Author: Fiona Craig

Shares in Airbus Group (EU:AIR) dropped almost 6% on Thursday after the aircraft manufacturer issued a softer-than-anticipated delivery outlook for 2026 due to engine supply constraints, overshadowing a better-than-expected fourth-quarter profit performance.

For the three months to December 31, Airbus reported earnings per share of €3.27, marking a 7% increase year on year and comfortably ahead of Investing.com forecasts of €2.34.

Quarterly revenue rose 5% to €25.98 billion, although this came in below market expectations of €27.5 billion. By the end of 2025, consolidated order intake reached €123.3 billion, with the total order backlog valued at €619 billion.

Looking ahead, Airbus projected commercial aircraft deliveries of 870 units in 2026, falling short of Bloomberg consensus estimates of around 896 aircraft.

Chief Executive Guillaume Faury said that despite strong worldwide demand for Airbus jets, the company continues to face “significant” supply shortages of Pratt & Whitney engines, produced by a subsidiary of Rtx Corp (NYSE:RTX).

The engine bottleneck has also led Airbus to adjust its production plans. The group now expects monthly output of its narrowbody aircraft to reach between 70 and 75 units by the end of 2027, stabilising at 75 per month thereafter. Previously, Airbus had targeted a rate of 75 aircraft per month in 2027.

RBC Capital Markets analyst Ken Herbert commented that Airbus’ fourth-quarter performance was “overshadowed by soft 2026 guide.”

“We believe investors will view the guide as below expectations, and could put pressure on the stock in the near term. However, we do believe the company’s guide for ~870 aircraft deliveries is appropriately conservative, as we have called out that we expected a sub-900 delivery guide,” he wrote.

Jefferies analyst Chloe Lemarie echoed similar concerns, stating that “FY25 results should allay some fears, notably with a solid FCF performance despite inventory buildup.”

“However, the 2026 guide is weaker than we expected,” she added.

Airbus also proposed a dividend of €3.20 per share for 2025.

Shares in Euronext (EU:ENX) edged lower on Thursday after the exchange operator posted fourth-quarter 2025 figures that fell short of expectations at the reported profit level.

Reported profit before tax (PBT) came in at €213 million, around 5% below market forecasts, according to Barclays. By contrast, adjusted PBT reached €258 million, roughly 3% above consensus, helped by stronger revenues and favourable depreciation and amortisation dynamics.

Quarterly net income totalled €145 million, also about 5% under consensus estimates.

Underlying revenue exceeded expectations by approximately 1%, increasing 11% year on year. However, Barclays noted that the figure included a €4 million fair value adjustment linked to AdminControl contracts following its acquisition. Stripping out this item, revenue would have been broadly aligned with consensus projections.

Adjusted EBITDA rose 9% compared with the prior year and came in about 1% ahead of expectations, while the adjusted EBITDA margin of 60% was in line with market forecasts. Reported earnings per share were €1.42, roughly 5% below the €1.50 consensus, though still 2% higher year on year.

For the full year 2025, Euronext delivered double-digit growth in both revenue and profit, supported by expansion in non-trading activities, resilient market volumes and continued cost control.

Underlying full-year revenue and income advanced 12.1% to €1.82 billion. Non-volume-related businesses accounted for 59% of total revenue and covered 157% of operating expenses, excluding depreciation and amortisation.

Revenue from Securities Services increased 6.9% to €330.7 million, driven by higher custody and settlement activity and growth in assets under custody.

Capital Markets and Data Solutions revenue climbed 12.1% to €669.3 million, while net treasury income surged 22.6% to €69.6 million, reflecting the expansion of clearing operations.

Volume-driven income also strengthened, with fixed income, currencies and commodities markets revenue rising 16.2% to €342.8 million and equity markets revenue up 11.7% to €410 million on robust trading activity.

Adjusted EBITDA for the year grew 13.6% to €1.14 billion, with margin improving to 62.7%. Adjusted net income increased 7.9% to €736.5 million, and adjusted EPS rose 10.3% to €7.27. Reported net income climbed 9.8% to €642.9 million.

Underlying operating expenses, excluding depreciation and amortisation, totalled €680.1 million, reflecting recent acquisitions including Admincontrol and Athex Group.

Looking ahead, the company expects underlying costs in 2026 to reach around €770 million, incorporating integration expenses and investment in growth initiatives. Euronext intends to propose a dividend of €321.5 million, equivalent to 50% of reported net income, marking a 9.8% increase from 2024.

