Newsquawk Daily European Equity Opening News - 26th February 2026

ASIA

APAC stocks are mostly positive as the majority of the region took its cue from gains on Wall Street, where tech led the advances, and NVIDIA posted stronger-than-expected earnings after hours. ASX 200 mildly gained as the outperformance in tech, telecoms and healthcare offset the losses in energy and industrials, while better-than-expected private capex data also provided some encouragement. Nikkei 225 initially rallied to a fresh all-time high north of the 59,000 level but then pulled back from record levels as the yen gradually strengthened, and after BoJ hawkish dissenter Takata called for gradually hiking rates. Hang Seng and Shanghai Comp were ultimately mixed with the Hong Kong benchmark, the laggard amid weakness in tech, consumer discretionary and insurers, while the mainland was indecisive as price action was contained with very little in the way of fresh catalysts.

Sony (6758 JT) expands its share buyback by JPY 100bln to up to JPY 250bln

EUROPEAN CLOSES

CLOSES: European Closes: Euro Stoxx 50 +0.91% at 6,172, Dax 40 +0.74% at 25,171, FTSE 100 +1.18% at 10,806, CAC 40 +0.47% at 8,559, FTSE MIB +1.11% at 47,170, IBEX 35 +1.49% at 18,461, PSI +0.29% at 9,296, SMI -0.10% at 13,983, AEX +1.00% at 1,030

SECTORS: Financials 2.01%, Utilities 1.77%, IT 1.50%, Materials 1.15%, Energy 0.78%, Telecoms 0.65%, Industrials 0.49%, Healthcare -0.18%, Consumer Disc -0.56%, Consumer Stpl -1.19%

FTSE 100

HSBC Holdings (HSBA LN) - Several Asian banks are preparing bids for HSBC’s retail assets in Indonesia, Bloomberg reports. Potential bidders include DBS Group, Oversea-Chinese Banking Corp., United Overseas Bank, CIMB Group Holdings, and Sumitomo Mitsui Financial. (Bloomberg)

LSEG (LESG LN) - Financial Times reports that Elliott Management has reportedly given assurances to the UK government that it will not push for LSE to take a New York listing. (Financial Times)

Shell (SHEL LN) - Co is reportedly said to be in talks with ADNOC and others over Australia LNG stake sale. (Bloomberg)

UK Banks - The UK’s top banks are resisting a BoE initiative to boost lending by lowering capital levels, according to Bloomberg. In December, the central bank’s FPC said the benchmark Tier 1 capital level should be 13%, 1ppt below prior guidance, a move that has drawn criticism over potential risks.

OTHER UK COMPANIES

BROKER MOVES

DAX

Allianz (ALV GY) - Q4 2025 (EUR): Operating Profit 4.3bln (exp. 4.28bln), Net Profit 2.82bln (exp. 2.68bln), sees FY26 operating profit 17.4bln, announces a new EUR 2.5bln share buyback programme. FY (EUR): Operating Profit 17.4bln (prev. 15.94bln Y/Y). Shareholders' core net income 11.1bln (prev. 9.89bln Y/Y). Core EPS 28.61 (prev. 25.03 Y/Y). (Allianz)

Deutsche Telekom (DTE GY) - Q4 2025 (EUR): Revenue 31.72bln (exp. 31.28bln), Adj. EBITDAaL 10.83bln (exp. 10.72bln), sees FY26 Adj. EBITDAaL around 47.4bln (exp. 51.4bln) FY: Revenue 119.1bln (exp. 118.6bln) Adj. EBITDA 44.2bln (exp. 49.3bln). Regional: US: T-Mobile US reported impressive growth in its customer numbers and financial performance indicators for both the closing quarter and full-year 2025. Europe: The national companies in Europe closed out the year with extremely good financial performance indicators. (Deutsche Telekom)

Munich Re (MUV2 GY) - Q4 2025 (EUR): Net Profit 945mln (exp. 1.03bln), Investment Result 1.62bln (exp. 1.53bln), Op. Result 1.46bln (exp. 1.44bln), P&C Combined Ratio 85.3% (exp. 82.8%). Net Result 6.12bln (prev. 5.69bln Y/Y), which surpassed co’s expectations of 6bln. RoE 18.3% (prev. 18.2% Y/Y), EPS 47.15 (prev. 42.93 Y/Y). The Board of Management proposes to pay shareholders a dividend of EUR 24/shr, +20% Y/Y. 2026 Outlook: IFRS Net Result 6.3bln, Group Insurance expected to reach 64bln. (Munich Re)

