Additional European Equity News
Air France-KLM (AF FP) - Q2 2026 (EUR): Revenue 9.277bln (prev. 8.443bln Y/Y), Adj. Operating Profit 484mln (prev. 735mln Y/Y), Net Income 190mln (prev. 649mln Y/Y), Operating Profit 455mln (prev. 1.079bln Y/Y). Operating margin 5.2% (prev. 8.7% Y/Y). FY2026 guidance: capacity +2% to +3% (revised from +2% to +4%), unit cost guidance unchanged at 0% to +2%, net capex below 3.0bln, leverage ratio 1.5x-2.0x unchanged, expected fuel bill reduced to 8.9bln. (Air France-KLM)
Anglo American (AAL LN) - H1 2026 (USD): Revenue 9.926bln (prev. 8.954bln Y/Y), Underlying EBITDA 4.002bln (prev. 2.955bln Y/Y), Attributable Free Cash Flow 803mln (prev. 322mln Y/Y), Basic Underlying EPS 0.77 (prev. 0.32 Y/Y), Net Debt 8.2bln (prev. 8.6bln Y/Y), Interim Dividend/share 0.23 (prev. 0.07 Y/Y). EBITDA margin 38% (prev. 32% Y/Y), Attributable ROCE 15% (prev. 9% Y/Y). Agreed sale of Steelmaking Coal for up to 3.875bln cash, De Beers sale progressing, integration planning for Teck merger well advanced. (Anglo American)
BAE Systems (BA/ LN) - H1 2026 (GBP): Sales 15.772bln (prev. 14.621bln Y/Y), Underlying EBIT 1.701bln (prev. 1.550bln Y/Y), Underlying EPS 38.9p (prev. 34.7p Y/Y), Free Cash Flow 1.791bln (prev. -368mln Y/Y), Order Intake 16.4bln (prev. 13.2bln Y/Y), Revenue 14.615bln (prev. 13.571bln Y/Y), Operating Profit 1.504bln (prev. 1.327bln Y/Y), Basic EPS 34.1p (prev. 32.3p Y/Y), Net Cash Flow from Operating Activities 2.243bln (prev. 74mln Y/Y), Order Backlog 84.0bln (prev. 83.6bln Y/Y), Dividend/share 15.0p (prev. 13.5p Y/Y). Return on sales 10.8% (prev. 10.6% Y/Y). FY2026 guidance raised: sales growth 8-10%, Underlying EBIT growth 10-12%, Underlying EPS growth 11-13%, free cash flow above 2.0bln and 2024-2026 cumulative free cash flow above 6.7bln. (BAE Systems)
British American Tobacco (BATS LN) - H1 2026 (GBP): Revenue 12.235bln (prev. 12.065bln Y/Y, Net Cash Generated from Operating Activities 3.402bln (prev. 2.310bln Y/Y), Free Cash Pre-dividend 2.285bln (prev. 1.234bln Y/Y), Adjusted Net Debt 31.969bln (prev. 30.131bln Y/Y). Adj. operating margin 43.7% (prev. 43.4% Y/Y, +30bps), New Categories contribution margin 13.3% (prev. 10.0% Y/Y, +330bps), Smokeless products 19.8% of Group revenue. FY2026 guidance confirmed: revenue growth 3-5%, Adj. profit from operations growth 4-6%, Adj. diluted EPS towards the middle of the 5-8% range, £1.3bln share buyback on track. (British American Tobacco)
Bayer (BAYN GY) - Co. submits application for next indication of Kerendia in China (Bayer)
Casino (CO FP) - H1 2026 (EUR): Revenue 3.967bln (prev. 4.077bln Y/Y), Adj. EBITDA 326mln (prev. 286mln Y/Y), Adj. EBITDA after Lease Payments 109mln (prev. 55mln Y/Y), Trading Profit 49mln (prev. -11mln Y/Y), Net Loss -205mln (prev. -225mln Y/Y), Free Cash Flow before Financial Expenses -30mln (prev. -53mln Y/Y), Net Debt 1.690bln (prev. 1.493bln Y/Y), Liquidity 713mln (prev. 1.002bln Y/Y). Adj. EBITDA margin 8.2% (prev. 7.0% Y/Y, +119bps). FY2026 objective confirmed: break-even free cash flow before financial expenses, financial restructuring targeted for completion by end-2026. (Casino)
Drax Group (DRX LN) - H1 2026 (GBP): Adj. EBITDA 279mln (prev. 460mln Y/Y), Operating Profit 265mln (prev. 301mln Y/Y), Profit Before Tax 222mln (prev. 281mln Y/Y), Adj. Basic EPS 29.8p (prev. 65.6p Y/Y), Cash Generated from Operations 79mln (prev. 378mln Y/Y), Net Debt 1.025bln (prev. 1.062bln Y/Y), Dividend/share 12.9p (prev. 11.6p Y/Y), Capital Investment 85mln (prev. 59mln Y/Y). Net debt/Adj. EBITDA 1.3x. FY2026 Adj. EBITDA expected in line with consensus of 665mln, FY dividend expected at 32.2p, and 2029 Adj. EBITDA target confirmed at 650-800mln. (Drax Group)
