ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/31/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 31/07/2025

FLUIDRA: 1H’25 RESULTS (ANÁLISIS BANCO SABADELL)

2Q'25 vs. 2Q'24 Results Sales: € 663.0 M (+3.0% vs. +3.7% BS(e) and +3.1% consensus); EBITDA: € 183.0 M (+2.9% vs. +3.5% BS(e) and +3.5% consensus); Net Profit: € 88.0 M (n/a); 1H'25 vs. 1H'24 Results Sales: € 1.227 Bn (+4.8% vs. +5.2% BS(e) and +4.9% consensus); EBITDA: € 314.0 M (+6.2% vs. +6.5% BS(e) and +6.5% consensus); Net Profit: € 136.0 M (+21.4%);

CELLNEX: 1H’25 RESULTS (ANÁLISIS BANCO SABADELL)

2Q'25 vs. 2Q'24 Results Sales: € 978.0 M (+0.3% vs. +0.2% BS(e) and +0.4% consensus); EBITDA: € 807.0 M (+0.9% vs. +0.9% BS(e) and +1.0% consensus); Net Profit: € -66.0 M (€ -379.0 M in 1H'24); 1H'25 vs. 1H'24 Results Sales: € 1.942 Bn (+1.1% vs. +1.0% BS(e) and +1.1% consensus); EBITDA: € 1.605 Bn (+1.7% vs. +1.7% BS(e) and +1.8% consensus); Net Profit: € -115.0 M (€ -418.0 M in 1H'24);

AXA: RDOS. 1S’25 (ANÁLISIS BANCO SABADELL)

Rdos. 1S'25 vs 1S'24: Primas: 64.251 M euros (+7,3% vs +7,0% BS(e) y n/a consenso); BDI Operativo grupo: 4.465 M euros (+5,2% vs +2,9% BS(e) y +4,7% consenso); BDI: 3.922 M euros (-2,4% vs +3,6% BS(e) y +5,8% consenso).

IAG: RDOS. 2T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 2T'25 vs 2T'24: Ventas: 8.862 M euros (+6,8% vs +6,3% BS(e)); EBIT: 1.680 M euros (+35,4% vs +15,1% BS(e) y +15,2% consenso). Rdos. 1S'25 vs 1S'24: Ventas: 15.906 M euros (+8,0% vs +7,7% BS(e)); EBIT: 1.878 M euros (+43,5% vs +24,2% BS(e) y +24,4% consenso).