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Carole Braudeau
  • Carole Braudeau

Credit Morning 02/06/2026

Jaguar Land Rover (Q3 2025/26): last quarter affected by cyberattack, before other headwinds|Coty: major profits warning under new CEO|End of discussions on the proposed merger between Glencore and Rio Tinto|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 06/02/2026

Jaguar Land Rover (T3 2025/26) : un dernier trimestre plombé par la cyberattaque, avant d’autres vents contraires|Coty : profit warning important sous l’égide du nouveau CEO|Fin des discussions sur le projet de fusion entre Glencore et Rio Tinto|

Javier Esteban
  • Javier Esteban

SOCIÉTÉ GÉNÉRALE: RDOS. 4T'25 Y CAMBIO DE RECOMENDACIÓN A INFRAPONDERA...

Rdos. 4T'25 vs 4T'24: M. Bruto: 6.725 M euros (+1,6% vs +0,4% BS(e) y +0,5% consenso); M. Neto: 2.381 M euros (+17,5% vs +12,7% BS(e) y +11,5% consenso); BDI: 1.420 M euros (+36,4% vs +14,5% BS(e) y +13% consenso). Rdos. 4T'25 vs 3T'25: M. Bruto: 6.725 M euros (+1% vs -0,1% BS(e) y +0%% consenso); M. Neto: 2.381 M euros (-8,2% vs -12% BS(e) y -12,9% consenso); BDI: 1.420 M euros (-6,6% vs -21,7% BS(e) y -22,7% consenso).

Research Department
  • Research Department

INFORME DIARIO 06 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T'25. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENCE, INDRA, RDOS. ESPAÑA, TELEFONICA. EUROPA: RDOS. EUROPA, SOCIETE GENERAL, VINCI. 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. Las dudas no desaparecen Jornada de números rojos en las bolsas europeas, arrastradas por las caídas en Estados...

Chaima Ferrandon ... (+2)
  • Chaima Ferrandon
  • Sven Edelfelt
Chaima Ferrandon ... (+2)
  • Chaima Ferrandon
  • Sven Edelfelt
Luis Arredondo
  • Luis Arredondo

VINCI: RDOS. 2S’25 (ANÁLISIS BANCO SABADELL)

Rdos. 2025 vs 2024: Ventas: 74.599 M euros (+4,2% vs +3,5% BS(e) y +3,2% consenso); EBIT: 9.558 M euros (+6,2% vs +5,4% BS(e) y +5,5% consenso); BDI: 4.903 M euros (+0,8% vs +0,3% BS(e) y +0,1% consenso).

Research Department
  • Research Department

IBERIAN DAILY 06 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS (ANÁLISIS BANCO ...

NEWS SUMMARY: ENCE, INDRA, RESULTS HIGHLIGHTS, 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. Doubts remain present It was a session of drops for European stock markets, dragged down by corrections in the US and Asia and where the sell-off in software and data services companies continues. In the STOXX 600...

 PRESS RELEASE

Société Générale : Résultats du 4ème trimestre et de l'année 2025

Société Générale : Résultats du 4ème trimestre et de l'année 2025 RÉSULTATS AU 31 DÉCEMBRE 2025 Communiqué de presse                                                         Paris, le 6 février 2026 à 6h25 REVENUS RECORDS À 27,3 MD EUR EN 2025, +6,8%1 VS. 2024RÉSULTAT NET PART DU GROUPE RECORD À 6 MD EUR EN 2025, +43% VS. 2024DISTRIBUTION TOTALE 2025 DE 4,7 MD EUR, +169% VS. 2024REHAUSSEMENT DE LA CIBLE 2026 DE ROTE À PLUS DE 10% Revenus records à 27,3 Md EUR en 2025, en forte hausse de +6,8% vs. 2024, hors cessions d'actifs, au-dessus de la cible annuelle 2025 d’une hausse >+3%Coûts en b...

 PRESS RELEASE

Societe Generale: Fourth quarter & 2025 full year results

Societe Generale: Fourth quarter & 2025 full year results RESULTS AT 31 DECEMBER 2025 Press release                                                         Paris, 6 February 2026 at 6:25 am RECORD REVENUES OF EUR 27.3BN IN 2025, +6.8%1 VS. 2024RECORD GROUP NET INCOME OF EUR 6BN IN 2025, +43% VS. 20242025 TOTAL DISTRIBUTION OF EUR 4.7BN, +169% VS. 20242026 ROTE TARGET UPGRADED TO MORE THAN 10% Record revenues of EUR 27.3bn in 2025, strongly up by +6.8% vs. 2024, excluding asset disposals, above the 2025 annual target of >+3%Costs down -2.0% vs. 2024, excluding asset disposals, better than...

 PRESS RELEASE

VINCI: 2025 full year results - Outstanding performance, record free c...