Haleon (HLN LN) - H1 2026 (GBP): Revenue 5.60bln, +2.2% Y/Y; Operating Profit 1.17bln, -2.6% Y/Y. Affirms FY26 outlook. (Haleon)
Lloyds (LLOY LN) - H1 2026 (GBP): Underlying NII 7.28bln (prev. 6.66bln Y/Y), Net Income 9.75bln (prev. 8.91bln Y/Y). Q2: Statutory Pretax Profit 2.27bln (exp. 2.09bln), Underlying NII 3.71bln (prev. 3.36bln Y/Y). Reaffirms its FY26 guidance. On track for GBP 2bln of strategic initiative income by the end of 2026. (Lloyds)
LSEG (LSEG LN) - H1 2026 (GBP): Total Income 4.80bln (exp. 4.84bln), Adj. EBITDA 2.53bln (exp. 2.49bln), raises its FY26 EBITDA margin guidance to around 100bps (prev. guided 80-100bps). (LSEG)
Magnum Ice Cream (MICC NA) - H1 2026 (EUR): Revenue 4.69bln (exp. 4.59bln), Adj. EBIT 716mln (prev. 666mln Y/Y), expects Organic Sales Growth for 2026 to be between 3-5% and an Adj.EBITDA margin improvement of 40-60bps. (Magnum Ice Cream)
Mondi (MNDI LN) - H1 (EUR) Revenue 3.98bln (prev. 3.91bln), underlying EBITDA 379mln (prev. 564mln); dividend 9.4/shr (prev. 23.3/shr). Notes margin pressure from higher input costs and lower average selling prices, partially offset by higher sales volumes and pricing actions
MTU Aero Engines (MTX GY) - Q2 (EUR): adj. EBIT 372mln (exp. 355.6mln), net income 273mln, MRO revenue 1.75bln (exp. 1.48bln); sees FY adj. EBIT 1.35-1.45bln (exp. 1.42bln), sees FY adj. Rev 9.2-9.7bln, raises FY FCF outlook (MTU Aero)
Nemetschek (NEW GY) Q2 2026 (EUR): Revenue 327mln (prev. 290mln), EBITDA 99mln (prev. 88mln), EBIT 79mln (prev. 71mln), Ne 66mln (prev. 52mln). Outlook: FY26 guidance maintained and expanded to acknowledge the acquisition of HCSS. (EQS)
Outokumpu (OUT1V FH) - Q2 2026 (EUR): Revenue 1.58bln (exp. 1.63bln), Adj. EBITDA 100mln (exp. 121mln). (Outokumpu)
Rolls-Royce (RR/ LN) - H1 2026 (GBP): Adj. pretax profit 2.5bln (exp. 1.7bln), adj. op. profit 2.53bln (exp. 1.7bln), adj. revenue 11.5bln (exp. 10.2bln); sees FY adj. op. profit of 4.7-4.9bln, FCF seen at 3.8-4.0bln; notes further confidence in mid-term guidance; completed 1.4bln of the planned 2.5bn share buyback for 2026, issues 6p dividend. (Rolls-Royce)
Schroders (SDR LN) - H1 2026 (GBP): AUM 867.8bln (prev. 776.6bln Y/Y), Statutory Net Operating Income 1.46bln (prev. 1.21bln Y/Y), raises dividend to 7p/shr from 6.5p/shr. (Schroders)
Shell (SHEL LN) - Q2 2026 (USD): Adj. EPS 1.76 (exp. 1.55), Adj. EBITDA 20.7bln (exp. 18.8bln), re-starts previously suspended USD 3.0bln share buyback. Adjusted EBITDA 20.710bln (prev. 13.313bln Y/Y) Net Income 10.821bln (prev. 3.601bln Y/Y) Operating Cash Flow 21.432bln (prev. 11.937bln Y/Y) Free Cash Flow 17.524bln (prev. 6.531bln Y/Y) Basic EPS 1.94 (prev. 0.61 Y/Y) Adj. EPS 1.76 (prev. 0.72 Y/Y) Net Debt 41.754bln (prev. 43.216bln Y/Y) Dividend/share 0.3906 (prev. 0.3580 Y/Y) Gearing 18.7% (prev. 19.1% Y/Y). (Shell)
Stellantis (STLAM IM/STLAP FP) - H1 2026 (EUR): Net 670mln (exp. 555mln). Q2: Net 293mln (prev. -1.87bln), adj. Operating 773mln (exp. 914mln), Industrial FCF 1bln (prev. 1bln). Confirms FY26 guidance. H2 performance likely to be skewed towards Q4, given the Q3 summer production slowdown. Breakdown: Net Revenue: Q2 improvement was driven mainly by North America +13% Y/Y for Net revenue, South Africa +6%, Enlarged-Europe U/C, APAC slightly softer. Sales, vs Q2 2025: North America +6%, Enlarged Europe +3%, South America -2%, APAC -29%. (Globenewswire)
