Additional European Equity News - 16th September 2026

Assa Abloy (ASSAB SS) - Co. announces the acquisition of Paclock. The acquisition will be accretive to EPS from the start. (Assa Abloy)

Babcock (BAB LN) - AGM Trading Update: Affirms FY26 outlook and medium-term guidance. (Babcock)

Barratt Redrow (BTRW LN) - FY 2026 (GBP): Revenue 6.06bln (exp. 5.99bln), PBT 363.5mln (exp. 553.1mln). Lowers its FY27 total home completions to 17.5k-17.9k (prev. guided 17.7k-18.2k). (Barratt Redrow)

Kalmar (KALMAR FH) - Co. agrees to supply 12 hybrid straddle carriers to ICTSI. (Kalmar)

Tieto (TIETO FH) - Co. appoints Juuso Pajunen as CFO, effective January 1st 2027. (Tieto)

WH Smith (SMWH LN) - Trading Update: Expects FY26 PBT and non-underlying items c. GBP 75mln, reflecting lower trading profit margins driven by increased promotional activity, a reduction in brand marketing and inflation headwinds, offset by central cost reductions and lower interest costs. (WH Smith)

KBC Group (KBC BB) initiated with Buy at Jefferies

A routine European equity wrap mixing results, trading updates, small-cap M&A and an initiation, with the housebuilding and retail prints carrying the most information content. The Barratt Redrow pattern, revenue ahead of consensus but profit well short alongside trimmed forward completions guidance, is the established signature of margin compression in UK housebuilding: in past episodes of this kind the sector has traded on the guidance cut and the profit miss rather than the revenue beat, with read-across to peers exposed to the same affordability and cost base. The WH Smith update, promotional activity and marketing cuts cited against inflation headwinds, fits the recurring travel-retail pattern where cost mitigation and lower interest expense only partially absorb trading margin pressure, and where the split between the travel estate and the legacy high-street arm tends to drive the reaction. Affirmed guidance from Babcock is the lower-signal item, consistent with defence names having generally held outlooks through recent reporting seasons. The Assa Abloy bolt-on, immediately EPS-accretive, follows its long serial-acquirer template and rarely moves the stock materially on its own. Follow-ons are any peer guidance revisions in UK housebuilding and whether the retail margin commentary is echoed elsewhere in the sector.