Michelin, EssilorLuxottica, Legrand Stand Out

Investors reacted positively to the release of annual results from several CAC 40-listed companies.

Michelin surged nearly 7% after accelerating its share buyback program, which could reach 2 billion euros over the 2026-2028 period.

Meanwhile, EssilorLuxottica climbed 6.14%. The Franco-Italian eyewear maker posted revenues of 28.491 billion EUR in 2025, representing growth of 7.5% compared to the previous year, or +11.2% at constant exchange rates. The group benefited from contributions across all regions and a stronger performance from its Professional Solutions segment compared to Direct to Consumer.

Legrand jumped 5.7% on the back of robust 2025 results. The group's net profit attributable to shareholders rose 6.7% to over 1.24 billion EUR for 2025, with an adjusted operating margin of 20.7% of sales (20.6% before acquisitions), up 0.2 percentage points. For the full year, the specialist in electrical and digital building infrastructure posted a 9.6% increase in revenues to 9.48 billion EUR, including organic growth of 7.7%. Legrand's Board of Directors will propose at the May 27, 2026 AGM a dividend of 2.38 EUR per share for 2025, up 8.2% and representing a payout ratio of 50%.

Conversely, within the same index, Sanofi (-4.82%) is the day's laggard following the announcement of Belén Garijo's appointment as CEO. She will replace Paul Hudson, who will step down as CEO on the evening of February 17. She will assume her duties following the AGM on April 29, 2026. Her appointment as a board member will also be proposed.

Ipsen (up nearly 8%) leads the SBF 120 thanks to strong 2025 annual results (IFRS net profit up 28% to 444.5 million EUR, operating profit from activities up 16.7% to over 1.29 billion EUR, sales up 8.1% in reported terms and 10.9% at constant exchange rates to nearly 3.68 billion EUR).

Elsewhere in Europe, Adyen tumbled, losing over 20% after 9:00 a.m., following a disappointing 2025 annual report and the announcement of 2026 guidance deemed too conservative by the market. The European payments star, like the rest of its sector, is facing a challenging period. While growth remains, margins are no longer expanding enough to satisfy investors, who have become demanding given the company's stock market valuation (2026 P/E of 28 times).

Adyen shares had already lost more than 30% of their value since the start of the year, after a lackluster 2025 (-4.3%). The stock is moving further away from its recent highs (1,485 EUR in January), and even further from its historic peaks (2,835 EUR in 2021, during the fintech boom).

AB InBev shares (+2.31%) are rising this Thursday in Brussels after annual results were deemed less deteriorated than expected by several analysts, but mainly in the wake of encouraging guidance for the 2026 financial year.

As expected, Mercedes-Benz Group (-2.97%) reported lower quarterly and annual figures, but it is mainly the cautious outlook that is being penalized.

In addition to corporate results, investors will also be watching another U.S. employment indicator. At 2:30 p.m., weekly jobless claims data will be released, following the acceleration in job creation in January according to the U.S. employment report published yesterday.

On this subject, Christophe Boucher, Chief Investment Officer at ABN Amro Investment Solutions, notes that "as expected, the acceleration in job creation is largely due to new hires in the healthcare sector, which is less sensitive to economic cycles. The positive point, however, lies in the rebound in hiring in sectors previously struggling, notably construction. Overall, these figures support the Fed's analysis that the labor market is stabilizing, or at the very least, not deteriorating."

He adds that "the report is all the more surprising given that all private sector surveys published last week pointed to a stable environment characterized by a lack of both layoffs and hiring."