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Renault (EU:RNO) reported third-quarter sales ahead of expectations, driven by higher vehicle volumes across its portfolio and steady demand for its latest models.

Group revenue rose 6.8% year-on-year to €11.43 billion ($13.27 billion) for the three months to September, topping the company’s consensus estimate of 6.2% growth. Total deliveries increased 9.8% to 529,486 units, with gains seen across the Renault brand and its other marques.

“In a challenging environment, we continue to capitalise on our compelling and competitive line-up, spanning electric, ICE (internal combustion engine) and hybrid vehicles,” said Chief Financial Officer Duncan Minto.

The company reiterated its full-year operating margin forecast of around 6.5%, a target that was lowered earlier in the year from at least 7% amid intensifying competition in the European automotive market. Renault continues to face pricing pressure from lower-cost Chinese EV manufacturers, while U.S. tariffs on imported vehicles have added to headwinds.

“We remain fully committed to our value-over-volume strategy, while maintaining strong focus on executing our cost-reduction roadmap,” Minto said.

He noted that new models made up 30% of Q3 sales, compared with 28% earlier in 2025 and 25% at the end of 2024. The new compact crossover SUV Dacia Bigster has been a key contributor to improved profitability.

Jefferies analyst Philippe Houchois commented that Renault’s third-quarter revenue was “marginally ahead of consensus with a bit more volume and country mix and a bit less product mix than expected.” He added, “Revenue disclosure consistent with FY guidance, reiterated, for the Nth time.”

Thales (EU:HO) reported a solid 9% year-on-year increase in sales for the first nine months of 2025, supported by strong performance in its aerospace and defence divisions. The company also reaffirmed its full-year financial guidance, reflecting continued confidence in its outlook.

Total sales reached €15.26 billion ($17.70 billion), compared with €14.07 billion a year earlier—representing 9.1% organic growth. Orders climbed 8% to €16.76 billion, pushing the book-to-bill ratio above one as rising demand in Europe and Asia bolstered both defence and space activities.

The defence segment was the main growth engine, with sales increasing 14% to €8.24 billion, supported by accelerated production and several major contract wins in the U.K., India, and Germany. Aerospace revenue advanced 7%, while the Cyber & Digital business saw a 3.8% decline, reflecting softer cybersecurity demand and the integration impact of the Imperva merger.

Thales reiterated its 2025 guidance, targeting organic sales growth of 6–7%, an adjusted EBIT margin between 12.2% and 12.4%, and a book-to-bill ratio remaining above one.

Orange (EU:ORA) saw its Paris-listed shares edge higher on Thursday after reporting third-quarter earnings that slightly exceeded analyst expectations, supported by steady customer growth and cost control measures.

Earnings before interest, taxes, depreciation, and amortization after leases (EBITDAaL) rose 3.7% year-on-year to €3.44 billion, just above the €3.43 billion anticipated by analysts. The company attributed the increase to expanding customer numbers and disciplined expense management.

Fiber-to-the-home customers grew to 16 million globally, up from 15.5 million in the previous quarter, while mobile customers increased to 100.4 million from 98.1 million. Growth was particularly strong in the Middle East and Africa, where revenue rose at a double-digit pace for the tenth consecutive quarter.

A “gradual deterioration” of the company’s French market over the last few quarters “is not worsening” either, according to analysts at Kepler Cheuvreux, who described the overall results as “reassuring.”

Orange also upgraded its full-year guidance, now expecting core income growth of at least 3.5%, compared with its previous forecast of “over 3%.” Analysts including Javier Borrachero at Kepler Cheuvreux said the revised outlook was even “more encouraging” than the Q3 performance, especially given the “challenging context” and “a tough macroeconomic backdrop that is also having a larger negative impact than expected in Orange business.”

CFO Laurent Martinez highlighted that the company’s balance sheet provides sufficient flexibility to pursue M&A opportunities in France and Spain. Orange has already submitted a bid for the remaining 50% stake in MasOrange and is part of a €17 billion joint offer with Bouygues Telecom and Free-Groupe Iliad to acquire a large portion of Altice’s French operations. However, the company cautioned that “there is no certainty” the latter deal will be finalized.

Renishaw PLC (LSE:RSW) saw its shares decline 4.3% on Thursday after reporting first-quarter revenue below market expectations, as sharp weakness in the EMEA region overshadowed gains in other markets.

Revenue rose 2.8% at constant currency for the quarter ended September 30, falling short of the 4.6% growth forecast for fiscal 2026. At actual exchange rates, revenue slipped 1.8% to £170.8 million, down from £173.9 million a year earlier. The company noted that 1.2 percentage points of constant currency growth came from surcharges in the Americas to offset tariff duties—indicating that underlying organic growth remained limited.

The EMEA region was the main drag, with revenue plunging 20.5% at constant currency. The company cited weak demand for Industrial Metrology sensors from machine tool builders and lower laser encoder sales. It also noted that the planned implementation of a new ERP system impacted September revenue, though it expects to recover this shortfall in Q2.

