Midgard Finance

🧬 #biotech #pharma 🇺🇸 $BIIB Biogen: Q3 revenue +11% to $2,804m. #Syfovre and #Empaveli, bought with Apellis in May, added $243m of the $269m. #Spinraza and #Skyclarys nearly offset the fall in multiple sclerosis. Low end of 2026 EPS guidance raised to $12.20. midgardfinance.com/companies/BIIB/

🔌 #electronics #datacenters 🇺🇸 $APH Amphenol's Q3 sales rose 65% to $10.2bn: 37% organic, 28 points bought. Organic growth picked up after three slower quarters, led by IT datacom. Sales and adjusted EPS beat the top of guidance. Q4 sales guided to about +60%. midgardfinance.com/companies/APH/

⚡ #energy #gasturbines 🇺🇸 $GEV GE Vernova took $29.3bn of orders in Q3, 2.3 times its $12.6bn revenue (+27%, +18% organically). Orders rose 96% organically. Backlog grew $20bn in the quarter to $197bn. Free cash flow $5.4bn; 2026 guidance raised. midgardfinance.com/companies/GEV/

Gas turbines: 64 GW in backlog and 58 GW of slot reservations at the end of Q3, 122 GW in all, from 50 GW at the end of Q1 2025. Reservations fell in Q3 as 13 GW of them turned into orders. GE Vernova expects at least 130 GW by the end of 2026. midgardfinance.com/companies/GEV/

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💉 #pharma #HIV 🇬🇧 $GSK GSK: long-acting HIV injectables (#Cabenuva, #Apretude) sold £621m in Q3, up 31% at constant currency, from £111m in Q3 2022. The dolutegravir pills, which lose exclusivity in 2028 to 2030, grew 3% to £1,445m. midgardfinance.com/companies/GSK.L/

🏦 #banks Return on tangible equity, Jan-Sep, at nine big European banks: 🇪🇸 Bankinter highest at 20.4%, 🇩🇪 Deutsche Bank lowest at 11.5%. 8 of 9 earned more than a year earlier; lower: 🇫🇮 Nordea, 18.2% to 17.2%. Biggest gain: 🇬🇧 HSBC, 13.9% to 18.0%. midgardfinance.com/companies/BKT.MC/

💳 #payments 🇳🇱 $ADYEN Adyen Q3 net revenue €738m, +23%, on volume +30%, with Talon.One and Orb in for the first time. Platforms +46%, Unified Commerce +29%, Digital +16%. 2026 EBITDA margin now guided at 50%, and the medium-term margin target is dropped. midgardfinance.com/companies/ADYEN.AS/

Adyen's EBITDA margin was 43% in H1 2023, at the end of a two-year hiring push, then rose to 55% in H2 2025. In August it guided 2026 at 52%, one point below 2025, and above 55% by 2028. Today: 50% for 2026, to invest more, and no 2028 target. midgardfinance.com/companies/ADYEN.AS/

💾 #semiconductors 🇰🇷 $SKHY SK hynix: Q3 revenue ₩104.6tn (+328% year on year), operating profit ₩83.3tn, margin 80%. In Q1 2023 the margin was −67%. It plans about ₩100tn of 2026 dividends and buybacks; long-term contracts cover at least half its 2027-28 capacity. midgardfinance.com

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🔬 #semiconductors 🇳🇱 $ASM ASM International: Q3 revenue +45% to a record €1,159m, at the upper end of its guidance. Equipment +48%, spares & services +32%. Outlook at constant currency: Q4 €1,230m ±5%, 2027 above €5.7bn, its 2030 target three years early. midgardfinance.com/companies/ASM.AS/

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Q3 revenue y/y in euros at three Dutch chip-equipment makers: Besi (packaging) +114%, ASML (lithography) +55%, ASM International (deposition) +45%. Q4 guidance: Besi flat ±5% on Q3, ASML €14.2-15.2bn (Q3 €11.7bn), ASM €1,230m ±5% at constant currency. midgardfinance.com/companies/BESI.AS/

📊 #ratings 🇺🇸 $SPGI S&P Global: fees for rating new bonds and loans rose 1% in Q3 to $677m, on a strong Q3 2025 (+12%). Ratings revenue +2%, Indices +20%. Adjusted EPS +9% to $4.58, adjusted 2026 outlook raised. Capital IQ under review, separation possible. midgardfinance.com/companies/SPGI/