OTHER GERMAN COMPANIES

Aixtron (AIXA GY) - Q4 (EUR): EPS 0.42 (exp. 0.31), Revenue 187.1mln (exp. 171mln). Q1 2026 Outlook: Revenue 65mln (exp. 108.3mln). FY 2026 Outlook: Revenue 520mln (exp. 530.8mln). (Aixtron)

Hensoldt (HAG GY) - FY 2025 (EUR): Adj. EBITDA 452mln (exp. 455.2mln), Revenue 2.46bln (exp. 2.5bln). FY Outlook: Revenue 2.75bln (exp. 2.77bln). Dividend of EUR 0.55/shr proposed (prev. EUR 0.50/shr Y/Y). (Hensoldt)

Kion (KGX GY) - FY 2025 (EUR): Revenue 11.3bln (exp. 11.3bln), Adj. EBIT 788.6mln (exp. 785.3mln). The Group's free cash flow is expected to be significantly lower than in 2025 because a material proportion of the non-recurring expenses from the efficiency program will only start impacting on cash flow over the course of 2026. Moreover, the KION Group is planning an increased level of acquisition-related capital expenditure compared with 2025. (Kion)

Scout24 (G24 GY) - Q4 2025 (EUR): Revenue 165.7mln (exp. 165.8mln), EPS 3.33, +50.2% Y/Y. 2026 guidance: 16-18% revenue growth (thereof 6-7 percentage points inorganic contribution from Spain). (Scout24)

BROKER MOVES

MTU Aero (MTX GY) downgraded to Hold from Buy at Kepler Cheuvreux

CAC

AXA (CS FP) - FY 2025 (EUR): Net income 9.8bln (exp. 9.8bln), Underlying earnings 8.3bln, (+6% Y/Y); Gross Written Premium 116bln, (+6% Y/Y); Co. also announces a buyback of EUR 1.9bln, dividend EUR 2.32/shr (+8% Y/Y). (AXA)

Bouygues (EN FP) - FY 2025 (EUR): Revenue 56.9ln (prev. 56.8bln Y/Y), COPA 2.66bln (prev. 2.54bln Y/Y), Net income 1.21bln (prev. 1.06bln Y/Y). (Bouygues)

Eiffage (FGR FP) - FY 2025 (EUR): Revenue 25.31bln (prev. 23.42bln Y/Y), FCF 2.1bln (prev. 2.6bln Y/Y). Proposed dividend EUR 4.80/shr (prev. EUR 4.70/shr Y/Y). Outlook for 2026: growth in activity at a slower pace than in 2025, and further improvements in operating profit on ordinary activities and net profit Group share. (Eiffage)

Engie (ENGI FP) - FY 2025 (EUR): Revenue 71.9bln (exp. 72bln), Recurring Net income 4.9bln (exp. 4.9bln), EBIT (ex-nuclear) 8.8bln (+2% Y/Y); Co. announces the acquisition of UK Power Networks, UK’s best-in-class electricity distribution network. The enterprise value of the company (at 100%) stands at GBP 15.8bln. This transaction is expected to have an immediate positive impact on the Group’s results (see the 2026–2028 outlook in the 2025 results press release published today) and to be accretive from the first full year following completion of the acquisition, while preserving ENGIE’s credit rating and supporting its attractive dividend policy. (Engie)

Getlink (GET FP) - FY 2025 (EUR): Revenue 1.6bln (exp. 1.6bln), EBITDA 859mln, +4% Y/Y. Outlook: Consolidated EBITDA target for 2026 of between 820-860mln. Co announces news phase of medium-term growth, targeting a EUR 1bln EBITDA by 2030 (Getlink)

Schneider Electric (SU FP) - FY 2025 (EUR): Revenue 40.2bln (prev. 38.2bln Y/Y), Organic Revenue +10.7% Y/Y (exp. 7.5%). Raises dividend by 8%. Guides initial FY26 Organic Revenue +7-10% Y/Y. Affirms FY26-30 targets. Announces that CFO Maxson is to step down, and to be replaced by Nathan Fast, effective April 5th. (Schneider Electric)

OTHER FRENCH COMPANIES

Arkema (ARK FP) - FY 2025 (EUR): Revenue 9.07bln (exp. 9.02bln, prev. 9.54bln Y/Y), EBITDA 1.25bln (exp. 1.26bln, prev. 1.54bln Y/Y), Adj. net income 328mln (prev. 616mln Y/Y); guides FY26 EBITDA with slight growth Y/Y. (Arkema)

Saint Gobain (SGO FP) - Co. continues its development in construction chemicals by entering the Dominican Republic and strengthening its position in Benelux. (Saint Gobain)

