European Movers: Persimmon (PSN LN) +11.4%, Spirax (SPX LN) +6.6%, Hugo Boss (BOSS GY) +5.6%, Volkswagen (VOW3 GY) +2.4%, Shell (SHEL LN) -2.6%, Repsol (REP SM) -4.8%

Energy names - Oil prices have reversed Monday's gains after US President Trump said the Iran war may be coming to an end, while the G7 is considering the release of emergency oil reserves.  

Hugo Boss (BOSS GY) – FY 2025 (EUR): Revenue 4.27bln (exp. 4.2bln), EBIT 391mln (prev. 361mln Y/Y). Guides initial FY26 Sales 4.27bln (exp. 3.89bln), EBIT 300-350mln. Announces share buyback in an amount of up to EUR 200mln until year end 2027.

Persimmon (PSN LN) – FY 2025 (GBP): Revenue 3.75bln (exp. 3.61bln), PBT 397.3mln (prev. 359.1mln Y/Y). 12% increase in completions to 11,905 new homes with growth across all three brands. "Assuming the conflict with Iran and its impact is short, we expect to deliver between 12,000 and 12,500 completions in 2026, with underlying operating profit towards the upper end of current consensus". (Persimmon) 

Repsol (REP SM) - Q4 2025 (EUR): EPS 0.64 (exp. 0.49). Sees 2026 production between 560-570k boepd. Plans a EUR 350mln share buyback over H1. (Newswires)

Spirax (SPX LN) – FY 2025 (GBP): Revenue 1.7bln (prev. 1.66bln Y/Y), Op. Profit 265.4mln (prev. 304.6mln Y/Y), Dividend/shr 170p (prev. 165p Y/Y). Restructuring completed with GBP 40mln of annualised savings funding investment in growth. (Spirax)

Volkswagen (VOW3 GY) – FY 2025 (EUR): Op. Result 8.9bln (exp. 9.55bln, prev. 19.1bln Y/Y), Revenue 321.9bln (exp. 324.65bln, prev. 324.7bln Y/Y), Op. RoS +2.8% (prev. +5.9% Y/Y), Op. Margin 2.8% (exp. 2.9%), Vehicle Sales 9mln (prev. 9mln Y/Y). Decline in Operating Result was attributable to U.S. tariffs, expenses in connection with the adjustment of the Porsche product strategy, currency effects and price/mix effects. Outlook: Guides initial FY26 Revenue flat to +3%, Op. RoS 4.0-5.5%. 50,000 jobs due to be cut by 2030 across the group in Germany. (Volkswagen)