VINCI: 2025 full year results - Outstanding performance, record free cash flow Nanterre, 5 February 2026 OUTSTANDING PERFORMANCE – RECORD FREE CASH FLOW Revenue growth: €74.6 billion (+4%) - operating earnings up for each of the Group’s three businesses: Concessions, Energy Solutions and ConstructionIncrease in net income: €4.9 billion (+1% and +10% excluding the exceptional tax contribution) Record free cash flow: €7.0 billion2026 outlook: further revenue and earnings growth expected Dividend proposed with respect to 2025: €5.00 per share (up €0.25 compared with 2024)  Pierre Anjolras...

 PRESS RELEASE

VINCI : résultats 2025 - Performance remarquable, cash-flow libre reco...

VINCI : résultats 2025 - Performance remarquable, cash-flow libre record Nanterre, le 5 février 2026 PERFORMANCE REMARQUABLE - CASH-FLOW LIBRE RECORD                                                                           Hausse du chiffre d’affaires : 74,6 milliards d’euros (+4 %) - amélioration des résultats opérationnels dans les trois métiers du Groupe : concessions, services à l’énergie et constructionProgression du résultat net : 4,9 milliards d’euros (+1 % et +10 % hors surtaxe IS) Cash-flow libre record : 7,0 milliards d’eurosPerspectives 2026 : nouvelles progressions atte...

Andres Bolumburu
  • Andres Bolumburu

ENCE: MEJORA DE LOS PARÁMETROS RETRIBUTIVOS PARA LA GENERACIÓN CON BIO...

El Boletín Oficial del Estado, BOE, ha publicado la orden de parámetros retributivos de renovables, cogeneración y residuos para el periodo 2026-2031, en la que el Ministerio para la Transición Ecológica y el Reto Demográfico (MITERD) evita el incremento de costes de CO2 planteado a las industrias cogeneradoras el pasado noviembre.

Luis Arredondo
  • Luis Arredondo

INFORME SECTORIAL AUTOPISTAS EUROPA: SEGUIMOS VIENDO CATALIZADORES (AN...

Seguimos viendo catalizadores. Nuestra favorita es Ferrovial. A pesar de un entorno de crecimiento económico limitado e inflación a la baja, seguimos viendo catalizadores. Ferrovial (P.O. 65,0 euros/acc; +13% potencial) es nuestra favorita por las favorables perspectivas de sus Managed Lanes y 407ETR (especialmente a nivel de tarifas), su mayor sensibilidad a tipos y mejor posicionamiento de cara a la licitación de Managed Lanes. En Sacyr (P.O. 4,60 euros/acc; +15% potencial) estamos positivos p...

Research Department
  • Research Department

INFORME DIARIO 05 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. PREVIEWS (ANÁ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ARCELORMITTAL, IAG, INDRA, SANTANDER, SECTOR AUTOPISTAS. EUROPA: ASML, BNP. 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. Estabilización de los mercados El Ibex no tiene techo Jornada positiva en las bolsas europeas de la mano de los resultad...

Research Department
  • Research Department

IBERIAN DAILY 05 FEBRUARY + 4Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: ARCELORMITTAL, HIGHWAY SECTOR, IAG, INDRA, 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. Ibex continues to climb It was a positive session for European stock markets thanks to business results and despite mounting tension in Iran and the drops in the technology sector. In the STOXX 600, Chemi...

 PRESS RELEASE

VINCI: Disclosure of transactions in on shares from January 26th to Ja...

VINCI: Disclosure of transactions in on shares from January 26th to January 30th,2026 Nanterre, February 2nd, 2026                       Disclosure of transactions in on shares from January 26th to January 30th,2026 Within the framework of the authorization granted by the General Meeting of VINCI SA of April 17th, 2025, to trade in its shares and in accordance with the regulations relating to share buybacks, VINCI SA (LEI:213800WFQ334R8UXUG83) declares the purchases of treasury shares below (FR0000125486), carried out from January 26th to January 30th,2026: I - Aggregate presentation...

 PRESS RELEASE

VINCI : Déclaration des transactions sur actions propres du 26 janvier...

VINCI : Déclaration des transactions sur actions propres du 26 janvier au 30 janvier 2026 Nanterre, le 02 février 2026 Déclaration des transactions sur actions propres Du 26 janvier au 30 janvier 2026 Dans le cadre de l’autorisation consentie par l’Assemblée générale de VINCI SA du 17 avril 2025 pour opérer sur ses actions et conformément à la réglementation relative aux rachats d’action, VINCI SA (LEI: 213800WFQ334R8UXUG83) déclare ci-après les achats d’actions propres (FR0000125486) réalisés du 26 janvier au 30 janvier 2026 : I - Présentation agrégée par jour et par marché Nom de l'é...

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