Sopra Steria (SOP FP) - FY 2025 (EUR): Revenue 5.65bln (exp. 5.64bln), Basic EPS 15.23, +22.2% Y/Y. Proposed dividend of EUR 5.30/shr (prev. EUR 4.64/shr). (Sopra Steria)

Technip Energies (TE FP) - FY 2025 (EUR): Revenue 7.19bln (exp. 7.28bln), EPS 2.04 (exp. 2.23). Co. to buy shares for EUR 150mln. 2026 guidance: Revenue 6.3-6.7bln, EBITDA Margin approx. 8%. (Technip Energies)

Wendel (MF FP) - FY 2025 (EUR): Consolidated Sales 7.12bln (prev. 7.56bln Y/Y), Total Net Income 344.7mln (prev. 989.9mln Y/Y). Management fees & others totalled EUR 349mln reported in 2025, +177% Y/Y. Notes of EUR 1.65bln of disposals announced to date. (Wendel)

BROKER MOVES

PAN EUROPE

Argenx (ARGX BB) - Q4 2025 (USD): Revenue 1.32bln (prev. 0.8bln Y/Y), PBT 403.2mln (prev. 86.5mln Y/Y). Drug update: The primary endpoint was met, demonstrating statistically significant improvement from baseline in Myasthenia Impairment Index Patient Reported Outcome ocular scores at Week 4 in treated patients compared to placebo. (Argenx)

DIA (DIA SM) - FY 2025 (EUR): Revenue 5.72bln (prev. 5.88bln Y/Y), Net income 129mln (prev. -78.7mln Y.Y). (DIA)

EDP (EDP PL) - FY 2025 (EUR): EBITDA 5.02bln (prev. 4.80bln Y/Y), EBIT 2.99bln (prev. 2.26bln Y/Y). (EDP)

Erste (EBS AV) - Q4 2025 (EUR): NII 2.02bln (prev. 1.93bln Y/Y), Op. Result 1.55bln (prev. 1.39bln Y/Y). Outlook: Erste Group's goal for 2026 is to achieve a return on tangible equity (ROTE) of about 19%. (Erste)

Indra Sistemas (IDR SM) - FY 2025 (EUR): Revenue 5.46bln (exp. 5.35bln), Net Profit 436mln, +57% Y/Y. Dividend announcement of EUR 0..30/shr, +20% Y/Y. (Indra Sistemas)

Pirelli (PIRC IM) - Q4 2025 (EUR): Net income 130mln (exp. 110mln), Revenue 1.58bln (exp. 1.57bln). (Pirelli)

Syensqo (SYENS BB) - Q4 2025 (EUR): Sales 1.42bln (exp. 1.51bln), Adj. EBITDA 238mln (exp. 269.9mln). FY Outlook Adj. EBITDA 1.1bln (exp. 1.32bln). Dividend for 2025 of EUR 1.62/shr. (Syensqo)

UCB (UCB BB) - FY 2025 (EUR): Revenue 7.74bln (exp. 7.6bln), Adj. EPS 9.99 (prev. 4.98 Y/Y). The Board of Directors of UCB proposes a dividend of EUR 1.45 per share (gross), +4%. (UCB)

BROKER MOVES

SMI

OTHER SWISS COMPANIES

Clariant (CLN SW) - FY 2025 (CHF): Sales 3.92bln (exp. 3.92bln). 2026 Outlook: Local currency sales to be around flat; EBITDA margin before exceptional items at around 18 %; medium-term targets confirmed. (Clariant)

Ferrovial (FER SM) - FY 2025 (EUR): Revenue 9.63bln (exp. 9.5bln), Adj. EBITDA 1.46bln (exp. 1.41bln), Adj. EBIT 967mln (exp. 1.04bln). CEO: "Looking ahead, we're focused on accelerating our growth in the United States, where we see a strong pipeline of new greenfield infrastructure opportunities across highways and airports”. (Ferrovial)

Sulzer (SUN SW) - FY 2025 (CHF): Revenue 3.65bln (exp. 3.57bln, prev. 3.53bln Y/Y), EBIT 433mln, +13% Y/Y; raises dividend to 4.75% (prev. 4.5%). (Suzler)