Telecom Italia (TIT IM) H1 2026 (EUR): Revenue 6.83bln (prev. 6.6bln), EBITDA 1.92bln (prev. 1.99bln), EBIT 469mln (prev. 529mln). Cloud unit revenue 1.7bln, +5.6% Y/Y. Outlook: FY guidance confirmed. (TIM)
VERBUND (VER AV) - H1 2026 (EUR): Revenue 3.594bln (prev. 4.036bln Y/Y), EBITDA 1.062bln (prev. 1.413bln Y/Y), Operating Result 714.0mln (prev. 1.113bln Y/Y), Group Result 518.1mln (prev. 802.7mln Y/Y), Adj. Group Result 537.8mln (prev. 783.9mln Y/Y), EPS 1.49 (prev. 2.31 Y/Y), Cash Flow from Operating Activities 875.2mln (prev. 1.338bln Y/Y), Free Cash Flow before Dividends 218.9mln (prev. 769.5mln Y/Y), Free Cash Flow after Dividends -1.077bln (prev. -559.9mln Y/Y). EBIT margin 19.9% (prev. 27.6% Y/Y), EBITDA margin 29.5% (prev. 35.0% Y/Y), Gearing 36.2% (prev. 23.2% Y/Y). FY2026 guidance cut: EBITDA 2.1-2.4bln, reported Group Result 1.0-1.15bln, Adj. Group Result 1.05-1.20bln. (VERBUND)
Rentokil Initial (RTO LN) - H1 2026 (GBP): Revenue 3.59bln (prev. 3.36bln Y/Y), EBITDA 745mln (prev. 686mln Y/Y), Operating Profit 556mln (prev. 511mln Y/Y), affirms FY26 guidance. (Rentokil Initial)
Subsea 7 (SUBC NO) - Q2 2026 (USD): Revenue 1.93bln (exp. 1.91bln), guides FY26 revenue outlook between 7.4-7.8bln (exp. 7.67bln). (Subsea 7)
Unibail-Rodamco-Westfield (URW FP) - H1 2026 (EUR): Net Rental Income 1.151bln (prev. 1.175bln Y/Y), EBITDA 1.161bln (prev. 1.183bln Y/Y), Recurring Net Result 735mln (prev. 772mln Y/Y), IFRS Net Result 1.009bln (prev. 698mln Y/Y), AREPS 4.84 (prev. 5.11 Y/Y), EPRA NRV/share 146.80 (prev. 143.80 Y/Y), Portfolio Value 49.514bln (prev. 48.923bln Y/Y), IFRS Net Debt 20.1bln (prev. 20.3bln Y/Y). IFRS LTV 41.9% (prev. 42.8% Y/Y), Shopping Centre vacancy 4.1% (prev. 4.9% Y/Y). FY2026 AREPS guidance reaffirmed at 9.15-9.30 and €5.50/share distribution guidance confirmed. (Unibail-Rodamco-Westfield)
A heavy cross-sector European reporting day of the kind that typically defines the tone of an interim season, with results spanning airlines, defence, banks, miners, consumer staples, utilities and energy. The pattern in such sessions is dispersion rather than a single market signal: idiosyncratic guidance revisions tend to dominate index-level moves, and the peer read-across runs within sectors, airlines versus airlines, defence primes versus defence primes, rather than across the tape. The distinctions that historically matter are between beats driven by one-off items versus operating momentum, and between raised guidance that embeds lower fuel or input costs versus raised guidance on genuine volume and pricing, the former tending to fade faster. Capital return announcements of the type clustered here have, in past reporting seasons, attracted outsized flows into the names concerned, particularly where buybacks had previously been suspended and are being reinstated. The follow-ons worth noting are the intra-sector confirmations or contradictions still to come in the reporting calendar, whether guidance raises cluster in defence and aerospace and cuts cluster in commodity-exposed utilities and packaging, since that clustering, not any single print, is what has historically driven sector rotation through the rest of the season.