Soccer, vegetables and animations
Carnival, Borussia Dortmund, Gensight Biologics, Bonduelle, Doosan Škoda Power, Xilam, Alten, Montana Aerospace, Waga Energy, Ecoener, Marie Brizard Wine & Spirits, Cegedim, Lufthansa, Kendrion
At Lux Opes, we break down the latest company news into quick takes that get straight to the point—what happened, why it matters, and what to watch next.
We publish 2-4 times per week, depending on the news flow.
Carnival (CCL UK): Solid summer results point to steady demand but few new catalysts
Carnival’s latest quarter showed the resilience of cruising as a business, with summer demand holding firm even as capacity growth slowed. The company managed to edge past market expectations thanks to stronger yields, highlighting both pricing discipline and the enduring appeal of its brands. Cost control played its part, with operating efficiency offsetting higher cruise expenses and ensuring earnings came in slightly ahead of what the market had been braced for.
The results underscore that the post-pandemic recovery is largely behind the group, with the conversation now shifting away from rebound and towards what normalised demand will look like.
Management has inched up its full-year guidance again, marking the third upward tweak this year. Bookings remain strong into the final quarter, with forward pricing power still intact. This suggests that despite a more cautious macro backdrop, Carnival continues to benefit from its ability to fill ships without sacrificing too much on yields.
Still, the changes are incremental rather than transformative, with consensus expectations already aligned with the new targets. Investors are beginning to treat this recovery phase as mature, as the industry enters a steadier, more predictable rhythm. Hence the negative share price reaction in our view.
That sense of normalisation leaves Carnival in an interesting spot. On the one hand, the business has re-established its financial credibility, proving it can sustain margins and generate cash. On the other, the lack of obvious near-term catalysts means that share price momentum could struggle to keep pace with fundamentals.
Much of the heavy re-rating has already taken place, leaving the narrative now less about recovery and more about execution in a still-competitive leisure environment.
Borussia Dortmund (BVB Germany): Transfer windfall provides cushion in a season of mixed revenues
Borussia Dortmund has laid out its plans for the new financial year, and the numbers reflect both the challenges of the football industry and the advantages of its player trading model.
The club is guiding for lower top-line revenue compared with last year, mainly because of the absence of FIFA Club World Cup income and a step down in TV marketing proceeds. Yet the transfer of Jamie Gittens to Chelsea is set to provide a sizeable one-off boost, cushioning profitability and keeping EBITDA broadly stable year on year.
It is a familiar pattern for Dortmund, whose business model constantly attempts to blend predictable matchday and commercial income with the less predictable but often lucrative transfer market.
The start of the Bundesliga campaign has been promising, with the team sitting close behind Bayern Munich and an encouraging opening in the Champions League. Sporting success remains vital, both for near-term revenues and for sustaining the pipeline of player value creation. European performance is especially important, given its impact on sponsorship and broadcasting income, and Dortmund has historically used strong continental showings to amplify its brand globally. This season’s early results suggest the club is competitive and capable of maintaining momentum (but who knows).
Dortmund’s investment case continues to hinge on its ability to balance sporting ambition with financial prudence. The recurring challenge is that revenues from TV and matchdays are capped relative to the very largest clubs, leaving transfers as a structural part of earnings.
With a strong start to the domestic season and a proven talent development system, the club retains the flexibility to monetise players while remaining competitive. That model keeps Dortmund distinctive in European football and underpins confidence in its outlook.
Gensight Biologics (SIGHT France): Focus narrows to LUMEVOQ as financing and timelines dominate the agenda
For Gensight Biologics, the story continues to revolve around LUMEVOQ, its gene therapy for inherited retinal diseases. The company’s latest update shows the extent of its cost-cutting and fundraising efforts to buy more time, with fresh equity issues extending its cash runway just far enough to bridge the next milestone.
The immediate priority is the French compassionate access programme, still expected to launch in the coming months. If achieved, it could provide not only early revenues but also much-needed validation of the therapy’s readiness for broader use. That milestone now serves as the near-term catalyst investors are watching.
