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StreetAccount Summary - Europe Pre-Open: Futures: FTSE (0.1%), DAX (0.5%), CAC40 (0.3%), IBEX (0.3%), MIB (0.9%)

Feb 27 ,2025

  • Synopsis

    • European equity markets are set to open marginally lower, whilst Asia equities again trading mixed Thursday without a firm direction: Greater China markets retreating a little from recent highs, South Korea and Taiwan also seeing some sharp losses in technology stocks, Singapore and several other Southeast Asia bourses lower.

    • Tariff headlines remain volatile after President Trump repeated Canada and Mexico tariffs will proceed with 2-Apr start date, which seemed to contradict proposed early March date. Added that US will also impose 25% tariffs on EU, singling out autos. However, Trump softened his rhetoric on China, refuting reports about investment and curbs and saying he'd welcome Chinese investment in US. Trump also refused to commit to protecting Taiwan from an invasion.

    • On today's agenda, UK parliamentary committee topics include government's relationship with digital technology suppliers (10:00GMT). France's President Macron begins a state visit to Portugal (through Fri) meets top officials and addresses Portugal's parliament. Economist's Antitrust Summit and UK Jan car production.

    • In central banks, Norges Bank's Longva receives at 10:00CET the annual Norges Bank Watch report, the same time as the bank releases its expectations survey 2025 Q1. BOE's Benjamin speech at 11:30GMT at the State of Caring conf and BOE's Khan panellist at 11:30GMT at the Assn. of British Insurers Annual Conf. US President Trump hosts UK PM Starmer.

    • European macro data releases include, France Jan PPI, Italy Feb business/consumer confidence, Dec industrial sales, Spain Feb preliminary CPI, Switzerland Q4 GDP, Eurozone Feb economic/service confidence, Norway Jan unemployment rate, Sweden Jan trade balance, Denmark Jan retail sales, Eurozone Jan M3 money supply, Belgium Feb CPI

    • A busy morning for earnings with DACHs companies kicking off the session, Kion Group (KGX.GR), Nordex (NDX1.GR), Swiss Re (SREN.SW) and FORVIA HELLA (HLE.GR) are amongst other in the region to update investors with their latest numbers. In France, AXA (CS.FP), Wendel (MF.FP), ENGIE (ENGI.FP), Technip Energies (TE.FP) and Veolia Environnement (VIE.FP) reported FY/Q4 numbers. In Southern Europe, EDP-Energias de Portugal (EDPR.PL), Pirelli & C. (PIRC.IM), Telefonica (TEF.SM) and Eni (ENI.IM) reported end of year results. In Benelux, AMG Critical Materials (AMG.NA), Aalberts (AALB.NA), and UCB (UCB.BB) released FY/Q4 earnings report.

  • Politics/Macro/World News

    • Europe Bulks Up Defense Spending as Trump Withdraws - Bloomberg

    • Internal backlash saved EU green finance rules from extinction - Politico

    • Ukraine needs US security guarantee to deter Putin, says Starmer - BBC

  • Top company news

    • Earnings/updates

      • UK

        • CRH.LN (CRH plc) -- reports FY EPS $5.48 ex-items vs FactSet $5.47 [22 est, $5.05-5.90] (16:10 ET)

      • Southern Europe

        • GRF.SM (Grifols) -- reports FY net income €156.9M vs FactSet €222.8M [13 est, €135.9-377M]

        • EDP.PL (EDP-Energias de Portugal) -- reports FY net income €1.39B ex-items vs FactSet €1.30B [10 est, €1.16-1.41B], dividend +3% y/y, announces share buyback (post EU close 26-Feb)

        • PIRC.IM (Pirelli & C.) -- reports FY net income €501.1M vs consensus €483M; confirms the 2025 targets of the industrial plan

