Analysis: Stocks

Brenntag: Margins jump but durability remains uncertain

Earnings/Sales releases Brenntag delivered a strong Q2, with operating EBITDA of €463m, supported by favourable Chemicals pricing, improved commercial execution and €41m of cost savings. However,...

Vestas Wind Systems: Profit beat incites margin guidance raise; more cash returns to shareholders

Earnings/Sales releases Vestas' Q2 results were positive on all fronts, and profits were significantly above expectations, driven by improved profitability in the project business. Orders and...

Demant: Q2 beat; guidance upgraded; new launch to accelerate growth

Earnings/Sales releases Demant reported better-than-expected Q2 results, with robust top-line growth across all segments. Profitability rose by double digits in H1, and management indicated that the...

TUI Group: The year is still to be earned

Earnings/Sales releases TUI moderately missed this quarter. The damage lies in the Markets + Airlines business where management chose to protect the price by closely managing capacity. Guidance...

K+S: Volumes drive Q2

Earnings/Sales releases K+S reported a strong set of numbers for Q2 2026, largely driven by volumes. EBITDA gained significantly from the higher volumes and prices, although we see a likely lower SOP...

Sampo: Sampo - Solid Q2 26 results driven by accelerating top-line growth

Earnings/Sales releases Sampo released a good set of Q2 26 results, showing accelerating top-line growth driven by the Private UK and Nordic Commercial segments. Profitability remained excellent,...

Jenoptik: Semiconductor ramp drives upgrade, while capacity and strategy remain key watchpoints

Earnings/Sales releases Jenoptik delivered a strong H1 26. Semiconductors and advanced manufacturing remained the key growth engines, while biophotonics benefited from strong defense and medtech...

Bechtle: How sustainable is this?

Earnings/Sales releases Bechtle’s results remain solid and consistent with the Guidance issued last July. Growth momentum is strong, but it is largely driven by the inflation in IT component prices...

ABN Amro: Q2: high-quality beat, 2026 guidance upgraded

Earnings/Sales releasesABN delivered a strong, high-quality Q2, beating consensus by 5% on revenue across NII, fees and costs, with RoE at 12.1%. FY26 NII and cost guidance were upgraded to include...

Aurobindo Pharma Expands Margins as Sales Grow

The real test for Aurobindo Pharma Ltd is turning ambition into steady earnings.

Kajima Finds Profit Where Revenue Slows

Can Kajima Corporation turn stronger margins, a growing project pipeline, and improving overseas execution into the kind of performance that finally convinces the market to look beyond its...

E.ON: H1 2026: on-track, low-drama print, thesis intact, power RP5 the real catalyst

Earnings/Sales releases A confirm-and-carry-on half-year, with results broadly in line with estimates and both FY2026 and FY2030 Guidance reiterated. Last year’s temporary timing effects have washed...

TAG Immobilien: On track to achieve its FY2026 targets

Earnings/Sales releases TAG Immobilien delivered a solid second-quarter performance amidst a dynamic market environment. Driven by the completion of the R4R portfolio acquisition and the partial IPO...

Jungheinrich Pref.: Automation rises as ITS stays under pressure

Earnings/Sales releases Jungheinrich’s Q2 release confirms improving demand momentum, with Automation and a 23% higher backlog providing better visibility into H2. However, profitability remains...

Intercontinental Hotels Group: Broad-based growth strengthens management confidence to deliver

Earnings/Sales releases HIG delivered H1 results in line with expectations, underpinned by broad-based RevPAR growth, Fee Margin Expansion, and post-pandemic record development activity. All three...

NN Group: NN Group - Strong 1H26 results and upside to OCG target

Earnings/Sales releases NN Group has reported strong 1H26 results, with continued positive momentum in CEE driven by protection products and robust operating performance in the Netherlands non-life....

Alcon: Q2 story: Innovation is being well received by the end market

Earnings/Sales releases The Q2 results exceeded the street's expectations, backed by a healthy uptake of newly launched equipment, intra-ocular lenses and dry eye products, which were able to...

Salzgitter: H126: in line with limited near-term upside though

Earnings/Sales releasesSalzgitter's H126 results were largely in line with expectations, reporting sales of €4.59bn, EBITDA of €278m, and net income of €43.5m, with a slight EBITDA beat. The...

CCL Industries Turning Packaging Leadership Into Growth

Investors await proof that growth can be converted into returns.