Additional European Equity News

Balfour Beatty (BBY LN) - Co. announces CFO succession with Myles Westcott. Phil Harrison will step down from the Board later this year following more than 10 years as Chief Financial Officer. (Balfour Beatty) 

Convatec (CTEC LN) - FY 2025 (USD): Revenue 2.44bln (exp. 2.43bln), adj. EBIT 316mln (exp. 525mln), adj. 0.086 (prev. 0.093 Y/Y). (Convatec)   

Croda (CRDA LN) - FY 2025 (GBP): Revenue 1.70bln (prev. 1.63bln Y/Y), EBITDA 396mln (prev. 378mln Y/Y); expects sales in Q1 to be similar to the prior year at constant currency. (Croda)  

Endesa (ELE SM) - FY 2025 (EUR): Revenue 21.42bln (prev. 21.31bln Y/Y), EBITDA 5.76bln (exp. 5.60bln), Net income 2.2bln (exp. 2.13bln).  (Endesa) 

MTU Aero (MTX GY) - FY 2025 (EUR): Adj. EBIT 1.35bln (exp. 1.32bln). Q4: Adj. EBIT 356mln (exp. 344mln), Revenue 2.44bln). Guides initial FY26 Revenue 9.2-9.7bln (exp. 9.45bln), Adj. EBIT 1.35-1.45bln (exp. 1.40bln). (MTU Aero)

Saipem (SPM IM) – Co. awarded a new offshore contract in Saudi Arabia worth for approximately USD 500mln. (Saipem)

SAP (SAP GY) - Appier CEO said generative AI is prompting a rethink of traditional SaaS pricing and product design, contributing to weakness in SaaS stocks and eroding investor confidence, DigiTimes reports. He said generative AI is raising doubts about the conventional software-as-a-service growth model and reshaping how companies approach revenue and product strategy. 

Signify (LIGHT NA) – Co. appoints Jeroen Drost Chair of Supervisory Board. (Signify)

Smith & Nephew (SN/ LN) – Co. signs distribution agreement with SI-BONE. (Smith & Nephew)

Unite (UTG LN) - Q1 2025 (GBP): EPS 47.5p (prev. 46.6p Y/Y), Adj. Earnings 232.3mln (prev. 213.8mln Y/Y). Announced the disposal of GBP 186mln assets to USAF. 2026 Guidance: 2026/27 income expected at lower end of range for 2-3% rental growth and 93-96% occupancy  (Unite)

Legrand (LR FP) downgraded to Hold from Buy at Kepler Cheuvreux 

Nokia (NOKIA FH) downgraded to Hold from Buy by Danske Bank

Rio Tinto (RIO LN) downgraded to Equal Weight from Overweight at Barclays