The corporate landscape is currently a mixed bag of resilient performers and companies grappling with challenging market conditions. Ceconomy, the parent company of MediaMarktSaturn, has announced a significant increase in both revenue and profit for its fiscal year ending September 30, 2026, as provisional figures indicate a robust performance in consumer electronics sales. In stark contrast, Beiersdorf, the consumer goods giant, has reported a decline in sales for its third quarter, although its core Nivea brand shows signs of stabilization. Meanwhile, luxury car manufacturer Porsche has managed to maintain its profit margins despite a downturn in sales volume, and Swiss pharmaceutical firm Novartis has upwardly revised its earnings forecast, signaling strong growth prospects.
Ceconomy: A Strong Fiscal Year Driven by Consumer Electronics
Ceconomy’s fiscal year 2025/26 has concluded on a high note, with preliminary figures revealing a substantial rise in earnings before interest and taxes (EBIT). The company reported an adjusted EBIT of €515 million, a remarkable 27% increase compared to the previous year. This growth is attributed to the robust performance of its consumer electronics segment, particularly in household appliances and IT and mobile devices. Ceconomy highlighted that the fourth quarter marked its fifteenth consecutive quarter of profitability growth, underscoring a consistent upward trend.
The company has set an ambitious target of achieving an adjusted EBIT of approximately €800 million by the fiscal year 2028/29, indicating a strong commitment to sustained expansion and profitability. In parallel, Ceconomy’s revenue for the fiscal year 2025/26 climbed by 5.3% to €24.0 billion. The final audited figures are slated for release on December 14th, which will provide a more comprehensive overview of the company’s financial health and strategic execution. This performance positions Ceconomy favorably within the retail sector, demonstrating its ability to adapt and thrive in a competitive market.
Beiersdorf: Navigating Challenges in the Consumer Goods Market
Beiersdorf, a prominent player in the consumer goods sector, has reported a mixed performance for its third quarter. The Hamburg-based company experienced a 1.3% organic sales decline in the period from July to September, bringing total sales to €2.4 billion. This dip is primarily influenced by the performance of its flagship Nivea brand, which saw a 4.9% decrease in sales. However, this represents an improvement compared to the first half of the year, where Nivea’s sales had shrunk by 7.5%.
"In the third quarter, the business development in our entire consumer business improved compared to the first half of the year," stated CEO Vincent Warnery. This cautious optimism suggests that Beiersdorf is beginning to see positive traction from its strategic initiatives. For the full year 2026, Warnery anticipates a low single-digit percentage decline in organic sales. The company aims for a profit margin of at least 11.8%, a slight decrease from the previous year’s 14%. The challenging economic environment, characterized by high living costs, has made consumers more price-sensitive and discerning. In response, Beiersdorf is expanding its Nivea product range with more affordable options and increasing its advertising budget by €100 million in the second half of the year. Early indicators suggest these efforts are beginning to yield positive results.
Porsche: Maintaining Profitability Amidst Sales Slowdown
Luxury sports car manufacturer Porsche has demonstrated resilience by stabilizing its profit margins despite a significant drop in sales volume. From January to September, the company’s revenue saw a decrease of nearly six percent, totaling €25.28 billion. However, its operating profit for the same period reached €1.74 billion, a substantial recovery from the €40 million recorded in the prior year. This turnaround is largely due to higher sales of its more profitable, high-margin models, which offset the overall decline in unit sales.
The significant increase in operating profit, despite a 16% decrease in sales volume, highlights Porsche’s effective cost management and its strategic focus on premium product offerings. This performance underscores the company’s ability to navigate challenging market conditions by prioritizing profitability over sheer sales volume.
Novartis: Upward Revision of Earnings Forecast
Swiss pharmaceutical giant Novartis has revised its earnings forecast upward following a strong performance in its third quarter. The company reported an 11% increase in its adjusted operating profit for the period of July to September, reaching €6.04 billion, driven by robust sales of its key medications. Overall revenue also saw a 4% increase, totaling €14.52 billion.
The revised outlook suggests that Novartis now expects its core operating result for the full year to either stagnate or grow in the low single-digit percentage range. This is an improvement from its previous forecast, which anticipated a decline in a similar range. The company maintained its expectation for revenue growth in the low single-digit percentage range. This upward revision reflects a positive trajectory for Novartis, indicating strong market demand for its pharmaceutical products and effective strategic execution.
