European Movers: Credit Agricole (ACA FP) +5.0%, Saint Gobain (SGO FP) +4.8%, Leonardo (LDO IM) +2.1%, Holcim (HOLN SW) +1.7%, BP (BP/ LN) -0.4%, Puma (PUM GY) -3.9%
BP (BP/ LN) - Co. says it is launching a process to market its North Sea business for potential sale as part of a portfolio review. (BP) Previously, talks around these assets were held with Ithaca Energy (ITH LN)
Credit Agricole (ACA FP) - Q2 2026 (EUR): Revenue 7.36bln (exp. 7.03bln), Operating costs 3.87bln (exp. 3.83bln), Net Income 2.05bln (exp. 1.93bln), Asset gathering revenue 2.21bln (exp. 2.06bln), Large customers revenue 2.34bln (exp. 2.28bln), International retail banking 1.05bln (exp. 1.02bln), CET1 11.3% (exp. 11.2%). (Credit Agricole)
Holcim (HOLN SW) - H1 2026 (CHF): Revenue 7.93bln (exp. 7.81bln), recurring EBIT 1.44bln (exp. 0.96bln), raises its FY26 sales growth to "around" 5% (prev. guided 3-5%) and recurring EBIT 10% (prev. guided 8-10%). (Holcim)
Leonardo (LDO IM) - H1 2026 (EUR): Adj. Net Income 476mln (prev. 273.6mln Y/Y), Revenue 10bln (prev. 8.92bln Y/Y), Order backlog EUR 58.6bln (prev. 45.0bln Y/Y), New Orders 16.3bln (prev. 11.2bln Y/Y). Raises its FY26 guidance, now sees new order intake c. 28.2bln (prev. guided c. 26.2bln), EBITA c. 2.21bln (prev. guided c. 2.15bln) and FOCF c. 1.37bln (prev. guided 1.32bln) with a ROS at 10.0%. (Leonardo)
Puma (PUM GY) - Q2 2026 (EUR): adj. Sales 1.69bln (exp. 1.66bln), adj. EBIT -42mln (exp. -55mln). FY Guidance confirmed. CEO "After a solid first quarter and a softer second quarter in line with expectations, we expect sales to improve sequentially in the second half of 2026". (EQS)
Saint Gobain (SGO FP) - H1 2026 (EUR): Revenue 23.60bln (prev. 23.85bln Y/Y), Net Income 1.68bln (exp. 1.39bln), EBITDA 3.63bln (exp. 3.51bln), affirms FY26 outlook. (Saint Gobain)
This is the standard mid-season European movers wrap, and the pattern it records is a familiar one: construction materials and defence names leading, with beats concentrated where pricing and backlog rather than volumes are doing the work. The Holcim print follows the established script for the building materials complex, a margin beat well ahead of the revenue beat, which in past reporting seasons has tended to be rewarded more durably than topline surprises because it speaks to mix and cost pass-through rather than one-off demand. Leonardo's outsized backlog build is consistent with the broader European defence order cycle, where multi-year government commitments have repeatedly allowed names in the peer set to raise guidance mid-year without immediate delivery risk. On the other side, Puma's negative EBIT quarter with guidance merely confirmed fits the sportswear pattern of recent seasons, where beats on lowered bars have not sufficed to rerate the stock absent evidence of inventory normalisation. The BP item is the outlier in type rather than in form: majors marketing mature North Sea positions to smaller independents is a well-worn portfolio sequence, and prior talks with a named counterparty signal the process has history behind it. The follow-ons that typically matter are sell-side estimate revisions in the sessions after the print and whether the guidance raises survive the first round of model updates.