Gainers:

Kongsberg Gruppen (+12%) stands out after a fourth quarter well above expectations. Operating profit surged to 2.46 bn NOK and the order book reached 157 bn NOK, driven by strong demand in defense. The proposal of both an ordinary and a special dividend further boosts the stock's appeal.

Hoist Finance (+11%) shines after a fourth quarter that far exceeded expectations. Revenue reached 1.28 bn SEK and pre-tax profit clearly beat the consensus. The increase in the ordinary dividend, complemented by a special dividend, reinforces the attractiveness of the stock.

Aker Solutions (+7%) attracts buyers after announcing a dividend of 3.60 NOK per share for 2025. The group also unveiled robust 2026 outlook, with revenue expected between 45 and 50 bn NOK and a consistently strong order book.

Aperam (+7%) advances on more encouraging prospects. Despite a slightly lower 2025 EBITDA at 339 mn EUR and a fourth quarter limited to 67 mn EUR, the group anticipates rising EBITDA in Q1 2026. The dividend is maintained at 2.00 EUR per share, supporting the stock despite net debt climbing to 978 mn EUR.

Vinci (+6%) stands out after reporting strong 2025 results and positive 2026 guidance. Revenue reached 74.6 bn EUR and group net profit was 4.9 bn EUR, while free cash flow came in at 7 bn EUR. The group is proposing a dividend of 5.00 EUR per share and is targeting free cash flow of up to 6 bn EUR in 2026, all supported by favorable analyst opinions.

Vontobel (+4%) finds favor with the market after a better-than-expected 2025. The Swiss bank posted net profit of 280 mn CHF (+5%), versus 242 mn CHF expected, driven by net inflows of 4.2 bn CHF and assets under management rising to 241 bn CHF (+5%). The cost/income ratio fell to 74.2% and a dividend of 3.00 CHF per share was proposed, confirming a trajectory seen as more disciplined despite a mixed institutional dynamic.

Telenor ASA (+3%) impresses with a solid fourth quarter, adjusted EBITDA reaching 8.6 bn NOK, up 11.7% organically, driven by Nordic operations. The group confirms a dividend of 9.70 NOK per share and announces a 15 bn NOK share buyback program, supported by expected cash generation of 10-11 bn NOK in 2026.

Losers:

Stellantis (-20%) absorbs a brutal correction after announcing a costly strategic pivot. The group will book 22 bn EUR in exceptional charges in the second half, resulting in a net loss of more than 20 bn EUR in 2025. The absence of a dividend and the admission of overestimating the pace of electrification weigh heavily, dragging down the entire auto sector, with Forvia, Valeo, and Renault falling 2% to 3%.

Coloplast (-8%) drops after a mixed start to the year. Revenue came in at 7.04 bn DKK, close to expectations, but adjusted operating profit disappointed at 1.85 bn DKK, below consensus. Disruptions at Kerecis and margin erosion overshadowed the rise in net profit and the confirmation of annual targets.

Ayvens (-6%) declines despite annual results beating expectations. Group net profit reached 996 mn EUR in 2025, up 45.7%, and the dividend was raised to 0.59 EUR per share. However, the market focused on the slight contraction in productive assets and profit-taking after a previously strong run.

Kering (-5%) posts a sharp decline after Morgan Stanley downgraded its price target from 370 to 315 euros, reigniting concerns about the stock's trajectory.

Banco Sabadell (-4%) falls after lackluster results. Net profit for 2025 came in at 1.78 bn EUR (-2.8%) and fourth-quarter profit slumped 27% to 386 mn EUR, amid declining lending income. The confirmation of the sale of TSB expected in Q2 2026, with a special dividend of 0.50 EUR and an 800 mn EUR share buyback, was not enough to support the stock.

Société Générale (-3%) slips despite a solid fourth quarter. Group net profit reached 1.42 bn EUR (+36%) for revenue of 6.73 bn EUR, above expectations, while the 2026 profitability target was raised to a ROTE above 10%. However, the market remains focused on declining FICC revenues (-13%) and prefers to wait, despite a 1.61 EUR dividend and a 1.46 bn EUR share buyback.

Nemetschek (-3%) falls after Alphavalue downgraded the stock from buy to add and cut its price target from 107 to 97.3 euros. The broker highlighted increased sector pressure on software with the emergence of generative AI, even though the group's specialist positioning continues to offer some resilience against worsening sentiment.