Core Insights - French hotel group Accor reported annual core profit slightly above market expectations, driven by hotel portfolio diversification and loyalty program expansion [1] - The company's EBITDA for 2025 was 1.20 billion euros ($1.41 billion), an increase from 1.12 billion euros in 2024, surpassing the analyst consensus of 1.19 billion euros [1] - Accor's CEO highlighted the integration of artificial intelligence into their digital strategy as a key factor for accelerating development and efficiency [1] Financial Performance - EBITDA for 2025 reached 1.20 billion euros, up from 1.12 billion euros in 2024 [1] - Revenue per available room (RevPAR) increased by 4.2% to 76 euros in 2025 [1] Strategic Initiatives - Accor launched an AI-powered, ChatGPT-based direct booking tool in February to reduce reliance on online travel agencies and lower distribution costs [1] - The company confirmed its mid-term guidance and plans to continue its share buyback program, with 450 million euros allocated for repurchases in 2026 [1]

Core Viewpoint - Travel + Leisure (TNL) shares have performed exceptionally well, increasing nearly 40% over the past year, bolstered by solid quarterly results reported by the company [1] Company Performance - The timeshare business model of Travel + Leisure has a recurring revenue nature, which has provided insulation against market volatility [1]

Financial Performance Update - ISS reported a total revenue of DKK 85 billion in 2025, an increase of nearly DKK 1 billion compared to the previous year, despite facing currency headwinds [5] - Organic growth for 2025 was 4.3%, down from 6.3% in 2024, with H2 2025 showing a growth of 4.4% compared to 6.6% in H2 2024, primarily driven by price increases and positive volume growth [5] - The operating margin before other items remained stable at 5.0% for 2025, with H2 2025 at 5.8%, slightly down from 6.0% in H2 2024 due to commercial investments in the US [5] Business Update - ISS secured ten significant new contracts and expanded ten existing partnerships, each contributing over DKK 100 million in new annual revenue, enhancing its market position [5] - The retention rate improved from 93% in 2024 to 94% in 2025, indicating stronger customer loyalty [5] - Two contracts were reduced in scope, and one was lost during the year [5] Capital Distribution and Outlook - The company announced a new share buyback program of DKK 2.5 billion following the completion of a previous program of DKK 3.0 billion [5][6] - Financial leverage at the end of 2025 was 2.3x, within the target range of 2.0x to 2.5x [5] - For 2026, ISS expects organic growth to exceed 5% and operating margin to be above 5%, with reported free cash flow anticipated to be above DKK 2.5 billion [5]

Core Viewpoint - The company reported a financial turnaround in Q4 2025, with improved cash flow and profitability in the Mediterranean ferry network, which is expected to continue into 2026 [2][3]. Financial Performance - Revenue for Q4 2025 was DKK 7,303 million, a 1% increase from DKK 7,196 million in Q4 2024. For the full year 2025, revenue reached DKK 30,947 million, up 4% from DKK 29,753 million in 2024 [1]. - EBITDA decreased by 5% to DKK 705 million in Q4 2025 and fell 16% to DKK 3,743 million for the full year [1]. - EBIT showed a significant decline of 65%, dropping to DKK -62 million in Q4 2025 and to DKK 520 million for the full year [1]. - Adjusted free cash flow increased by 168% to DKK 440 million in Q4 2025 and rose 24% to DKK 1,184 million for the full year [1]. Cost Management - A cost reduction program of DKK 300 million was initiated in November 2025, with the first phase completed by parting ways with around 400 employees, resulting in a redundancy cost of DKK 97 million reported in Q4 2025 [4][5]. Outlook for 2026 - Revenue in 2026 is expected to be around the same level as in 2025, with EBIT projected to be between DKK 800 million and DKK 1,100 million [10]. - The debt-to-earnings ratio (NIBD/EBITDA) is anticipated to decrease to below 4.0x by the end of 2026 and below 3.5x by the end of 2027, with a revised financial leverage target of 2.5-3.5x [8]. Capital Distribution - The Board of Directors proposed no capital distribution to shareholders for 2025 to prioritize deleveraging the capital structure [9].

Core Insights - Nilfisk demonstrated resilience in a challenging macroeconomic environment, achieving organic growth of 0.2% in 2025 and improving its cost position significantly [1][3] Financial Performance - Revenue for 2025 was reported at 996.3 million EUR, reflecting a decline of 3.1% due to negative foreign exchange effects and the divestment of the US high-pressure washer business [2][3] - The gross margin stood at 42.0%, slightly down from 42.2% in 2024, impacted by increased tariffs but supported by operational improvements [2][4] - EBITDA before special items was 129.2 million EUR, with an EBITDA margin of 13.0%, down from 13.6% in the previous year [2][4] - Operating profit (EBIT) before special items was 67.4 million EUR, with an EBIT margin of 6.8%, compared to 7.4% in 2024 [2] Regional Performance - EMEA and APAC regions reported positive organic growth of 2.3% and 3.9%, respectively, driven by strong commercial execution and market share gains [5] - The Americas region faced challenges with organic growth of -4.9%, primarily due to a negative backlog effect, although adjusted growth was 4.9% when accounting for this backlog [5] Strategic Initiatives - The company continued to implement structural efficiency initiatives, including production consolidations and cost reduction programs, leading to a more competitive cost base [6] - Ongoing discipline in working capital and strategic portfolio actions, such as the divestment of the US high-pressure washer business, are expected to enhance financial resilience and positively impact emissions [6] Future Outlook - For 2026, Nilfisk anticipates organic revenue growth between -1% and 2%, with an EBIT margin before special items projected to be in the range of 7.0% to 9.0% [7]

