Corporate earnings, deals and capital moves on Feb 3

Alfa Laval reported fourth-quarter 2025 net sales of SEK 19.1 billion, up 11% organically, with adjusted EBITA rising to SEK 3.2 billion and a margin of 16.9%. Order intake fell 2% organically and operating cash flow eased to SEK 3.4 billion from SEK 4.2 billion. For the full year, net sales grew 8% organically to SEK 69.7 billion, while order intake declined 6% organically. Adjusted EBITA margin improved to 17.7%, but operating cash flow dropped to SEK 9.2 billion from SEK 12.8 billion. The board plans to propose a dividend increase to SEK 9.00 per share and expects first‑quarter demand to be broadly in line with the fourth quarter.

Danish IT services group Netcompany reported 2025 organic revenue growth of 7.7% to DKK 7.0 billion, in line with guidance. Reported revenue rose 20.7%, with 13 percentage points coming from Netcompany Banking Services. Organic adjusted EBITDA increased 8.3% to DKK 1.19 billion, giving a 16.9% margin in constant currencies, while group adjusted EBITDA reached DKK 1.27 billion. Special items of DKK 355.3 million were tied to the merger of SDC into Netcompany Banking Services. Free cash flow was DKK 355.8 million and leverage 1.6x. In Q4, organic revenue grew 9.5% and organic adjusted EBITDA margin reached 17.8%. For 2026, Netcompany guides to 15–20% revenue growth including Banking Services and an adjusted EBITDA margin of 15–18%.

Embla Medical reported fourth-quarter 2025 sales of USD 257 million, with organic growth of 7% and 10% in local currency including a majority stake in Streifeneder ortho.production completed in September. Growth was led by Prosthetics & Neuro Orthotics, with Patient Care improving late in the year and Bracing & Supports flat. The EBITDA margin declined to 19% from 21% a year earlier, reflecting FX, tariffs and investment in Patient Care initiatives. The company issued 2026 guidance for 5–8% organic sales growth and an EBITDA margin of 20–22%.

Publicis Groupe posted 2025 net revenue of €14.55 billion, up 5.6% organically, with all regions growing and an operating margin of 18.2%, 20 basis points higher than 2024. EBITDA rose 5.1% to €3.17 billion and free cash flow before working capital increased to €2.03 billion. North America grew 5.4% organically, Europe 4.2% and Asia Pacific 5.8%. The group highlighted “Connected Media” as 60% of net revenue with high single‑digit organic growth, and “Intelligent Creativity” at 26% with mid‑single‑digit growth. Publicis has been active in acquisitions, including data and AI firms such as Lotame and Moov AI, influencer platforms, and regional agencies. It proposed a €3.75 per share dividend and targets 4–5% organic growth and a slightly higher margin in 2026.

Netcompany’s board approved a new share buyback of up to DKK 750 million through January 2027 to adjust its capital structure and meet share‑based incentive needs. The program, to be managed by Nordea under EU safe‑harbour rules, allows purchases of up to 3.25 million shares, not exceeding 10% of share capital. As of launch, Netcompany held 1.86 million treasury shares, or 3.9% of capital.

Eldorado Gold agreed to acquire Foran Mining in a C$3.8 billion transaction, combining gold assets with Foran’s copper‑focused projects to create a larger gold‑and‑copper producer. The deal is intended to broaden Eldorado’s exposure to critical minerals such as copper and adjust its revenue mix. The company noted that integration costs, funding terms and updated production plans will be detailed as the transaction progresses.

In industrial technology, Eddyfi Technologies signed a definitive agreement to be acquired by ESAB for US$1.45 billion in cash. The advanced non‑destructive testing specialist said the sale followed a review of refinancing options after a 2025 split from Previan. ESAB committed to maintain Eddyfi’s workforce and Québec City head office. Management said the tie‑up with ESAB’s fabrication technologies aims to expand the combined group’s inspection, monitoring and lifecycle offerings.

Micron Technology broke ground on a new advanced wafer fabrication facility in its Singapore NAND complex, a US$24 billion, 10‑year project adding 700,000 square feet of cleanroom space for AI‑ and data‑driven demand from the second half of 2028. The double‑story fab will be integrated with Micron’s NAND Center of Excellence and upcoming high‑bandwidth memory packaging plant, reinforcing its AI‑focused storage strategy.

Microsoft introduced its second‑generation in‑house AI processor, Maia 200, manufactured by TSMC on 3‑nanometer technology with high‑bandwidth memory and large SRAM to support inference workloads such as chatbots. The chip will go online at data centers in Iowa and later Arizona. Microsoft is also offering a software stack including the Triton tool, intended to address the programming layer long dominated by Nvidia’s CUDA. Mizuho and Citi recently trimmed their Microsoft price targets, citing broader software‑sector concerns and PC headwinds, while retaining positive ratings.

