European Movers: Delivery Hero (DHER GY) +2.8%, STMicroelectronics (STMPA FP) +1.7%, Deutsche Boerse (DB1 GY) +1.6%, Bouygues (EN FP) -0.7%, Ericsson (ERICB SS) -4.3%, Alstom (ALO FP) -15.8%
Alstom (ALO FP) - FY 2025/26 (EUR): Revenue 19.2bln (exp. 19.0bln, prev. 18.5bln Y/Y), Orders 27.6bln (prev. 19.8bln Y/Y), Adj. EBIT margin around 6% (prev. 6.4% Y/Y). Guides initial FY 2026/27 sales organic growth around 5%, adj. EBIT margin around 6.5%, withdraws three-year FCF guidance. The medium-term ambition of adjusted EBIT margin of 8-10% will no longer be met by FY 2026/27. (Alstom)
Bouygues Telecom (EN FP) / Free–iliad Group / Orange (ORA FP) - Cos enter exclusive negotiations with the Altice France group for the acquisition of SFR. This offer reflects a total enterprise value of EUR 20.35bln for the Altice France assets under consideration. (Bouygues Telecom)
Delivery Hero (DHER GY) - Uber (UBER) is reportedly said to acquire an additional 4.5% from Prosus (PRX NA) in the Co. in a EUR 270mln deal at EUR 20/shr. (FT)
Deutsche Boerse (DB1 GY) upgraded to Buy from Neutral at Bank of America
Ericsson (ERICB SS) - Q1 2026 (SEK): Adj. EBIT 5.21bln (exp. 5.55bln), Revenue 49.3bln (exp. 51.0bln), Gross Margin 47.2% (prev. 48.5% Y/Y), announces a SEK 15bln share buyback programme , set to commence on April 23rd. Notes of higher input costs, especially for semiconductors
STMicroelectronics (STMPA FP) upgraded to Outperform from Neutral at Mizuho
Alstom's outlook is concerning, as they withdrew long-term free cash flow guidance and acknowledged lower EBIT margins, which may weigh on their stock and sector sentiment. Conversely, Deutsche Boerse and STMicroelectronics received upgrades, likely boosting investor confidence in these stocks despite market challenges. Ericsson’s earnings miss and share buyback announcement, alongside rising costs, could create volatility in the tech sector.