100% French Stocks – February 20, 2026
PREOPEN CAC 40: +0.50% 8421 points
European markets are up in preopening, ahead of European PMIs and especially the US PCE index, a key inflation barometer watched by the Fed.
Geopolitical tensions with Iran → oil under pressure.
Key stocks of the day
Danone (BN)
2025 results on the rise, driven by resilient consumption in Europe and strong momentum in specialized nutrition in China and the United States.
Annual organic growth of +4.5%. Q4 confirms the acceleration in volumes + prices. Beware, however, of negative currency effects.
Air Liquide (AI)
The group is targeting further progress in 2026 with an expected +100 basis points in operating margin in 2025 (excluding energy and DIS Airgas acquisition).
Adjusted net income improvement expected at constant exchange rates. Appreciated visibility.
EDF
French nuclear output at its highest in six years.
Revenue €113.3bn, EBITDA €29.3bn, Net income group share €8.4bn.
Net debt / EBITDA ratio: 1.8x → financial structure under control.
Imerys (NK)
2025 profitability at the low end of target range.
Launch of a cost reduction plan for 2026-2027 to preserve margins in a moderate industrial context.
Klépierre (LI)
2025 cash flow above targets thanks to higher rents and high occupancy rate.
Positive signal for commercial real estate sector.
Coface (COFA)
Results down in 2025.
Increased competition and a historically high level of bankruptcies weigh on profitability.
GTT (GTT)
Strong growth in 2025 results thanks to LNG momentum.
Solid structural momentum driven by global demand for liquefied natural gas transport.
Parrot (PARRO)
Record revenue in Q4 (+15%).
Expecting significant growth in Q1 2026, supported by microdrone contracts in Europe and the United States.
Eurazeo (RF)
Sale of its stake in EX NIHILO.
Gross return 2.7x cash-on-cash, about €55m collected. Value creation confirmed.
Macro calendar & events of the day
Morning
- 9:15am France PMI (February)
- 9:30am Germany PMI
- 10:00am Eurozone PMI
Afternoon
- 2:30pm Q4 GDP (first estimate)
- 2:30pm Income/expenditure + PCE Index
- 3:45pm US PMI
- 4:00pm Michigan Confidence
- 9:30pm Fed intervention (Musalem)
Potentially volatile session around the PCE.
Have a great session everyone!
Sylvain Mouilhaud: Stock coach
