European Movers: EssilorLuxottica (EL FP) +2.7%, Diploma (DPLM LN) +2.2%, AstraZeneca (AZN LN) +1.3% Lufthansa (LHA GY) -2.0%, Air France (AF FP) -3.3%, Vistry (VTY LN) -4.2%

• EssilorLuxottica (EL FP) upgraded to Buy from Hold at HSBC
• Diploma (DPLM LN) – Trading Update: Q1’26 organic revenue growth up +14%, organic revenue growth up +6% and margin guidance up +22.5%. Company also announced it has completed 4 acquisitions for roughly GBP 75mln in Q1. (Diploma)
• AstraZeneca (AZN LN) - Co. to acquire Mordella AI; no terms disclosed. (AstraZeneca)
• Lufthansa (LHA GY) downgraded to Underweight from Equal Weight at Barclays
• Air France (AF FP) downgraded to Underweight from Equal Weight at Barclays
• Vistry (VTY LN) - Trading Update (GBP): PBT 270mln (prev. 263.5mln Y/Y), Total Units -9% Y/Y. Has an optimistic view on lower rates, which is likely "to result in a second half weighting to performance again in 2026, albeit less pronounced than in 2025". (Vistry)

EssilorLuxottica's upgrade by HSBC signals positive sentiment, likely boosting its appeal among investors. Diploma's strong trading update and acquisition activity reinforce confidence in its growth trajectory, while AstraZeneca's acquisition of Mordella AI showcases strategic expansion. On the downside, downgrades for Lufthansa and Air France by Barclays may indicate underlying challenges in the airline sector, suggesting caution in these names.