Research

548 European Large Caps

39 Senior Analysts

ANALYST REPORTS
STRATEGY REVIEWS

11/08/25

Ferrovial

Ferrovial’s Q2 2025 showed a company shifting from recovery to steady growth. Strong toll road pricing offset weather- and works-related traffic ...

11/08/25

Technip Energies

We have incorporated TEN’s H1 results into our model. In our view, the Q2 softness was driven by timing and accounting conservatism rather than ...

11/08/25

Orsted

Repeated headwinds in its US offshore portfolio have pushed Ørsted to announce a DKK 60bn rights issue, 50.1% underwritten by the Danish state, to ...

11/08/25

Carl Zeiss Meditec

We have revisited the amortisation expenses and negative FX hedging results for FY2024-25 and, as a result for the current fiscal year, our EPS ...

11/08/25

Knaus Tabbert

Knaus reported mixed H1 results due to a strategic realignment, affected by a temporary production stoppage to support dealer destocking and ...

11/08/25

DHL CONTROLLING WHAT IT CAN IN A MERCURIAL WORLD (ADD; 11% UPSIDE)

DHL’s (ADD ; Germany) share price has been range-bound for the better part of two years and with good reason. First came the uncertainties and ...

11/08/25

Heidelberg Materials

Heidelberg Materials delivered a strong Q2 2025 in a still-patchy construction backdrop, with revenue up 3% to €5.68 bn and results from current ...

11/08/25

NN Group

We have revised our forecasts following the release of NN Group’s H1 2025 results. While Operating Capital Generation (OCG) exceeded our ...

11/08/25

CRH

CRH turned a weather delay into a record-breaking second quarter. Revenue rose 6% to $10.2bn on higher prices, steady demand, and $214m from ...

11/08/25

Sbm Offshore

SBM Offshore’s H1 2025 EPS beat (+35%) is of low quality, driven largely by temporary tax and financing tailwinds rather than operational strength. ...

11/08/25

Aryzta

1H25 results: Strong (volume-driven) organic growth plus profits in-line with (muted) expectations but FCF impacted by NWC

11/08/25

Salzgitter

Preliminary figures have already been released – Markets remain challenging – Full year net debt guidance on the positive side

11/08/25

Muenchener Rueck

Munich Re delivered a solid Q2, posting a net profit of €2.1bn, in line with the preliminary figures flagged on 21 July. The real focus, however, was ...

11/08/25

RELX Group , Wolters Kluwer

RELX and Wolters Kluwer were again down by 2-4% on Friday, and we think it is related to a (wrong) cross-read from Gartner’s H1 report for RELX and ...

11/08/25

thyssenkrupp

Extraordinary GM approves spin-off of TK Marine Systems – Important step to reduce complexity and finance growth

11/08/25

Jungheinrich AG

Recently reduced FY25 guidance seems to be on the conservative side – Adopted transformation measures will unfold their effects mainly in FY27

08/08/25

NN Group

NN Group delivered a solid set of results in 1H 2025, with Operating Capital Generation (OCG) and the Solvency II ratio exceeding expectations, ...

08/08/25

AP Moller-Maersk

AP Moller Maersk reported a strong Q2 2025. Ocean benefited from robust volumes and lower bunker costs, enabling a stable EBITDA margin. The ...

08/08/25

Symrise

Counter-rotation upgrade – Uncertainty remains, but current level offers favorable risk-return profile

08/08/25

Flutter Entertainment

Flutter delivered a decent Q2 2025, with revenue rising 16% to $4.19 billion, topping consensus by 1.4%. US growth hit 17%, while international ...

08/08/25

Hikma Pharmaceuticals

H1 results surpassed expectations, driven by a healthy performance from the Injectables segment. Also, the management reiterated its full-year ...

08/08/25

Genmab

Genmab’s Q2 results exceeded market expectations, driven by strong performance across key offerings, resulting in significant profitability growth. ...

08/08/25

INVESTOR TOO MEETS TRUMP (REDUCE; 1% UPSIDE)

In our last teaser (INVESTOR IS THE HERMES OF HOLDCOS) on Investor (REDUCE; Sweden) in early November, right after the election of Donald Trump, we ...

