European Morning Research Summary

This report provides a daily summary of equity research across European sectors, including earnings estimate revisions, Q2 previews, and strategic company updates.

Key Takeaways

• 1.Global energy demand reached a new high in 2025, with renewables leading growth but fossil fuels remaining dominant.
• 2.Associated British Foods saw mixed performance with UK consumer trends improving but European weakness and sugar earnings downgrades impacting outlook.

Table of Contents

• Summary of Changes
• Company Research
• Industry Research
• Publications Summary
• Basic Industries
• European Metals & Mining
• Consumer
• European Consumer Staples
• Energy
• European Energy Services
• European Integrated Energy
• Financial Services
• European Diversified Financials
• Nordic Insurance
• European Insurance
• Healthcare
• European Pharmaceuticals, Biotechnology & Life Sciences
• Industrials
• Continental: Thesis intact ahead of Q2
• European Autos & Auto Parts
• Saint-Gobain: Steady, still attractively priced (Q2 preview)
• European Construction, Building Materials & Infrastructure
• Schneider Electric: Cognite deal
• European Capital Goods
• Sika: Slight improvement (Q2 preview)
• European Cement: Q2'26 previews
• Internet & Media
• Pearson plc: ETS buys ACT - potential impact for Pearson
• European Media
• Power & Utilities
• National Grid: Capturing a strategic US data centre opportunity
• European Utilities & Clean Energy
• Retail
• Nike, Inc.: FY4Q26 Review: The Only Way Out is Through
• U.S. Specialty Retail, Apparel & Footwear
• RevPAR Weekly, IHG/AC/Eden/PLX previews: Football fever
• European Leisure
• Technology
• Infineon Technologies AG: Feedback from fab event
• European Technology Hardware
• Telecommunications
• Deutsche Telekom AG: Concerns, risks...and valuation
• European Telecom Services

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