Equity Analysis

ArcelorMittal: FY25 OK, all eyes on a stronger FY26

Earnings/Sales releases The group released its FY25 results, which exceeded market expectations, with a 4% beat at the operating level. Notably, the outlook, though unquantified as usual, suggests a...

Crédit Agricole: Q4: Revenue Acceleration Offset by One-offs

Earnings/Sales releases CASA delivered a solid Q4 revenue beat, driven by Asset Gathering and French Retail, though earnings missed expectations due to higher opex and Restructuring costs. A...

Securitas: On track for an 8% margin over 2026

Earnings/Sales releases Q4 2025 was a solid quarter, with organic growth across all regions driven by price increases in Security services and the development of Technology and solutions. The group...

Carlsberg: FY25 broadly in line with signs of China volume stabilization

Earnings/Sales Releases Carlsberg's FY 25 results align closely with expectations, offering conservative guidance relative to consensus. Positive developments in the Chinese market and synergies from...

Scor: January renewals point to a still rational market

Latest Scor has published a reassuring update on the January 2026 renewals. In a context of increased Competition, the group was able to grow its P&C book and managed to limit the deterioration in...

OMV: Resilient downstream amid price- and volume-driven upstream weakness

Earnings/Sales releases Les opérations du T4 sont légèrement inférieures aux attentes, avec un résultat opérationnel ajusté de €1,15bn , pénalisé par l’Energy , mais partiellement...

Novartis: Markets happy with Novartis's delivery

Earnings/Sales releases The Q4 performance, even though subdued, ensured that Novartis met the management's 2025 guidance. Healthy Q4 growth across most key areas was largely offset by the generic...

UPM-Kymmene: Promising Q4 and shareholder reward attractiveness were sustained

Earnings/Sales releases 2025 ended on a reassuring note for UPM-Kymmene, with Q4 profit ahead of consensus expectations. Even though 2025 results were restrained, management yet again announced...

Infineon: Infineon's AI moment: €2.5bn target for FY27

Earnings/Sales releases Infineon posted Q1 FY26 results, which came broadly in line with expectations and confirmed the key message from the previous quarter: AI power is becoming the main growth...

Husqvarna: Long recovery ahead

EARNINGS/SALES RELEASESQ4 2025 was weak, with organic sales and operating results hit by lower residential volumes in North America, US tariffs, and currency headwinds, closing a tough year. Husqvarna...

DnB: Q4: DNB Defies Rate Cuts with Record Fee Surge

Earnings/sales releases DNB delivered a strong Q4 2025, with total income of NOK 23.6bn beating consensus by 4%. While rate cuts pressured NII, robust lending growth and a 40% surge in fee income,...

Sartorius: FY25: Solid execution with margin expansion, but cautious FY26 guidance

Earnings/Sales releases The FY25 performance was in line with expectations, with 7.6% revenue growth and 170bps margin expansion driven by BPS strength, improved mix, and scale benefits. The order...

Equinor: Volumes and Financial discipline offset a more conservative Brent

Earnings/Sales releases Q4 results came in weaker QoQ despite solid execution. Group production increased to 2.20 mboepd , but higher volumes were insufficient to offset lower realised liquids prices...

Wärtsilä: FY25 results: The entry point

Earnings/Sales releases Orders and sales missed expectations, but profitability beat forecasts. Marine is stabilising, while the energy outlook remains strong. We expect numerous data centre orders in...

UBS: Shining results, CET1 regulatory decision still to be made

Earnings/Sales releases Demonstrating operational resilience as its post-merger integration phase concludes, UBS’s Q4 results surpassed consensus expectations. Despite a slight top-line softening...

Novo Nordisk: Disappointing the markets is becoming a habit

Earnings/Sales releases Even though the Q4 performance ensured that Novo delivered on the lowered 2025 expectations, the markets seem frustrated with the 2026 outlook, impacted by pricing and...

TomTom: FY26 Reset Delays Recovery Timeline

Earnings/Sales releases TomTom reported its Q425 results with revenue below consensus, driven by broad-based weakness across all segments. Nevertheless, earnings were broadly in line, supported by...

Stora Enso: Soft Q4, but strategic initiatives remain reassuring

Earnings/Sales releases Even though Stora’s Q4 results were soft and its turnaround is delayed, Forest division is proving to be a big and valuable differentiator. Besides the Forest remaining...

Novo Nordisk plunges as its 2026 outlook rattles investors

Novo Nordisk is tumbling on the stock market after reporting its results and, above all, its outlook for 2026. ...