HSBC: Mixed Results with a Profit Surge Overshadowed by Wealth Management Woes
HSBC has reported a significant surge in its third-quarter pre-tax profit, benefiting from a favorable interest rate environment and lower credit losses. The bank’s profit rose by 32% to $9.6 billion, meeting market expectations. However, this positive financial performance was somewhat overshadowed by a stagnant performance in its wealth management division, which reported revenues of $2.7 billion. This is a notable slowdown compared to the 15% and 23% growth seen in previous quarters.
The mixed results led to a six percent drop in HSBC’s Hong Kong-listed shares, despite the bank announcing a $1 billion share buyback program. The wealth management division’s performance is a key area of concern, particularly given its historical growth trajectory. The bank’s ability to reignite growth in this segment will be crucial for its overall future performance.
Fraport: Exceeding Expectations Through Asset Sale
Frankfurt Airport operator Fraport has surpassed analyst expectations for its third quarter of 2026, largely due to the sale of its stake in Medical Airport Service GmbH (MAS). Preliminary figures indicate that earnings before interest, taxes, and depreciation (EBITDA) reached approximately €595 million, exceeding the consensus estimate of €574 million. Similarly, earnings before interest and taxes (EBIT) for July to September amounted to around €407 million, nearly five percent above the consensus of €389 million. The sale of its stake in MAS contributed €24 million to this positive development.
Fraport held a 50% stake in MAS, a company providing services in occupational medicine, safety, and corporate health management. Despite this one-off gain, Fraport has reiterated its financial guidance for the full fiscal year 2026. The complete third-quarter results are scheduled for release on November 4th.
Cancom: Lowering Revenue Forecast Amidst Market Adjustments
Munich-based IT service provider Cancom has revised its revenue forecast downward for the current year, anticipating largely stagnant business performance following a disappointing third quarter. The company now projects revenue for 2026 to be between €1.65 billion and €1.75 billion, down from its previous estimate of €100 million higher. Cancom attributed this adjustment to longer decision-making cycles and project postponements, particularly in the workplace sector, which are impacting customer demand.
In the third quarter, Cancom’s revenue stood at €412 million, a 3% decrease compared to the previous year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also declined by 11% to €24.1 million. Despite these figures, Cancom is maintaining its broader profit forecast for the full year, expecting EBITDA to rise to between €110 million and €130 million. The company’s stock experienced a slight dip in late trading following the announcement.
Novartis: Enhancing Earnings Outlook on Strong Drug Sales
The Swiss pharmaceutical giant Novartis has bolstered its earnings forecast for the year following a robust third quarter, propelled by strong sales of its medications. Adjusted operating profit for July to September saw an 11% increase, reaching €6.04 billion, while revenue climbed 4% to €14.52 billion. The company now projects its core operating result for the full year to either remain stable or experience low single-digit growth, a significant improvement from its earlier expectation of a decline. The forecast for low single-digit revenue growth remains unchanged. This positive adjustment signals a favorable market reception for Novartis’s product portfolio and its strategic direction.
SGL Carbon: Anticipating a Special Profit from Asset Sale
SGL Carbon, a specialist in graphite and carbon fibers, is set to benefit from a special income of approximately €40 million from the sale of its former production site in the United States. The company announced that it has sold the land, buildings, and all machinery from its carbon fiber production facility in Moses Lake, which was closed over a year ago, to investor Refactor Moses Lake. The purchase price is $70 million, payable in two installments. The first $45 million is expected this year, significantly boosting the company’s free cash flow. SGL Carbon had previously anticipated stagnant cash flow. The net gain from the sale, after accounting for the value of machinery and equipment, is estimated at $46 million (€41 million). While this is a substantial one-time gain, it will not impact the company’s ongoing profit forecast.
Munich Re: Raising Profit Expectations After a Strong Quarter
Reinsurance company Munich Re is raising its profit forecast for the current year after reporting a surprisingly strong third quarter. The group now anticipates a net profit of €6.6 billion for the year, an increase of €300 million from its previous projection. Of this amount, €5.7 billion has already been realized in the first nine months.