Moody's, S&P Global's main rival, slowed as well: its ratings transaction revenue, mostly fees for rating new debt, fell 5% in Q3 after +34% in Q2, against +1% after +25% at S&P Global. Both faced a strong Q3 2025 (+14% at Moody's, +12% at S&P Global). midgardfinance.com/companies/MCO/

💻 #semiconductors #EDA 🇺🇸 $CDNS Cadence's chip-design IP has about doubled since 2024: IP +24% in Q3, revenue +22% incl. Hexagon, record $8.2bn backlog, non-GAAP EPS outlook $8.40. 🇺🇸 $SNPS Synopsys: IP +11% in its quarter to July, software jump from Ansys. midgardfinance.com/companies/CDNS/

💊 #pharma 🇨🇭 $NOVN Novartis Q3: sales +4% as #Kisqali +37%, #Kesimpta +21% and #Cosentyx +9% outweighed #Entresto, −38% on US generics. Core operating income +11%, with its full-year guidance raised; reported −59% on a del-desiran impairment. midgardfinance.com/companies/NOVN.SW/

🔐 #industrials 🇸🇪 $ASSA ASSA ABLOY: record Q3, EBIT margin excl. one-offs 17.4% (16.8%) on 4% organic growth. Americas led: organic +6%, margin 19.6% (18.5%). Asia Pacific the drag: organic −1% on weak Greater China, margin 9.8% (10.2%). EPS +14%. midgardfinance.com/companies/ASSA-B.ST/

🤖 #AI 🇺🇸 $ANT Anthropic's IPO filing: Q2 revenue $11.6bn, from $0.8bn a year ago, and a $974m GAAP operating profit, after Q1's $1.7bn loss. Compute cost fell from 177% of revenue to 48%. Q2's $66bn net loss is mostly convertible notes revalued as its valuation rose. midgardfinance.com/ai/

📈 #earnings Q3 organic sales growth at 29 large European companies that reported last week: 🇫🇷 Bolloré +53.0% on fuel prices, then defence and mining, 🇸🇪 $SAAB +30.6% and Sandvik +25.0%. 🇨🇭 $ABBN +14.0%, 🇫🇷 $SAF +13.4%, $OR +7.2%, 🇨🇭 $NESN +4.0%. 🇫🇷 $KER -1.0% is last. midgardfinance.com/earnings/

📅 #earnings Next week's results: 🇬🇧 $HSBA and 🇨🇭 $NOVN on Tuesday. 🇺🇸 $MSFT and $GOOGL after Wednesday's close, $AMZN after Thursday's. 🇬🇧 $SHEL, 🇫🇷 $TTE and 🇺🇸 $LLY before Thursday's open. 🇬🇧 $AZN and 🇫🇷 Sanofi on Friday. All 599 reports, by day: midgardfinance.com/calendar/

🛢️ #oil 🇮🇹 $ENI Eni: Q3 adjusted operating profit €5,994m, double Q3 2025's €2,996m. 🛢️ E&P (oil & gas) €4,631m (+76%): Brent $97 (+40%), output +4%. 🏭 Refining & chemicals €472m, from a €53m loss. Special dividend €0.46 a share; buyback up to €3.8bn. midgardfinance.com/companies/ENI.MI/

💳 #payments 🇺🇸 $AXP American Express: card spending growth eased to +8% in Q3 from +9%, in all three segments. US consumer +9% from +11%, small business and corporate +3% from +5%, international +11% at constant FX, the lowest in 14 quarters. Guidance raised. midgardfinance.com/companies/AXP/

🚀 #space #AI 🇺🇸 $SPCX One customer accounted for 34.5% of SpaceX's Q3 revenue, up from 19.5% in Q2: about $5.0bn by our calculation, all in the $7.6bn Super Intelligence (AI) segment. SpaceX does not name it. midgardfinance.com/research/spacex/

Midgard Finance@midgardfinance.com

🚀 #space #AI 🇺🇸 $SPCX SpaceX made $14.6bn of revenue in Q3, up 161% on a year earlier. Its AI segment made $7.6bn, from $0.8bn; Cursor, bought in August, added $0.6bn. Starlink $5.2bn, from $3.1bn. Operating profit $2.8bn, from a $0.3bn loss. midgardfinance.com/research/spacex/

🔩 #industrials 🇸🇪 $LIFCO Lifco: Q3 EBITA +10.7% to SEK 1,708m, organic sales only +1.6%. 🏭 Systems Solutions (contract manufacturing, infrastructure products) added 145m of the 165m. ⚠️ A customer worth ~5% of sales plans to buy outside Europe from 2027. midgardfinance.com/companies/LIFCO-B.ST/

