing, efficiencies, volumes and M&A all pulling their weight

Significant news Solid H1 with earnings in line: EBITDA up 5% y/y to €3,552m , a 70bps margin improvement, and current net income up 10.4%. For FY26, Veolia confirms organic EBITDA growth of +5-6%...

Arkema: A strong Q2 but limited visibility for H2

Earnings/Sales releases Arkema reported strong Q2 numbers, underpinned primarily by pricing. Coatings were the positive outlier in volumes. EBITDA improved due to a better mix, pricing, and...

Anheuser-Busch Inbev: Cash flow joins the momentum

Earnings/sales releases AB InBev delivered another solid quarter, combining positive beer volumes with strong revenue per hectolitre and double-digit underlying EPS growth. Latin America continued to...

Anglo American: Copper propelled strong H1, but all positives seem baked in

Earnings/Sales releases H1 results were strong for Anglo and were largely driven by copper. While tailwinds in copper were obvious , the way forward seems tricky – both in output and price terms....

Scor: Scor 2Q26 results: Resilience confirmed

Earnings/Sales releasesScor has released a strong set of results for 2Q26, with a robust underlying performance in Property & Casualty, further supported by low natural catastrophe losses, and a...

Erste Group: Fine-tuned guidance on stronger growth momentum

Earnings/Sales releases The second quarter results were slightly ahead of expectations, driven by stronger growth momentum. This led management to slightly upgrade its reported net profit guidance for...

Tecnicas Reunidas: Record Orders and an upgrade

Significant news The first half confirms Técnicas Reunidas' operational resilience despite tensions in the Middle East . Underlying profitability improves, driven by the return-to-positive EBIT in...

Société Générale: Q2: Record profits, upgraded guidance, bigger buyback

Earnings/Sales releasesSocGen delivered another strong Q2 26 beat, with a net income of €1.8bn and 12.2% ROTE. French Retail NII and fee momentum, plus relentless cost cuts, drove positive jaws,...

Renault: Solid H1 beat on revenue and margin, guidance confirmed amid pricing pressure

Earnings/Sales releases Renault's H1 2026 results surpassed consensus on revenue and operating margin, although profitability declined year-on-year due to significant pricing pressure. Net income fell...

KION Group: Automation strengthens as guidance becomes more attainable

Earnings/Sales releases KION delivered slightly better-than-expected Q2, with modest beats across order intake, revenue, and adjusted EBIT. Intelligent Automation Solutions was the clear driver,...

BAE Systems: BAE Systems H1 2026: Broad-based delivery lifts guidance

Earnings/Sales releases BAE Systems' H1 2026 results delivered growth across every segment, beating profitability and cash while lifting full-year guidance on all key metrics. Order intake remained...

British American Tobacco: H1 2026 in line with expectations

Earnings/Sales releases The H1 2026 results were supported by strong momentum in New categories, led by Modern Oral and the successful roll-out of Velo Plus in the United States, and a favourable...

Bucher Industries: 1H26: Challenging market conditions

Earnings/Sales releases We do not see any early signs of a recovery, and we believe the company's performance will continue to be weighed down by weakness across most of its end markets. In our view,...

ACS: ACS raises 2026 guidance

Earnings/sales releases ACS reported Q2 results broadly in line with expectations and raised guidance, helped again by Turner and the US data-centre cycle. H1 operational net profit rose 30% to...

Siltronic AG: Demand recovery gains momentum as AI strengthens wafer market outlook

Significant news Siltronic reported a solid Q2 2026, with improving wafer shipments reflecting a gradual recovery in semiconductor demand. Revenue increased 5% QoQ to EUR 322m, while the EBITDA margin...

Atos Group: Growth remains elusive

Earnings/Sales releases Atos delivered a disappointing first half. While investors expected growth to remain absent until the second half, the key setback is the prospect of another year of organic...

Verbund: H1 26: Weak hydro hits Verbund again, guidance trimmed

Earnings/Sales releases Another weak print from Verbund, with H1 26 EBITDA down 25% YoY to €1,061m versus cons. €1,153m. The miss reflects a very weak run-of-river hydro coefficient at 0.68, down...

Technip Energies: Backlog at €25bn, Project Delivery margin hit by Hormuz

Significant news Technip Energies closes a disappointing half. On Profitability, the Middle East conflict is hitting the Project Delivery margin head on, forcing management to cut its full year...