For the third quarter itself, Munich Re reported a preliminary net profit of €1.7 billion, €0.2 billion higher than the average analyst estimates. This positive performance was driven by a relatively low incidence of costly natural catastrophes and strong capital investment returns. The company plans to release its final figures and further details in mid-November.
Fraport: Exceeding Analyst Expectations with Asset Sale
The Frankfurt Airport operator Fraport has exceeded analyst expectations for the third quarter of 2026, largely due to the sale of its stake in Medical Airport Service GmbH (MAS). Preliminary figures indicate that earnings before interest, taxes, and depreciation (EBITDA) reached approximately €595 million, surpassing the consensus estimate of €574 million. Earnings before interest and taxes (EBIT) for July to September also came in stronger than anticipated at around €407 million, nearly five percent above the consensus of €389 million. The sale of its stake in MAS contributed €24 million to this positive development. Fraport held a 50% stake in MAS, a company providing services in occupational medicine, safety, and corporate health management. Independent of this special effect, Fraport has reiterated its financial guidance for the full fiscal year 2026. The complete third-quarter results are scheduled for release on November 4th.
Anthropic: Reporting First Half 2026 Financials
Technology company Anthropic has released its financial results for the first half of the current year. The company reported revenues of $16.3 billion, a significant increase from $1.2 billion in the same period last year. Revenue in the second quarter alone more than quadrupled. The net loss for the period amounted to $80.75 billion, largely attributable to financing arrangements that can later be converted into shares. This substantial loss is primarily a result of accounting adjustments related to its financing activities.
Volvo Cars: Incurring Losses in Q3, Planning Job Cuts
Swedish automaker Volvo Cars has slipped into the red in its third quarter, reporting an adjusted operating loss of 3.7 billion Swedish kronor (approximately €333 million). This contrasts sharply with a profit of 5.8 billion kronor in the same period last year. Volvo cited production challenges with its new electric SUV, the EX60, and weak demand in China and the United States as primary reasons for the downturn.
"The third quarter of 2026 was very disappointing and reflects a year that has become far more challenging than originally anticipated," stated CEO Hakan Samuelsson. "Our ongoing turnaround plan therefore requires decisive strengthening." The company plans to eliminate approximately 2,500 jobs globally, with 2,000 of these redundancies to occur in Sweden. These cuts are in addition to the 3,000 job reductions announced in 2025. Volvo aims to achieve an additional cost reduction of five billion kronor by the end of next year.
Atoss Software: Increasing Margin Forecast for 2026
Software provider Atoss is anticipating increased profitability for the current year and has consequently raised its margin forecast. The company now expects an operating return on sales (EBIT margin) of approximately 37% in 2026, an upward revision from its previous projection of at least 34%. However, the company anticipates revenue to reach the lower end of its previously stated range of €210 million to €215 million.
While recurring revenues from its cloud business have shown positive development, sales of software licenses have fallen short of expectations. In the first nine months, Atoss increased its revenue by 12% to €155.8 million. The EBIT margin climbed to 37% from 35% in the same period last year.
Holcim: Raising Annual Targets After a Strong Quarter
Swiss building materials group Holcim has increased its full-year profit forecast following unexpectedly strong quarterly results. The cement manufacturer reported a 17% increase in recurring operating profit to 976 million Swiss francs for the three months ending September, surpassing analyst estimates of 949 million Swiss francs. Revenue also exceeded expectations, rising to 4.66 billion Swiss francs.
CEO Miljan Gutovic attributed the company’s performance, including an Ebit margin of 19.2% in the first nine months, to increased customer demand, stringent cost discipline, and operational strength. Holcim now forecasts a 10% to 12% increase in operating profit for 2026, up from its previous projection of 10%.
Sika: Meeting Profit Expectations and Confirming Annual Targets
Swiss construction chemicals group Sika has met market profit expectations for the first nine months of the year and reaffirmed its full-year forecast. The company reported a net profit of 887.8 million Swiss francs ($1.08 billion) up to the end of September, in line with analyst predictions. Revenue grew to 8.71 billion Swiss francs, exceeding expectations of 8.67 billion Swiss francs. In local currencies, which adjust for the strong Swiss franc, sales grew by 4.8%.
