European Earnings Deliver Two-Speed Tape: Uniper EBITDA Doubles as IHG, Bellway and Salzgitter Slide
H1 2026 reporting season splits the European corporate complex — power and industrial technology names rally on capacity and data-center demand while hospitality, homebuilding and steel disappoint on margin and volume guidance.
A dense European reporting slate produced sharp single-stock dispersion. Uniper doubled first-half EBITDA and raised full-year guidance while flagging data-center-linked power demand as a strategic growth vector. TKH and ISS advanced, whereas InterContinental Hotels fell despite record development and 13% EPS growth, and Salzgitter and Bellway both slid on cyclical pressure.