Earnings Season Monitor - Strong Start, Mixed Reaction

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Earnings Season Monitor - Strong Start, Mixed Reaction

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July 24, 2026 04:41 AM GMT

Morgan Stanley & Co. International plc+MEuropean Equity Strategy | Europe Regiane Yamanari

Equity Strategist

Earnings Season Monitor - Regiane.Yamanari@morganstanley.comMarina Zavolock +44 20 7677-4652

Marina.Zavolock@morganstanley.com +44 20 7425-2318

Strong Start, Mixed Reaction Leoni Externest, CFA

Leoni.Externest@morganstanley.com +44 20 7425-2681

With c. 33% of market cap having reported, European earnings

Morgan Stanley India Company Private Limited+

results are tracking better than prior quarters with a +31% Jitiksha Shah

weighted skew to beats vs +26% in 1Q. Price reaction is more EquityJitiksha.Shah@morganstanley.comStrategist +91 22 6995-9374

mixed - negatively skewed in the case of modest surprises. Hit Karthik Nityanand

ratios for our combined preview screens solid thus far. Refreshed StrategistKarthik.Nityanand@morganstanley.com +91 22 6995-1587

preview screens inside. Morgan Stanley & Co. International plc+

Emily A Woods

Key Takeaways EquityEmily.Woods@morganstanley.comStrategist +44 20 7425-1597

Our analysts' reaction to earnings data shows a +31% net weighted skew to beats

& +10% to NTM EPS consensus upgrades post results - up from +26% & + 6% in Exhibit 9 : Across most historical energy-

1Q, respectively. related geopolitical escalation precedents back

Europe's positive skew to beats still lags US, but gap has narrowed, particularly to the 1970s, headline NTM EPS moved up

on free float market cap weighted basis (Exh 21). Europe earnings revisions rather than down post escalation…

breadth has likewise caught up to US. 130MSCI Europe NTM EPS (LC, rebased)

Price reaction has been negatively skewed for modest surprises (-470bp), but 120