Additional European Equity News

Fortum (FORTUM FH) - Q2 2025 (EUR): Revenue 8.53bln (exp. 8.75bln). EBIT 428mln (exp. 458mln). (Newswires)

Orsted (ORSTED DC) downgraded to BBB- at S&P. 

Skanska (SKAB SS) – Co. has been awarded ~USD 91mln contract in Washington. (Newswires)

UBS (UBSG SW) - Cevian Capital has increased its stake to 9.9%. (Newswires)

Watches of Switzerland (SWOG LN) - Bloomberg's Subdial Watch Index gained 5.3% in H1-2025, best HY performance since 2022. (Bloomberg)

Broker Moves:

Eurazeo (RF FP) downgraded to Underperform from Neutral at Autonomous Research

Technip Energies (TE FP) downgraded to Neutral from Buy at Redburn

13-F:

Berkshire Hathaway: Exited TMUS [of note for Deutsche Telekom (DTE GY)] and AstraZeneca (AZN LN).