While heatwaves in July and August temporarily slowed construction activity in parts of Central and Southern Europe, business recovered in September. For the full year, Sika continues to anticipate a currency-adjusted sales growth of three to six percent and an operating margin (EBITDA margin) of 19.0% to 19.5%.
L’Oréal: Benefiting from Strong Demand for Luxury Perfumes
The French cosmetics group L’Oréal has experienced a significant boost in its business, driven by strong demand for luxury perfumes, skincare, and haircare products. In the third quarter, its currency-adjusted revenue increased by 7.7% to €11.56 billion, exceeding analyst expectations of 5.9%. Growth was particularly strong in China and emerging markets.
The luxury division, which accounts for over a third of the group’s revenue, grew by a comparable seven percent, significantly surpassing its forecast of 4.5%. This growth was fueled by high demand for fragrances and accelerated sales in China. The Chinese cosmetics market is rebounding after two years of decline, with middle-class consumers shifting their spending towards premium beauty products. In Europe, L’Oréal’s largest market, revenue increased by nearly nine percent. The company’s shares have seen an eleven percent increase year-to-date.
HHLA: Lowering Profit Forecast for the Current Fiscal Year
Hamburg-based port logistics company HHLA has lowered its profit forecast for the current fiscal year. The company now expects earnings before interest and taxes (EBIT) to range between €115 million and €135 million, down from its previous projection of €150 million to €170 million. HHLA cited disruptions from warning strikes, construction work, and a write-down as reasons for the revised outlook.
Furthermore, the company anticipates a significant decline in container throughput for the full year compared to the previous year, revising its earlier forecast of only a slight decrease. The revenue forecast remains unchanged.
Krones: Tempering Revenue Expectations
Krones, a manufacturer of beverage filling and packaging technology, has adjusted its growth plans downwards following a subdued performance in its recent results. The company cited "unfavorable developments in relevant markets," general economic uncertainty, and challenging geopolitical conditions leading to increased costs for customers. These factors are expected to impact revenue growth in the final quarter. The company’s stock experienced a notable decline following this announcement.
In the first nine months, Krones reported revenue of just over €4.1 billion, representing a currency-adjusted increase of 0.8% compared to the previous year. Earnings before interest, taxes, and depreciation (EBITDA) rose by approximately 5% to around €453 million, partly due to a positive one-time effect of about €10 million from the refund of US duties. Krones is scheduled to release its final figures on November 6th.
Barclays: Reporting a Profit Increase
Barclays has reported a 12% increase in its pre-tax profit for the third quarter, reaching £2.3 billion. This positive result allows for a new share buyback program of £500 million. CEO C. S. Venkatakrishnan expressed satisfaction with the company’s ongoing operational and financial momentum.
The results presented a mixed picture, particularly within the investment banking division. While equity trading revenues surged by 47%, outperforming US competitors, fixed-income trading revenues plummeted by 19%, a steeper decline than experienced by US rivals. Overall, the investment banking division’s revenue of £3.1 billion fell slightly short of analyst expectations.
Hermès: Disappointing Q3 Figures Due to Weak Chinese Demand
French luxury goods group Hermès has seen its third-quarter performance dampened by weakening demand in the crucial Chinese market, leading to a disappointment among analysts. The company’s stock saw an eight percent drop following the announcement. Analysts at Jefferies described it as a "very painful day" for the stock.
Currency-adjusted revenue increased by 4.3% to €4.10 billion, falling short of the 5.2% growth anticipated by analysts. The ready-to-wear and accessories division, which contributes over a quarter of the group’s revenue, experienced a two percent decline.
CFO Eric du Halgouet attributed this slowdown primarily to weak demand for accessories in China. However, the core leather goods business, which includes the iconic Birkin and Kelly handbags, grew by 10.8%, maintaining its strong performance from previous quarters.
Vossloh: Acquisition Drives Revenue, But Impacts Profit
Rail infrastructure supplier Vossloh has seen its order books bolstered and revenue jump due to a recent acquisition, although this has put pressure on its profits. In the first nine months, revenue climbed by almost 20% to €1.09 billion, driven by the acquisition of French concrete sleeper manufacturer Sateba. However, special effects from the acquisition, coupled with higher costs, led to a €20 million decrease in operating profit (EBIT) to €56.6 million. The group’s net profit was halved to €22.9 million.