        • IDR.SM (Indra Sistemas) -- reports Q4 net income €93M vs StreetAccount €89.4M

        • NOS.PL (NOS SGPS) -- reports Q4 net income €39.9M ex-items vs FactSet €14.9M [3 est, €1-22M]; proposes ordinary dividend unchanged y/y and an extraordinary dividend

        • BCP.PL (Banco Comercial Portugues) -- reports FY net income €906.4M, +6% vs year-ago €856.0M

        • FCC.SM (Fomento de Construcciones y Contratas) -- reports FY net income €429.9M vs FactSet €565.9M [4 est, €494.5-599.2M]

        • EGL.PL (Mota-Engil SGPS) -- reports FY net income attributable €123M vs FactSet €119.1M [3 est, €116-122.9M]

        • TEF.SM (Telefonica) -- reports Q4 adjusted EBITDA €3.47B vs consensus €3.74B

        • ENI.IM (Eni) -- reports Q4 adj net income €892M vs consensus €960M; to issues financial and operating targets for 2025 at 14:00 CET today

      • Benelux

        • UCB.BB (UCB) -- reports FY core EPS €4.98 vs FactSet €4.49 [13 est, €4.16-4.80]

        • AMG.NA (AMG Critical Materials) -- reports Q4 EPS $0.22 vs year-ago $0.07

        • UPG.BB (Unifiedpost Group) -- reports FY net income €71.2M vs FactSet (€32.8M) [2 est, (€36.5)-(29M)]

        • SYENS.BB (Syensqo) -- reports Q4 underlying EPS €0.73 vs FactSet €1.23 [3 est, €1.16-1.36]; warns Q1 EBITDA to be at approximately same level as Q4 2024; to divest Aroma

        • CRBN.NA (Corbion) -- reports Q4 adjusted EBITDA €39.3M vs FactSet €36.8M [1 est]

        • CTPNV.NA (CTP NV) -- reports Q4 adjusted EPRA EPS €0.20 vs year-ago €0.19

        • VLK.NA (Van Lanschot Kempen) -- reports FY underlying net result €140.5M vs FactSet €148M [1 est]

        • CFEB.BB (Cie d'Entreprises CFE) -- reports FY net income €24.0M vs FactSet €21.2M [5 est, €16.7-25.1M]

        • CMBT.BB (CMB.TECH) -- reports Q4 net income attributable $93.1M vs FactSet $102.9M [4 est, $98.6-107.3M]

        • AALB.NA (Aalberts) -- reports FY EPS €3.11 vs FactSet €2.97 [8 est, €2.54-3.12]; announced dividend unchanged y/y, €75M share buyback, guides 2025

      • France

        • CS.FP (AXA) -- reports FY net income €7.89B vs consensus €7.75B; hikes divi by 9% and guides FY25

        • FGR.FP (Eiffage) -- reports FY net income €1.04B vs consensus €995.3M

        • SK.FP (SEB) -- reports FY adjusted net profit €422M vs FactSet €435.6M [11 est, €421.6-456.9M]

        • SOP.FP (Sopra Steria Group) -- reports FY EPS €20.35 ex-items vs FactSet €17.51 [9 est, €12.83-20.21]

        • MF.FP (Wendel) -- reports FY net income attributable €293.9M vs year-ago €142.4M

        • VU.FP (VusionGroup) -- reports FY adjusted net income €53.4M vs FactSet €49.6M [8 est, €33-68M]

        • IPS.FP (Ipsos) -- reports FY adjusted net income €244.1M vs FactSet €218.1M; proposes increased dividend

        • FII.FP (Lisi) -- reports FY EPS €1.23 vs FactSet €1.31 [6 est, €1.25-1.38]

        • FNAC.FP (Fnac Darty) -- reports FY net income €73M vs FactSet €67.9M [7 est, €37.6-127.6M]

        • 74SW.FP (74Software) -- reports FY EPS €1.67 vs FactSet €1.02 [2 est, €1.02-1.02]

        • GDS.FP (Ramsay Générale de Santé) -- reports H1 EPS (€0.39) vs year-ago (€0.16)

