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Essentra Plc (LSE:ESNT) released a mixed third-quarter trading update on Thursday, reporting solid sales growth that was tempered by margin pressure due to regional performance differences.

The company achieved organic constant-currency sales growth of 5.9% year-over-year in Q3 2025 — a strong rebound from the 1.1% decline recorded in the first half. Order intake rose 5.6% versus the same period last year, with activity in September rebounding to second-quarter levels following seasonally weaker months in July and August.

However, gross margins were described as “slightly weaker” than anticipated, primarily reflecting stronger growth in lower-margin Turkish operations within the EMEA region. This shift in the regional mix is expected to weigh on full-year profitability.

Regional results varied significantly. EMEA returned to year-on-year growth following a soft prior-year comparison, with Turkey standing out due to robust end-market demand, pricing initiatives, and the impact of currency devaluation. By contrast, Western Europe and the UK saw weaker demand in higher-margin markets.

In the Americas, sales maintained low-to-mid-single-digit growth, supported by pricing discipline and stability across distributor channels. Meanwhile, APAC sales declined slightly year-over-year, affected by market softness in China and challenging prior-year comparatives.

Essentra said it remains focused on improving operational efficiency, highlighting progress in manufacturing footprint optimization, selective capital investments, and the continued rollout of its ERP system.

The company reported strong operating and free cash flow generation, reinforcing management’s expectation that full-year leverage will stay within the medium-term target range of 0.5x to 1.5x.

Looking ahead, Essentra expects its full-year 2025 EBITA margin to remain broadly in line with the first-half level of 10.8%, as the dilutive effect of Turkish growth is set to continue into the fourth quarter.

Rémy Cointreau (EU:RCO) SA has lowered its full-year 2026 guidance after reporting a steeper-than-expected decline in second-quarter sales, citing weak market conditions in both the United States and China.

The French premium spirits maker said organic sales fell 11% in the second quarter, missing the company-compiled consensus for a 9.5% decline. Analysts at Morgan Stanley noted that the “magnitude of today’s cuts is significantly larger than expectations” as Rémy Cointreau reduced both its revenue and profit forecasts.

The company now expects full-year organic sales growth to range from flat to low single digits, down from earlier guidance of mid-single-digit growth. It also projects organic EBIT to decline by low double-digit to mid-teen percentages, compared with previous expectations of a mid-single-digit drop. According to Morgan Stanley, the updated guidance “implies mid-teens% cuts to FY26 EBIT at the midpoint.”

Currency effects are expected to further pressure results, with management forecasting a €50–60 million hit to sales and a €25–30 million impact on EBIT, widening from the earlier outlook of €15–20 million. Tariff-related costs were revised down to €25 million from €30 million, including €5 million in China and €20 million in the U.S.

In the company’s core U.S. cognac segment, sales grew by a mid-teens percentage, while depletion volumes fell 3.5% over the past three months — an improvement from the 8.5% decline seen in the prior quarter. Overall inventories in the U.S. market remained stable at “close to 4M” months of supply.

In Mainland China, cognac sales dropped 25%, impacted by “stricter discipline and austerity measures impacting consumer confidence,” according to Morgan Stanley. In Europe, the Middle East, and Africa, sales fell by the mid-teens percentage, pressured by “strong competitive / promotional pressures in most markets and weak demand.”

The company’s liqueurs and spirits division recorded a 5.3% organic sales drop during the quarter, with both the U.S. and EMEA regions declining by mid-single digits — partly due to “adverse phasing after a stronger Q1.” U.S. value depletions for Cointreau and The Botanist were flat in the quarter, while EMEA value depletions showed slight growth in the first half.

For the first half of FY26, net sales totaled €490 million, down 8.3% year-on-year, while EBIT reached €117 million, representing an organic decline of 14.3%. The EBIT margin fell to 23.7%, down 390 basis points from last year. Adjusted net profit came in at €67 million, down 27.2% year-on-year.

Morgan Stanley said the lowered outlook reflects “deteriorating market conditions in China and the weaker-than-expected rebound in US sales,” adding that the foreign exchange outlook has also worsened.

Getlink (EU:GET) shares climbed 2% after the UK’s Office of Rail and Road (ORR) granted Virgin Trains Europe (VTE) access rights to the Temple Mills International Depot (TMI).

The ORR reviewed applications from four companies — Virgin, Evolyn, Gemini, and Trenitalia — alongside a submission from Eurostar, the current operator of the facility. The regulator rejected the other applications, citing insufficient capacity at TMI to accommodate additional operators beyond VTE.

Analysts at Jefferies described the decision as “a positive step towards increased passenger traffic through the tunnel,” noting that Virgin intends to carry around 6 million passengers annually once operations begin in 2030.

The approval represents a major milestone for Virgin Trains Europe as it advances its plans to expand in the European high-speed rail market.

TotalEnergies (EU:TTE) reported third-quarter earnings in line with market expectations, as higher production and stronger refining margins helped counterbalance the impact of softer oil prices. Despite the solid performance, shares slipped 1.2% in early Thursday trading following the announcement.