Core Insights - Orange has launched a new strategic plan titled "Trust the future," focusing on sustainable value creation and profitable growth, with an emphasis on cash flow generation compared to the previous plan [1][4][19] Financial Guidance - For 2026, the expected EBITDAaL is approximately 3% with an organic cash flow target of around €4 billion, and a dividend of €0.79 payable in 2027 [1][20] - By 2028, the Group anticipates EBITDAaL to grow at a CAGR of approximately 3% from 2025 to 2028, with organic cash flow reaching about €5.2 billion [1][19] - The eCAPEX/sales ratio is projected to decrease to around 14% by 2028, while maintaining a net debt to EBITDAaL ratio of approximately 2x in the medium term [1][20] Strategic Ambitions - The strategy is built around three key ambitions: Customer intimacy, Innovative growth, and Excellence at scale [4][6][19] - Customer intimacy aims to enhance relationships with the 340 million customer base, reducing churn and improving loyalty [6][10] - Innovative growth focuses on expanding profitable services beyond connectivity, targeting an additional €1 billion in revenue by 2028 [7][10] - Excellence at scale leverages the Group's size for technological leadership and operational efficiency [9][12] Market Focus - In France, the Group is transitioning to a full fiber network while implementing efficiency measures to counteract declining copper-related revenues [3][13] - The Africa and Middle East regions are expected to see high single-digit revenue growth, with a similar growth rate anticipated for EBITDAaL [14] - In Europe, low single-digit growth in service revenues and EBITDAaL is expected, with a disciplined approach to CAPEX [15] Operational Efficiency - The Group plans to achieve €1 billion in savings through enhanced operational efficiency, particularly in procurement [12] - AI deployment will be expanded across operations, targeting €600 million in value generated from AI by 2028 [12][19] Shareholder Returns - The Group is committed to maintaining an attractive remuneration policy, with a progressive dividend growth strategy and a new floor set at €0.85 for 2028 [1][20] Commitment to Society and Environment - Orange aims to extend digital trust and provide free digital training to 6 million people by 2030, while also committing to a 45% reduction in greenhouse gas emissions by 2030 [22][24]

Core Insights - The insurer achieved a 17% increase in profit for 2025, reaching $6.80 billion, marking record annual earnings [1] Financial Performance - The profit growth of 17% indicates strong financial performance and operational efficiency within the company [1]

Market Overview - European stocks are expected to open in mixed territory with the U.K.'s FTSE index projected to rise by 0.15%, while Germany's DAX is expected to decline by 0.25%, France's CAC 40 by 0.15%, and Italy's FTSE MIB slightly below the flatline [1] - Global market sentiment is being influenced by U.S. stock futures trading near the flatline after a positive session, driven by gains in technology stocks and strength in financials and energy sectors [3] Earnings Reports - A busy day of earnings is anticipated with companies such as Nestle, Rio Tinto, and Zurich Insurance reporting their results [2] - Airbus expects to deliver 870 commercial aircraft in 2026, which is slightly below the analysts' expectation of approximately 880 [2] Oil Market - Oil prices increased by over 4% following comments from U.S. Vice President JD Vance regarding Iran's nuclear talks, indicating potential military action if diplomatic efforts fail [4] Regional Market Activity - In Asia-Pacific markets, stocks traded higher as several exchanges returned from the Lunar New Year holiday [4]

Core Insights - Amundi has received regulatory approval to appoint Vincent Mortier as a Non-Executive Director on the Board of ICG, effective 31 March 2026 [3] - Following this appointment, Amundi will consolidate its stake in ICG using the equity method starting from the same date [3] - Amundi currently holds a 4.64% stake in ICG and plans to increase its economic interest to 9.9% through the issuance of non-voting shares by ICG [4] Company Overview - Amundi is the leading European asset manager and ranks among the top 10 global players, managing nearly €2.4 trillion in assets [5] - The company offers a comprehensive range of savings and investment solutions to 200 million clients, including retail, institutional, and corporate clients [5] - Amundi operates six international investment hubs and employs 5,600 staff across 34 countries, emphasizing responsible investment [6]

Group 1 - Bayer's Monsanto unit proposed a $7.25 billion nationwide class settlement to resolve current and future lawsuits alleging that Roundup caused cancer, aiming to end years of litigation [1] - The settlement would provide payments over up to 21 years, funding a claims program for individuals alleging Roundup exposure caused non-Hodgkin lymphoma, with individual payments varying based on age, exposure, and severity of cancer [1] - The settlement is designed to cover the majority of the existing 65,000 claims Bayer faces and also compensate future claimants diagnosed with non-Hodgkin lymphoma [1] Group 2 - Bayer can terminate the settlement if insufficient plaintiffs support it, but the number of required opt-ins has not been disclosed, leaving uncertainty about court approval [1] - Some law firms representing Roundup plaintiffs support the settlement, but others are still reviewing it, with at least one firm signaling opposition [1] - The lengthy claims program aims to address future cancer claims, with the company required to provide annual notices to alert potential future claimants [1] Group 3 - Bayer has a case before the U.S. Supreme Court that could impact the litigation landscape, as the court will decide if Bayer can be sued under state law for failing to warn about cancer risks associated with Roundup [1] - A favorable ruling for Bayer could eliminate thousands of claims, but plaintiffs may still pursue other liability theories, making the settlement necessary [1] - The proposed deal does not guarantee closure, as it could fall apart without sufficient support or court approval, and claimants can opt out to pursue their claims independently [1]