        • AKE.FP (Arkema) -- reports Q4 EPS €1.27 ex-items vs consensus €1.64

        • PLNW.FP (Planisware) -- reports FY net income €42.7M vs FactSet €40.9M [6 est, €36-46.9M]

        • VK.FP (Vallourec) -- reports Q4 EBITDA €214M vs FactSet €207.0M [1 est]

        • VIE.FP (Veolia Environnement) -- reports FY current net income €1.53B vs consensus €1.48B; hikes divi and updates FY25 guidance

        • TE.FP (Technip Energies) -- reports FY EPS €2.16 vs FactSet €2.15 [13 est, €1.99-2.32]

        • ENGI.FP (ENGIE) -- reports FY net income €5.50B vs FactSet €5.40B [15 est, €5.21-5.65B]

      • DACHs

        • KGX.GR (Kion Group) -- reports FY EBIT €917.2M ex-items vs FactSet €889.6M [18 est, €743.8-917.2M]

        • SUN.SW (Sulzer) -- reports FY net income CHF265.4M vs FactSet CHF261.8M

        • BANB.SW (Bachem Holding) -- reports FY EPS CHF1.60 vs FactSet CHF1.58 [10 est, CHF1.44-1.69], raises dividend +6% y/y, guides 2025, 2026

        • BIO3.GR (Biotest) -- reports preliminary FY24 EBIT €94.5M vs year-ago €143.5M

        • ADV.GR (Adtran Networks) -- reports preliminary Q4 EBIT €3.9M vs year-ago €9.3M

        • BOSN.SW (Bossard Holding) -- reports FY net income CHF75.3M vs FactSet CHF68.3M [7 est, CHF65.3-71.1M]

        • KUD.SW (Kudelski) -- reports FY net income $10.6M vs FactSet ($18.7M) [2 est, ($23)-(14.4M)]

        • NDX1.GR (Nordex) -- reports FY net income €9M vs FactSet €11.4M [11 est, (€5.6)-26.1M]

        • HLE.GR (FORVIA HELLA) -- reports FY EBIT €446M vs FactSet €522.1M [2 est, €450.9-593.2M]

        • SREN.SW (Swiss Re) -- reports FY net income attributable $3.21B vs consensus $3.13B; raises dividend +8% y/y, confirms financial targets

        • NFN.GR (NFON) -- reports FY Adjusted EBITDA €12.3M vs FactSet €11.5M [4 est, €11-12M] and guidance of of between €10M and €12M

        • MTG.SW (Meier Tobler Group) -- reports FY net income CHF21.3M vs FactSet CHF20.2M [1 est]; hikes divi by ~23% and refrains from providing a financial forecast for 2025

        • PBB.GR (Deutsche Pfandbriefbank) -- reports FY pretax income €104M vs FactSet €105.4M

        • HAG.GR (HENSOLDT) -- reports FY adjusted EBITDA €405M vs FactSet €400.6M [9 est, €352.3-458M]

        • G24.GR (Scout24) -- reports FY adj EPS €2.90 vs FactSet €2.73 [15 est, €2.24-2.91]; guides FY25

        • BWB.GR (Baader Bank) -- reports preliminary FY EPS €0.48 vs year-ago €0.06

        • AIXA.GR (Aixtron) -- reports Q4 EPS €0.47 vs FactSet €0.56 [8 est, €0.46-0.62]

      • Nordics

        • CTY1S.FH (Citycon) -- reports Q4 adjusted EPRA EPS €0.105 vs FactSet (€0.01) [3 est, (€0.28)-0.14]

        • NIVI.B.SS (Nivika Fastigheter) -- reports Q6 (October - December) EPS SEK0.81 vs year-ago SEK0.24

        • BWLPG.NO (BW LPG) -- reports Q4 EPS $0.22 vs FactSet $0.18 [5 est, $0.16-0.22]

