European Pre-Market Summary 22nd October 2026: European bourses set for a weak open; SAP, Nokia, Nestle report strong results, whilst Hermes disappoints

Earnings: SAP (SAP GY), +1.4%: Co. reported a beat on its Q3'26 Revenue metric, with Adj. Op. Profit also a touch above the consensus. Co. lifted its FY cloud revenue outlook to the upper end of its existing range. In the earnings call, management said AI was the main driver of customers' cloud migration in Q3. Nokia (NOKIA FH): Co. reported a beat on its Q3'26 Revenue and Adj. Op Profit amidst strong AI related sales. The Co. also maintained its FY outlook. Roche (ROP SW): Co. reported a beat on its Q3'26 Sales metric and reaffirmed its FY26 outlook. Strong results were backed by solid demand across its pharma and diagnostics units, and as currency-related headwinds subsided. Nestle (NESN SW), +1.8%: Co. reported a beat on its Q3'26 Sales and Organic Growth figures, whilst also reaffirming its FY26 guidance. Co. also announced it had deconsolidated its Russian business. Barclays (BARC LN), -0.8%: Reported Q3'26 results, whereby Revenue rose from the prior, whilst Adj. PBT was a touch short of expectations. The Co. announced a share buyback worth GBP 500mln and says that the Co. is on track to achieve its 2026 and 2028 targets. Hermes (RMS FP), -2%: Reported +4% growth in Q3'26. Co. confirms its ambitious goal for revenue growth at constant exchange rates, despite the economic, geopolitical and monetary uncertainties around the world. Puig (PUIG SM) - Q3 2026 (EUR): Revenue 1.39bln (prev. 1.30bln Y/Y), +5.6% LFL. BE Semiconductor (BESI NA), +3.2% - Q3 2026 (EUR): Revenue 283.4mln (prev. 132.7mln Y/Y), orders 342.6mln (prev. 174.7mln Y/Y). Announces initiation of EUR 100mln share buyback programme. Broker Moves: Commerzbank (CBK GY) downgraded to Equal Weight from Overweight at Barclays