Hardman & Co Monthly: April 2026

Feature article: 2025 pharma statistics, by Dr Martin Hall, Head of Life Sciences at Hardman & Co Our pharmaceutical dataset has been compiled over 40 years from 109 companies, which, through M&A activity and consolidation, now comprise 46 companies. An efficient reporting system has seen all the listed multinational pharma companies announce results for 2025, giving us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of global pharmac...

IBERIAN DAILY 01 APRIL (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: N/A. Stock markets continue to price in the end of the war European stock markets saw an increasing performance, pricing in D. Tump’s comments about an imminent end of the war (in 2-3 weeks) although he also stated that if the Strait of Hormuz is closed is not relevant and crude oil prices continued to hit highs. D. Trump is expected to update the conflict situation tonight. Iran’s president stated that Iran wishes to end the conflict provided that guarantees are offered the coun...

Hardman & Co Monthly: March 2026

Feature article: Tech sector outlook | Small cap finding support at COVID-19 levels The past year has been a challenging period for UK technology stocks. The sector has diverged from buoyant UK blue chips due to the perceived threats of AI-induced disruption. This underperformance has been regardless of generally positive trading news, and larger cap software & services companies have performed significantly worse than their smaller brethren. Takeovers have continued to pick off the remainin...

ACS: 4Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

4Q'25 vs. 4Q'24 Results Sales: € 13.095 Bn (+9.8% vs. +10.7% BS(e) and +11.1% consensus); EBITDA: € 853.0 M (+9.8% vs. +6.9% BS(e) and +11.6% consensus); EBIT: € 603.0 M (+18.0% vs. +17.8% BS(e) and +6.7% consensus); Net Profit: € 295.0 M (+32.3% vs. +14.3% BS(e) and +20.1% consensus); FY2025 vs. FY2024 Results Sales: € 49.848 Bn (+19.7% vs. +20.0% BS(e) and +20.1% consensus); EBITDA: € 3.07 Bn (+25.0% vs. +24.1% BS(e) and +25.6% consensus); EBIT: € 2.1 Bn (+32.1% vs. +32.0% BS(e) and +28.4% con...

ACS: MENSAJES DE LA CONFERENCE CALL RDOS. 4T’25 (ANÁLISIS BANCO SABADE...

De la conference call de Rdos. 4T’25 destacamos:

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/26/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 26/02/2026

ACS: RDOS. 4T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 4T'25 vs 4T'24: Ventas: 13.095 M euros (+9,8% vs +10,7% BS(e) y +11,1% consenso); EBITDA: 853,0 M euros (+9,8% vs +6,9% BS(e) y +11,6% consenso); EBIT: 603,0 M euros (+18,0% vs +17,8% BS(e) y +6,7% consenso); BDI: 295,0 M euros (+32,3% vs +14,3% BS(e) y +20,1% consenso). Rdos. 2025 vs 2024: Ventas: 49.848 M euros (+19,7% vs +20,0% BS(e) y +20,1% consenso); EBITDA: 3.070 M euros (+25,0% vs +24,1% BS(e) y +25,6% consenso); EBIT: 2.100 M euros (+32,1% vs +32,0% BS(e) y +28,4% consenso); BDI: ...

IBERIAN DAILY 26 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: ACS, EBRO FOODS, FERROVIAL, INDRA, MELIÁ, NEINOR HOMES, REDEIA, SANTANDER. 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 4Q’25 results to be released over the coming days in Spain. Market stabilises There was widespread recovery on European stock markets, which benefited from the better sentiment on the impact from AI and the economic cycle. In the STOXX 600, th...

INFORME DIARIO 26 FEBRERO + RDOS. ESPAÑA Y EUROPA. IDEAS DESTACADAS Y ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, EBRO FOODS, FERROVIAL, INDRA, MELIÁ, NEINOR HOMES, REDEIA, SANTANDER. EUROPA: AXA, ALLIANZ, DEUTSCHE TELEKOM, ENI, SCHNEIDER ELECTRIC. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. El mercado se estabiliza Recuperación generalizada en la...

ACS : Solid Q4 at ACS excluding Hochtief

INFORME DIARIO 20 FEBRERO + RDOS. ESPAÑA Y EUROPA. IDEAS DESTACADAS Y ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, SECTOR ELÉCTRICO Y ENERGIA. EUROPA: AIR LIQUIDE, DANONE Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. Vuelven las tensiones geopolíticas Volvieron las caídas a Europa, con Irán en el foco y una posible intervención militar de EE.UU. en l...

IBERIAN DAILY 20 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: ACS, ELECTRICITY SECTOR EUROPE. 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 4Q’25 results to be released over the coming days in Spain. Geopolitical tensions back in the spotlight European stock markets were back in the red, with Iran in the spotlight and a possible US military intervention in the next few days. In the STOXX 600, almost all sectors ended with ...

ACS: RDOS. 4T’25 HOCHTIEF MEJORES A NIVEL OPERATIVO. GUIDANCE 2026 LIG...

Hochtief (~80% ACS) acaba de publicar unos Rdos.4T’25 ligeramente por debajo en ventas

accesso Technology Group (ACSO): New payments’ strategy unveiled

accesso has taken its payments’ strategy to the next level in selecting Adyen, the Dutch-based payments company, to be its long-term global financial technology platform. The platform will be white-labelled and enable accesso to offer integrated embedded payments’ capabilities across all of its products. Consequently, accesso will be able to increase wallet share from both existing and new clients. As present, accesso supports more than $5bn in annual transaction volume. We will next review our ...

IBERIAN DAILY 16 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: ACS, GREENING, INDRA, REPSOL. 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 4Q’25 results to be released over the coming days in Spain. Doubts continue European stock markets saw a mixed performance, with core markets faring better vs. the weakness of the peripheral segment where the Ibex questioned again the 17,700 support level. In the STOXX 600, the best-perf...

INFORME DIARIO 16 FEBRERO + RDOS. ESPAÑA Y EUROPA. IDEAS DESTACADAS Y ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, GREENING, INDRA, REPSOL. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. Un mercado con muchas dudas Disparidad en las bolsas europeas, con un desempeño más sólido de los mercados core frente a la debilidad de la periferia, donde el Ibex...

IBERIAN DAILY 12 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: N/A. 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 4Q’25 results to be released over the coming days in Spain. US employment data shakes up the markets The session ended worse than it began in Europe, which after the solid US employment data and possibility of fewer rate hikes by the Fed this year, saw the drops steepen. In the STOXX 600, Household Goods and Ene...

The Monthly: February 2026

Stormy times at present – a sunnier outlook? Undoubtedly, 2025 was a difficult year for Infrastructure Investment Companies (IICs) and Renewable Energy Infrastructure Funds (REIFs). Investors have seen underperformance against the FTSE 100, widening NAV discounts, several delistings, managed wind-downs (MWDs) and regulatory issues both in the UK and in the US. The question for investors is: where do we go from here? On the one hand, yields for some REIFS are well over twice those of 10-year gil...

IBERIAN DAILY 19 JANUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVI...

NEWS SUMMARY: ACS, GREENING, INDRA, MAPFRE, MERLIN PROPERTIES, TELEFÓNICA. 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 4Q’25 results to be released over the coming days in Spain. Between the US results season and geopolitics European stock markets had a transitional week with mixed performance, marked by the geopolitical situation in Greenland/Iran and the start of the resu...