Additional European Equity News

Aena (AENA SM) – FY25 (EUR): Revenue 6.38bln (exp. 6.29bln). EBTIDA 902.4mln (exp. 891.6mln). EBITDA margin 59.3%. Co. will propose the distribution of a dividend of EUR 1.09 gross per share to public and private shareholders at the General Shareholders' Meeting, to be held on 16 April (Aena)

Ageas (AGS BB) – FY (EUR): Net operating profit 1.66bln (exp. 1.63bln). Inflows +9% Y/Y. Net operating result +33% to EUR 1.65bln boosted by an outstanding Non-Life performance, supported by every segment. (Ageas)

AL Sydbank (ALSYDB DC) - FY (DKK): Total Income 7.43bln (exp. 7.24bln) EPS 34.80 (exp. 32.02). The Board of Directors has decided to implement a share buyback programme of DKK 1.1bln. (AL Sydbank)

Aston Martin (AML LN) - FY (GBP): Revenue 1.258bln (prev. 1.584bln Y/Y), Adj. EBIT -189.2mln (prev. -82.8mln Y/Y), Q4 Valhalla delivery of 152, supporting strong sequential quarterly performance. Co. will cut up to a fifth of its workforce to save costs. CEO: " In FY 2026, we expect to deliver a material improvement in financial performance and continue delivering year-on-year improvements over the short-mid-term with a focus on margin expansion and cash flow generation.” (Aston Martin)

Bureau Veritas (BVI FP) – FY (EUR): Adj. Operating profit 1.05bln (exp. 1.04bln). Revenue 6.47bln (exp. 6.46bln). (Bureau Veritas)

Diageo (DGE LN) - H1 2026 (USD): Revenue 10.5bln (prev. 10.5bln Y/Y), adj. Operating income 3.12bln (prev. 3.37bln Y/Y); Co. sees FY organic net sales down 2-3%, due to US weakness. (Diageo)

Fresenius (FRE GY) – Q4(EUR): Group EBIT 713mln (exp. 717.9mln). Revenue 5.875bln (+9% Y/Y). Core EPS 0.78 (+16% Y/Y). Guidance: Fresenius Group: organic revenue growth in the range of 4% to 7%; constant currency Core EPS growth expected in the range of 5% to 10%; EBIT margin of ~11.5%. Fresenius Kabi: organic revenue growth in the mid- to high-single-digit percentage range; EBIT margin of 16.5% to 17.0%. Structural EBIT margin ambition raised to 17% to 19% (previously 16% to 18%) following Kabi’s rigorous strategy execution leading to consistent margin expansion over the past several years. Fresenius Helios: organic revenue growth in the mid-single-digit percentage range; EBIT margin of 10.0% to 10.5%. Fresenius Supervisory Board extends ahead of schedule CEO Michael Sen’s contract by five years, Christian Pawlu to join Management Board for Fresenius Helios effective July 1, 2026. (Fresenius)

GSK (GSK LN) - Co. acquires 35Pharma for USD 950mln in cash. (GSK)  

Haleon (HLN LN) - FY 2025 (GBP): Revenue 11.03bln (exp. 11.03bln), Op. Profit 2.14bln (exp. 2.46bln). Declared final dividend of 4.9p. Sees 2026 Organic Revenue growth of 3-5%. (Haleon) 

Hiscox (HSX LN) - FY 2025 (USD): Gross written premium 4.98bln (exp. 4.99bln), Net Premiums 3.87bln (prev. 3.62bln Y/Y), Pretax 732.7mln (prev. 685.4mln Y/Y); Co. to buyback USD 100mln in shares. (Hiscox) 

Iberdrola (IBE SM) - FY 2025 (EUR): Revenue 45.5bln (exp. 46.4bln, prev. 44.7bln Y/Y), Adj. EBITDA 16.6bln (prev. 16.9bln Y/Y), Net income 6.29bln (prev. 5.61bln Y/Y). (Iberdrola) 

NKT (NKT DC): FY 2025 (EUR):  Revenue 2.72bln (prev. 2.489bln Y/Y), EBITDA 390mln (exp. 394.8mln), adj. EBITDA 85mln (exp. 73,9mln); FY outlook revenue at 2.63-2.78bln. (NKT) 

Novonesis (NSISB DC) - FY 2025 (EUR): Q4 Revenue 996.6mln (exp. 1.02bln), EPS 0.26 (exp. 0.31), EBITDA 346.6mln (exp. 376.9mln). (Novonesis) 

Santander (SAN SM) - Board proposed a final dividend of EUR 0.125/shr for 2025. The bank will increase cash dividend payout to c.35% of group profit from 2027 results onwards, with c.15% allocated to share buybacks. The bank expects to see continued growth in customers across all markets, growing its customer base from 180 million at the end of 2025 to more than 210 million by 2028. (Santander) 

St James's Place (STJ LN) - FY (GBP): Underlying cash result 462.3mln (prev. 447.2mln Y/Y), IFRS profit after tax 531.4mln (prev. 398.4mln Y/Y). CEO: "Going forward, we intend to increase total annual shareholder distributions to 70% of the Underlying cash result through a combination of dividends and share buybacks." (St. James's Place)

SBB (SBBB SS) - FY 2025 (SEK): Rental Income 1.87bln (prev. 1.87bln Y/Y), Net Op. Income 1.17bln (prev. 1.16bln Y/Y). (SBB)   

UK Energy - Ofgem announced that the energy price cap will fall by 7% from April (or GBP 117). (Ofgem) 

Vinci (DG FP) - Co. launches an issue of bonds exchangeable for existing ordinary shares of Groupe ADP due 2031 for a nominal amount of EUR 500mln. (Vinci)  

Vopak (VPK NA) - FY 2025 (EUR): Revenue 1.3bln (exp. 1.45bln), EPS 5.23 (exp. 4.05), adj. EBITDA 1.18bln (exp. 1.04bln). (Vopak)

Wolters Kluwer (WKL NA) - FY (EUR): Revenue 6.13bln (exp. 6.16bln), Adj. EBIT 1.69bln (exp. 1.66bln). FY Outlook FCF 1.3-1.35bln. (Wolters Kluwer) 

Umicore (UMI BB) - Groupe Bruxelles Lambert (GBL) announces that it has successfully sold c.19.6m shares of Umicore, corresponding to 8.0% of Umicore’s share. This divestment is consistent with GBL’s objective of portfolio simplification, one of the group’s key strategic priorities, and further contributes to the EUR 5bln target under GBL’s mid-term strategic plan communicated in November 2024. (GBL)   

Severn Trent (SVT LN) downgraded to Hold form Buy at Kepler Cheuvreux  

Standard Chartered (STAN LN) downgraded to Sell from Hold at Shore Capital

25 Feb 2026 - 07:24- EquitiesEU Research- Source: Newsquawk