Barclays analysts pointed to the shortfall in reported net income and PBT, along with the 50% payout ratio. “Focus likely on costs & whether guide is conservative – new FY26 guide of €770m is heavier than BARCe (€745m) & unclear what’s in a noisy cons,” they commented.

Chief Executive Stéphane Boujnah said 2025 marked “an excellent start” to the group’s strategic plan, highlighting balanced growth across both trading and non-trading segments.

Jubilee Metals Group (LSE:JLP) delivered a strong operational performance in the first half of FY2026, driven by rising copper output from its Zambian assets despite weather-related disruption and infrastructure challenges. The Roan processing facility achieved its targeted 30,000 tonnes per month feed rate, lifting copper unit production by 172.8% year on year to 1,246 tonnes. Total saleable copper units increased 8.7% to 1,543 tonnes, supported by stable power supply and operational efficiency gains.

At the Molefe Mine, the group mined 181,890 tonnes of copper reef and transported 9,130 tonnes of ore to the Sable Refinery. Jubilee also continued to build strategic stockpiles and advanced a two-phase drilling campaign in partnership with Galileo Resources, aimed at expanding the project’s resource base. Progress was made across the company’s broader three-pillar copper growth strategy, including advancement of the Large Waste Project toward a partnership decision. Jubilee reaffirmed its full-year copper production guidance of 4,500 to 5,100 tonnes and confirmed receipt of a further $10 million linked to the completed disposal of its South African chrome and PGM operations.

While operational momentum in Zambia remains strong, the company’s broader financial profile reflects recent pressure, including weaker revenues, reduced profitability and negative free cash flow. On the technical side, share price performance has been constructive, with bullish indicators such as trading above key moving averages and a positive MACD providing support. Valuation metrics are less definitive due to the absence of meaningful P/E and dividend yield data.

More about Jubilee Metals Group

Jubilee Metals Group is a metals processing specialist with a growing focus on copper production in Zambia, centred on the Roan concentrator, Sable Refinery and Molefe Mine. The group has historically processed chrome and platinum group metals in South Africa and has completed the sale of its South African chrome and PGM operations, while continuing to report output from those assets during the transition period.

Checkit (LSE:CKT) reported that it achieved adjusted EBITDA break-even for the year ended 31 January 2026, outperforming market expectations after delivering £4.0 million in annualised cost savings. The company generated positive EBITDA and cash flow in the second half, reflecting tighter cost control and improved operational execution.

Annual recurring revenue (ARR) declined 1% year on year to £14.3 million, but increased 2% on a constant currency basis. Excluding the previously announced contract reduction from a major U.S. customer, underlying ARR rose 5%, signalling stabilisation and modest organic growth. Total revenue dipped 2% to £13.7 million, largely due to lower non-recurring income. However, recurring revenue accounted for 96% of total revenue, and longer average contract terms enhanced visibility and earnings quality.

With a leaner cost base entering FY27 and a strengthened operating framework, Checkit plans to redirect resources toward growth initiatives within its core platform. These include launching a new user interface and expanding its operational intelligence capabilities, while continuing to enforce disciplined financial management.

The company’s near-term outlook benefits from positive technical momentum and supportive corporate developments, including recent share purchases by the CEO and CFO that signal management confidence. Nonetheless, profitability metrics and valuation considerations remain key areas for investors to monitor.

More about Checkit plc

Checkit plc is an AIM-listed software provider specialising in automated monitoring and operational intelligence solutions for frontline-focused organisations. Its subscription-based platform supports compliance, safety and operational efficiency, with an increasing emphasis on recurring revenue streams and longer-term customer contracts to improve predictability and long-term value creation.

Kitwave Group (LSE:KITW) has cautioned that profitability for the current financial year will fall short of earlier expectations, despite revenue for the three months to 31 January 2026 remaining broadly unchanged year on year. Softer demand from the hospitality segment resulted in a less favourable sales mix, putting pressure on gross margins. At the same time, continued investment in the group’s South West distribution depot and higher labour-related overheads weighed on performance, leading to adjusted operating profit coming in materially below board forecasts.

Although the first quarter typically accounts for only a modest portion of full-year earnings, the update suggests that inflationary cost pressures and sector-specific weakness may have a more pronounced impact on 2026 results than previously assumed. Management expects margin compression to persist throughout the financial year, highlighting ongoing challenges in recovering rising input and wage costs. The statement is likely to moderate investor expectations regarding near-term earnings momentum and the payback profile from recent expansion initiatives.

