European Equity Summary - 5th August 2026: earnings in focus, though stocks ex-energy are supported by the geopolitical developments

Q2 Deutsche Post (DHL GY), +1%: Metrics higher Y/Y. Increased buyback to EUR 6.5bln (prev. 0.5bln), extended through 2027. Raises FY guidance. Fresenius SE (FRE GY), +3.4%: Revenue & core EPS beat. FY EPS guidance raised. Heineken (HEIA NA), +1.5%: Revenue and organic volumes beat. Backs FY profit view. All five global brands delivered growth in the period. Novo Nordisk (NOVOB DC), +1.5%: Revenue, adj. EBIT beat. Wegovy sales miss. Sales performance negatively impacted by a rebate provision reversal and non-cash impairments. Raises FY sales guidance. Wegovy pill continues its uptake in the US. Q3 Infineon (IFX GY), -3%: Revenue beat, Net & Segment miss. Record sales, driven by strong AI performance with significant increases in revenue & margin seen in Q4. Siemens Energy (ENR GY), +3%: Revenue & Orders beat. Confirms FY guidance. H1 Vonovia (VNA GY): adj. EBITDA higher Y/Y. Confirms guidance. Schaeffler (SHA0 GY): Revenue lower Y/Y, adj. EBIT higher. Confirms guidance. Expanding retirement arrangements in Germany, 1.3k expected to accept. Sandoz (SDZ SW): Revenue in-line, adj. EPS and EBITDA higher Y/Y. Confirms FY guidance. Glencore (GLEN LN), +0.5%: Revenue higher Y/Y, adj. EBITDA beat. Additional shareholder returns of c. USD 1.5bln, comprising a USD 8.5/shr special cash distribution and USD 500mln buyback. Intends to apply for a secondary listing on the ASX. Non-earnings EQT (EQT SS): Co. backed EdgeConneX is reportedly in early discussions to raise as much as USD 4bln of debt for a data centre project in Texas, Bloomberg reports Allianz (ALV GY): Allianz GI has agreed to buy UOB's (UOB SP) asset management division for SGD 555mln. % following the name/ticker is the pre-market indication for that stock, via Tradegate.