✈️ #aerospace 🇫🇷 $SAF Safran: Q3 revenue €9,003m, +14.7%. 🔧 Propulsion flat on Q2 at €4,628m; spare parts growth slowed to +17% in USD, from +29% in Q1. 🛡️ Missile seekers and optronics lifted Equipment & Defense +15.7% organic. 💺 Interiors +5.8% organic. midgardfinance.com/companies/SAF.PA/

🎰 #gambling 🇸🇪 $EVO Evolution: Q3 revenue +3.7%. By where players are: North America +14%, LatAm +23%, Europe −5%. Profit −3.6%, operating margin 55.2% (58.5%). EPS +4.6% only because buybacks cut the share count 8%. Brazilian studio closed in October. midgardfinance.com/companies/EVO.ST/

🔩 #industrials 🇸🇪 $LAGR Lagercrantz: July-September sales +22%: 12% organic, 9% acquired, 1% currency. Organic beat acquired for the first time in five quarters. EBITA margin 17.8% (17.9) after one-offs in Control. EPS +31%, helped by tax of 20% (24%). midgardfinance.com/companies/LAGR-B.ST/

💄 #beauty 🇫🇷 $OR L'Oréal: Q3 sales +7.2% like-for-like, +7.7% adjusted for IT timing. Dermatological Beauty (CeraVe, La Roche-Posay) +12.2%, a fourth double-digit quarter in a row after +30.6% in Q1 23 and +0.8% in Q3 24. Luxe +6.4%, its best since Q2 23. midgardfinance.com/companies/OR.PA/

⚙️ #industrials 🇸🇪 $ATCO Atlas Copco: Q3 operating profit +16%, adjusted +15%. 💻 Vacuum (pumps for chip fabs) added 73% of the rise, 🏗️ Power (generators, pumps) 29%, 🔧 Industrial (assembly tools) 6%. 💨 Compressor (factory air), the largest, fell SEK 40m. midgardfinance.com/companies/ATCO-A.ST/

📚 #information 🇬🇧 $RELX RELX: nine-month underlying revenue +7%. Legal +10%, from 2% a year in 2016-19, on AI-enabled legal research, says RELX; STM +6%, from 2%; Risk around 8%; print excluded since 2025. Exhibitions +4% (Middle East), from +8% in 2025. midgardfinance.com/companies/REL.L/

🔩 #industrials 🇸🇪 $ADDT Addtech: July-September sales +8%: 5% acquired, 2% organic, 1% currency. Acquisitions added 3-13% a quarter since 2022; organic −7% to +4% since mid-2023. EBITA margin 16.7% (15.5% a year ago), 15.8% ex a one-off of about SEK 55m. midgardfinance.com/companies/ADDT-B.ST/

🚢 #logistics 🇨🇭 $KNIN Kuehne+Nagel kept 18.2% of Q3 gross profit as operating profit (13.5% a year earlier), with sea volume +4.5% and air +9.8%. 🇩🇰 $DSV DSV, volumes about 3% lower, kept 31.1% (ex DKK 300m property gains), below its 35-42% before Schenker. midgardfinance.com/companies/KNIN.SW/

👜 #luxury 🇫🇷 $RMS Hermès: Q3 sales +4.3% at constant currency, the slowest of the 19 quarters since 2022; leather goods +10.8%, Asia excl. Japan flat. 🇫🇷 $MC LVMH +1% organic; its Fashion & Leather, ready-to-wear included, fell 5%, down in 8 of the last 9. midgardfinance.com/companies/RMS.PA/

💊 #pharma 🇳🇱 $ARGX argenx: #Vyvgart sales were $1,721m in Q3, from $1,127m a year earlier and $21m in Q1 22. Operating profit turned positive in Q3 2024 and was $486m in Q3 ($494m in Q2), after about $150m of costs for buying Forte Biosciences. midgardfinance.com/companies/ARGX.BR/

💉 #pharma 🇨🇭 $RO Roche: Q3 sales rose CHF 1.2bn, +7% at constant exchange rates (+8% in francs). #Ocrevus, #Hemlibra, #Vabysmo, #Polivy and #Phesgo added 57%. 7 of its 20 biggest drugs fell CHF 261m. Japan, 6% of sales, grew 49% and gave CHF 278m of the rise. midgardfinance.com/companies/ROP.SW/

Q1 2024 to Q3 2026, in francs: #Polivy +98%, #Phesgo +92%, #Xolair +71%, #Vabysmo +34%, #Hemlibra +21%, #Ocrevus +11%. Roche says patients are converting from #Perjeta to Phesgo: Perjeta fell from CHF 936m in Q1 2024 to 651m in Q3 2026.