Vossloh has confirmed its full-year forecast, specifying that revenue is expected to land in the mid-range of its €1.51 billion to €1.61 billion projection, while EBIT is anticipated to be at the lower end of the €100 million to €110 million range.
Nokia: Profit Surge in the Summer Quarter
Finnish network equipment manufacturer Nokia has achieved a surprisingly strong profit in its third quarter, thanks to robust demand in the AI and cloud sectors. Comparable operating profit rose to €605 million from €448 million in the previous year, significantly exceeding the average analyst estimate of €453 million. Comparable revenue also grew by ten percent to €5.15 billion, surpassing expectations. The company has maintained its full-year outlook.
Demand from customers in the artificial intelligence (AI) and cloud sectors has emerged as a key growth driver. Revenue from these customer segments increased by 123% year-on-year, with order intake rising by 118% to €1.5 billion.
Sartorius: Lowering Revenue Expectations Due to US Tariffs
Laboratory and pharmaceutical supplier Sartorius has slightly reduced its revenue expectations for the current year due to the repayment of US tariffs to its customers. This adjustment is a consequence of changes in US tariff regulations, following a Supreme Court decision that rendered certain tariffs invalid. Sartorius is compensating its clients for duties already paid.
In the first nine months, the company benefited from sustained high demand for laboratory equipment and consumables. Revenue increased by nearly five percent to approximately €2.74 billion. On a currency-adjusted basis, this represents a growth of over eight percent. Operating profit (EBITDA) improved by 6.9% to €828 million, with the corresponding margin increasing by 0.5 percentage points to 30.2%.
Kühne+Nagel: Raising Profit Target Again After a Strong Quarter
Logistics group Kühne+Nagel has raised its operating profit forecast for the third time this year. The company cited the continued strength in its air freight business and market share gains in sea freight as reasons for the upward revision. Kühne+Nagel, which operates in over 100 countries, now expects recurring earnings before interest and taxes (EBIT) to be between 1.5 billion and 1.6 billion Swiss francs, an increase from its previous forecast of 1.35 billion to 1.55 billion Swiss francs. Analysts had, on average, projected an operating profit of 1.5 billion Swiss francs.
In the third quarter, the group reported a 22% increase in revenue to 7.4 billion Swiss francs, with EBIT rising by 53% to 435 million Swiss francs.
Nestlé: Exceeding Expectations
Food giant Nestlé has accelerated its growth in the third quarter of 2026. From July to September, sales volumes increased by 2.8%, up from 1.8% in the previous quarter. Combined with a 1.1% price increase, this resulted in overall organic growth of 4.0%.
The Swiss company’s revenue reached 22.8 billion Swiss francs, surpassing the 22.5 billion Swiss francs and 3.4% organic growth anticipated by analysts.
Volvo Cars: Incurring Losses in Q3 and Planning Job Cuts
Swedish automaker Volvo Cars has slipped into the red in its third quarter, reporting an adjusted operating loss of 3.7 billion Swedish kronor (approximately €333 million). This contrasts sharply with a profit of 5.8 billion kronor in the same period last year. Volvo cited production challenges with its new electric SUV, the EX60, and weak demand in China and the United States as primary reasons for the downturn.
"The third quarter of 2026 was very disappointing and reflects a year that has become far more challenging than originally anticipated," stated CEO Hakan Samuelsson. "Our ongoing turnaround plan therefore requires decisive strengthening." The company plans to eliminate approximately 2,500 jobs globally, with 2,000 of these redundancies to occur in Sweden. These cuts are in addition to the 3,000 job reductions announced in 2025. Volvo aims to achieve an additional cost reduction of five billion kronor by the end of next year.
Atoss Software: Increasing Margin Forecast for 2026
Software provider Atoss is anticipating increased profitability for the current year and has consequently raised its margin forecast. The company now expects an operating return on sales (EBIT margin) of approximately 37% in 2026, an upward revision from its previous projection of at least 34%. However, the company anticipates revenue to reach the lower end of its previously stated range of €210 million to €215 million.
