European Movers: Zalando (ZAL GY) +6.5%, Leonardo (LDO IM) +4.9%, Generali (G IM) +1.8%, Daimler Truck (DTG GY) +1.4%, RWE (RWE GY) -0.1%, BMW (BMW GY) -3.0%

BMW (BMW GY) – Q4 2025 (EUR): EBIT 2.12bln (exp. 1.92bln), Revenue 33.5bln (exp. 37.4bln). FY 2025: Revenue 133.45bln (prev. 142.38bln Y/Y), EBIT 10.18bln (prev. 11.50bln Y/Y). For FY 2026, the Co. assumes that headwinds from higher tariffs will further impact the EBIT margin in the Automotive Segment by about 1.25 percentage points. (BMW)Daimler Truck (DTG GY) – FY (EUR): EPS 2.56 (exp. 3.47), Adj. EBIT 3.78bln (exp. 3.73bln). Outlook 2026: Group expects operational improvement on higher volumes and efficiency gains compensating for increased tariff effects; Adjusted return on sales (IB) forecasted between 6% to 8%. (Daimler Truck)Generali (G IM) – Q4 2025 (EUR): Net Income 957mln (exp. 1bln), Op. Profit 2.06bln (exp. 2.03bln). FY 2025: GWP 98.12bln (exp.  98.86bln), Net Profit 4.17bln (exp. 4.22bln). Confirms 2027 guidance. (Generali)  Leonardo (LDO IM) – FY 2025 (EUR): Revenue 19.5bln (exp. 19.4bln), Adj. Net Income 1bln (prev. 0.74bln Y/Y). Raises quarterly dividend to EUR 0.63/shr, +21%. Guides initial FY 2026 Revenue 21bln, EBITA 2.03bln, Orders of around 25bln. (Leonardo)RWE (RWE GY) – FY 2025 (EUR): Adj. EBITDA 5.1bln (exp. 4.85bln), Adj. Net Income 1.81bln (prev. 2.32bln Y/Y). FY Outlook: Adj. EBITDA  5.2-5.8bln (exp. 5.57bln). Adj. Net Income 1.55-2.05bln. (RWE)Zalando (ZAL GY) – FY 2025 (EUR): Revenue 12.3bln (exp. 12.3bln), Adj. EBIT 590.7mln (exp. 580.1mln). FY Outlook: Adj. EBIT 660- 740mln (exp. 692.3mln). Announces a share buyback programme of up to EUR 300mln. (Zalando)