European Pre-Market Summary 23rd October 2026: Futures modestly firmer. Updates dominated by a poor Volvo Car outing a traffic-impaired Kering

Earnings Kering (KER FP), Q3 -7%: Slight miss on overall revenue, though Gucci was in-line. Jewellery comp. revenue missed, eyewear beat. Guidance confirmed. Traffic remains the main constraint, saw less support from Gucci and lower summer traffic, especially in mainland China. Will not improve H2 margin vs. H1 margin this year. October in-line with Q3. L'Oreal (OR FP), Q3: Sales and adj. LFL revenue beat. China market slowed a tiny bit in Q3 but maintained growth rate. Climb of GLP1 use is having impact on Beauty product consumption. Vinci (DG FP), 9M: Order intake and sales higher Y/Y. Guidance confirmed, in a solid financial position. Accor (AC FP), Q3: Revenue beat. Upgraded FY26 EBITDA and RevPar guidance. Eni (ENI IM), Q3 +0.6%: Significant adj. EBIT beat. Extraordinary dividend of EUR 0.46/shr, also bolstering the buyback by 12%. Sika (SIKA SW), 9M +2%: Sales and EPS higher Y/Y. Affirms guidance. Norsk Hydro (NHY NO), Q3 -4.1%: adj. EBITDA markedly higher Y/Y. Higher prices contributed positively. Partially offset by elevated anode and energy costs. Volvo Car (VOLCARB SS), Q3 -4.9%: Significant adj. EBIT miss, Revenue and EBIT margin also missed. Reflects a further deteriorating external environment, led by market developments in China and the US. In China, Volvo Cars and other legacy premium brands faced hypercompetition from new Chinese alternatives, as well as severe pricing pressure; China revenue fell nearly 50% Y/Y.