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IBERIAN DAILY 24 APRIL + 1Q’26 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, VISCOFAN.

At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’26 results to be released over the coming days in Spain.

New corrections in software
European stock markets ended with slight correction, particularly explained by the geopolitical situation rather than by the good earnings season. In this regard, Iran opposes to negotiate as long as the US blockade remains, whereas D. Trump promised to intensify demining operations in the strait and Israel threatened to resume attacks and returning Iran to stone age. In the STOXX 600 defensive sectors such as Food and Telecommunications were the best performers whereas Financial Services and Banks posted the biggest drops. On the macro side, in the euro zone, April’s manufacturing PMI rose unexpectedly whereas that of services fell much more than expected, adding pressure on the composite PMI to 48.6, also below the consensus. In the US, weekly jobless claims rose slightly more than expected. In Mexico, February’s retail sales slowed down more than expected. In Japan, March’s annual general and core inflation climbed more than expected. In US results Intel, American Express and PG&E beat expectations whereas Nasdaq, Union Pacific and Blackstone were in line, Lockheed Martin released disappointing figures.
What we expect for today
European stock markets would open with drops of around -0.5%, despite the three-week extension to the ceasefire between Israel and Lebanon. Currently, S&P futures are flat (the S&P 500 ended -0.49% lower vs. the European closing bell). Asian markets are mixed (China’s CSI 300 -0.84%, Japan’s Nikkei +0.86% and South Korea’s Kospi -0.13%).
Today in the UK we will learn March’s retail sales, in Germany April’s IFO index, in the US April’s University of Michigan consumer confidence and in Mexico February’s IGAE activity index and March’s unemployment rate. In US 1Q’26 business results Nasdaq, Procter&Gamble, Baker Hughes and SLB among others, will release their earnings.


COMPANY NEWS

VISCOFAN. 1Q’26 Results below expectations. Guidance’26 maintained. OVERWEIGHT
The 1Q’26 results were below expectations in revenues (-0.8% vs. +5.0% BS(e)) and EBITDA (-7.9% vs. -0.2% BS(e)), as well as in margins (20.8% vs. 21.3% BS(e); meaning around a -160bps drop). Behind this performance are the rising raw material costs (mainly in cowhide) and FX. The company has maintained its 2026 guidance, which we expected. We expect a neutral reaction to these results following the stock’s recent performance (around +7% vs. IBEX in 2026). We take advantage of these results to slightly adjust our forecasts, which are now at the low end of VIS’s guidance range, with no impact on the T.P.