Introducing 9fin's The Earnings Scorecard, where we highlight the key insights from the latest earnings season, including the best- and worst-performing sectors and issuers.
The visuals below provide a quick snapshot of the European HY earnings season, supported by brief commentary. This report covers Q1 earnings. Q2 coverage will follow as those results continue to be reported.
The analysis is based on YoY changes in revenue and EBITDA, and QoQ changes in leverage, using companies' most-adjusted figures from our database.
See all earnings flashes here and earnings call transcripts here.
TL’DR
- Q1 26 was a quarter of cost cutting coming through for European HY corporates, as YoY EBITDA growth outpaced modest revenue growth. However, this did not translate into deleveraging, although it is worth noting that Q1 is often working-capital heavy for consumer-facing and seasonal businesses
- Sector-wise, industrials and healthcare led, driven by aviation recovery and Italian specialty pharma respectively, while materials and consumer staples lagged. The BB and B rating buckets, meanwhile, landed in similar spots on both growth and leverage
- Bally's Intralot and Finnairstood out on EBITDA growth, the former lifted by M&A consolidation, the latter by an operational rebound off a weak Q1 25...