While recurring revenues from its cloud business have shown positive development, sales of software licenses have fallen short of expectations. In the first nine months, Atoss increased its revenue by 12% to €155.8 million. The EBIT margin climbed to 37% from 35% in the same period last year.
Holcim: Raising Annual Targets After a Strong Quarter
Swiss building materials group Holcim has increased its full-year profit forecast following unexpectedly strong quarterly results. The cement manufacturer reported a 17% increase in recurring operating profit to 976 million Swiss francs for the three months ending September, surpassing analyst estimates of 949 million Swiss francs. Revenue also exceeded expectations, rising to 4.66 billion Swiss francs.
CEO Miljan Gutovic attributed the company’s performance, including an Ebit margin of 19.2% in the first nine months, to increased customer demand, stringent cost discipline, and operational strength. Holcim now forecasts a 10% to 12% increase in operating profit for 2026, up from its previous projection of 10%.
Sika: Meeting Profit Expectations and Confirming Annual Targets
Swiss construction chemicals group Sika has met market profit expectations for the first nine months of the year and reaffirmed its full-year forecast. The company reported a net profit of 887.8 million Swiss francs ($1.08 billion) up to the end of September, in line with analyst predictions. Revenue grew to 8.71 billion Swiss francs, exceeding expectations of 8.67 billion Swiss francs. In local currencies, which adjust for the strong Swiss franc, sales grew by 4.8%.
While heatwaves in July and August temporarily slowed construction activity in parts of Central and Southern Europe, business recovered in September. For the full year, Sika continues to anticipate a currency-adjusted sales growth of three to six percent and an operating margin (EBITDA margin) of 19.0% to 19.5%.
L’Oréal: Benefiting from Strong Demand for Luxury Perfumes
The French cosmetics group L’Oréal has experienced a significant boost in its business, driven by strong demand for luxury perfumes, skincare, and haircare products. In the third quarter, its currency-adjusted revenue increased by 7.7% to €11.56 billion, exceeding analyst expectations of 5.9%. Growth was particularly strong in China and emerging markets.
The luxury division, which accounts for over a third of the group’s revenue, grew by a comparable seven percent, significantly surpassing its forecast of 4.5%. This growth was fueled by high demand for fragrances and accelerated sales in China. The Chinese cosmetics market is rebounding after two years of decline, with middle-class consumers shifting their spending towards premium beauty products. In Europe, L’Oréal’s largest market, revenue increased by nearly nine percent. The company’s shares have seen an eleven percent increase year-to-date.
HHLA: Lowering Profit Forecast for the Current Fiscal Year
Hamburg-based port logistics company HHLA has lowered its profit forecast for the current fiscal year. The company now expects earnings before interest and taxes (EBIT) to range between €115 million and €135 million, down from its previous projection of €150 million to €170 million. HHLA cited disruptions from warning strikes, construction work, and a write-down as reasons for the revised outlook.
Furthermore, the company anticipates a significant decline in container throughput for the full year compared to the previous year, revising its earlier forecast of only a slight decrease. The revenue forecast remains unchanged.
Krones: Tempering Revenue Expectations
Krones, a manufacturer of beverage filling and packaging technology, has adjusted its growth plans downwards following a subdued performance in its recent results. The company cited "unfavorable developments in relevant markets," general economic uncertainty, and challenging geopolitical conditions leading to increased costs for customers. These factors are expected to impact revenue growth in the final quarter. The company’s stock experienced a notable decline following this announcement.
In the first nine months, Krones reported revenue of just over €4.1 billion, representing a currency-adjusted increase of 0.8% compared to the previous year. Earnings before interest, taxes, and depreciation (EBITDA) rose by approximately 5% to around €453 million, partly due to a positive one-time effect of about €10 million from the refund of US duties. Krones is scheduled to release its final figures on November 6th.
Barclays: Reporting a Profit Increase
Barclays has reported a 12% increase in its pre-tax profit for the third quarter, reaching £2.3 billion. This positive result allows for a new share buyback program of £500 million. CEO C. S. Venkatakrishnan expressed satisfaction with the company’s ongoing operational and financial momentum.
The results presented a mixed picture, particularly within the investment banking division. While equity trading revenues surged by 47%, outperforming US competitors, fixed-income trading revenues plummeted by 19%, a steeper decline than experienced by US rivals. Overall, the investment banking division’s revenue of £3.1 billion fell slightly short of analyst expectations.