Pharma sales in Japan grew 49% at constant rates in Q3, after 4% to 14% in the prior four quarters. Without Japan, Roche grew 6.6% in francs, not 8.1%. Roche puts Japan's nine months (+25%) mainly down to product supply to third parties and growing drugs, plus timing effects of a new ERP system.

📊 #bonds 🇷🇴 Romania's ten-year government bonds yielded 6.7% in September, 🇵🇱 Poland's 6.2% and 🇭🇺 Hungary's 5.7%, each in its own currency. In the euro 🇫🇷 France paid most in September, 4.44%, ahead of 🇮🇹 Italy 4.36% and 🇬🇷 Greece 4.22%, though both owe more. midgardfinance.com/eu-yield-curve/

Midgard Finance@midgardfinance.com

📊 #economy 🇬🇷 Greece's government owes 144% of GDP and 🇮🇹 Italy's 139%. 🇫🇷 France, at 118%, owes more than 🇧🇪 Belgium, 🇪🇸 Spain or 🇵🇹 Portugal. 🇪🇪 Estonia owes 25%. midgardfinance.com/eu-debt/

⚡ #utilities 🇪🇸 $IBE Iberdrola: Nine-month adjusted net profit +9% to €5,141m. Regulated networks +15% while generation and customers fell 2%; reported profit also holds the gain on the Mexico sale. midgardfinance.com/companies/IBE.MC/

📊 #ratings 🇺🇸 $MCO Moody's: Q3 GAAP EPS +18% to $4.24, but $0.55 of the rise is tax and other, including a $115m gain on divestitures. Adjusted EPS +6%. midgardfinance.com/companies/MCO/

📊 #financials 🇺🇸 $MSCI MSCI: Q3 diluted EPS +14% to $4.86: revenue growth added $0.54 and fewer shares $0.26. Adjusted EPS $5.11. Organic subscription run rate +8.7%. midgardfinance.com/companies/MSCI/

💻 #software 🇩🇪 $SAP SAP: Q3 2026 non-IFRS EPS +19% to €1.89. Our breakdown: revenue +€0.21, margin +€0.07, fewer shares +€0.02. IFRS EPS +14% to €1.96, with equity-security gains. Cloud backlog +26% at constant currency; cloud outlook now at the upper end. midgardfinance.com/companies/SAP.DE/

SAP revenue +12% at constant currency, all of it from cloud: cloud +25%, while support, services and licences shrank. Cloud was lifted by catch-up revenue from customers returning from financial distress. midgardfinance.com/companies/SAP.DE/

🤖 #AI 🇺🇸 $META Meta: Q3 revenue +26%. Without one-offs, EPS +2% ($7.25 to $7.40), operating margin 40% to 35%. midgardfinance.com/companies/META/

Capex incl. leases $34.9bn exceeded operating cash flow, $32.8bn: the first negative free cash flow since 2012. No buybacks in 2026 so far. midgardfinance.com/companies/META/

🚗 #EV #AI 🇺🇸 $TSLA Tesla: Q3 GAAP operating income down 56% to $718m on flat revenue. Car gross profit +$495m; R&D alone took more than twice that. GAAP EPS $0.22, non-GAAP $0.48, from $0.39 and $0.50. Capex doubled to $4.7bn; free cash flow $1.5bn. midgardfinance.com/companies/TSLA/

Also in Tesla's quarter: 1.74m active FSD subscriptions, up 67% in a year and +260k in Q3. Active means upfront purchases plus monthly subscriptions, free trials excluded. Tesla prints no FSD revenue, so this shows adoption, not profit. midgardfinance.com/companies/TSLA/

Cash, last four quarters: operating cash flow $18.7bn, up from $15.7bn a year earlier; capex $15.4bn, up from $8.9bn. Free cash flow fell to $3.3bn from $6.8bn. midgardfinance.com/companies/TSLA/

🩺 #medtech 🇺🇸 $ISRG Intuitive Surgical: Q3 GAAP EPS −24% to $1.49, after a $450 million litigation charge. Non-GAAP EPS $3.00, up from $2.40. Procedures +15%. midgardfinance.com/companies/ISRG/

🚚 #logistics 🇩🇰 $DSV DSV: Q3 earnings per share +39% to DKK 12.6, on gross profit up only 4%. Our breakdown: lower costs +1.2, property gains +0.5, tax and other +1.5. A year after Schenker, the payoff is in costs, not volume. midgardfinance.com/companies/DSV.CO/