Additional European Equity News

Antofagasta (ANTO LN) - Q1 Production Report: Copper production 143k tonnes, -7.6% Y/Y; Copper sales 137k tonnes, -19.5% Y/Y; Gold production 46.5k ounces, +8.4% Y/Y. Copper production fell due to lower processing rates, and lower copper grades in line with the mine plan at the Group's two concentrators. Gold production rose as a result of higher gold grades, which were partially offset by lower ore processing rates at both concentrators. Guidance for the year remains unchanged, with FY Group copper production expected to be in the range of 650,000-700,000 tonnes. CEO: "As we move through the year, we expect copper production to increase quarter‑on‑quarter, supported by higher ore processing rates and improving grades at Los Pelambres, in line with the mine plan." (Antofagasta)

Barratt Redrow (BTRW LN) - Q3 Trading Update: Q3 was solid, with a resilient reservation rate underpinned by good customer demand. Expect the Middle East conflict to have limited impact on FY26 performance despite heightened macroeconomic uncertainty, given our strong forward sales position and advanced build programme. On track to deliver total house completions of between 17,200-17,800 homes for the full year. (Barratt Redrow)

Deutsche Lufthansa (LHA GY) - Lufthansa pilots’ union Vereinigung Cockpit has called two more strike days this week, planning a 48hr stoppage from Thursday to Friday, extending pressure on the airline. The union also proposed binding mediation through an independent third party to help resolve the labour dispute and avoid further escalation. (Deutsche Lufthansa) 

Ferrexpo (FXPO LN) - Q1 Production Report: Total commercial production 593k tonnes, -45% Q/Q. Total pellet production 525k tonnes, +27%. Production activities were largely suspended in Q1 due to nationwide attacks on Ukrainian electricity generation and transmission infrastructure. There can be no certainty that the Group will be successful in concluding such funding options. If the withholding of VAT refunds continues and funding issues are not resolved in sufficient time, this could give rise to material negative consequences for the Group. (Ferrexpo)

GSK (GSK LN) - Co. announces the completion of the acquisition of 35Pharma, in a deal worth USD 950mln. (GSK)

Hermes (RMS FP) - Q1 2026 (EUR) Revenue 4.07bln (exp. 4.15bln), Sales at constant FX +5.6% (exp. +7.44%), Leather Goods and Saddlery, +9%, Watches métier -4%.  By region: Asia excluding Japan (+2%, vs exp. +5.8%) recorded growth in the first quarter, Greater China continued its slight growth, the Americas (+17%), Europe excluding France (+10%), France (-3%) was affected by a slowdown in tourist flows. Confirms an ambitious goal for revenue growth at constant exchange rates. In a still uncertain economic and geopolitical context, the group has moved into 2026 with confidence. (Hermes)

Michelin (ML FP) - Co. reportedly to raise tyre prices in Japan by 5%. (Newswires) 

Rank (RNK LN) - Q3 2025 (GBP): LFL Net Gaming Revenue 205.4mln, +5% Y/Y; guides FY underlying LFL Op. Profit "at least" 68mln. "Whilst it is likely that the Middle East conflict will create ongoing uncertainty around international travel, we expect to see continued revenue growth in Q4". (Rank)

Rentokil Initial (RTO LN) - Co. announces the appointment of Therese Esperdy as Chair, effective September 1st 2026. (Rentokil)

Robert Walters (RWA LN) - Q1 Trading Update: Net Fees -5% Y/Y. "We remain focused on factors within our control. Specifically, our cost base has improved further, and fee earner productivity saw a third consecutive quarter of growth. Our clients' talent challenges continue to be shaped by long-term structural drivers, and we are confident we have the full suite of solutions to support them. The Group is increasingly well-positioned to take advantage of the opportunities ahead." (Robert Walters)

Stellantis (STLAM IM/STLAP FP) - Q1 2026 estimated consolidated shipments of 1.4mln units, +12% Y/Y; Growth in all regions, led by North America and Enlarged Europe. By Region: In North America, Q1 shipments grew by approximately 54 thousand units compared to the same period in 2025, +17% Y/Y. In Enlarged Europe, Q1 shipments increased by approximately 69 thousand units, +12% Y/Y. LCV volumes were stable at approximately 135 thousand units. In Middle East & Africa, shipments increased by approximately 11 thousand units (+11% Y/Y) mainly driven by Türkiye (+ approximately 12 thousand units). (Stellantis) 

Saga (SAGA LN) - Q1 2026 (GBP): Revenue 660mln (prev. 588.3mln Y/Y), EBITDA 134.9mln (prev. 116mln Y/Y). Outlook: We remain confident in achieving at least £100.0m of annual Underlying Profit Before Tax9 and the Leverage Ratio9 falling below 2.0x by January 2030. (Saga) 

UK Defence - UK Chancellor Reeves has proposed only increasing defence spending by less than GBP 10bln over the next four years, fearing a bigger increase would be unaffordable, according to Times sources (Times)

UK Defence - UK military chiefs have been asked to find USD 3.5bln in "efficiencies" and other savings this year. The squeeze is because the current budget is insufficient to deliver the programme of record, Sky sources reported (Sky News)

Sandvik (SAND SS) upgraded to Hold from Sell at Nordea

15 Apr 2026 - 07:19- EnergyEU Research- Source: Newsquawk