Additional European Equity News
Air France (AF FP) - Q1 2026 (EUR): Net Income -287mln (exp. -382mln), Revenue 7.48bln (prev. 7.17bln Y/Y). Co. sees USD 2.4bln rise in fuel bill to USD 9.3bln in 2026. (Air France)
Berkeley (BKG LN) - Co. to buyback GBP 25mln shares. (Berkeley)
BNP Paribas (BNP FP) – CFO said that the co’s exposure to private credit is 3%. (BNP Paribas)
BASF (BAS GY) - CFO says price hike impact is expected to feed through in Q2. (BASF)
DCC (DCC LN) - Co. has rejected the 5800p/shr proposal from Energy Capital and KKR. (DCC)
Drax (DRX LN) - Trading Update 2026 (GBP): Adj. EBITDA in line with consensus (prev. n/a Y/Y). Good operational performance across group, GBP 450mln buyback ongoing with further tranche starting May, final dividend 17.4p, limited exposure to commodity prices and no expected EGL impact in 2026, strong contracted revenues with >GBP 1bln forward power sales, growth in flexible generation and storage (BESS, OCGT), early cost inflation from energy, FY26 guidance in line with consensus maintained. (Drax)
Endeavour Mining (EDV LN) - Q1 2026 (USD): Adj. EBITDA 880mln (prev. 613mln Y/Y), Adj. Net earnings 370mln (prev. 219mln Y/Y), Free cash flow 613mln (prev. 409mln Y/Y), Net cash 405mln (prev. -378mln Y/Y), Gold production 282koz (prev. 341koz Y/Y). Record EBITDA and FCF driven by higher gold prices, costs increased (AISC USD 1,834/oz vs USD 1,129/oz Y/Y), strong balance sheet supports growth and shareholder returns, buybacks ongoing, FY26 guidance on track with H2-weighted production. (Endeavour Mining)
Evoke (EVOK LN) - FY25 (GBP): Revenue 1.78bln (exp. 1.82bln), EBITDA 301.3mln (prev. 211.3mln Y/Y). During the year, as a part of the annual impairment review, management performed a value in use calculation to assess the recoverable amount of the Group's Retail and UK&I online segments, using that business's underlying cash flow forecasts. The recoverable amount was lower than the book value of its assets and, as such, the Group impaired the goodwill and other non-current assets in the Retail and UK&I Online businesses, totalling GBP 169.5mln and GBP 270.8m;n respectively. (Evoke)
Glencore (GLEN LN) - Q1 Production Report: Maintains FY production guidance; Copper production 199.6kt (prev. 167.9kt Y/Y), Cobalt 5.8kt (prev. 9.5kt Y/Y), Zinc 176.9kt (prev. 213.6kt Y/Y), Nickel 17.2kt (prev. 18.8kt Y/Y), Gold 68koz (prev. 145koz Y/Y), Silver 4,869koz (prev. 4,230koz Y/Y), Steelmaking coal 6.5mt (prev. 8.3mt Y/Y), Energy coal 22.9mt (prev. 23.4mt Y/Y), Production largely in line, FY26 production guidance unchanged, cost inflation from diesel and acid with weaker USD, stronger commodity prices expected to offset costs and drive margin expansion, Marketing EBIT seen exceeding top end of USD 2.3-3.5bln guidance. (Glencore)
Kerry Group (KYGA LN) - Q1 2026 (EUR): Volume growth +3.1% Y/Y. EBITDA margin +60bps driven by Accelerate 2.0, strong volume growth across regions, FY constant currency EPS guidance 6–10% maintained. (Kerry Group)
Metro Bank (MTRO LN) - Q1 2026 (GBP): Total assets 16.555bln (prev. 17.074bln Y/Y), Net loans and advances 8.998bln (prev. 8.465bln Y/Y), Deposits 13.280bln (prev. 13.817bln Y/Y), Net loan to deposit ratio 68% (prev. 61% Y/Y), Target segment loans 5.500bln (prev. 3.623bln Y/Y). Continued profit growth and guidance reaffirmed, strong lending growth in target segments (+5% QoQ, +52% Y/Y) with run-off book reduction, strong credit quality with low arrears, >GBP 1bln pipeline supports growth, lowest cost of deposits in UK high street, solid liquidity and balance sheet. (Metro Bank)
Michelin (ML FP) – Q1 2026 (EUR): Revenue 6.2bln (exp. 6.1bln). Affirms 2026 guidance amidst the Middle East conflict. CFO says Q2 probably disrupted by the war. (Michelin)
MTU Aero Engines (MTX GY) - Q1 2026 (EUR): Adj. Revenue 2.244bln (prev. 2.092bln Y/Y), Adj. EBIT 320mln (prev. 300mln Y/Y), Adj. Net income 229mln (prev. 221mln Y/Y), Free cash flow 177mln (prev. 150mln Y/Y), Order backlog 31.554bln (prev. 29.479bln Y/Y). Adj. EBIT margin 14.2% (prev. 14.3% Y/Y), OEM margin 30.2% (prev. 28.4% Y/Y), MRO margin 8.0% (prev. 8.2% Y/Y). Growth driven by military and MRO, OEM stable with FX headwind, no Iran impact yet but monitoring, FY26 guidance confirmed. (MTU Aero Engines)
