European Movers: Sandoz (SDZ SW) +5.9%, HSBC (HSBA LN / 5 HK) +4.9%, Hiscox (HSX LN) +4.2%, Santander (SAN SM) +2.1%, E.ON (EOAN GY) -1.3%, Heidelberg Materials (HEI GY) -3.5%, Diageo (DGE LN) -5.0%

Sandoz (SDZ SW) - FY 2025 (USD): Sales 11.1bln (exp. 11.1bln), Adj. EBITDA 2.41bln (exp. 2.36bln). Proposed dividend of CHF 0.80/shr (prev. CHF 0.60/shr). Full-year 2026 guidance of mid-to-high single-digit net-sales growth and core EBITDA-margin expansion of around 100 basis points. (Sandoz)

HSBC (HSBA LN / 5 HK) - Q4 2025 (USD): Net Income 4.7bln (prev. 3.9bln Y/Y), Pre-tax Profit 6.8bln (prev. 2.3bln Y/Y), NII 9.2bln (prev. 8.2bln Y/Y). FY: Revenue 68.27bln (exp. 67.36bln), Pretax Profit 29.91bln (exp. 28.86bln). Profit after tax 23.1bln (prev. 25.0bln Y/Y), NII 34.8bln (exp. 43.2bln), RoTE 13.3% (prev. 14.6% Y/Y). Outlook: are targeting a RoTE of 17% or better for 2026, 2027 and 2028, excluding notable items. Are targeting year-on-year growth in revenue from 2026 to 2028, rising to 5% growth in 2028 compared with 2027. Maintain dividend payout ratio target basis of 50% in 2026, 2027 and 2028. For 2026: Expect banking NII of at least USD 45bln. (HSBC)

Hiscox (HSX LN) - FY 2025 (USD): Gross written premium 4.98bln (exp. 4.99bln), Net Premiums 3.87bln (prev. 3.62bln Y/Y), Pretax 732.7mln (prev. 685.4mln Y/Y); Co. to buyback USD 100mln in shares. (Hiscox) 

Santander (SAN SM) - Board proposed a final dividend of EUR 0.125/shr for 2025. The bank will increase cash dividend payout to c.35% of group profit from 2027 results onwards, with c.15% allocated to share buybacks. The bank expects to see continued growth in customers across all markets, growing its customer base from 180 million at the end of 2025 to more than 210 million by 2028. (Santander) 

E.ON (EOAN GY) - FY 2025 (EUR): Revenue 78.7bln (prev. 80.1bln Y/Y), adj. EBITDA 9.8bln (exp. 9.46bln). Sees FY outlook for Adj net income of EUR 2.7 - 2.9bln. Sees FY Adj. EBITDA 9.4-9.6bln (exp. 9.34bln). (E.ON)

Heidelberg Materials (HEI GY) - FY 2025 (EUR): Revenue 21.5bln (exp. 21.6bln), Operating EBITDA 4.679 (prev. 4.499 Y/Y), EPS 12.41 (prev. 11.94 Y/Y). "Optimistic" outlook 2026: RCO between EUR 3.40–3.75bln and ROIC above 10% expected. (Heidelberg Materials)

Diageo (DGE LN) - H1 2026 (USD): Revenue 10.5bln (prev. 10.5bln Y/Y), adj. Operating income 3.12bln (prev. 3.37bln Y/Y); Co. sees FY organic net sales down 2-3%, due to US weakness. (Diageo)