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.