Equity Analysis

Umicore: Metals shining for Umicore

Earnings/Sales releases Umicore saw a strong Q1 performance led by recycling and catalysis , while specialty materials benefited from cobalt tailwinds. battery materials saw modest growth with...

Capgemini: Non-stop AI narrative fails to mask underlying organic growth questions

Earnings/Sales releasesCapgemini reported a Q1 2026 slightly above expectations, with revenue of €5.9bn, up +11.0% at constant exchange rates . Organic Growth came in at around +4.5%, in line with...

TF1: TF1 penalized by a difficult advertising market in Q1

Earnings/Sales releases TF1 delivered lacklustre Q1 results with below-consensus figures but confirmed its outlook. We continue to foresee a difficult rest of the year ahead as the macro environment...

Kerry Group: Q1 closes the gap on the two weak spots

Earnings/Sales releases Kerry posted a clean Q1 26, with volume growth of 3.1% , EBITDA margin expansion of 60bps, and the constant currency EPS guidance of 6% to 10% was maintained. All three regions...

BNP Paribas: Q1: Solid momentum despite fresh reaction

Earnings/sales releasesBNP Paribas delivered a solid Q1 beat, with revenue up 8% yoy to €14.1bn, driven by CPBS and IPS. A 12.8% ROTE and 3pp positive jaws supported the confirmation of 2026 and...

BASF SE: Pricing to help navigate uncertainties

Earnings/Sales releases Q1 2026 performance was volume-led, offset by FX headwinds and pricing pressure. Volume growth was driven by capacity expansion, favourable base effects, and the Middle East...

Prysmian: 1Q26: Promises abound

Earnings/Sales Releases We maintain a cautious stance on Prysmian. Despite numerous promises, execution has so far fallen short of expectations. Last year, tariff increases were expected to...

Faes Farma: Enviable beginning to 2026

Earnings/Sales releases The Q1 26 Ebitda was materially ahead of expectations, though sales were in line with consensus. Faes is off to a strong start in 2026, thanks to healthy demand for its key...

KION Group: Pricing execution under scrutiny towards FY26

Earnings/Sales releases KION delivered a reassuring Q1, with resilient margins and stronger-than-expected order intake despite an uncertain backdrop. While part of the order strength was driven by...

Air France-KLM: Impressive Q1 delivery; SAS remains the wildcard (con’t)

Earnings/Sales releasesAFKLM delivered a significant Q1 beat despite geopolitical turmoil and operational disruptions, while providing a better-than-feared FY guidance revision. This trading update...

Crédit Agricole: Q1: Revenue miss offset by shareholder support

Earnings/Sales releases CASA’s Q1 missed revenue consensus by 2% as insurance claims and FX headwinds offset a solid LCL recovery. Despite disciplined costs and positive jaws, net income trailed our...

OMV: Chemicals strength fails to offset upstream erosion (Middle East)

Earnings/Sales releases 26Q1 results are mainly weighed down by Energy segment. Despite a materially more supportive price environment than Q4 2025 , production fell to 288 kboe/d on the back of the...

Unilever: Volume-led quarter, but the commodity bill is coming

Earnings/Sales releasesUnilever delivered a solid Q1, with Underlying Sales Growth of 3.8%, above the 3.6% consensus, driven by volume of 2.9%, well ahead of the 1.8% expected. Turnover of €12.6bn...

Erste Group: Confirmed guidance

Earnings/Sales releasesThe group posted better-than-expected first-quarter results, enabling the management to reiterate its full-year net profit guidance, adjusted for the non-recurring impact of the...

Storebrand: 1Q26 results — strong operating momentum despite market headwinds

Earnings/Sales releasesDespite headwinds from market movements and exchange rates, Storebrand reported another set of strong results across most business lines – with a particularly strong...

DHL Group: Express shines again in turbulent times, potentially offering upside to 2026 expectations

Earnings/Sales releases DHL posted a beat on Q1 EBIT, aided by a strong beat in Express, once again highlighting the strength and quality in mercurial demand environments. P&P also did better than...

GSK plc: A beat isn't enough; markets expected an outlook upgrade

Earnings/Sales releasesThe Q1 26 core operating profit exceeded expectations, though sales were in line with consensus. This was backed by strong growth across Specialty Medicines and decent support...

Technip Energies: Middle East drags near-term, backlog absorbs the shock

Earnings/sales releasesQ1 results disappoint: revenue came in flat quarter-on-quarter at €1.8bn, while the recurring EBITDA margin slipped to 8.3% from 8.9% in Q4, weighed down by Middle East cost...

MTU Aero Engines: Strong Q1 beat, but visibility still clouded

Earnings/Sales Releases MTU delivered a solid Q1 with a clear beat on profitability and standout cash generation, reinforcing the strength of its aftermarket-driven model. However, the unchanged...