The French energy company posted adjusted net income of $4.0 billion, down slightly from $4.1 billion in the same quarter last year and broadly matching estimates compiled by LSEG. Cash flow rose 4% year-on-year to $7.1 billion, supported by steady upstream and downstream performance. Average upstream output reached 2.5 million barrels of oil equivalent per day.

Chief Executive Officer Patrick Pouyanné said: “The company’s strong financials are underpinned by accretive hydrocarbon production growth of more than 4% year-on-year and improved downstream results.”

Oil prices remained below 2024 levels as increased supply from OPEC+ and other producers reignited oversupply concerns. The weaker price environment, along with subdued European petrochemical demand, prompted TotalEnergies last month to trim spending and share buyback plans to preserve balance sheet strength.

The group’s gearing ratio — a measure of debt to equity — eased to 17.3% from 17.9% in the previous quarter, while net debt declined 5% sequentially to $24.6 billion.

Commenting on the results, Jefferies analyst Mark Wilson noted that the outcome was supported by “upstream growth and working capital,” adding that net debt improvement was “helped by $1.6bn working capital benefit.”

Drax Group plc (LSE:DRX) has agreed to acquire a 260MW battery energy storage portfolio from Apatura Limited for £157.2 million, marking a major step in expanding its flexible generation capacity in the UK. The projects, located across Scotland and England, each have a two-hour duration capacity and will be developed under staged payments between 2025 and 2028, linked to key construction milestones.

Completion of the first two acquisitions is expected in 2025, with the third project scheduled for early 2026. Construction on all three sites is planned to start later that year, and the first site is expected to become operational in 2027.

The agreement includes contractual safeguards against cost overruns and delays, with Apatura responsible for development management and assuming most of the construction risk. Drax has also secured a first-offer option on an additional eight projects totaling 289MW currently under development by Apatura.

Drax Group CEO Will Gardiner said: “This acquisition is our first investment in short duration storage as part of our FlexGen portfolio, supporting UK energy security and a clean power system.”

The company added that the transaction is expected to generate returns “significantly ahead” of its Weighted Average Cost of Capital (WACC) and will be financed through cash and existing credit facilities.

Once fully operational, the new battery assets will complement Drax’s existing pumped storage, hydro, and gas turbine capacity. The combined FlexGen portfolio will reach 1.8GW of storage and flexible generation across nine sites, and together with Drax Power Station’s 2.6GW, will provide a total of 4.4GW of dispatchable power for the UK grid.

Empire Metals Limited (LSE:EEE) has raised £7 million through a subscription of new ordinary shares with existing institutional investors. The capital will fund the next stage of development at the company’s Pitfield Titanium Project in Western Australia, focusing on resource expansion, metallurgical testwork, and pilot-scale production aimed at delivering high-purity TiO₂ product samples.

The company said the proceeds will also support team expansion and initial work toward a potential dual listing on the ASX, reflecting its strategy to broaden market access and investor engagement. The successful funding round highlights the strong strategic appeal of the Pitfield Project and positions Empire Metals to advance into its next phase of growth, strengthening its market presence and long-term value potential.

More about Empire Metals Ltd

Empire Metals Ltd is an exploration and resource development company focused on fast-tracking the commercialization of the Pitfield Titanium Project in Western Australia. The project hosts one of the world’s largest and highest-grade titanium resources, with a Mineral Resource Estimate of 2.2 billion tonnes at 5.1% TiO₂. Empire Metals aims to produce high-value titanium products — including metal and pigment-grade materials — supported by strong logistics and infrastructure for global distribution.

Shell (LSE:SHEL) reported higher-than-anticipated profits for the third quarter of 2025, supported by stronger sales volumes and improved trading margins. The oil and gas major also announced plans to return an additional $3.5 billion (£2.65 billion) to shareholders through share buybacks.

The FTSE 100 company posted adjusted earnings of $5.43 billion (£4.1 billion) for the period, topping analyst expectations. This marked a 27% increase compared with the previous quarter, though results were below the $6 billion (£4.6 billion) reported in the same quarter last year.

Shell said volumes rose from the prior quarter and noted a $161 million tax benefit from favorable write-offs. However, it added that these gains were partially offset by higher depreciation, depletion, and amortization costs.

Performance was underpinned by the group’s integrated gas division, where income rose 28% and earnings increased 23% quarter-on-quarter. Meanwhile, Shell’s renewables arm returned to profitability, with improved trading and marketing helping to offset earlier losses in parts of the business.

Chief Executive Wael Sawan said: “Shell delivered another strong set of results, with clear progress across our portfolio and excellent performance in our marketing business and deepwater assets in the Gulf of America and Brazil. Despite continued volatility, our strong delivery this quarter enables us to commence another 3.5 billion US dollars of buybacks for the next three months.”

The update followed weaker-than-expected results from Norwegian rival Equinor earlier in the week. Shell’s stock has outperformed many of its industry peers over the past year, gaining nearly 16% over the last twelve months.