Regulatory and clinical hurdles remain. The French authorities’ request for additional dose-ranging data could stretch the timeline, potentially requiring further dilution if decisions slip. On the other hand, a positive response would clear the way for compassionate use and keep the momentum intact.
Beyond France, Gensight is working towards preparing for the larger Phase 3 RECOVER trial in 2026 and future submissions in the UK, both essential steps in building a path to eventual commercialisation. Each of these developments will require not just scientific progress but also funding, leaving the financing strategy as critical as the clinical one.
The medium-term picture remains balancing ambition with resources. Partnerships, regional deals, or even strategic transactions could become part of the mix, as Gensight will need substantial capital to take LUMEVOQ through late-stage trials and towards market entry at the end of the decade.
For now, all attention is on securing compassionate access and demonstrating that the therapy can deliver value in a real-world setting. If successful, it could give the company the credibility and cash flow needed to navigate the long road ahead.
Bonduelle (BON France): Stable profitability but challenges remain in Europe
Bonduelle closed its 2024-25 financial year with results broadly in line with market expectations, though the picture is mixed across regions.
The group’s current EBIT reflected a modest increase from last year, showing that management has managed to protect profitability despite sluggish sales. Much of this improvement was driven by operations outside Europe, where Bonduelle America has continued its recovery and Eurasia delivered a stronger performance. These gains contrasted with softer trends in Europe, where private label volumes and prices dragged on results.
Management is guiding for current EBIT of €90m in 2025-26, implying ~7% growth. This ambition rests on three pillars: strengthening branded products, improving efficiency in the agro-industrial base, and tighter overhead control. The strategy reflects Bonduelle’s effort to shift away from lower-margin private label exposure in Europe and lean into its branded portfolio, which carries more pricing power and resilience.
At the same time, the group faces headwinds in consumer spending and must manage through a constrained French market as well as lingering volatility in agricultural supply chains. The disposal of its bagged salad businesses in France and Germany was a step toward simplification, but also leaves the group more reliant on executing its turnaround in core categories.
The next test will be how quickly Bonduelle can stabilise European profitability and deliver on its transformation plan. The company has made progress outside its home markets, but the task remains to rebuild momentum in Europe while ensuring leverage stays under control, with gearing still >90%.
Investors will be watching closely for more colour on the regional split of profitability, updates on farming campaigns, and progress in executing “Transform to Win”. For now, Bonduelle is holding steady: the turnaround is underway, but the timeline to recovery is still uncertain.
Doosan Škoda Power (DSPW Czech Republic): Services strength offsets order volatility
Doosan Škoda Power, which listed in February, has reported its first detailed half-year results as a public company, providing investors with a clearer window into its business model.
Revenues ticked higher year on year, despite a 20% drop in the order backlog, as the company executed large projects and saw fewer new orders come in. The mix was more favourable this time, with services taking a bigger share and supporting an improved operating margin. That said, bottom-line profit was pressured by one-off IPO-related costs, higher payroll following wage adjustments and headcount expansion, and weaker interest income as intra-group loans were repaid. These headwinds were partly cushioned by lower taxes, linked to deferred tax assets being released.
Management is confident that 2025 will be stronger than last year, backed by a healthy pipeline. The headline catalyst is the recent tender win for the Temelín nuclear power plant in the Czech Republic, a CZK 5bn contract expected to be booked in the second half. This deal not only boosts visibility but also positions DSP to capture further opportunities as the Czech energy system transitions away from coal.
Alongside this, the company continues to benefit from a steady stream of maintenance work at existing plants and refineries, which, although seasonal, provides a recurring baseline for revenues. With service revenues structurally more profitable than new build, the evolving mix is likely to support margins in the medium term.
The combination of nuclear opportunities at home and continued demand for power plant services gives DSP a solid platform for growth, even if short-term order patterns remain uneven.
While the first half underscored the volatility inherent in project-based businesses, it also highlighted the potential for higher-quality earnings from services. The upcoming integration of the Temelín contract should materially lift revenues in 2026-27, while this year looks set to deliver incremental growth and a margin step-up.
