Additional European Equity News

Aeroports de Paris (ADP FP) - H1 2026 (EUR): Net Income 312mln (prev. 97mln Y/Y), EBITDA 1.02bln (exp. 0.97bln), Revenue 3.22bln (exp. 3.1bln), cuts FY26 traffic growth to around 0.5%. (Aeroports de Paris)Air France-KLM (AF FP) - Q2 2026 (EUR): Revenue 9.277bln (prev. 8.443bln Y/Y), Adj. Operating Profit 484mln (prev. 735mln Y/Y), Net Income 190mln (prev. 649mln Y/Y), Operating Profit 455mln (prev. 1.079bln Y/Y). Operating margin 5.2% (prev. 8.7% Y/Y). FY2026 guidance: capacity +2% to +3% (revised from +2% to +4%), unit cost guidance unchanged at 0% to +2%, net capex below 3.0bln, leverage ratio 1.5x-2.0x unchanged, expected fuel bill reduced to 8.9bln. (Air France-KLM)Anglo American (AAL LN) - H1 2026 (USD): Revenue 9.926bln (prev. 8.954bln Y/Y), Underlying EBITDA 4.002bln (prev. 2.955bln Y/Y), Attributable Free Cash Flow 803mln (prev. 322mln Y/Y), Basic Underlying EPS 0.77 (prev. 0.32 Y/Y), Net Debt 8.2bln (prev. 8.6bln Y/Y), Interim Dividend/share 0.23 (prev. 0.07 Y/Y). EBITDA margin 38% (prev. 32% Y/Y), Attributable ROCE 15% (prev. 9% Y/Y). Agreed sale of Steelmaking Coal for up to 3.875bln cash, De Beers sale progressing, integration planning for Teck merger well advanced. (Anglo American)Avolta (AVOL SW) - H1 2026 (CHF): Core revenue 6.32bln (prev. 6.50bln Y/Y), Core EBITDA 583mln (prev. 612mln Y/Y), reaffirms its FY26 guidance. (Avolta)BAE Systems (BA/ LN) - H1 2026 (GBP): Sales 15.772bln (prev. 14.621bln Y/Y), Underlying EBIT 1.701bln (prev. 1.550bln Y/Y), Underlying EPS 38.9p (prev. 34.7p Y/Y), Free Cash Flow 1.791bln (prev. -368mln Y/Y), Order Intake 16.4bln (prev. 13.2bln Y/Y), Revenue 14.615bln (prev. 13.571bln Y/Y), Operating Profit 1.504bln (prev. 1.327bln Y/Y), Basic EPS 34.1p (prev. 32.3p Y/Y), Net Cash Flow from Operating Activities 2.243bln (prev. 74mln Y/Y), Order Backlog 84.0bln (prev. 83.6bln Y/Y), Dividend/share 15.0p (prev. 13.5p Y/Y). Return on sales 10.8% (prev. 10.6% Y/Y). FY2026 guidance raised: sales growth 8-10%, Underlying EBIT growth 10-12%, Underlying EPS growth 11-13%, free cash flow above 2.0bln and 2024-2026 cumulative free cash flow above 6.7bln. (BAE Systems)British American Tobacco (BATS LN) - H1 2026 (GBP): Revenue 12.235bln (prev. 12.065bln Y/Y, Net Cash Generated from Operating Activities 3.402bln (prev. 2.310bln Y/Y), Free Cash Pre-dividend 2.285bln (prev. 1.234bln Y/Y), Adjusted Net Debt 31.969bln (prev. 30.131bln Y/Y). Adj. operating margin 43.7% (prev. 43.4% Y/Y, +30bps), New Categories contribution margin 13.3% (prev. 10.0% Y/Y, +330bps), Smokeless products 19.8% of Group revenue. FY2026 guidance confirmed: revenue growth 3-5%, Adj. profit