Additional European Equity News
AJ Bell (AJB LN) – Q2 2026 Trading Update (GBP): Closing AuA 109bln (prev. 90.4bln Y/Y), Gross Inflows 5.6bln 5.6bln, +40% Y/Y. (AJ Bell)
ASOS (ASC LN) - H1 2026 (GBP): Adj. Revenue 1.113bln (prev. 1.292bln Y/Y), GMV 1.170bln (prev. 1.277bln Y/Y), Adj. EBITDA 64.0mln (prev. 42.5mln), Adj. EBIT -18.3mln (prev. -39.6mln Y/Y), Adj. LBT -52.4mln (prev. -69.5mln Y/Y), Net Debt -294.9mln (prev. -275.8mln Y/Y), Free Cash Flow -92.6mln (prev. -84.1mln Y/Y). adj,Gross margin 48.5% (prev. 45.2% Y/Y, +330bps), cost to serve 43.0% (prev. 42.1% Y/Y). GMV -9% YoY, revenue -14% Y/Y, FY guidance confirmed. (ASOS)
Foxtons Group (FOXT LN) - FY 2025 (GBP): Revenue 172.5mln (prev. 163.9mln), Adj. EBITDA 25.3mln (prev. 24.1mln), Adj. Operating Profit 22.2mln (prev. 22.1mln), PBT 16.9mln (prev. 17.5mln), Adj. EPS 5.0p (prev. 5.2p), EPS 4.3p (prev. 4.6p), Net Free Cash Flow 11.2mln (prev. 9.8mln), DPS 1.17p (prev. 1.17p). Revenue +5% YoY, Adj. EBITDA +5%, PBT -3%, EPS -7%. (Foxtons Group)
Forvia (FRVIA FP) - Apollo (APO) said to be nearing a EUR 1.4bln deal for the co.'s interiors unit (Bloomberg)
J Sainsbury (SBRY LN) – FY 2025 (GBP): Revenue 33.7bln (exp. 33.7bln), Profit After Tax 393mln (prev. 253mln Y/Y), Total Basic EPS 17.3p (prev. 10.9p Y/Y). Proposed full-year dividend of 13.7 pence per share, +0.7% Y/Y. Outlook: The conflict in the Middle East will impact both our customers and our business. The duration and extent of these impacts is very uncertain and this is reflected in our profit guidance, where we currently expect to deliver Total underlying operating profit of between GBP 975 - 1,075mln. (J Sainsbury)
Hikma (HIK LN) - Hikma reiterates full year 2026 guidance following encouraging start to the year. Branded: “Our Branded business continues to perform very well, with good demand across our portfolio and markets. We are benefiting from our broad commercial reach and deep local market presence across MENA, as well as from our extensive pipeline of in-licensed and internally developed products”. Demand in the Middle East region remains robust and the Group continues to maintain sufficient inventory levels to mitigate potential supply chain disruptions. (Hikma)
Husqvarna Group (HUSQB SS) - Q1 2026 (SEK): Net Sales 13.962bln (prev. 14.704bln Y/Y), Operating Income 1.710bln (prev. 1.532bln Y/Y), Adj. Operating Income 1.718bln (prev. 1.56bln Y/Y), EPS 2.05 (prev. 1.69 Y/Y), Adj. EPS 2.06 (prev. 1.73), Free Operating Cash Flow -1.137bln (prev. -131mln Y/Y). Organic sales +2% YoY, FX impact -7%, operating margin 12.3% (prev. 10.4%). (Husqvarna)
Edenred (EDEN FP) - Q1 2026 (EUR): Revenue 730mln (exp. 712mln), Op. Income 673mln (exp. 661mln). (Edenred)
FTSE 100 Ex-Divs - BAE Systems (BA/ LN), Hiscox (HSX LN), Rolls-Royce Holdings (RR/ LN), Rightmove (RMV LN), Fresnillo (FRES LN), Spirax Group (SPX LN), Legal & General Group (LGEN LN) will trade without entitlement to their latest dividend payouts. (dividenddata)
Getlink (GET FP) – Q1 2026 (EUR): Revenue 371mln (prev. 322mln Y/Y). (Getlink)
Hexagon (HEXAB SS) – Q1 2026 (EUR): Adj. EBIT 251.3mln (exp. 316.9mln), Adj. EPS 6.7 (prev. 6.5 Y/Y). (Hexagon)
