Analysis: Stocks

Carrefour: A mixed H1; hypermarket CMD could be the next catalyst

Earnings/Sales releases Carrefour reported a mixed H1 FY26 performance, with Q2 lfl sales beating expectations but recurring operating income modestly missing consensus. Management reiterated...

Leonteq AG: H1-26: Embracing Growth

Earnings/Sales releases H1-26 confirmed Leonteq’s profitability rebound, beating pre-tax consensus with a +10% fee income growth and a healthier revenue mix, validating that earnings troughed in...

SAP: The Giant's nap will outlast the SaaS Apocalypse hype

Earnings/Sales releasesSentiment says apocalypse; the numbers say otherwise. SAP again delivers above-expectation cloud growth, proof its shift to the “Autonomous Enterprise” and Business AI is...

The Bug in Your Ear: Cybersecurity Runs Into AI

Since 2022, the rise of generative artificial intelligence has upended the rules of cybersecurity. With attackers now equipped with AI, companies and security software vendors are accelerating their...

Nokia: AI infrastructure demand drives strong growth as optical networks scale up

Significant news Nokia delivered strong Q2 2026 results as AI and cloud infrastructure demand accelerated. Sales grew by 9%, supported by Network Infrastructure, where optical and IP networks...

UPM-Kymmene: Disappointing Q2 despite somewhat exceeding street profit expectations

Earnings/Sales releases Markets have strongly disapproved of UPM's Q2 results, despite profit metrics coming slightly ahead of street expectations. Pulp had a mixed quarter, while Energy was...

Beat on operating result from activity, not sales

Earnings/sales releases Organic sales weakened in Q2 2026 after a moderate Q1. While Consumer met expectations, the Professional business disappointed with a decrease in organic sales. The operating...

Givaudan: Givaudan H1: Sales beat, cash flow is the sore point

Earnings/Sales releases Givaudan's performance in the first half of the year was mixed. Revenue surpassed expectations, driven by strong results in the Fragrance & Beauty segment and a resilient Fine...

Valeo: Strong H1, Margin and FCF Beat, Guidance Confirmed Amid Positive China Momentum

Earnings/Sales releases Valeo reported strong H1 results, exceeding expectations in operating margin, primarily due to margin upswing in the Power division. Light and Brain divisions outperformed...

Eurofins Scientific: BioPharma's slowdown raises questions on 2026 organic growth target

Earnings/sales releases Eurofins' H1 results were in line with expectations on revenues but ahead of them on adjusted EBITDA. Organic Growth improved sequentially with resilient growth in Life and...

Roche Holding: Good Q2; late-stage pipeline execution key to sustained re-rating

Earnings/Sales releasesDespite FX headwinds, the Q2 results were ahead of the street's expectations. The performance was driven by drugs across therapeutic areas, and the Diagnostics business also...

Vossloh: 1H26: Strong outlook

Earnings/Sales releases We believe the company has suffered from project phasing effects. We expect strong momentum in H2 2026 and therefore confirm our buy recommendation. Fact Group Performance...

Kuehne + Nagel: Volume growth in Air and mercurial backdrop lift profitability, 2026 target raised

Earnings/Sales releases K+N's Q2 revenues and EBIT saw good yoy growth. This growth stemmed from higher volumes in Air, and a modest increase in freight rates. Yields in Sea declined due to a weak...

Thales: Strong H1 beat reinforces our positive Thales stance

Earnings/Sales releases Thales delivered a high-quality first half, combining strong commercial momentum, better-than-expected profitability, and exceptional cash generation. Defence remains the core...

Sartorius Stedim Biotech: Equipment inflects, margins beat - but guidance optics cloud the print

Earnings/Sales releases Sartorius Stedim Biotech reported mixed Q2 26 numbers, with revenue below consensus but underlying EBITDA ahead . The miss is largely an accounting effect from customer...

Nestlé: Waters finds a partner while margins lose lift

Earnings/Sales releases Nestlé’s H1 results were mixed. Volume growth accelerated and was broad-based, but reported earnings were affected by portfolio-related charges. The Waters partnership...

Dassault Systèmes: Dassault's $1.8bn bet to stop the bleeding

Earnings/Sales releases Dassault Systèmes delivered a solid quarter, with mid-to high-single-digit growth across most core segments, while Life sciences remained structurally weak. To address this,...

TotalEnergies: Upstream and refining drive the beat, LNG lags

Significant news The quarter is driven by the rebound in upstream, on higher Brent, and by refining, on record European margins. This more than offsets a sharp pullback in Integrated LNG, hit by a...

Equinor: Equinor Q2: Price-Led Beat, Capital Return higher than expected

Earnings/Sales releases Equinor's second quarter lands broadly in line with consensus at the adjusted operating income level, but the real surprise is capital distribution, well above expectations on...