Analysis: Stocks

Kuehne + Nagel: Volume growth in Air and mercurial backdrop lift profitability, 2026 target raised

Earnings/Sales releases K+N's Q2 revenues and EBIT saw good yoy growth. This growth stemmed from higher volumes in Air, and a modest increase in freight rates. Yields in Sea declined due to a weak...

Thales: Strong H1 beat reinforces our positive Thales stance

Earnings/Sales releases Thales delivered a high-quality first half, combining strong commercial momentum, better-than-expected profitability, and exceptional cash generation. Defence remains the core...

Sartorius Stedim Biotech: Equipment inflects, margins beat - but guidance optics cloud the print

Earnings/Sales releases Sartorius Stedim Biotech reported mixed Q2 26 numbers, with revenue below consensus but underlying EBITDA ahead . The miss is largely an accounting effect from customer...

Nestlé: Waters finds a partner while margins lose lift

Earnings/Sales releases Nestlé’s H1 results were mixed. Volume growth accelerated and was broad-based, but reported earnings were affected by portfolio-related charges. The Waters partnership...

Dassault Systèmes: Dassault's $1.8bn bet to stop the bleeding

Earnings/Sales releases Dassault Systèmes delivered a solid quarter, with mid-to high-single-digit growth across most core segments, while Life sciences remained structurally weak. To address this,...

TotalEnergies: Upstream and refining drive the beat, LNG lags

Significant news The quarter is driven by the rebound in upstream, on higher Brent, and by refining, on record European margins. This more than offsets a sharp pullback in Integrated LNG, hit by a...

Equinor: Equinor Q2: Price-Led Beat, Capital Return higher than expected

Earnings/Sales releases Equinor's second quarter lands broadly in line with consensus at the adjusted operating income level, but the real surprise is capital distribution, well above expectations on...

Aalberts: Semiconductors carry the print

Significant news Aalberts’ H1 2026 print is less of a broad recovery than a semicon-led rebound, but the growth is concentrated in one area: semicon organic growth surged +9.2%, with the...

Unicredit: Strong set of results ahead of the expected CBK's full consolidation

Earnings/Sales releases The group posted a good set of results when adjusted for non-recurring items, leading the management to upgrade its profit guidance further. This should translate into limited...

STMicroelectronics: STMicroelectronics: AI data centers and optical connectivity drive upgraded growth outlook

Earnings/Sales releases STMicroelectronics delivered a strong Q2 2026, with revenue exceeding guidance as demand accelerated across all end markets, supported by a book-to-bill ratio close to 2x and...

SFS Group: Electronics end market to drive FY26

Earnings/Sales releases SFS reported FY25 results, showing resilient Profitability despite a still challenging macro environment across several industrial and construction markets. While sales growth...

Eurazeo: Good quarter across the board for Eurazeo

Earnings/Sales releasesEurazeo reported another good quarter on the asset management side with good Fundraising, AUM growth, and an increase in management fees. The performance of balance sheet assets...

Stora Enso: Q2 profit miss triggers a sell-off, but it's an overreaction

Earnings/Sales releases Even though Stora’s profit missed street expectations, the results weren’t bad and were similar to Q1 – wherein Packaging remained reassuring. In fact, this time Pulp too...

Repsol: Repsol: Refining contributes to the Q2 oil shock

Earnings/Sales ReleasesRepsol's second quarter 2026 results came in above both comparable quarters, driven almost entirely by Industrial. The surge in Brent, a consequence of the Strait of Hormuz...

Moncler: Not bad, just uneven

Earnings/Sales releasesMoncler published H1 26 results, with Q2 top-line growth slightly ahead of consensus expectations, despite Q2 being structurally the group's weakest quarter. However, the...

RELX Group: H1 26: More proof that AI disruption remains a mirage for RELX

Earnings/Sales releasesRELX published good results again with strong performance at all levels except for the Exhibitions division, which was obviously impacted by travel disruptions in the Middle...

Mitchells & Butlers: Weaker Q3 sales, though guidance is maintained

Earnings/Sales releases M&B's Q3 trading update was softer than expected, with lfl sales flat yoy as food sales declined by 2.4% and drink sales grew by 2.6%. The quarter was affected by extreme heat,...

Gecina: Still resilient in a more and more challenging market

Earnings/Sales releases Book value contracted slightly on a like-for-like basis in the first half of 2026. Revenue growth is slowing. Gecina’s positioning in prime segments allows it to continue...

Centrica: HY26: Earnings beat, Infrastructure upgrade, Retail caution and FY27 outlook tempered

Earnings/sales releases Centrica delivered a better-than-expected HY, with AOP of £497m , driven by strong Infrastructure performance, partly reflecting higher effective tax rates on Spirit Energy...