Markets: Hermès loses its shine, Danone shines and Casino soars

Casino bounced back with renewed growth and a sharp rise in EBITDA, while SMCP returned to profit and raised its ambitions. JDE Peet's, Nexans, and Wolters Kluwer revised their targets upward. Amplifon fell after a profit warning, Imerys and Clariane disappointed, and Adidas and Symrise suffered from expectations deemed too cautious.

Top performers

Casino (+36%): the retailer took off after returning to growth. In Q2, comparable sales rose 2.4%, driven by Monoprix, Franprix, Casino and Naturalia. Adjusted EBITDA jumped 12.2% to €286m, and H1 sales rose 0.5% to €4bn. The new management team expects free cash flow to break even before financial expenses in 2026, even though the group is still in the red (net loss of €210m).

SMCP (+14%): Half-year revenue reached €601.1 million, compared with €585.3m a year earlier, and the group returned to profit with net income of €11m. The market welcomed this return to profitability, with Bernstein maintaining its outperform recommendation and raising its target price from €5.50 to €8.20.

JDE Peet's (+10%): The coffee specialist raised its targets after reporting better-than-expected operating income. The group now expects double-digit organic growth (up from "high single digits" previously) and stable adjusted EBIT.

Danone (+7%): The food giant has published solid half-year results. The group has confirmed its 2025 comparable growth targets. Analysts appreciate the continuity in the company's recovery.

Grifols (+6%): The Spanish group confirmed its 2025 forecasts, decided to pay a dividend again (€0.15 per share) and raised its free cash flow target before acquisitions. These announcements reassured investors.

Exosens (+5%): The company, which went public last year and specializes in defense and nuclear sensors, announced strong interim results. The group is maintaining its 2025 targets: revenue growth in the upper range of 15-20% and adjusted EBITDA growth in the lower range of 20-25%.

Nexans (+5%): The cable manufacturer has raised its 2025 targets: it is now aiming for adjusted EBITDA of €810m–€860m (up from €770m–€850m  previously) and free cash flow of €275m–€375m. H1 net profit more than doubled to €374m.

Kering (+4%): although half-year revenue fell to €7.587bn and net profit to €474m, investors considered the results to be better than expected and welcomed the first signs of stabilization at Gucci.

Wolters Kluwer (+5.5%): The professional publisher reported a significant increase in net profit and revenue in H1. More importantly, it raised its adjusted earnings per share growth forecast to between 5% and 9% at constant exchange rates, up from its previous forecast of 4.5%.

Flops

Amplifon (-25%): The hearing aid specialist suffered a spectacular fall. After the market closed yesterday evening, the group published Q2 results that were well below consensus and lowered its 2025 forecasts. AlphaValue points out that this underperformance and the new profit warning do not bode well.

Clariane (-14%): the retirement home specialist posted disappointing results: H1 revenue rose by only 0.8% to €2.656bn, while EBITDA fell by 9.4% to €263m, due to healthcare pricing reforms. The net loss widened.

Imerys (-13%): the minerals manufacturer posted virtually stable half-year revenue (€1.75bn) but adjusted EBITDA fell to €281m (margin of 16% compared with 20% last year). Net profit fell to €70m from €142m previously, and free cash flow declined to €40m. The group, which has been hit by weak industrial demand, is now targeting adjusted EBITDA of €540m-€580m for 2025.

IMCD (-9%): the chemical products distributor was punished after its half-year results: although gross margin reached €634m, EBITA €275m and free cash flow €173m, the market considered growth to be insufficient compared with expectations. ING and Jefferies noted disappointment with organic growth.

Adidas (-7%): although H1 revenue rose 7.3% to €12.1bn and net profit more than doubled (€810m, +115.6%) thanks to a gross margin of 51.9%, the lack of an upward revision of targets and the prospect of new US customs duties (€200m) dampened investor sentiment.

Symrise (-6%): the flavor and fragrance manufacturer lowered its 2025 organic growth forecast to 3–5% (from 5–7%) due to cautious consumer demand. However, the group is still expecting an EBITDA margin of around 21.5% thanks to €40m in savings, of which €20m has already been achieved. This was not enough to cheer up the market.

Aston Martin (-4%): The luxury car manufacturer has revised its 2025 profit forecasts downwards, citing US tariffs and sluggish Chinese demand.

Hermès (-3%): despite Q2 sales up 9% at constant exchange rates, growth was below market expectations (10%), and soaring costs in certain divisions weighed on margins. What if Hermès were no longer a sanctuary?