Additional European Equity News

Bunzl (BNZL LN) - FY 2025 (GBP): Revenue 11.8bln (prev. 11.77bln Y/Y), Adj. Op. Profit 910.3mln (prev. 976.1mln Y/Y). 2026 outlook reiterated: moderate revenue growth at constant exchange rates*; operating margin slightly down year-on-year. (Bunzl) 

Big Yellow Group (BYG LN) - Co. announces that its CEO, Jim Gibson, has informed the Board of his intention to retire. COO, John Hunter, will replace Jim Gibson as CEO, following his departure. (Big Yellow Group)

ING (INGA NA) – Co. to buy back shares for EUR 100mln. (ING)

Orange (ORA FP) - Orange Business and Tech Mahindra to forge strategic partnership to accelerate end-to-end digital transformation for enterprise customers worldwide, focusing on AI, automation and secure digital platforms. (Orange)

Senior (SNR LN) - FY 2025 (GBP): Revenue 738.2mln (prev. 707mln Y/Y), Op. Profit 47.3mln (prev. 46.8mln Y/Y). 2026 trading in line with expectations, outlook unchanged. On track to achieve medium-term targets. (Senior) 

SSE (SSE LN) - SSEN Transmission accepts Ofgem's RIIO-T3 Final Determination. (SSE) 

Smith & Nephew (SN/ LN) - Q4 (USD): Revenue 1.7bln (prev. 1.57bln Y/Y), Op. Profit 794mln (prev. 657mln Y/Y). In line with our provisional guidance issued in December 2025, underlying revenue growth is expected to accelerate further to around 6% for the full year. (Smith & Nephew) 

Vodafone (VOD LN) - Vodafone and Amazon (AMZN) Leo sign an agreement to extend mobile coverage across Europe and Africa. (Newswires) 

Acciona (ANA SM) downgraded to Reduce from Hold at Kepler Cheuvreux

Novo Nordisk (NOVOB DC) downgraded to Neutral from Buy at Goldman Sachs