European Q2 earnings are forecast to grow 12% year-over-year, largely supported by outsized gains in the Energy sector. Excluding energy, underlying growth remains modest at approximately 3%.
Key Takeaways
- 1.European earnings growth is projected to accelerate to 12% year-over-year in Q2, primarily driven by the Energy sector.
- 2.Earnings revisions have turned unusually positive ahead of the reporting season, particularly within Energy and Basic Materials.
- 3.The earnings growth gap between the US and Europe is expected to narrow significantly starting in Q2.
Table of Contents
- European Earnings Preview - Summary
- Agenda
- Quarterly earnings: macro backdrop
- Quarterly earnings: beats & revisions
- Quarterly earnings: overview
- Quarterly earnings: growth by sector (yoy)
- Semi-annual earnings
- Semi-annual earnings: sector view
- Sales
- Margins: Strong expansion in FY26
- Revisions: getting more broad-based
- FY earnings: broad-based growth in '26
- Europe vs USA
- Reporting calendar
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Authors
Maximilian UleerCarolin RaabFrancesca Mazzali
Securities
STOXX 600ASML NA
Themes
Earnings Growth DivergenceMacro-Geopolitical Impact
Regions
EuropeUnited StatesIran