Campari (BIT:CPR) shares jumped more than 9% on Thursday after the Italian beverage group reported stronger-than-expected third-quarter profits, as cost savings and margin improvements offset slower sales growth.

The maker of Aperol and Wild Turkey posted organic EBIT growth of 19.5%, nearly double the consensus estimate of 10%. Organic net sales rose 4.4%, missing expectations of 5.3%, with total quarterly sales reaching €753 million, slightly below analyst forecasts of €775 million.

According to Kepler Cheuvreux, the results reflected “a solid gross margin performance of 180bps organic improvement in Q3, and a 3.8% organic decline in SG&A costs in the quarter.”

All business regions delivered positive organic growth, led by Asia Pacific (+5.7%), the Americas (+4.7%), and EMEA (+3.8%). The company benefited from lower input costs—particularly agave—and a favorable sales mix driven by Espolòn tequila, though these gains were partially offset by higher logistics expenses. Campari said it expects additional margin tailwinds from lower input costs in the fourth quarter.

The group maintained its 2025 guidance, projecting moderate organic revenue growth and a stable EBIT margin, now adjusted to include the impact of tariffs. Kepler Cheuvreux called the revised outlook an upgrade, as the expected tariff hit was reduced to about €15 million.

Campari’s cost-efficiency plan remains on track, with management anticipating a 50-basis-point margin benefit in 2026 from reduced SG&A expenses.

In the aperitifs segment, which includes Aperol and Campari, sales were flat in the third quarter and up just 1.3% for the first nine months of the year. Aperol revenue fell 6%, weighed by weaker demand in Italy and Germany, as well as slower sales in the U.S. Meanwhile, the rest of the aperitifs portfolio—representing roughly 10% of total sales—grew by 21%.

Kepler Cheuvreux cut its 2025 organic net sales growth forecast to 1.4% from 3.0% but raised its EBIT estimate by 1.6%. Adjusted EBIT is now projected at €614 million for 2025, compared with €605 million previously, while adjusted net profit is expected to rise 1.9% to €375 million. Forecasts for 2026 and 2027 remain unchanged.

The brokerage reiterated a “buy” rating with a target price of €7.20, implying a potential 32.4% upside from Wednesday’s close at €5.44. At that level, Campari would trade at 13.5x estimated 2026 EV/EBITDA, below its 10-year average of 18x, and at 21x 2026 earnings, roughly 25% under its historical average.

Kepler Cheuvreux also noted that Campari’s net debt-to-EBITDA ratio improved to 2.9x by the end of September, highlighting ongoing balance sheet strengthening. The firm expects additional margin gains from further cost reductions and lower agave prices in the coming quarters.

Computacenter plc (LSE:CCC) has reported robust third-quarter results for 2025, driven by strong performances in North America and the UK, alongside a return to growth in Germany. While operations in France continued to face challenges, the company achieved higher Technology Sourcing revenue and solid gains in its Services segment.

Backed by a strong balance sheet, Computacenter continues to invest strategically in its operations and pursue targeted acquisitions. With a healthy order backlog and diversified geographic exposure, the company remains confident in meeting its full-year objectives and sustaining long-term growth through its integrated business model.

The outlook for Computacenter remains positive, supported by strong financial fundamentals and stable valuation metrics. Technical indicators point to an upward trend, though investors are advised to monitor potential overbought conditions following recent share price strength.

More about Computacenter plc

Computacenter is one of Europe’s leading independent IT infrastructure and services providers, supporting large corporate and public sector clients in sourcing, transforming, and managing their technology environments. Listed on the London Stock Exchange and a constituent of the FTSE 250 Index, the company employs more than 20,000 people globally and plays a key role in enabling digital transformation and operational efficiency for its customers.

Haleon PLC (LSE:HLN) has published its third-quarter 2025 trading statement, outlining recent financial performance and strategic developments. The full report is available on the company’s website and via the Financial Conduct Authority’s National Storage Mechanism. A presentation for analysts and investors, led by Chief Financial Officer Dawn Allen, will provide additional context on Haleon’s operational progress and future outlook, offering insights that could influence market sentiment and investor positioning.

Haleon continues to demonstrate strong fundamentals, supported by robust profitability, disciplined cash flow management, and a diversified global brand portfolio. While technical and valuation indicators suggest a cautious stance, the company’s earnings call emphasized regional growth opportunities alongside challenges in the North American market.

More about Haleon PLC

Haleon PLC is a global consumer health company dedicated to improving everyday health through trusted science and innovation. Its portfolio spans six key categories — Oral Health, Vitamins, Minerals & Supplements (VMS), Pain Relief, Respiratory Health, Digestive Health, and Therapeutic Skin Health. Haleon’s leading brands include Sensodyne, Panadol, Voltaren, Advil, Centrum, Theraflu, Otrivin, Polident, and parodontax. The company’s focus on evidence-based healthcare and consumer trust has positioned it as a global leader in the consumer health sector.