Despite the immediate pressures, Kitwave retains a track record of solid revenue growth and dependable free cash flow generation. Technical indicators have been broadly supportive, though recent overbought signals introduce some near-term volatility risk. While leverage remains moderate and margin compression is a concern, valuation appears reasonable, underpinned by a dividend yield that continues to offer income support.

More about Kitwave Group PLC

Kitwave Group PLC is a UK-based delivered wholesale distributor supplying impulse products, frozen, chilled and fresh foods, alcohol, groceries and tobacco. Established in 1987, the company operates 37 depots nationwide and serves approximately 46,000 predominantly independent customers, including convenience retailers, leisure operators, foodservice businesses, vending companies and other wholesalers.

First Development Resources (LSE:FDR) has announced positive results from a December 2025 stream sediment sampling programme at its Selta rare-earths project in Australia’s Northern Territory. The low-cost, first-pass campaign concentrated on the West Nintabrinna and Ingallan prospects, aiming to sharpen previously identified rare-earth and lithium anomalies and prioritise drill-ready zones.

At West Nintabrinna, assays delivered values of up to 2,103 ppm total rare-earth elements plus yttrium (TREE+Y), outlining a coherent target dubbed “Tourmaline.” The results have reduced the prospective footprint from roughly 75 square kilometres to just 5 square kilometres, materially enhancing targeting accuracy and improving cost efficiency for follow-up work.

At Ingallan, peak assays of 385 ppm TREE+Y defined the “Peake Bore” target, cutting the search area from approximately 90 square kilometres to 8.5 square kilometres. Field observations of pale-weathered outcrops and proximity to favourable granite bodies point toward potential pegmatite-hosted rare-earth and lithium mineralisation.

Geochemical analysis across both areas indicates evolved, fractionated granitic systems with localised enrichment in incompatible elements. This pattern supports the interpretation of discrete intrusive or pegmatitic sources, rather than broad background dispersion, strengthening the geological case for focused exploration.

FDR intends to progress with detailed geological mapping, rock-chip sampling, targeted geochemical surveys and evaluation of high-resolution geophysics to further refine drill targets at Tourmaline and Peake Bore. Rare-earth exploration at Selta remains a core strategic focus, complemented by ongoing geophysical work at the Lander West gold target. Together, these programmes position the company to potentially advance its critical minerals portfolio as it moves closer to drilling.

More about First Development Resources Plc

First Development Resources Plc is a UK-based, AIM-listed mineral exploration company focused on Australia, with projects in Western Australia and the Northern Territory. The company is targeting rare-earth elements, lithium and gold, with its flagship Selta Project located in the Aileron Province — a Proterozoic terrane recognised for evolved granitic systems and rare-metal mineralisation.

Mindflair (LSE:MFAI) has spotlighted a significant development at portfolio company Mirror Security, a spin-out from University College Dublin, which has brought its encrypted AI inference platform into full production using NVIDIA’s accelerated computing infrastructure. The platform enables artificial intelligence models to perform inference while data remains encrypted during both processing and storage, helping organisations meet strict confidentiality and regulatory standards in industries such as healthcare, financial services, government and defence.

Mirror, which operates across Ireland, the United States and India, is initially deploying the platform in India through Yotta Data Services, NVIDIA’s regional partner and operator of the Shakti Cloud. The rollout supports India’s national IndiaAI Mission and is designed to remove a major obstacle to AI adoption in highly regulated sectors by allowing large-scale AI deployment without exposing sensitive data. If successfully commercialised, the initiative could strengthen Mirror’s growth trajectory and enhance the value of Mindflair’s stake, which is held via Sure Valley Ventures’ third fund.

Despite the positive portfolio milestone, Mindflair’s broader outlook remains constrained by limited revenue visibility and weak cash-flow conversion, even after a sharp rebound in reported profitability and a relatively modest leverage profile. Technical indicators are currently negative, with the share price trading below key moving averages and momentum measures such as MACD signalling downside pressure. Although the stock appears inexpensive on a headline price-to-earnings basis, concerns around earnings quality reduce the reliability of that valuation metric.

More about Mindflair plc

Mindflair plc is an AIM-quoted investment company offering exposure to a portfolio of next-generation technology businesses focused on artificial intelligence. The company targets high-growth segments including cyber security, machine learning, immersive technologies and big data, investing in ventures that demonstrate commercial traction and the potential for significant scalability as global AI adoption accelerates.