“Despite the continued global uncertainty, the structural drivers that underpin our markets are presenting growth opportunities across our businesses,” said Renishaw in its trading update, maintaining expectations for “steady revenue growth” for the year.

The company completed its £20 million operating cost reduction program during the quarter, trimming its workforce by 350 employees, or 6.5% compared to the end of fiscal 2025.

Outside EMEA, performance was more encouraging: order books strengthened in the Americas and APAC regions, with revenue up 11.2% and 14.7% respectively at constant currency. New product launches—including the Equator-X dual method shopfloor gauge and MODUS IM Equator metrology software—were also well received.

Renishaw said it continues to advance productivity initiatives to improve efficiency and returns, with medium-term targets including operating margins above 20%.

Schroders Plc (LSE:SDR) saw its shares decline more than 2% on Thursday after reporting third-quarter net new money of £2.2 billion—missing analyst forecasts as weaker wealth management inflows offset market and currency gains. Total assets under management (AUM) rose 5% quarter-on-quarter to £817 billion, buoyed by £39 billion in market and FX movements, including £8.4 billion from a stronger U.S. dollar.

“30-Sep AUM (£817bn) is up +5% q/q and +2% above VA cons. driven by market & FX movements of +£39bn (FX +£8.4bn driven by USD) and NNM of +£2.2bn,” Jefferies noted in a client report.

Asset management inflows were a bright spot, with net inflows of £4.4 billion, ahead of consensus expectations of £1.9 billion. “Strong inflows in Core Solutions (+£6.7bn), lighter NNM in Private Markets (£0.9bn vs VA cons £1.1bn) and positive NNM in FI (+£0.1bn) more than offsetting outflows in Equities (-£3.0bn, driven by Asia equities) and Multi-asset (-£0.3bn),” Jefferies said. The brokerage also noted that “the negative mix effect in public markets is likely to be offset by the strong market performance during the quarter.”

Wealth management was softer, with net inflows of £0.5 billion, missing expectations of £1.7 billion. Jefferies attributed the shortfall to “drawdowns in charity reserves in Cazenove despite continued flow momentum in HNW.” It added that “the outflow in Benchmark (-£0.2bn) was driven by the decision of an adviser firm to change its MPS provider.” Joint ventures saw £2.7 billion of outflows versus expectations of £0.1 billion in inflows.

By segment, asset management AUM stood at £574 billion (vs. consensus £561 billion), including £72 billion in private assets and alternatives and £502 billion in public markets. Wealth management AUM totaled £136 billion (vs. £134 billion consensus), split between £99 billion in advised and other wealth and £37 billion in Benchmark. Joint ventures accounted for £107 billion, slightly below the £109 billion expected.

Jefferies said Schroders faces “heavy lifting required in 4Q to meet WM target,” with stronger wealth management flows needed in the final quarter to hit full-year goals. The brokerage maintained a Hold rating on the stock with a 390 pence price target, around 3% above the prior close of 379 pence.

Schroders’ shares have traded between 429 pence and 283 pence over the past 12 months, with a market capitalization of approximately £6.1 billion ($8.2 billion) as of October 22. Jefferies’ valuation is based on “a target P/E of 10.0x 25E EPS before adding back surplus capital and deducting £250m of Tier 2 notes.” Key risks highlighted include weaker market returns, lower net new money, and an unfavorable business mix that could pressure fee margins.

St. James’s Place PLC (LSE:STJ) reported stronger-than-expected third quarter results, with funds under management exceeding £200 billion for the first time. However, shares fell 3.03% after the company signaled that inflows could slow in the fourth quarter.

Gross inflows reached £5.7 billion for Q3, surpassing analyst expectations of £5 billion and marking a 30% increase from the same period a year earlier. Net inflows came in at £1.76 billion, ahead of the £1.6 billion consensus estimate and nearly double the £0.89 billion recorded in Q3 2024. Total funds under management stood at a record £212.36 billion as of September 30—up 12% year-to-date and around £2 billion above forecasts.

The company reported an improved retention rate of 95.2%, compared to 94.6% a year ago, while net flows as a percentage of opening funds under management rose to 3.9% from 2.2%.

“I am pleased to report another strong quarter for new business, which underlines the power of our advice-led business model and the value clients place in the long-term, trusted relationships they have with our advisers,” said Mark FitzPatrick, Chief Executive Officer.

Despite the strong performance, St. James’s Place warned that fourth-quarter flows may soften. The company noted that Q3 benefited from “unseasonally high levels of client engagement and activity” ahead of the introduction of its new charging structure in late August, while macroeconomic uncertainty continues to weigh on consumer sentiment.

The firm also pointed to strong investment returns, with year-to-date gains representing 12% of opening funds under management on an annualized basis. It recently launched the Polaris Multi-Index fund range, applying its active asset allocation expertise within index-tracking strategies.

Inchcape PLC (LSE:INCH) reported 8% organic revenue growth for the third quarter of fiscal year 2025, meeting expectations and benefiting from softer comparators. Total revenue for the period came in at £2.3 billion, reflecting a 7% increase on both a constant currency and reported basis.

