European Week Ahead: 29th June – 3rd July and beyond

Research evidence excerpt

European Week Ahead: 29th June – 3rd July and beyond

Equity Research

25 June 2026

European Week Ahead

29th June – 3rd July and beyond

We focus on 31 previews, of which 5 appear on our Watch List.

Danske will report 2Q26 results on 17 July. Danske  Euro Week Ahead 29 June - European Equity Product Management

remains the only Nordic bank where we see a clean beat 3 July 2026 Group

across core P&L lines. We see upside on both NII (driven by Rob Bate*

volumes and FX, partially offset by lending margin +44 (0)20 7773 3576

pressure ) and fees (supported by strong deal activity and rob.bate@barclays.com

higher AuM on the back of stronger equity markets) in 2Q26, with costs tracking broadly in line Barclays, UK

with consensus rather than disappointing. This combination underpins a more robust 2Q26 Lindsay Sedola*

earnings profile relative to peers, in our opinion. (Nordic Banks: Pre 2Q26: Navigating Muddy +44 (0)20 7773 0474

Waters, 22 June 2026) lindsay.sedola@barclays.com

Barclays, UK

Further out, Belimo Holding is due to report its 1H26 results on 20 July. We expect a beat and

Anna Woodcock*

raise at 1H26 results. Per our recent Catalyst Alert report we expect strong organic growth in 1H +44 (0)20 7773 3935

(~25% YoY), particularly in the Americas, confirming resilience in commercial HVAC and anna.woodcock@barclays.com

accelerating demand in data centre liquid cooling. Despite headwinds to margin from FX and Barclays, UK

tariffs, operating leverage and mix should be favourable and we expect adj EBIT to beat current

consensus (Bloomberg). This should support an upgrade to FY26 guidance, especially on

organic growth (currently mid-teens organic growth and we expect this to be lifted to >20%) and

reinforce Belimo’s positioning within data center physical infrastructure.