Additional European Equity News - 28th October 2026

Aena (AENA SM) - 9M 2026 (EUR): Revenue 5.28bln, +10.4% Y/Y; EBITDA 3.08bln, +6.8% Y/Y; Net Income 1.77bln, +12.4% Y/Y. (Aena) Endesa (ELE SM) - 9M 2026 (EUR): Pretax Profit 2.66bln (prev. 2.31bln Y/Y), EBIT 2.85bln (prev. 2.55bln Y/Y). (Endesa) Fortum (FORTUM FH) - Q3 2026 (EUR): Sales 1.11bln (exp. 1.03bln), Adj. EBIT 102mln (exp. 126.7mln), Adj. EBITDA 182mln (exp. 202mln). Guides FY26 nuclear generation volumes c. 23.0 TWh (prev. guided 23-23.5 TWh). (Fortum) GSK (GSK LN) - Q3 2026 (GBP): Core Operating Profit 3.08bln (exp. 2.93bln), Revenue 8.89bln (exp. 8.84bln), core EPS 54.6p (exp. 50.4p). Specialty Medicines sales +15%, HIV sales +10%, Respiratory, Immunology & Inflammation +21%, Oncology +23%. Vaccines sales -2%, Shingrix -5%, Meningitis vaccines +12%, Arexvy -24%. Reaffirms FY26 outlook and on track for 2031 sales outlook of over GBP 40bln. (GSK) Intertek (ITRK LN) - Q3 Trading Statement (GBP): Revenue 941.8mln (prev. 871mln Y/Y), LFL Revenue 929.7mln (prev. 865.1mln Y/Y). Expects strong financial performance in 2026, with mid-single digit LFL revenue growth at constant currency, continuous margin progression, strong earnings growth and a strong free cash flow. Acquisition by EQT expected by Q4'26-Q1'27. (Intertek) Redeia (RED SM) - 9M 2026 (EUR): Revenue 1.31bln (prev. 1.22bln Y/Y), EBITDA 1.00bln (prev. 0.95bln Y/Y). (Redeia) Rio Tinto (RIO LN) - Co. is reportedly considering a new executive incentive scheme that could increase CEO Simon Trott's variable remuneration by 56%, according to Bloomberg citing sources. (Bloomberg) Stellantis (STLAM IM/STLAP FP) - Q3 2026 (EUR): Revenue 37.6bln (exp. 36.2bln), Adj. EBIT 300mln (exp. 211.5mln), Adj. Operating Income 256mln (exp. 211mln). Reaffirms its FY26 guidance. Says its turnaround plan is progressing, with the Value Creation Programme delivering positive contributions in Q3. Expects cost savings in the mid-hundreds of millions of euros in Q4, double the amount realised in Q3, and remains on track to implement at least 40% of its targeted EUR 6bln in annualised run-rate efficiencies by end-2026. Expects savings to continue accelerating. (Stellantis) UPM (UPM FH) - Q3 2026 (EUR): Sales 2.2bln (exp. 2.33bln), Adj. EBITDA 267mln (exp. 343.5mln), Adj. EBIT 131mln (exp. 210.1mln). Expects H2 2026 delivery volumes to decline H/H, partially offset by moderately higher sales prices, while variable costs, maintenance activity and costs associated with the UPM Leuna production ramp-up are expected to increase. On a Y/Y basis, H2 performance is expected to benefit from higher sales prices, although the positive impact from forest asset fair value changes will be significantly smaller than in H2 2025. (UPM) UniCredit (UCG IM) - Co. Chairman Padoan is to step down at the end of his term. (UniCredit) Unilever (ULVR LN) - Q3 Trading Statement (EUR): Underlying Sales 13.3bln, +6.7% Y/Y. USG by Segment: Beauty & Wellbeing +9.5%, Personal Care +9.7%, Home Care +7.5%, Foods flat. Raises FY26 underlying volume growth guidance to at least 3% and now expects H2 underlying sales growth of c. 5%. Reaffirms FY26 underlying sales growth guidance of 4-6% and expects a modest improvement in underlying operating margin (FY25: 20.0%). (Unilever) Valmet (VALMT FH) - Q3 2026 (EUR): Sales 1.36bln (exp. 1.33bln), Orders 1.41bln (prev. 1.08bln Y/Y), Adj. EBITA 169mln (prev. 159mln Y/Y). Reiterates FY26 guidance. (Valmet) Vodafone (VOD LN) - Chief External and Corporate Affairs Officer Reiter is to step down. (Vodafone) Inficon (IFCN SW) upgraded to Reduce from Sell at AlphaValue SOBI (SOBI SS) upgraded to Buy from Hold at Pareto Wartsila (WRT1V FH) downgraded to Hold from Buy at SEB