Vehicle volumes grew 13% during the quarter, significantly outpacing the 5% rise in total industry volumes across Inchcape’s markets. This represents a marked improvement from the first half of the year, when industry volumes declined 2%. The company reaffirmed its full-year 2025 guidance, projecting another year of growth at prevailing currency rates.

“We are pleased with our performance in the third quarter, which was in line with our expectations,” said Duncan Tait, Group Chief Executive. “Inchcape’s organic revenue growth was supported by market growth, a contribution from distribution contract wins and on-going product launches.”

Regional performance showed clear momentum. The Americas posted results ahead of the market, while Asia-Pacific improved compared to the first half, with key product launches remaining on track despite lingering headwinds. Europe & Africa continued to deliver solid growth and market outperformance.

As part of its Accelerate+ strategy, Inchcape secured a new distribution agreement with GAC AION in Greece, exited several non-material contracts, completed the acquisition of Askja in Iceland to expand into a new market, and divested a non-core retail-only business in Australia representing about £100 million in annualized revenue.

The company anticipates stronger momentum in the second half of 2025, supported by the rollout of planned product launches and disciplined cost management. It also expects earnings per share growth to outpace profit growth, consistent with its medium-term EPS CAGR target of more than 10%.

InterContinental Hotels Group PLC (LSE:IHG) reported a slight 0.1% year-on-year increase in global RevPAR for the third quarter of 2025, bringing year-to-date growth to 1.4%, as the group continues to navigate uneven market dynamics across its key regions.

Performance varied by geography: EMEAA delivered solid RevPAR growth of 2.8%, while the Americas saw a 0.9% decline and Greater China contracted by 1.8%. Business travel revenue rose 4% on a comparable basis, but this was offset by weaker leisure demand (down 2%) and group bookings (down 4%).

Despite some softer trading conditions, IHG maintained a strong development pace, opening 14,500 rooms across 99 hotels in Q3—a 17% year-on-year increase excluding NOVUM conversions. It also signed 22,600 rooms across 170 hotels, marking an 18% increase compared to the same period in 2024.

“We are pleased with our performance and the continued growth of our brands to date in 2025, and we remain on track to meet full year consensus profit and earnings expectations,” said Elie Maalouf, Chief Executive Officer of IHG Hotels & Resorts. “Overall, we continue to benefit from the power of our globally diverse footprint.”

The company also unveiled plans to introduce a new premium collection brand targeting the upscale to upper-upscale segment, with its initial rollout focused on the EMEAA region.

IHG has completed $700 million of its $900 million 2025 share buyback program, cutting its share count by 3.9%. Including dividends, the company expects to return over $1.1 billion to shareholders this year.

The group’s gross system growth reached 7.2% year-on-year, with net system growth of 5.2% after adjusting for the removal of rooms formerly affiliated with The Venetian Resort Las Vegas. IHG’s global pipeline now includes 342,000 rooms across 2,316 hotels—representing 4.7% year-on-year growth.

Legal & General Group Plc (LSE:LGEN) has outlined a strategic plan to capitalize on growth opportunities in the UK’s Defined Contribution (DC) pensions and Annuities markets over the coming decade.

Leveraging its position as the country’s largest DC asset manager and annuity provider, the company is targeting £40–50 billion in Workplace DC net flows and a 4–6% compound annual growth rate in Retail operating profit between 2024 and 2028. This strategy aims to shift its profit mix toward more stable, fee-based earnings while increasing operating leverage—positioning its Retail segment as a key engine of future growth.

While this long-term plan presents meaningful opportunities, the company’s near-term outlook is tempered by financial challenges, including declining revenue and profitability as well as liquidity concerns. Technical analysis points to a bearish trend, and the stock currently screens as overvalued. However, a high dividend yield continues to offer appeal to income-focused investors.

About Legal & General Group Plc

Legal & General is one of the UK’s leading financial services companies and a major global investment manager, overseeing £1.1 trillion in assets. Its core business areas include Workplace, Annuities, Lifetime Mortgages, and Protection. The group serves approximately 12.4 million customers in the UK and ranks among the top providers in its key markets.

Lloyds Banking Group (LSE:LLOY) has reported solid financial results for the first nine months of 2025, delivering a statutory profit after tax of £3.3 billion and a 6% increase in net income.

While the Group absorbed an £800 million charge related to motor finance commission arrangements, it maintained strong capital generation and asset quality. A major strategic milestone was the acquisition of Schroders Personal Wealth, a move expected to accelerate Lloyds’ wealth strategy and strengthen its position in a high-value market segment.

The Group also revised its 2025 guidance, projecting continued growth in net interest income and capital generation, supported by disciplined cost management and stable asset quality.

Lloyds’ outlook is supported by strong technical indicators and a fair valuation, complemented by bullish momentum and a reasonable dividend yield. However, pressure on profitability and cash flow highlights the need for careful execution to sustain long-term growth.

About Lloyds Banking Group

Lloyds Banking Group is one of the UK’s leading financial services institutions, providing retail, commercial, and corporate banking solutions. The company is focused on deepening customer relationships and expanding its wealth management capabilities, underscored by its acquisition of Schroders Personal Wealth to bolster its strategic market position.