Hermès: Disappointing Q3 Figures Due to Weak Chinese Demand
French luxury goods group Hermès has seen its third-quarter performance dampened by weakening demand in the crucial Chinese market, leading to a disappointment among analysts. The company’s stock saw an eight percent drop following the announcement. Analysts at Jefferies described it as a "very painful day" for the stock.
Currency-adjusted revenue increased by 4.3% to €4.10 billion, falling short of the 5.2% growth anticipated by analysts. The ready-to-wear and accessories division, which contributes over a quarter of the group’s revenue, experienced a two percent decline.
CFO Eric du Halgouet attributed this slowdown primarily to weak demand for accessories in China. However, the core leather goods business, which includes the iconic Birkin and Kelly handbags, grew by 10.8%, maintaining its strong performance from previous quarters.
Vossloh: Acquisition Drives Revenue, But Impacts Profit
Rail infrastructure supplier Vossloh has seen its order books bolstered and revenue jump due to a recent acquisition, although this has put pressure on its profits. In the first nine months, revenue climbed by almost 20% to €1.09 billion, driven by the acquisition of French concrete sleeper manufacturer Sateba. However, special effects from the acquisition, coupled with higher costs, led to a €20 million decrease in operating profit (EBIT) to €56.6 million. The group’s net profit was halved to €22.9 million.
Vossloh has confirmed its full-year forecast, specifying that revenue is expected to land in the mid-range of its €1.51 billion to €1.61 billion projection, while EBIT is anticipated to be at the lower end of the €100 million to €110 million range.
Nokia: Profit Surge in the Summer Quarter
Finnish network equipment manufacturer Nokia has achieved a surprisingly strong profit in its third quarter, thanks to robust demand in the AI and cloud sectors. Comparable operating profit rose to €605 million from €448 million in the previous year, significantly exceeding the average analyst estimate of €453 million. Comparable revenue also grew by ten percent to €5.15 billion, surpassing expectations. The company has maintained its full-year outlook.
Demand from customers in the artificial intelligence (AI) and cloud sectors has emerged as a key growth driver. Revenue from these customer segments increased by 123% year-on-year, with order intake rising by 118% to €1.5 billion.
Sartorius: Lowering Revenue Expectations Due to US Tariffs
Laboratory and pharmaceutical supplier Sartorius has slightly reduced its revenue expectations for the current year due to the repayment of US tariffs to its customers. This adjustment is a consequence of changes in US tariff regulations, following a Supreme Court decision that rendered certain tariffs invalid. Sartorius is compensating its clients for duties already paid.
In the first nine months, the company benefited from sustained high demand for laboratory equipment and consumables. Revenue increased by nearly five percent to approximately €2.74 billion. On a currency-adjusted basis, this represents a growth of over eight percent. Operating profit (EBITDA) improved by 6.9% to €828 million, with the corresponding margin increasing by 0.5 percentage points to 30.2%.
Kühne+Nagel: Raising Profit Target Again After a Strong Quarter
Logistics group Kühne+Nagel has raised its operating profit forecast for the third time this year. The company cited the continued strength in its air freight business and market share gains in sea freight as reasons for the upward revision. Kühne+Nagel, which operates in over 100 countries, now expects recurring earnings before interest and taxes (EBIT) to be between 1.5 billion and 1.6 billion Swiss francs, an increase from its previous forecast of 1.35 billion to 1.55 billion Swiss francs. Analysts had, on average, projected an operating profit of 1.5 billion Swiss francs.
In the third quarter, the group reported a 22% increase in revenue to 7.4 billion Swiss francs, with EBIT rising by 53% to 435 million Swiss francs.
Nestlé: Exceeding Expectations
Food giant Nestlé has accelerated its growth in the third quarter of 2026. From July to September, sales volumes increased by 2.8%, up from 1.8% in the previous quarter. Combined with a 1.1% price increase, this resulted in overall organic growth of 4.0%.
The Swiss company’s revenue reached 22.8 billion Swiss francs, surpassing the 22.5 billion Swiss francs and 3.4% organic growth anticipated by analysts.