        • NANOFH.FH (Nanoform Finland) -- reports Q4 EPS (€0.07) vs year-ago (€0.07)

        • CLCO.NO (Cool Co.) -- reports Q4 net income $29.4M vs FactSet $19.2M [7 est, $17-20.2M]

        • ARCH.NO (Archer) -- reports Q4 EPS ($0.19) vs year-ago $0.01

        • PCIB.NO (PCI Biotech Holding) -- reports FY comprehensive income (NOK16.4M) vs year-ago (NOK20.3M)

        • MGN.NO (Magnora) -- reports Q4 operating income (NOK12.5M) vs FactSet NOK29.7M [3 est, (NOK15.0)-109M]

        • MAHA.A.SS (Maha Energy) -- reports Q4 net income $10.0M vs year-ago ($1.2M)

      • Also due to report today includes:

        • Earnings:

          • Benelux: ageas (AGS.BB), Van de Velde (VAN.BB), ForFarmers (FFARM.NA)

          • Denmark: Brodrene A&O Johansen (AJO.B.DC)

          • France: Compagnie de Saint-Gobain (SGO.FP), Teleperformance (TEP.FP), Valeo (FR.FP), Planisware (PLNW.FP), Nexity (NXI.FP), Viridien (VIRI.FP), SMCP (SMCP.FP)

          • Germany: Beiersdorf (BEI.GR), PATRIZIA (PAT.GR),

          • Greece: Eurobank Ergasias Services & Holdings (EUROB.GA), HELLENiQ ENERGY Holdings (ELPE.GA)

          • Italy: Nexi (NEXI.IM), Juventus Football Club (JUVE.IM)

          • Norway: Subsea 7 (SUBC.NO),

          • Spain: Iberdrola (IBE.SM), Endesa (ELE.SM), Ferrovial (FER.SM), Puig Brands (PUIG.SM), ACS, Actividades de Construccion y Servicios (ACS.SM), Corporacion Acciona Energias Renovables (ANE.SM), Grupo Catalana Occidente (GCO.SM), Fluidra (FDR.SM), Inmobiliaria Colonial SOCIMI (COL.SM), CIE Automotive (CIE.SM), Viscofan (VIS.SM), Melia Hotels International (MEL.SM), Gestamp Automocion (GEST.SM), Grenergy Renovables (GRE.SM), ATRESMEDIA Corporacion de Medios de Comunicacion (A3M.SM), Solaria Energia y Medio Ambiente (SLR.SM), Prosegur Cash (CASH.SM), ENCE Energia y Celulosa (ENC.SM)

          • Sweden: Millicom International Cellular (TIGO.SS), Vicore Pharma Holding (VICO.SS), BioInvent International (BINV.SS)

          • Switzerland: Bossard Holding (BOSN.SW), Bystronic (BYS.SW), Elma Electronic (ELMN.SW), Feintool International Holding (FTON.SW), Idorsia (IDIA.SW)

          • UK/Ireland: Aviva (AV.LN), London Stock Exchange Group (LSEG.LN), Rolls-Royce Holdings (RR.LN), WPP (WPP.LN), Taylor Wimpey (TW.LN), Haleon (HLN.LN), Ocado Group (OCDO.LN), Man Group (EMG.LN), Shaftesbury Capital (SHC.LN), St. James's Place (STJ.LN), Howden Joinery Group (HWDN.LN), Drax Group (DRX.LN), Derwent London (DLN.LN), RHI Magnesita (RHIM.LN), Serco Group (SRP.LN), Genus (GNS.LN), Metro Bank Holdings (MTRO.LN), PPHE Hotel Group (PPH.LN), Jupiter Fund Management (JUP.LN), Brooks MacDonald Group (BRK.LN), Faron Pharmaceuticals (FARN.LN), Macfarlane Group (MACF.LN), Cairn Homes (C5H.ID)

        • Trading Update: 2G Energy AG (2GB.GR)