08/08/25

Bechtle

Sequentially improving momentum bodes well for 2H25

08/08/25

Merck

The Q2 results fell short of consensus, as growth in Life Science and Healthcare was materially offset by weakness in the Electronics business. ...

08/08/25

NÜRNBERGER Beteiligungs AG

• Nürnberger Beteiligungs-AG is in talks about a strategic cooperation. • Vienna Insurance Group AG plans to acquire a controlling majority stake in ...

08/08/25

Helleniq Energy

Hellenic Energy delivered resilient 2Q25 results despite the full Elefsina refinery turnaround, with Adjusted EBITDA of €221m only slightly lower ...

08/08/25

Teleperformance

We have, again, reduced our earnings estimates for FY25-27 (albeit moderately) after a disappointing set of H1 numbers. The key issue was the group’s ...

08/08/25

Group ADP

Groupe ADP’s H1 2025 results paint a picture of a business that remains operationally sound, but increasingly vulnerable to external financial ...

08/08/25

Tullow Oil

Tullow’s 1H25 results show a steep FY25 guidance cut to 40–45 kboepd (from 50–55 kboepd), driven by Gabon disposals and weaker Jubilee output, ...

08/08/25

Nestlé

More short-term hurdles make the transition more tricky

08/08/25

Jungheinrich AG

2Q25 with stable revenues and weaker EBIT margin of 7.8% – Projections for FY25 recently adjusted, considering non-recurring charges in 2H25

08/08/25

Deutsche Wohnen

Q2 25 demonstrated stronger performance with accelerated organic growth, sequentially (AV estimate). Following a temporary slowdown, the Domination ...

08/08/25

Rosenbauer

Operating result below our expectations – Value adjustments – A reduction of the EBIT margin guidance from over 6% to ~5.5%

08/08/25

Mobimo

1H25 with good underlying profits and very generous revaluations

08/08/25

Bechtle

2Q25 first take: A consensus beat in terms of profitability – Full-year targets confirmed

07/08/25

Zurich Insurance Group

Zurich reported a solid set of 2Q25 results, broadly in line with expectations. Business Operating Profit (BOP) came in slightly ahead of consensus, ...

07/08/25

GEA Group

In Q2, order intake increased by 5.0% to €1,309m, while organic sales rose slightly by 1.5% due to mixed trends across divisions. In the first half, ...

07/08/25

Air France-KLM

Air France-KLM delivered a robust and above-consensus Q2, with significant profitability improvements supported by broad-based growth, strong premium ...

07/08/25

Rheinmetall

After a stellar Q1 2025, Rheinmetall’s Q2 fell short on key metrics. Still, the company held firm on its full-year guidance. With Europe’s defence ...

07/08/25

Galenica

Galenica turned in a good H1 2025 performance, with sales climbing 5% to CHF 1,995.4 million, outpacing the Swiss pharma market’s 4.8% growth. ...

07/08/25

SGL Carbon SE

Sales and earnings experienced a significant decline in Q2 due to weak demand, particularly in the semiconductor and automotive sectors. Although ...

07/08/25

KBC Groep

KBC delivered strong Q2 results, beating across income lines, with net interest income significantly exceeding expectations. Despite a slight miss on ...

07/08/25

Wpp

WPP faced broad-based challenges in H1 2025, with declines across segments, geographies, and sectors. Lower revenue, higher severance costs, mainly ...

07/08/25

Imerys

Imerys’ first-half 2025 results tell a story of a company navigating a tough external environment — and paying the price. While headline revenue on a ...

07/08/25

Deutsche Beteiligungs AG

1H25 figures suggest FY25 guidance revised previously is well-achievable

07/08/25

Avolta

Avolta’s H1 performance aligned with analysts’ expectations. While North America remained broadly flat due to softer US traffic and a slowdown in ...

07/08/25

Henkel

Henkel’s H1 2025 sales were flat, as Adhesive Technologies’ strength offset Consumer Brands’ softness, notably in Laundry & Home Care. While adj. ...

07/08/25

Lindt & Sprüngli

More a one-off weak 1H but still a lofty valuation

07/08/25

Sandoz

The Q2/H1 results exceeded expectations, putting the firm on track towards achieving its full-year targets. As expected, Biosimilars drove the show, ...

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30/04/25

EUROPEAN STRATEGY

2025? The world according to Grump

RESEARCH

548 European Large Caps

39 Senior Analysts