Additional European Equity News - 13th August 2026
Antofagasta (ANTO LN) - H1 2026 (USD): Revenue 4.48bln (prev. 3.8bln Y/Y), EBITDA 2.84bln (prev. 2.23bln Y/Y), Pretax Profit 2.0bln (prev. 1.16bln Y/Y). Expects FY26 copper production to be in the range of 625k-655k tonnes (prev. guided 650k-700k tonnes). (Antofagasta)
Costain (COST LN) - H1 2026 (GBP): Revenue 543.1mln (prev. 525.4mln Y/Y), Adj. Operating Profit 17.3mln (prev. 16.8mln Y/Y). CEO: "On track to deliver FY 26 revenue, operating profit and margin in line with the Board's expectations and a sixth consecutive year of profit growth." (Costain)
Entain (ENT LN) - H1 2026 (GBP): Net Gaming Revenue +5%; Underlying EBITDA 479mln, -2% Y/Y. Reiterates FY26 Online NGR growth of 5-7%. (Entain)
Maersk (MAERSKB DC) - Q2 2026 (USD): Revenue 15.76bln (exp. 14.1bln), EBIT 1.57bln (exp. 0.54bln). Raises its FY26 guidance, sees Adj. EBIT between USD 4.5-6.5bln (exp. USD 2.52bln) and Adj. EBITDA USD 10.5-12.5bln (exp. USD 8.69bln). Says growth was particularly strong for imports into Africa, North America and Latin America, supported by continued momentum in exports from the Far East, especially China. CEO: "Growth was particularly strong for imports into Africa, North America and Latin America, supported by continued momentum in exports from the Far East, especially China." (Maersk)
Orsted (ORSTED DC) - Q2 2026 (DKK): Revenue 20.6bln (exp. 16.6bln), EBITDA 5.42bln (prev. 6.64bln Y/Y), Net Income 687mln (prev. 3.35bln Y/Y). Maintains its FY26 outlook. Announces a framework for a dividend policy for FY26-28. (Orsted)
Pennon (PNN LN) - The UK Ofwat announced GBP 3.4bln of projects provisionally approved for 13 water companies to improve infrastructure, support growth and improve the environment. The Cost Change process provides flexibility between Price Reviews, so companies can deliver on improvements and upgrades without delay. (Ofwat)
Pershing Square (PSH LN) - Q2 2026 (USD): Distributable EPS 0.14 (exp. 0.12), Revenue 54.18mln (exp. 75.8mln). AUM +22.1% Y/Y to USD 32.49bln, supported by the USD 5bln IPO of PSUS, deployment of PSUS capital into existing and new investments, and continued performance across portfolio companies. CEO Bill Ackman and CIO Ryan Israel said the period since the IPO had been highly productive, with market volatility helping the firm deploy new capital efficiently. (Pershing Square)
Rank (RNK LN) - FY 2025/26 (GBP): Underlying LFL NGR 834.1mln (prev. 788.4mln Y/Y), Underlying Operating Profit 78.6mln (prev. 64.8mln Y/Y). Reiterates ambition to deliver at least GBP 100mln underlying operating profit in the medium term. (Rank)
A broad morning batch of European prints, so the read-through runs sector by sector rather than index-wide. The standout mechanism is Maersk's guidance raise on a large EBIT beat: container lines' earnings track freight rates and volume mix, and episodes of this kind have historically been read as a signal on global goods demand and Red Sea-era rate tightness, with peer carriers typically repricing in sympathy before the question becomes whether the rate environment holds into contract season. Antofagasta's guidance cut on production, set against stronger H1 financials, is the classic copper-miner divergence: the cost and volume line matters more for the equity than the revenue print, and copper supply-side downgrades of this sort have tended to be treated as mildly supportive for the metal and negative for the single name. Entain and Rank give a combined read on UK-listed gaming, where the split between online growth and margin compression has been the recurring debate. Orsted's maintained outlook alongside a new dividend framework matters more for sentiment on the offshore wind cost-reset story than the quarterly numbers. Pershing Square's AUM jump driven by its US vehicle IPO is a structure story rather than a performance one. None of these individually carries macro weight; the follow-ons are peer confirmations and any commodity-price response to the Antofagasta volume cut.