European Movers: 3i (III LN) +10.2%, Antofagasta (ANTO LN) +5.7%, STMicroelectronics (STM FP) +3.8%, easyJet (EZJ LN) +1.0%, Lloyds (LLOY LN) +0.6%, Deutsche Bank (DBK GY) -0.8%, SAP (SAP GY) -11.5%

3i (III LN) 12-months (EUR): Sales 16bln (prev. 13.78bln), LFL Sales growth 4.9% (prev. 10.3%), EBITDA 2.36bln (prev. 2.07bln), EBITDA Margin 14.8% (prev. 15.1%). CEO “We have made a good start to the final quarter of our financial year to 31 March 2026 and are set for another strong year of compounding growth”.

Antofagasta (ANTO LN) – Q4 production report: Copper production 177.0/kt, +9.4% Q/Q; Copper sales 201.0/kt, +42.3%; Gold  production 66.3k/oz, +23%; Molybdenum production 4.4/kt, +12.8%. CEO: Copper production in 2026 is expected to be 650,000-  700,000/t; “Copperʼs outlook remains compelling…”.

Deutsche Bank (DBK GY) - Q4 (EUR): Net income 1.3bln (prev. 1.6bln Y/Y), Revenue 7.73bln (exp. 7.64bln), FY25 Revenue 32.1bln  (exp. 31.9bln), NII 13.7bln, +2% Y/Y; announces EUR 1bln share buyback.

easyJet (EZJ LN) - Q1 (GBP): Revenue 2.25bln (prev. 2.03bln Y/Y). Headline loss before tax 93mln (prev. 61mln Y/Y). Passenger  growth: +7% YoY. FY26 Outlook unchanged.

Lloyds (LLOY LN) - Q4 2025 (GBP): Statutory pre-tax profit 1.98bln (exp. 1.72bln), NIM 3.1% (exp. 3.1%), NII 3.53bln  (exp. 3.54bln); sees 2026 ROTE above +16% (exp. +16%, previously guided +15%), announces a buyback of up to GBP 1.75bln. 

SAP (SAP GY) - Q4 2025 (EUR): Adj. oper. profit 2.83bln (exp. 2.75bln), Revenue 9.68bln (exp. 9.74bln), Cloud Revenue 5.61bln  (exp. 5.64bln), Cloud/Software Revenue 8.62bln (exp. 8.68bln); announced up to EUR 10bln buyback, to start Feb 2026.

STMicroelectronics (STM FP) - Q4 2025 (EUR): Revenue 3.33bln (exp. 3.28bln), Gross margin 35.2% (exp. 35.1%); Guides Q1 2026 Revenue 3.04bln (exp. 2.94bln), Guides Q1 2026 gross margin at 33.7% (exp. 33.3%).

Today's earnings releases reflect a mixed bag for European equities. Notably, 3i and Antofagasta outperformed expectations with positive growth outlooks, which could boost investor sentiment towards growth sectors. In contrast, Deutsche Bank's bottom-line miss and SAP's guidance disappointment, despite an announced buyback, may exert downward pressure on banking and tech stocks, highlighting sector-specific challenges.