Persimmon (PSN LN) - AGM Trading Statement 2026 (GBP): Net private sales per outlet per week 0.76 (prev. 0.74 Y/Y), Forward sales 2.46bln (prev. 2.34bln Y/Y), Private forward sales 1.80bln (prev. 1.68bln Y/Y), Average outlets 273 (prev. 268 Y/Y), Land holdings c.84,900 (prev. c.83,800 Y/Y). Trading in line with expectations with improved sales rates and pricing, private ASP ~GBP 306.9k (+5% Y/Y), resilient demand despite macro uncertainty, early build cost inflation from energy, strong landbank and balance sheet, FY26 PBT expected in line with consensus and completions guided at 12,000–12,500 homes. (Persimmon)
Puma (PUM GY) - Q1 2026 (EUR): Adj. Sales 1.86bln (exp. 1.82bln), EBIT 51.9mln, +19.6% Y/Y. Confirms 2026 guidance. Region: The positive performance in Greater China of 9.0% (ca) was primarily attributable to DTC growth across both owned & operated retail stores, as well as E-Commerce channels. This was further supported by a robust Chinese New Year performance in addition to sustained strong demand for low profile, especially the Speedcat family. (Puma)
Rolls-Royce (RR/ LN) - AGM 2026 (GBP): Large EFH 115% of 2019 levels (prev. 110%+ Y/Y implied), OE deliveries +18% Y/Y, shop visits +12% Y/Y. Strong start to year across divisions, Power Systems order intake +50% Y/Y, backlog 7.3bln. 2026 guidance confirmed. Rolls-Royce has a diversified and resilient portfolio of businesses. Widebody demand remains strong, and we have a young fleet which is growing faster than the market. (Rolls-Royce)
Schneider Electric (SU FP) - Q1 2026 (EUR): Revenue 9.8bln (prev. 9.33bln Y/Y). Organic Revenue +11.2% (exp. +10.1%). Co. affirms FY guidance. Organic growth +11.2%, Energy Management +12.8%, Industrial Automation +4.4%. Record revenue driven by Data Center demand and strong Systems growth (+16%), broad-based regional strength led by North America and China, recovery in Discrete automation with Process to improve later in year, sustainability program underway, FY26 targets reaffirmed. (Schneider Electric)
Stellantis (STLAM IM/STLAP FP) - Q1 2026 (EUR): Net Income 377mln (prev. -387mln Y/Y), Revenue 38.1bln (prev. 35.8bln Y/Y), Adj. Operating Income 960mln (prev. 327mln Y/Y), Net Income 377mln (prev. -387mln Y/Y), EPS 0.14 (prev. -0.13 Y/Y). 2026 guidance confirmed. By region: North America: Sales increased 6% versus Q1 2025, with growth of 4% in the U.S., 15% in Canada and 19% in Mexico. Stellantis outperformed a declining U.S. industry trend which was down 6% in Q1 2026 and was the fastest-growing automaker in the region. (Stellnatis)
Shell (SHEL LN) – Apollo, Blackstone and KKR are reportedly in a race for a stake in LNG Canada. (Shell)
Volkswagen (VOW3 GY) – Q1 2026 (EUR): Operating Margin 3.3% (exp. 3.4%). Sales revenue 75.657bln (prev. 77.558bln Y/Y), Operating result 2.463bln (prev. 2.873bln Y/Y), Earnings before tax 2.235bln (prev. 3.109bln Y/Y), Earnings after tax 1.564bln (prev. 2.186bln Y/Y), Deliveries 2.049mln (prev. 2.134mln Y/Y), Vehicle sales 1.954mln (prev. 2.100mln Y/Y), Production 2.157mln (prev. 2.194mln Y/Y), Cash flows from operating activities 6.662bln (prev. 4.696bln Y/Y), Net cash flow 1.993bln (prev. -0.828bln Y/Y), Net liquidity 34.237bln (prev. 33.180bln Y/Y). Operating return on sales 3.3% (prev. 3.7% Y/Y), return on sales before tax 3.0% (prev. 4.0% Y/Y). Co. says it made progress in a challenging environment – overhead costs reduced by EUR 1bln and transformation is to be accelerated further. (Volkswagen Group)
Whitbread (WTB LN) - FY25 (GBP): Adj. Pretax 483mln (prev. 483mln Y/Y), Adj. EBITDAR 1.07bln (prev. 1.03bln Y/y), Revenue 2.92bln (prev. 2.92bln Y/Y). (Whitbread)
Weir (WEIR LN) - Q1 Trading Update: Orders +4%; confirms 2026 guidance. We expect good growth in orders over the full year and are encouraged by both our visibility of the orderbook and operational momentum. Co. appoints Andrew Neilson as CEO. (Weir)
United Utilities (UU LN) - FY 2026 (GBP): Adj. Revenue 2.576bln (prev. 2.145bln Y/Y), Adj. EBITDA 1.560bln (prev. 1.251bln Y/Y), Adj. Operating profit 1.060bln (prev. 785.7mln Y/Y), Adj. PBT 738.0mln (prev. 513.6mln Y/Y), Adj. PAT 730.0mln (prev. 513.3mln Y/Y), Adj. EPS 107.1p (prev. 75.3p Y/Y). Co. proposed a GBP 800mln placing; funds GBP 2.5bln incremental AMP8 investment. (United Utilities)
Brenntag (BNR GY) upgraded to Neutral from Sell at UBS
Lloyds (LLOY LN) upgraded to Buy from Neutral at UBS