from operations growth 4-6%, Adj. diluted EPS towards the middle of the 5-8% range, £1.3bln share buyback on track. (British American Tobacco)Bayer (BAYN GY) - Co. submits application for next indication of Kerendia in China (Bayer)Bucher Industries (BUCN SW) - H1 2026 (CHF): Revenue 1.47bln (exp. 1.50bln, prev. 1.54bln Y/Y), Order Intake 1.24bln (prev. 1.29bln Y/Y), EBIT 105mln (prev. 178mln Y/Y). For FY26, the Co. expects slightly lower sales on a comparable basis and the operating profit margin is expected to be below the prior-year level. (Bucher Industries)Casino (CO FP) - H1 2026 (EUR): Revenue 3.967bln (prev. 4.077bln Y/Y), Adj. EBITDA 326mln (prev. 286mln Y/Y), Adj. EBITDA after Lease Payments 109mln (prev. 55mln Y/Y), Trading Profit 49mln (prev. -11mln Y/Y), Net Loss -205mln (prev. -225mln Y/Y), Free Cash Flow before Financial Expenses -30mln (prev. -53mln Y/Y), Net Debt 1.690bln (prev. 1.493bln Y/Y), Liquidity 713mln (prev. 1.002bln Y/Y). Adj. EBITDA margin 8.2% (prev. 7.0% Y/Y, +119bps). FY2026 objective confirmed: break-even free cash flow before financial expenses, financial restructuring targeted for completion by end-2026. (Casino)Clariant (CLN SW) - Co. says a Dutch court has dismissed a damage claim brought by Shell (SHEL LN). The ruling confirms Clariant's position that Shell suffered no harm attributable to Clariant's conduct.(Clariant)Drax Group (DRX LN) - H1 2026 (GBP): Adj. EBITDA 279mln (prev. 460mln Y/Y), Operating Profit 265mln (prev. 301mln Y/Y), Profit Before Tax 222mln (prev. 281mln Y/Y), Adj. Basic EPS 29.8p (prev. 65.6p Y/Y), Cash Generated from Operations 79mln (prev. 378mln Y/Y), Net Debt 1.025bln (prev. 1.062bln Y/Y), Dividend/share 12.9p (prev. 11.6p Y/Y), Capital Investment 85mln (prev. 59mln Y/Y). Net debt/Adj. EBITDA 1.3x. FY2026 Adj. EBITDA expected in line with consensus of 665mln, FY dividend expected at 32.2p, and 2029 Adj. EBITDA target confirmed at 650-800mln. (Drax Group)Erste Group (ABS AV) – H1 2026 (EUR): NII 5.4bln (prev. 3.8bln), Net 1.9bln (prev. 1.6bln), EPS 4.63 (prev. 3.93). Guidance: FY26 outlook raised, ex-Poland. (Erste)FinecoBank (FBK IM) - H1 2026 (EUR): Net Financial Income 339.4mln (prev. 315.0mln Y/Y), Net Non Financial Income 375.1mln (prev. 330.4mln Y/Y), Revenues 713.8mln (prev. 644.4mln Y/Y), Operating Profit 521.0mln (prev. 471.2mln Y/Y), Profit Before Taxes from Continuing Operations 508.4mln (prev. 459.9mln Y/Y), Net Profit from Continuing Operations 343.3mln (prev. 317.8mln Y/Y), Profit for the Period 340.4mln (prev. 317.8mln Y/Y). Operating costs 192.8mln (prev. 173.1mln Y/Y). (FinecoBank)Foxtons (FOXT LN) - H1 2026 (GBP): Revenue 83.7mln (prev. 