Flash | 28 Jul 2026 02:08:08 ET │ 10 pages Kumba Iron Ore Ltd (KIOJ.J) 1H26 HEPS in line while dividend weaker vs CitiE/consensus; Guidance maintained CITI'S TAKE Kumba reported -40% y/y decline in 1H26 HEPS to ZAR13.2/sh (1H25: ZAR22.2), in line with the trading update (link) and CitiE. The decline was due to (i) stronger rand, (ii) marginally lower US$ realised fob iron ore prices and (iii) higher base (1H25 benefitted from once-off payment). Cash cost increased by +6% and came in towards the lower end of ...

Flash | 28 Jul 2026 02:04:43 ET │ 11 pages Basic Fit (BFIT.AS) H1 adj. EBITDA +2% vs company consensus, FY26 adj. EBITDA guide raised +1.7%. FCF solid. CITI'S TAKE 1H revenue +0.4% ahead of company compiled consensus while adj. EBITDA +2% ahead. Basic Fit raised the FY26 adj. EBITDA forecast +2.3% (at mid-point) while guidance for revenue (€1.64-1.69bn), FCF (significant YoY improvement) and leverage (just over 2x) was reiterated. 1H FCF was strong, driven by the underlying EBITDA increase, the lower capex ...

Flash | 28 Jul 2026 02:27:52 ET │ 11 pages Air Liquide (AIRP.PA) 2Q/1H26: Faster growth, record backlog, earnings in-line CITI'S TAKE | Price (27 Jul 26 17:30) | €177.18 | | --- | --- | | Target price | €190.91 | | Expected share price return | 7.7% | | Expected dividend yield | 1.5% | | Expected total return | 9.3% | | Market Cap | €113,069M | | | US$128,543M | Sebastian Satz, CFAAC +44-203-569-3662 sebastian.satz@citi.com Comparable growth accelerated to 3.5% YoY in 2Q, ahead of consensus' 2.8% forecast, ...

Flash | 28 Jul 2026 02:27:11 ET │ 13 pages Bank Millennium SA (MILP.WA) 2Q26 Solid Earnings Driven by Rising Lending CITI'S TAKE Millennium reported 2Q26 net profit of Zl 408m (+36% qoq and +23% yoy, +3% vs. company-compiled consensus and +18% vs. Citi estimates). The earnings were negatively impacted by FX mortgage costs of Zl -156m (excluding EuroBank, in line with the bank's profit warning and vs. Zl 190m in 1Q26) and by other consumer protection related costs (including Zl - 35m NII negative adjustment ...

Flash | 28 Jul 2026 01:55:57 ET │ 11 pages SIG Group AG (SIGNC.S) 2Q26 EBIT 10% Ahead of Cons; Outlook Maintained CITI'S TAKE SIG reported a beat on LFL sales growth for 2Q26 at +0.9% vs company compiled cons 0.1% (in-line with CitiE 0.9%). 2Q Adj EBITDA (excl non- recurring charges) at €213m also beat cons by c4%. Aseptic carton revenue increased by 1.6% LFL, driven by volume growth in APAC (mainly in China) and strong performance in Americas. Chilled carton revenue was down -2.4 % YoY. Bag in-box and spou ...

Flash | 28 Jul 2026 01:49:53 ET │ 12 pages Safran (SAF.PA) 1H26 Results - Solid Print, Small Upgrades To FY26 Consensus CITI'S TAKE The company delivered a 6% operating income beat in 1H26, raising its guidance for the full year to 3-5% ahead of company compiled consensus. The makeup of this is more heavily weighted to 1H26, and implies 2H26 is tracking in line to 3% above current consensus, with Spare Parts and LEAP delivery growth both raised to ahead of consensus. Free cash guided was raised by a similar ...

Flash | 28 Jul 2026 01:47:10 ET │ 10 pages Leejam Sports Company (1830.SE) Members growth resumes (+8% y/y) but aggressive expansion plan continues to weigh down on margins y/y CITI'S TAKE Leejam reported Q2 26A results with revenues at SAR 411m (+9% y/y and +11% q/q) driven by network expansion (+23 fitness centers y/y) and members growth of 8% y/y and 21% q/q - male subscriptions revenue increased 6% y/y and females by 23% y/y. Gross profit increased 4% y/y to SAR 141m implying 160bps gross margin compres ...

CITI'S TAKE Exosens H1 results showed a 1% sales beat, 2% gross margin beat vs Visible Alpha consensus, 3% EBITDA beat (slightly below Citi est) and 6% EBIT beat (in line with Citi est), with 12% growth (10% like-for-like) in Amplification and 24% growth (14% like-for-like) in Detection & Imaging, helped by 2025 acquisitions. Growth was driven by strong performance in Imaging intensifying tubes in Europe, drone imaging systems and continued strength in nuclear. While FY guidance range is unchanged (Sales €5 ...

Ac t i o n | 28 Jul 2026 01:39:37 ET │ 22 pages RWE (RWEG.DE) Supported by possible guidance upgrade at 2Q26, German capacity auctions and DC sites sell downs CITI'S TAKE We keep our Neutral rating on RWE with a TP of EUR60/share but initiate a 90-day upside Catalyst Watch as we anticipate guidance raise at 2Q26 results, good outcome from the German gas capacity auction in September and December (where RWE is bidding for c.3GW capacity), and another DC site disposal at any time from its portfolio of over 3G ...

Flash | 2Q26 Results; Synergy Delivery and Improving Growth Visibility CITI'S TAKE 28 Jul 2026 01:26:00 ET │ 11 pages Italgas delivered a solid set of 2Q26 results, demonstrating early progress against the strategic plan unveiled in June. Adj EBITDA was €546m (+7% y/y), coming in 2%/3% ahead of Citi/VA Cons, supported by continued RAB growth and ongoing efficiency gains. Like-for-like efficiencies reached c.€26m in 2Q26, lower than the €56.6m achieved in 1Q26, although management reiterated confidence in de ...