Additional European Equity News

Bavarian Nordic (BAVAB DC) – FY 2025 (DKK): Revenue 6.24bln (exp. 5.98bln). FY Outlook: 5-5.2bln (exp. 5.17bln), EBITDA Margin approx. 25%. (Bavarian Nordic) 

Computacenter (CCC LN) – FY 2025 (GBP): Revenue 9.13bln (prev. 6.96bln Y/Y), Gross Profit 1.13bln (prev. 1.03bln Y/Y), PBT 238mln (prev. 244.6mln Y/Y). Looking to 2026, while we remain mindful of the uncertain macroeconomic and political environment, as well as the hardware component shortages currently affecting the IT industry, we are confident in our ability to navigate these challenges. Therefore, we expect to make further strategic and financial progress on an organic basis, enhanced by the acquisition of AgreeYa. (Computacenter) 

Deutsche Bank (DBK GY) - Affirmed FY26 Revenue guidance at EUR 33bln; sees 2026 partial normalisation of loss provisions. Elsewhere, the Co. is being sued for in excess of GBP 600mln by former employees in relation to a probe that led to convictions in Italy. (Deutsche Bank/FT) 

Generali (G IM) – Q4 2025 (EUR): Net Income 957mln (exp. 1bln), Op. Profit 2.06bln (exp. 2.03bln). FY 2025: GWP 98.12bln (exp. 98.86bln), Net Profit 4.17bln (exp. 4.22bln). Confirms 2027 guidance. (Generali)

Halma (HLMA LN) – FY Trading Update: “Based on our progress in the year to date and our current expectations for the remainder of the year, we continue to expect that we will deliver, in the year as a whole, mid-teens percentage organic constant currency revenue growth”. (Halma) 

Hannover Re (HNR1 GY) – Net Income 2.6bln, +13.4% Y/Y, Reinsurance Revenue +4.7% Y/Y. Proposed dividend of EUR 12.50/shr, +39% Y/Y. Confirms 2026 guidance. (Hannover Re) 

Informa (INF LN) – FY 2025 (GBP): Revenue 4.04bln (prev. 3.55bln Y/Y), Adj. Profit 1.13bln (prev. 995mln Y/Y). In 2026: Are targeting 7%+ underlying revenue growth for the B2B Live Events Division. Targeting 4%± underlying revenue growth. (Informa) 

Lufthansa (LHA GY) – Strikes to begin on Thursday, though around 60% of long-haul network still operates. (Lufthansa)  

Munich Re (MUV2 GY) - Munich Re’s asset manager MEAG plans to double infrastructure debt investments to EUR 20bln, targeting markets including Canada and smaller financing opportunities, Bloomberg reports. Since entering the business in 2014, MEAG has built a portfolio of about EUR 10bln. (Bloomberg) 

RTL (RTL GY) - FY 2025 (EUR): Revenue 6.02bln, -3.8% Y/Y, Adj. EBITDA 661mln, -8% Y/Y. Raises dividend to EUR 5.50/shr (prev. 2.50). To cut around 600 jobs in Germany. (RTL)

Engie (ENGI FP) reiterated with Buy at Goldman Sachs

Teleperformance (TEP FP) reiterated with Neutral at Goldman Sachs