86.1mln Y/Y), Adj. EBITDA 10.4mln (prev. 13.9mln Y/Y), Adj. Operating Profit 8.9mln (prev. 12.5mln Y/Y), Profit Before Tax 4.4mln (prev. 10.2mln Y/Y), Adj. Basic EPS 1.8p (prev. 2.8p Y/Y), Basic EPS 1.0p (prev. 2.5p Y/Y), Net Free Cash Flow 1.4mln (prev. 3.6mln Y/Y), Net Debt 28.4mln (prev. 18.2mln Y/Y), Interim Dividend/share 0.24p (prev. 0.24p Y/Y). Adj. Operating Profit margin 10.6% (prev. 14.6% Y/Y), Adj. EBITDA margin 12.5% (prev. 16.1% Y/Y). FY2026 Adj. Operating Profit guidance reiterated at 17-19mln with H2-weighted performance expected. (Foxtons)Haleon (HLN LN) - H1 2026 (GBP): Revenue 5.60bln, +2.2% Y/Y; Operating Profit 1.17bln, -2.6% Y/Y. Affirms FY26 outlook. (Haleon)Iveco Group (IVG IM) - Q2 2026 (EUR): Revenue 3.764bln (prev. 3.507bln Y/Y), Industrial Activities Revenue 3.696bln (prev. 3.426bln Y/Y), Adj. EBIT 131mln (prev. 171mln Y/Y), Industrial Activities Adj. EBIT margin 2.8% (prev. 4.2% Y/Y), Adjusted ETR 25%. Tata Motors tender offer expected to launch in early September 2026 with closing envisaged by early November 2026. (Iveco Group)Kion Group (KGX GY) - H1 2026 (EUR): Revenue 5.69bln (prev. 5.50bln Y/Y), Adj. EBIT 429.6mln (prev. 385mln Y/Y), Order Intake 5.79bln (prev. 6.21bln Y/Y). (Kion)Informa (INF LN) - H1 2026 (GBP): Revenue 2.06bln (prev. 2.04bln Y/Y), Adj. operating profit 548mln (prev. 579mln Y/Y), reaffirms FY26 guidance. (Informa)Lloyds (LLOY LN) - H1 2026 (GBP): Underlying NII 7.28bln (prev. 6.66bln Y/Y), Net Income 9.75bln (prev. 8.91bln Y/Y). Q2: Statutory Pretax Profit 2.27bln (exp. 2.09bln), Underlying NII 3.71bln (prev. 3.36bln Y/Y). Reaffirms its FY26 guidance. On track for GBP 2bln of strategic initiative income by the end of 2026. (Lloyds)LSEG (LSEG LN) - H1 2026 (GBP): Total Income 4.80bln (exp. 4.84bln), Adj. EBITDA 2.53bln (exp. 2.49bln), raises its FY26 EBITDA margin guidance to around 100bps (prev. guided 80-100bps). (LSEG)Magnum Ice Cream (MICC NA) - H1 2026 (EUR): Revenue 4.69bln (exp. 4.59bln), Adj. EBIT 716mln (prev. 666mln Y/Y), expects Organic Sales Growth for 2026 to be between 3-5% and an Adj.EBITDA margin improvement of 40-60bps. (Magnum Ice Cream)Mondi (MNDI LN) - H1 (EUR) Revenue 3.98bln (prev. 3.91bln), underlying EBITDA 379mln (prev. 564mln); dividend 9.4/shr (prev. 23.3/shr). Notes margin pressure from higher input costs and lower average selling prices, partially offset by higher sales volumes and pricing actions MTU Aero Engines (MTX GY) - Q2 (EUR): adj. EBIT 372mln (exp. 355.6mln), net income 273mln, MRO revenue 1.75bln (exp. 1.48bln); sees FY adj. EBIT 1.35-1.45bln (exp. 1.42bln), sees FY adj. Rev 9.2-9.7bln, raises FY  FCF outlook (MTU Aero)Nemetschek (NEW GY) Q2 2026 (EUR): Revenue 327mln (prev. 290mln), EBITDA 99mln (prev. 88mln), EBIT 79mln (prev. 71mln), Ne 66mln (prev. 52mln). Outlook: FY26 guidance maintained and expanded to acknowledge the acquisition of HCSS. (EQS)Outokumpu (OUT1V FH) - Q2 2026 (EUR): Revenue 1.58bln (exp. 1.63bln), Adj. EBITDA 100mln (exp. 121mln). (Outokumpu)Prysmian (PRY IM) - H1 2026 (EUR): Revenue 11.239bln (prev. 9.654bln Y/Y), Adj. EBITDA 1.331bln (prev. 1.132bln Y/Y), EBITDA 1.276bln (prev. 1.134bln Y/Y), Net Profit 584mln (prev. 435mln Y/Y), Net Profit attributable to Group Shareholders 569mln (prev. 424mln Y/Y), Free Cash Flow LTM 978mln (prev. 979mln Y/Y), Net Financial Debt 4.079bln (prev. 4.694bln Y/Y). Adj. EBITDA margin 14.8% (prev. 13.8% Y/Y). FY2026 guidance raised: Adj. EBITDA 2.8-2.9bln (prev. 2.625-2.775bln), Free Cash Flow 1.65-1.75bln (prev. 1.3-1.4bln). (Prysmian)Rolls-Royce (RR/ LN) - H1 2026 (GBP): Adj. pretax profit 2.5bln (exp. 1.7bln), adj. op. profit 2.53bln (exp. 1.7bln), adj. revenue 11.5bln (exp. 10.2bln); sees FY adj. op. profit of 4.7-4.9bln, FCF seen at 3.8-4.0bln; notes further confidence in mid-term guidance; completed 1.4bln of the planned 2.5bn share buyback for 2026, issues 6p dividend. (Rolls-Royce)Schroders (SDR LN) - H1 2026 (GBP): AUM 867.8bln (prev. 776.6bln Y/Y), Statutory Net Operating Income 1.46bln (prev. 1.21bln Y/Y), raises dividend to 7p/shr from 6.5p/shr. (Schroders)SCOR (SCR FP) - H1 2026 (EUR): Net Income 397mln, Adj. Net Income 409mln. Group Economic Value 9.0bln (prev. 8.5bln Y/Y). (SCOR)Segro (SGRO LN) - H1 2026 (GBP): AUM 21.74bln (prev. 22bln Y/Y), Adj. Profit after tax 268mln (prev. 252mln Y/Y), LFL Net Rental Income +5.3% (prev. +7.8% Y/Y). (Segro)Shell (SHEL LN) - Q2 2026 (USD): Adj. EPS 1.76 (exp. 1.55), Adj. EBITDA 20.7bln (exp. 18.8bln), re-starts previously suspended USD 3.0bln share buyback. Adjusted EBITDA 20.710bln (prev. 13.313bln Y/Y)  Net Income 10.821bln (prev. 3.601bln Y/Y)  Operating Cash Flow 21.432bln (prev. 11.937bln Y/Y)  Free Cash Flow 17.524bln (prev. 6.531bln Y/Y)  Basic EPS 1.94 (prev. 0.61 Y/Y)  Adj. EPS 1.76 (prev. 0.72 Y/Y)  Net Debt 41.754bln (prev. 43.216bln Y/Y)  Dividend/share 0.3906 (prev. 0.3580 Y/Y)  Gearing 18.7% (prev. 19.1% Y/Y). (Shell)Stellantis (STLAM IM/STLAP FP) - H1 2026 (EUR): Net 670mln (exp. 555mln). Q2: Net 293mln (prev. -1.87bln), adj. Operating 773mln (exp. 914mln), Industrial FCF 1bln (prev. 1bln). Confirms FY26 guidance. H2 performance likely to be skewed towards Q4, given the Q3 summer production slowdown. Breakdown: Net Revenue: Q2 improvement was driven mainly by North America +13% Y/Y for Net revenue, South Africa +6%, Enlarged-Europe U/C, APAC slightly softer.  