Analysis: Stocks

Bekaert: FY2025: Resilient results

Earnings/Sales releases 2025 was a difficult year for the company, significantly impacted by geopolitical factors. However, Bekaert has demonstrated its resilience. We continue to see an upside and...

Veolia: FY25: A transition year marked by portfolio evolution and active M&A

Earnings/Sales releasesSolid FY25 results fully in line with expectations, with a current NIGS of €1.6bn . Veolia confirmed its GreenUp 2027 roadmap. 2025 was an active portfolio reshaping year,...

Ocado Group PLC: Mixed H2 and FY25 results; FY26 technology guidance weighs on sentiment

Earnings/Sales releases Ocado Group’s H2 and FY25 results show a mixed picture. Revenue and EBITDA modestly beat expectations, but FY25 adjusted EPS of -44.6p lagged by approximately 20% due to...

KION Group: 2026 ambition tempered after margin reset

EARNINGS/SALES RELEASESThe FY25 results were broadly in line with consensus, confirming demand stabilisation and solid order momentum, particularly in Automation. Margins normalised as expected,...

Hikma Pharmaceuticals: Disappointing 2026 outlook and leadership turbulence rattle investors

Earnings/Sales releases Even though the H2 25 results were ahead of consensus, the 2026 outlook was below the street’s expectations. While Branded posted strong H2 growth, Injectables faced...

PUMA: Painful reset, clearer path forward

Earnings/Sales Releases Puma closed FY25 with a sharp Sales Decline and Operating Loss, as expected, reflecting decisive reset measures. Q4 confirmed continued top-line pressure but also showed...

Novonesis: Strong FY25 growth tempered by the Q4 miss

Earnings/Sales releasesNovonesis stumbled at the finish line — Q4 25 revenue and EBITDA missed consensus by 2.3% and 2.9% respectively, dragged down by weakness in the Planetary Health division....

London Stock Exchange Group: FY-25: Crushing Guidance and Defying AI Fears

Earnings/Sales releases LSEG's FY-25 results showed robust 7% organic revenue growth and a 50.3% Ebitda margin, exceeding guidance. Momentum in markets and improving subscription ASV supported the...

Clariant: A flat 2026 after a volume-led Q4 for Clariant

Earnings/Sales releases Clariant’s Q4 2025 sales growth was volume-led, with pricing broadly flat. Higher volumes and performance improvement initiatives drove a meaningful expansion in adj. EBITDA...

Rolls-Royce: Rolls-Royce gains altitude

Earnings/sales releases Rolls-Royce delivered a decisive beat and upgraded guidance, confirming a clear step-change in earnings power. LTSA repricing and durability improvements are structurally...

Munich RE: 4Q25: Strong capital returns offset challenging January renewals

Earnings/Sales Releases Munich RE’s 4Q25 results were broadly in line with expectations. The decline in the operating result in the quarter was largely anticipated, driven by management’s decision...

Sulzer: Strong FY25 results, positive outlook

Earnings/sales releases Order intake was again delayed in Flow and Chemtech. However, Services delivered solid Growth and margin improvement. The 2026 order intake guidance remains conservative due to...

Elecnor: Strong FY25 Delivery; Re-Rating Largely Captured

Earnings/Sales Releases Elecnor reported a strong Q4, exceeding market expectations at both revenue and Ebitda levels, while FY25 reflected a solid recovery in profitability and cash generation....

Technip Energies: Execution at Record Levels, Visibility Softens

Earnings/Sales releases In FY 2025, Technip Energies delivered good operational growth, with revenue of €7.2bn and recurring EBITDA of €638m , primarily driven by strong momentum in Project...

Emmi: Emmi strengthens premium positioning as profitability improves in FY 25

EARNINGS/SALES RELEASESEmmi reported strong results, achieving a 7.1% EBIT margin, meeting expectations. The group is adopting a more selective strategy by reducing M&A activity. Management is...

Wpp: Uncertain recovery path

Earnings/Sales releases Q4 2025 was another challenging quarter, with a significant decrease in organic net revenue across the group. In this context, WPP unveiled its Elevate28 plan, combining £500m...

Sbm Offshore: EPC Ramp Up Drives 2026 Revenue Acceleration

Earnings/Sales Releases SBM Offshore reports a softer 2025, with revenue of US$5.1bn and Directional EBITDA of US$1.7bn , mainly impacted by asset rotation and lower progress on certain Turnkey...

Casino: No major surprises in Q4; investors await restructuring outcome in Q2

Earnings/Sales releasesGroupe Casino reported Q4 FY25 LFL sales growth of +0.5%, broadly in line with FY trends. Trading remains uneven, with continued softness at Monoprix and Franprix offset by...

UCB: H2 beat; 2026 outlook healthy; but valuation remains red-hot

Earnings/sales releases The H2 25 results exceeded the consensus, and the 2026 Guidance was better than the consensus estimates at AER. The H2 performance was driven by UCB's five key drugs, and the...