European Earnings Deliver Two-Speed Tape: Uniper EBITDA Doubles as IHG, Bellway and Salzgitter Slide

European corporates delivered one of the widest single-day dispersions of the reporting season. Uniper was the standout, with H1 2026 EBITDA doubling and management lifting the full-year outlook on the earnings call, explicitly targeting data-center-linked power offtake as a multi-year demand channel — a theme increasingly repriced across the European utility complex. TKH Group surged on the session, while ISS gained, both reinforcing the bid for European industrial technology and services names with visible order books. The other side of the tape was less forgiving. InterContinental Hotels Group fell despite reporting record system development and 13% EPS growth, a classic case of high-quality print meeting elevated expectations and cautious RevPAR framing. Salzgitter slid as European steel continues to absorb weak construction demand and import pressure, while UK homebuilder Bellway declined on softening volume commentary. Wallenius Wilhelmsen lifted its 2026 outlook in Q2, offering a constructive read on ocean logistics rate durability. Macro data was supportive at the margin: the Netherlands trade surplus widened to EUR 10.4bn in June, underscoring the resilience of northern European external accounts even as domestic cyclical sectors stall.