Intertek (ITRK LN) - FT reports that activist Peltz's son has built an activist stake in the Co. (FT)
LSE (LSEG LN) – Q1 2026 Trading Update: Total Income +9.8% Y/Y. Improves 2026 guidance. Organic constant currency growth in total income excluding recoveries of 6.5-7.5%, including an acceleration in our subscription businesses' organic growth. We expect growth to be in the upper half of the guidance range. (LSE)
Man Group (EMG LN) - Q1 2026 (USD): AUM 228.7bln (exp. 230bln, prev. 227.6bln Y/Y), Net Flows -1.6bln, Investment Performance +3.1bln, Other -0.4bln. Alternatives AUM 106.9bln (prev. 103.9bln Y/Y), Long-only AUM 121.8bln (prev. 123.7bln Y/Y). Total AUM +1.1bln Q/Q. (Man Group)
Raspberry Pi (RPI LN) - Proposed offering of existing Raspberry Pi shares; foundation to sell around 5%, with Arm to participate. Jefferies places 10.9mln shares at 550p/shr. (Raspberry Pi)
Relx (RELX LN) – AGM Trading Update: RELX has started the year well across all four business areas and has continued to deliver strong underlying revenue and profit growth, and strong new sales. Outlook: “We continue to see positive momentum across the group, and we expect another year of strong underlying growth in revenue and adjusted operating profit, as well as strong growth in adjusted earnings per share on a constant currency basis”. (Relx)
Santander (SAN SM) - Co. to pause share buyback until May 27th, due to Webset acquisition. (Santander)
Segro (SGRO LN) – Q1 2026 Trading Update: “Momentum continues across our business, despite the uncertain geopolitical environment, as we sign new leases, progress pre-let negotiations and conclude disposals above book value”. Middle East conflict not had an impact, but remains watchful. (Segro)
Safran (SAF FP) - Q1 (EUR): Revenue 8.62bln (exp. 8.28bln). Consolidated Revenue 8.488bln. Adj. revenue +18.8% Y/Y, organic growth +23.0%, scope impact +311mln, FX impact -614mln. LEAP engine deliveries 520 units (prev. 319 Y/Y). FY26 guidance confirmed: Revenue growth up low- to mid-teens, Recurring Operating Income 6.1-6.2bln, Free Cash Flow 4.4-4.6bln. (Safran)
Schindler Holding AG (SCHP SW) - Q1 2026 (CHF): Revenue 2.593bln, Order Intake 2.826bln, Operating Income (EBIT) 337mln (EBIT margin 13.0%), Adj. EBIT margin 13.2%, Net Profit 262mln (Net Profit margin 10.1%), Operating Cash Flow 532mln. Revenue +1.7% local currency, Order Intake +2.8% local currency. Co. notes of significant FX headwinds. 2026 guidance confirmed. (Schindler)
TotalEnergies (TTE FP) upgraded to Hold from Reduce at Kepler Cheuvreux
VINCI (DG FP) - Co. wins the contract to build electrical infrastructure in Guinea. (Vinci)
WH Smith (SMWH LN) - H1 2026 (GBP): Revenue 748mln (prev. 716mln Y/Y), Headline PBT 3mln (prev. 21mln Y/Y), Headline Group Profit 32mln (prev. 47mln Y/Y), Headline EPS -0.8p (prev. 11.5p Y/Y). Revenue +5% YoY (UK +2%, NA +10%, ROW +8%). FY26 Headline PBT guided 90–105mln, dividend suspended, cautious outlook citing Middle East uncertainty and weaker consumer confidence. (WH Smith)
ABB (ABBN SW) upgraded to Hold from Sell at Deutsche Bank
TotalEnergies (TTE FP) upgraded to Hold from Reduce at Kepler Cheuvreux