BROKER MOVES

Oerlikon (OERL SW) downgraded to Sector Perform from Outperform at RBC

Sandoz (SDZ SW) downgraded to Equal Weight from Overweight at Barclays

SCANDINAVIA

BROKER MOVES

US

Nvidia (NVDA) - Shares of Nvidia initially rose after it reported Q4 earnings and revenue above expectations, and issued stronger-than-guidance, driven by a 75% surge in data centre revenue amid booming AI demand. However, shares pared gains to end the extended trading session flat; reports cited traders being underwhelmed by a routine beat, as well as concerns over customer concentration and competition, while its outlook excluded China data centre revenue. It reported Q4 adj. EPS of 1.62 (exp. 1.53), Q4 revenue of USD 68.13bln (exp. 66.21bln). Revenue rose +73% Y/Y, driven by data centre sales rising +75% Y/Y to USD 62.3bln (exp. 60.69bln), and now accounts for over 91% of group revenue, with hyperscalers representing just over 50% of data centre revenue; networking revenue surged 263% Y/Y to USD 10.98bln on NVLink and Spectrum-X adoption. Gaming revenue increased 47% Y/Y to USD 3.7bln but fell 13% sequentially, while automotive rose 6% Y/Y to USD 604mln (exp. 654.8mln), and professional visualisation climbed 159% Y/Y to USD 1.32bln (exp. 755.4mln). Net income nearly doubled to USD 43bln from USD 22.1bln Y/Y. Management said it has secured sufficient chip inventory and capacity from manufacturing partners to meet demand for the next several quarters, although supply constraints are expected to weigh on the gaming business. Customer concentration increased, with two customers accounting for 36% in sales (vs three customers at 34% in the same quarter last year); hyperscalers remained its largest customer category. It noted that initial Vera Rubin samples have shipped, with production on track for H2. CFO said it intends to continue investing in the AI ecosystem rather than prioritising shareholder returns; CEO stated that AI-generated output will underpin future computing demand and infrastructure build-out. Sees Q1 revenue between USD 76.44-79.56bln (exp. 72.6bln), excluding any data centre revenue from China, though it has received licences to ship small volumes of H200 chips to Chinese customers.

Salesforce (CRM) - Shares of Salesforce fell 4.1% in extended trading after it issued sales guidance that came in below Wall Street expectations, overshadowing a quarterly earnings beat and a new USD 50bln share buyback commitment. Q4 adj. EPS 3.81 (exp. 3.04), Q4 revenue USD 11.20bln (exp. 11.18bln). Q4 revenue rose at the fastest pace in two years, while net income increased to USD 1.94bln (vs USD 1.71bln Y/Y). Current remaining performance obligation totalled USD 35.1bln (exp. 34.53bln). Annualised Agentforce revenue exceeded USD 800mln, and Informatica contributed USD 399mln following the USD 8bln acquisition. The company authorised a new USD 50bln share buyback programme; CEO said the buyback reflects attractive valuation levels. Salesforce highlighted further investment in Anthropic, noting the group remains under-leveraged. Sees Q1 adj. EPS between 3.11-3.13 (exp. 3.00), Q1 revenue between USD 11.03-11.08bln (exp. 10.99bln). For FY27, sees adj. EPS between 13.11-13.19 (exp. 13.12), and revenue between USD 45.8-46.2bln (exp. 46.06bln); it also raised its FY30 revenue target to USD 63bln.

Snowflake (SNOW) - Shares of Snowflake dipped 2% afterhours following mixed quarterly earnings and guidance that, while upbeat on revenue, failed to excite investors amid broader concerns about software-sector growth. Q4 adj. EPS 0.34 (exp. 0.27), Q4 revenue USD 1.28bln (exp. 1.25bln). Q4 product revenue +30% Y/Y to USD 1.23bln, net revenue retention at 125%, 733 customers generating over USD 1mln in trailing 12-month product revenue (+27% Y/Y), and 740 net new customers added (+40% Y/Y). RPO +42% Y/Y to USD 9.77bln. CEO described a “monstrous” RPO quarter and said the company sits at the centre of the enterprise AI revolution. Sees Q1 product revenue between USD 1.262-1.267bln, representing approximately 27% Y/Y growth.

Sarepta Therapeutics (SRPT) - Q4 adj. EPS -3.58 (exp. -0.77), Q4 revenue USD 442.9mln (exp. 390.95mln). Exited 2025 with nearly USD 1.0bln in cash, no near-term debt overhang and expects to remain profitable and cash-flow positive in 2026. Highlighted continued uptake of ELEVIDYS (which was developed in collaboration with Roche (RHHBY)), which now has traditional approval for ambulatory patients, alongside plans to re-engage the non-ambulatory community, and cited durable performance from its PMO exon-skipping portfolio. Separately, CEO will retire by the end of 2026, or upon appointment of a successor, with a search for internal and external candidates underway.

26 Feb 2026 - 07:10- Research Sheet- Source: Newsquawk