Broadcom was cited by Bank of America as one of four top “compute” semiconductor stocks, alongside Nvidia, AMD and Credo, in a note that characterized compute as the most attractive segment. The group trades at about 24 times 2027 earnings with an expected average sales CAGR of 42% and adjusted EPS growth of 49% between 2025 and 2027, supported by strong cloud capex. Wells Fargo upgraded Broadcom to Overweight with a higher target, while Bernstein reiterated an Outperform rating, highlighting Broadcom’s ASIC leadership amid rising AI competition.

Digital Realty confirmed plans to enter Malaysia by acquiring CSF Advisers, owner of the TelcoHub 1 data center in Cyberjaya, and adjacent land that could support up to 14 megawatts of additional capacity. The existing facility has 1.5 megawatts of IT load and more than 40 network service providers, with access to platforms including AWS, Google, MY IX and DE‑CIX ASEAN. The campus will be integrated into Digital Realty’s PlatformDIGITAL and ServiceFabric offerings, with deal closure expected in the first half of 2026.

Celestica received a new Buy initiation from Bank of America with a US$400 price target, based on expectations of strong demand for white‑box switches, custom ASIC‑accelerated servers and AI‑driven upgrades for high‑speed data center switches into 2027. RBC Capital reaffirmed its US$400 target and Outperform rating after a report suggesting a competitor would gain share in Google’s TPU manufacturing, arguing Celestica has so far retained most TPU assembly volumes.

Nintendo kept its full‑year operating profit forecast at 370 billion yen, nearly one‑third above the prior year, and maintained a 19 million unit sales target for the Switch 2, launched in mid‑2025. Analysts noted robust early demand but highlighted questions about sustaining momentum and the impact of rising memory chip prices driven by AI investment. The Switch 2 is priced at $449.99 in the US versus 49,980 yen in Japan, with commentators pointing to the challenge of future price increases on a mid‑range device and Nintendo’s policy of not selling hardware at a loss.

Tesla introduced a new all‑wheel‑drive Model Y variant in the US at $41,990, positioned above the cheaper rear‑wheel‑drive “Standard” version. The move follows lower‑priced Standard trims for the Model Y and Model 3 in October, at roughly $5,000 below previous base models. These variants are a core element of Tesla’s 2026 strategy to lower entry prices after the end of US federal EV tax credits in 2025. Analysts have cautioned that a higher mix of lower‑priced vehicles could pressure margins unless offset by cost reductions or growth in software and services revenue.

Toyota reported that its global vehicle sales rose in December 2025, helping it retain its position as the world’s largest vehicle manufacturing group, with particularly strong volume growth in electrified and battery electric models. At the same time, Toyota Motor North America is using Super Bowl LX to promote its brand, including a female flag football event and charitable donations. Commentators noted that while these initiatives support US marketing, investors remain focused on Toyota’s execution in balancing cash returns with its gradual transition toward electrification.

In gaming, AppLovin shares fell 30% in January amid a sector‑wide software sell‑off, a new short‑seller report alleging compliance issues, and Google’s launch of its Project Genie AI game‑creation platform. AppLovin has denied the short‑seller allegations and emphasized its focus on mobile adtech after selling its apps business. The market reaction to Project Genie extended to other gaming names, with investors assessing potential shifts in how games are created and monetized.

Australia’s Reserve Bank raised its cash rate by 25 basis points to 3.85%, its first hike since November 2023 after three cuts in 2025. The central bank cited a pickup in inflation to 3.8% year‑on‑year through December and stronger‑than‑expected growth among key trading partners, and signaled that inflation was likely to remain above its 2–3% target for some time. Economists noted the unusual move to tighten only six months after cuts, given earlier indications that inflation was easing.

Oracle drew renewed support from Barclays after announcing it expects to raise $45–50 billion in 2026 through stock and debt. The company framed the plan as a way to fund AI spending while preserving its investment‑grade credit rating. Barclays reiterated an Overweight rating with a US$310 price target, arguing that clarifying financing needs reduces credit pressure and supports equity upside.

General Motors faced scrutiny in Canada, where the federal government is seeking to recover incentive funds after further layoffs at GM’s Oshawa plant, the second workforce reduction there in six months. Ottawa’s move raises questions about conditions tied to past support and how GM balances cost reductions with political and labor commitments. The dispute comes as GM pursues share buybacks totaling US$11.67 billion, a new US$6 billion repurchase authorization and a higher dividend, while guiding to 2026 net income of US$10.3–11.7 billion.