European Movers: Swatch (UHR SW) +7.7%, Airtel Africa (AAF LN) +6.8%, Adidas (ADS GY) +3.6%, CaixaBank (CABK SM) +1.8%, Rentokil (RTO LN) -2.0%, Antofagasta (ANTO LN) -5.0%

Adidas (ADS GY) - Prelim Q4 operating profit EUR 164mln (exp. 159.4mln), Revenue 6.07bln (prev. 5.96bln Y/Y), Gross Margin 50.8% (prev. 49.8% Y/Y), Op. Profit 164mln (prev. 57mln Y/Y). FY: Revenue 24.81bln (prev. 23.68bln Y/Y), Op. Profit 2.05bln (prev. 1.33bln Y/Y). Co. to buyback shares worth up to EUR 1bln in 2026 , citing robust fundamentals and healthy balance sheet. Will issue guidance on March 4. 2026. 

Airtel Africa (AAF LN) - Q3 2025 (USD): Revenue 4.67bln (prev. 3.64bln Y/Y), underlying EBITDA 2.28bln (prev. 1.68bln Y/Y), EPS 13.10 (prev. 6.20 Y/Y).

Antofagasta (ANTO LN) downgraded to Neutral from Buy at UBS.

CaixaBank (CABK SM) - FY (EUR): NII 10.67bln (prev. 11.10bln Y/Y), Profit 5.89bln (prev. 5.78bln Y/Y), RoE 0.22% (prev. 0.27% Y/Y), CET1 12.6% (prev. 12.2% Y/Y). Q4: NII 2.71bln, +1.5% Q/Q. 

Rentokil (RTO LN) downgraded to Sell from Neutral at Rothschild & Co. 

Swatch (UHR SW) - FY25 (CHF): Revenue 6.28bln (exp. 6.15bln), Operating income 135mln (prev. 198mln Y/Y). “The very positive momentum in the second half of the year, and the acceleration in the last quarter, continued in January 2026 for all price segments.

Adidas reported a strong Q4 operating profit and revenue beat, reinforcing its robust fundamentals, which has contributed to its positive price movement today. Airtel Africa also exceeded expectations in its latest results, indicating strong growth in revenues and EBITDA, while Swatch's reports of positive momentum in sales bodes well for its outlook. In contrast, downgrades for both Antofagasta and Rentokil reflect sector-specific headwinds and may indicate headwinds ahead for those equities.