        • CMD/events: Eni (ENI.IM), Aktia Bank (AKTIA.FH)

    • M&A

      • ULVR.LN (Unilever) -- Ben & Jerry's founders reportedly interested in reacquiring brand from Unilever -- Bloomberg

      • SESG.FP (SES) -- Appaloosa submits proxy proposals for SES

      • IPS.FP (Ipsos) -- announces acquisition of public and political opinion research company, Ipec; terms undisclosed

      • GDS.FP (Ramsay Générale de Santé) -- Ramsay Health Care appoints Goldman Sachs to explore strategic options for for stake in Ramsay Générale de Santé

      • PVN.IM (Piovan) -- Automation Systems' offer document in connection with the acquisition of Piovan approved by CONSOB; discloses acceptance period

      • +HTR.LN (Heathrow Airport Holdings) -- Ardian to acquire an additional 10% stake in Heathrow

      • Bain Capital in early stages of exploring an ~$8-$10B sale of Rocket Software- Reuters

    • Healthcare

      • BAYN.GR (Bayer AG) -- Bayer presents late-breaking data from QUANTI CNS (Central Nervous System) at ECR 2025

      • EKTA.B.SS (Elekta) -- President and CEO Gustaf Salford to step down, effective 6-Mar

      • AFX.GR (Carl Zeiss Meditec) -- announces VISUMAX 800 with SMILE pro software received approval in China

      • IVA.FP (Inventiva) -- publishes results from preclinical study demonstrating that lanifibranor may reduce portal hypertension

    • Other

      • RACE.IM (Ferrari) -- Holder EXOR to offer ~4% of Ferrari, ~ 7M shares by way of an accelerated bookbuilding; intends to launch new share buyback program for €1B

      • ABBN.SW (ABB Limited) -- releases 2024 sustainability statement

      • ABBN.SW (ABB Limited) -- releases 2024 corporate governance report

      • MBG.GR (Mercedes-Benz Group) -- planning to cut up to 15% of workforce in China - Bloomberg

      • BEI.GR (Beiersdorf) -- approves share buyback program for up to €500M

      • CLN.SW (Clariant) -- rejects TotalEnergies's allegations related to the 2020 competition law infringement; claim alleges damages related to ethylene sales

      • SOP.FP (Sopra Steria Group) -- and Mistral AI partner to offer advanced AI solutions

      • NEOEN.FP (Neoen) -- co-opts executive from Brook?eld Renewable Holdings as board member replacing representative from Bpifrance Invesssement

      • CRH.LN (CRH plc) -- SEC filing: 10-K

      • CRH.LN (CRH plc) -- announces continuation of share buyback program

      • IDR.SM (Indra Sistemas) -- increases quarterly dividend by 25.0% to €0.25 from €0.20

      • Ferrari files common shares shelf of indeterminate size

      • Ferrari to repurchase up to 10% of shares from Exor's sale of Ferrari shares

      • UK Jan car manufacturing (14.3%) y/y to 71,104 units -- SMMT

  • Key rating changes

    • Upgrades

      • BTRW.LN (Barratt Redrow) -- to buy from hold at Deutsche Bank

      • SFZN.SW (Siegfried Holding) -- to hold from sell at Stifel

    • Downgrades

      • BN.FP (Danone) -- to sector perform from outperform at RBC Capital Markets

      • WKL.NA (Wolters Kluwer) -- to equal-weight from overweight at Morgan Stanley

      • DTE.GR (Deutsche Telekom) -- to neutral from outperform at Oddo

  • Data

    • Nikkei +0.30% to 38256.17

    • Hang Seng +0.36% to 23873.00

    • Shanghai Composite +0.16% to 3385.53

    • S&P futures +23.5 vs prior close of 5970.8

    • €-$ (0.0010) or (0.10%) to 1.0473

    • $-¥ +0.13 or +0.09% to 149.23

    • €-¥ (0.05) or (0.03%) to 156.28

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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