Equity Analysis

Fugro: Renewables collapse drives weak FY25 and cash deterioration

Earnings/Sales Releases FY25 was clearly weak, hit by the Offshore wind reset and Delayed oil & gas spending. Revenue fell -16.1% YoY to €1,848m, with Marine at €1,437m and Land at €411m ,...

Viridien: Mixed Q4: Lower Activity, and lower H2 2026 FCF outlook

Earnings/Sales Releases Viridien reported Q4 activity revenue of $277m and adjusted EBITDA of $135m , reflecting weaker Earth Data and SMO volumes. IFRS EBITDA reached $174m and net income $52m ,...

Faes Farma: 2025 ended well; expect a healthy 2026; but the upside remains limited

Earnings/Sales releases The Q4 sales exceeded expectations, though ‘adjusted’ Ebitda was somewhat behind the consensus. The Q4 performance was driven by Latam, animal nutrition and acquisitions...

Engie: FY25: ENGIE gains new scale with UK Power Networks acquisition

Earnings/Sales releases Engie reported 2025 results in line with expectations and issued new guidance through 2028, incorporating the acquisition of UK DNO UK Power Networks from Li Ka-Shing’s...

Banca Monte Dei Paschi Siena: Poorly received business plan

Strategic plan The disclosure of the new business plan has been poorly received. On the one hand, the group's financial objectives, as detailed in its new five-year business plan, point to net profit...

Helleniq Energy: Q4: Sequential Margin Expansion Supports Higher Valuation Base

Earnings/Sales releases The 4Q25 results showed a clear QoQ improvement, driven by a stronger downstream environment. Adjusted EBITDA reached €365m , supported by realised refining margins of...

Pernod Ricard's valuation still a long way from worst-case scenario

Almost exactly six months ago, as the market gave the spirits group its best trading session in a long time after a well-received earnings release, we were not holding our punches against Pernod...

Prysmian: FY25: Solid 4Q, disappointing guidance

Earnings/Sales releases Prysmian delivered record Q4 results with strong margin expansion, exceptional transmission performance, robust cash generation and reduced net debt. The FY26 Ebitda guidance...

ENI: Q4 : Volume growth and disciplined capex support cash generation

Earnings/Sales releases Q4 came in above expectations, with adjusted EBIT of €2.87bn and adjusted net income of €1.20bn, driven by Upstream strength and a recovery in refining. Production reached...

IAG at Cruising Altitude

Record profits, lower debt and disciplined growth lift Europe's airline giant

Teleperformance: A new start with new men? Time will tell

Earnings/Sales releases The group reported anticipated results for FY25. Notably, management changes were announced with the appointment of a new CEO together with the issuance of modest guidance for...

Allianz: 4Q25: FX and conservatism blur another solid quarter

Earnings/Sales releasesAllianz’s 4Q25 results were broadly in line with expectations, with continued positive momentum across business lines, although the headline figures were blurred by FX...

Sony Rides Japan's Precision-Built Wave

Sony Group Corporation's latest stride feels like a confident encore, as its blend of games music, and sensing technology keeps up with a rhythm of steady financial improvement. The narrative...

Chalet Hotels Captures India's Hospitality Boom

Chalet Hotels Limited is riding an impressive wave, with its shares soaring, backed by strong fundamentals and festive momentum. The hospitality powerhouse has captured investors' attention through...

CCS Expands Beyond Traditional Telecom Services

CCS navigates China's digital transformation with diversified infrastructure services, delivering steady growth across telecom, AI-enabled platforms, and smart-city projects. Despite recent share...

Arkema: Earnings decline on soft demand and destocking

Earnings/Sales releases Arkema's Q4 2025 earnings lagged behind market estimates amid continued destocking and weakness in the U.S. and Europe, with Asia being the only region delivering growth....

Colonial SFL: AI vs. 2027-28 accelerating momentum

Earnings/Sales releases Colonial SFL reported a robust year-end performance, consistent with its 9M 25 trend. The company met its guidance with a recurring EPS of €0.336, within the expected range...

Wendel: Building a platform, waiting for the market to care

Earnings/Sales releases Wendel is clearly not standing still. The group is actively reshaping its portfolio, crystallising value through disciplined exits and rapidly building a scalable asset...

Adecco: Solid performance

Earnings/Sales releases Adecco posted a solid Q4 2025, with strong organic revenue growth driven by the Adecco GBU and a sequential slowdown in the revenue decline at Akkodis. The EBITA margin...