Sales, vs Q2 2025: North America +6%, Enlarged Europe +3%, South America -2%, APAC -29%. (Globenewswire)Syensqo (SYENS BB) - Q2 2026 (EUR): Revenue 1.55bln (exp. 1.49bln), Underlying EBITDA 311mln (exp. 288mln), updates its FY26 underlying EBITDA guidance to "at least" 1.1bln (prev. guided "approximately" 1.1bln). (Syensqo)Symrise (SY1 GY) - H1 2026 (EUR): Sales 2.539bln, Adj. EBITDA 553mln, Adj. Business Free Cash Flow 347mln. Adj. EBITDA margin 21.8%, Adj. Business Free Cash Flow margin 13.7%. FY2026 guidance reaffirmed: organic sales growth 2-4%, Adj. EBITDA margin 21.5-22.5%, Adj. Business Free Cash Flow margin above 14%. (Symrise)Telecom Italia (TIT IM) H1 2026 (EUR): Revenue 6.83bln (prev. 6.6bln), EBITDA 1.92bln (prev. 1.99bln), EBIT 469mln (prev. 529mln). Cloud unit revenue 1.7bln, +5.6% Y/Y. Outlook: FY guidance confirmed. (TIM) Vallourec (VK FP) - Q2 2026 (EUR): Revenue 886mln (exp. 884.8mln, prev. 863mln Y/Y), EBITDA 190mln (prev. 187mln Y/Y). (Vallourec)VERBUND (VER AV) - H1 2026 (EUR): Revenue 3.594bln (prev. 4.036bln Y/Y), EBITDA 1.062bln (prev. 1.413bln Y/Y), Operating Result 714.0mln (prev. 1.113bln Y/Y), Group Result 518.1mln (prev. 802.7mln Y/Y), Adj. Group Result 537.8mln (prev. 783.9mln Y/Y), EPS 1.49 (prev. 2.31 Y/Y), Cash Flow from Operating Activities 875.2mln (prev. 1.338bln Y/Y), Free Cash Flow before Dividends 218.9mln (prev. 769.5mln Y/Y), Free Cash Flow after Dividends -1.077bln (prev. -559.9mln Y/Y). EBIT margin 19.9% (prev. 27.6% Y/Y), EBITDA margin 29.5% (prev. 35.0% Y/Y), Gearing 36.2% (prev. 23.2% Y/Y). FY2026 guidance cut: EBITDA 2.1-2.4bln, reported Group Result 1.0-1.15bln, Adj. Group Result 1.05-1.20bln. (VERBUND)Rentokil Initial (RTO LN) - H1 2026 (GBP): Revenue 3.59bln (prev. 3.36bln Y/Y), EBITDA 745mln (prev. 686mln Y/Y), Operating Profit 556mln (prev. 511mln Y/Y), affirms FY26 guidance. (Rentokil Initial)Subsea 7 (SUBC NO) - Q2 2026 (USD): Revenue 1.93bln (exp. 1.91bln), guides FY26 revenue outlook between 7.4-7.8bln (exp. 7.67bln). (Subsea 7)Unibail-Rodamco-Westfield (URW FP) - H1 2026 (EUR): Net Rental Income 1.151bln (prev. 1.175bln Y/Y), EBITDA 1.161bln (prev. 1.183bln Y/Y), Recurring Net Result 735mln (prev. 772mln Y/Y), IFRS Net Result 1.009bln (prev. 698mln Y/Y), AREPS 4.84 (prev. 5.11 Y/Y), EPRA NRV/share 146.80 (prev. 143.80 Y/Y), Portfolio Value 49.514bln (prev. 48.923bln Y/Y), IFRS Net Debt 20.1bln (prev. 20.3bln Y/Y). IFRS LTV 41.9% (prev. 42.8% Y/Y), Shopping Centre vacancy 4.1% (prev. 4.9% Y/Y). FY2026 AREPS guidance reaffirmed at 9.15-9.30 and €5.50/share distribution guidance confirmed. (Unibail-Rodamco-Westfield)