European Earnings Season: Q2 earnings: Broad-based growth, supportive guidance and emerging margin pressure

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European Earnings Season: Q2 earnings: Broad-based growth, supportive guidance and emerging margin pressure

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European Earnings Season

Q2 earnings: Broad-based growth, supportive guidance and

emerging margin pressure

European Q2 EPS growth is running ahead of consensus at 16% driven by energy and financials: with 27 July 2026

almost 30% of companies having reported, European Q2 EPS growth is tracking at 16% year-on-year, ahead of

Equity Strategyconsensus expectations of 14% and on course for the strongest quarter since Q3'22. Energy and financials

Europe

account for most of the upside, while growth excluding these sectors is in line with consensus expectations.

Cyclicals is the only supersector tracking below expectations at 12% vs consensus expectations of 14%. Paulina Strzelinska >>

Broad-based Q2 EPS growth leads to upgrades in consensus expectations: Energy remains the largest QuantMLI (UK)Strategist

contributor to index earnings growth, but growth has become more broad-based, with ex-energy earnings paulina.strzelinska@bofa.com

growth running at 11%, the strongest since Q4’24. So far, analysts have upgraded Europe Stoxx 600 Q2 EPS Andreas Bruckner >>

estimates by 2% since early July, with Energy and Financials accounting for three quarters of the increase. InvestmentMLI (UK) Strategist

Consensus now expects Q2 EPS growth of 17%, up from 11% earlier this month, while sales growth andreas.bruckner@bofa.com

expectations remain at 6%, the strongest since Q3'22, with ex-Energy growth at 2%, a five-quarter high. Sebastian Raedler >>

However, earnings expectations appear increasingly optimistic relative to our macro framework. InvestmentMLI (UK) Strategist

sebastian.raedler@bofa.com