European Diversified Financials: What You May Have Missed

Research evidence excerpt

European Diversified Financials: What You May Have Missed

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European Diversified Financials

What You May Have Missed 27 Jul 2026 05:57:32 ET

ACWestern Europe Andrew Lowe, CFA

Focus +44-20-7986-4042

AC3i Group: strong Q2 update from Action - Action delivered a better-than- Nicholas Herman

expected Q2 performance, with like-for-like sales growth accelerating to 3.6% by +44-20-7986-4203

week 26, implying double-digit growth in the final week of H1. Q2 revenue of

€4.3bn was marginally ahead of expectations, while EBITDA beat forecasts by 4%, Hannah Leivdal

with a 14.1% margin demonstrating stronger profitability than anticipated. +44-20-7500-4475

Although NAV per share was slightly below expectations due to higher debt at

Action, underlying trading momentum remains robust, and margins are tracking

ahead of guidance. This was reflected in the share price reaction during the day,

with the shares up c6% on the day. See our full note here.

Swiss private banks 1H26 results – Vontobel delivered the strongest 1H26 result,

with adjusted PBT of CHF283m, 28% above consensus, and a CET1 ratio of 23.2%,

around 300bps ahead of expectations, supported by strong trading revenues and

better-than-expected cost savings. EFG shares fell 6% following results despite

management highlighting stabilising revenue margins around 90–91bps, organic

growth above 6% and continued strong hiring momentum, suggesting limited

downside to earnings expectations. We see this as an attractive opportunity to buy

into a strong equity story. Julius Baer shares declined 4% following results, as

investors focused on ongoing de-risking headwinds, slower-than-expected RM

hiring (120 versus a 150 target) and limited visibility on future capital returns,