For a newly listed company, DSP is moving quickly to show that its strategy can balance cyclical project swings with the stability of long-term service contracts, offering a more predictable earnings trajectory over time.
Xilam (XIL France): Slow recovery in animation as investment cautiously returns
Xilam’s first half of the year reflects both the headwinds facing the animation industry and early signs that the company is beginning to reposition for future growth.
Revenues fell sharply, with the slowdown in commissioning from streaming platforms still weighing heavily on results. Cost controls and a leaner structure softened the impact, as fixed expenses were cut significantly, showing that management is focused on preserving financial discipline. At the same time, Xilam deliberately increased investment in its own productions, ramping up capital expenditure that will only begin to bear fruit from the second half onward. That mix of short-term weakness paired with longer-term bets captures the current transition stage for the group.
Momentum should improve in the months ahead as proprietary series like Capitaine Jim and Les trois Bricochons start to be delivered, and the catalogue business traditionally benefits from stronger seasonal dynamics in the second half.
That said, the broader streaming environment remains muted and platforms continue to limit new spending. Still, the choice to accelerate self-financed projects positions Xilam for a potential rebound when demand returns. Announcements about new productions and the pipeline extending into 2026–27 will be closely watched, alongside the scheduled release of the feature film Lucy Lost. For now, earnings remain under pressure, but management is signaling confidence by stepping up investment despite industry challenges.
Overall, the company’s strategy hinges on gradually rebuilding growth by leaning on its library strength and selectively expanding with new content. The streaming market may remain sluggish, but Xilam’s decision to commit solid investments to new productions in 2025 underlines a belief in the long-term demand for high-quality animation.
Visibility should improve as production starts accumulate and partnerships develop, though profitability is unlikely to return before 2027. For now, the business is holding steady on a solid balance sheet, while the market will need to be patient for a clearer inflection point.
Alten (ATE France): Stabilising operations but uncertainty persists in autos
Alten’s half-year update underlined the pressures of the current environment, but also showed that the group is stabilising on a sequential basis. Margins were squeezed by fewer working days and weaker gross profit in some regions, particularly Germany, Scandinavia and North America, where the slowdown in automotive continues to hurt. Even so, cash flow held up better than expected, thanks to lower working capital needs, which offsets some of the headline weakness. The overall picture is one of resilience in a tough cycle.
For the full year, Alten still expects a modest decline in organic revenues, but recent months have brought signs of stabilisation. Sequential performance improved in September, suggesting that the worst of the slowdown may be behind the company, even if visibility on a sustained recovery remains limited.
The real swing factor remains the auto sector, where soft demand is dragging down performance across several key geographies. Until that segment finds firmer footing, investors will likely continue to question whether Alten can return to consistent growth. Still, the group’s broad diversification and relatively limited exposure to areas most threatened by AI provide some comfort in an industry often judged as cyclical.
Longer term, management remains committed to returning to double-digit margins, banking on even modest growth to lift operating leverage. The path forward rests on a more normal calendar in coming years and targeted measures to shore up profitability. Alten’s reassurance on AI—that its core activities in R&D services, project management and IT architecture are less directly exposed—also helps counter some of the broader investor concerns about disruption.
With the balance sheet in strong shape and the potential for bolt-on acquisitions if the right opportunity arises, the group’s fundamentals remain intact, even as sector sentiment weighs on near-term momentum.
Montana Aerospace (AERO Switzerland): Refocusing as a pure-play aerostructures group
Montana Aerospace has drawn a clear line under its diversification phase by divesting its energy division, marking a decisive shift to becoming a pure player in aerostructures.
The sale of ASTA Group not only generates cash but also relieves Montana from planned capital expenditures tied to that business. By exiting energy, the company avoids a significant investment burden, while at the same time unlocking financial flexibility to double down on its core aerospace operations. The deal also supports a debt-to-equity conversion that should bring leverage sharply lower, putting the group in a stronger financial position heading into the next growth cycle.
The timing of the divestment is telling. Montana is in the middle of building out its vertical integration model in aerospace, aiming to control more of the value chain from materials to complex structures. With fresh liquidity and an improved balance sheet, the company now has significant firepower to pursue acquisitions while continuing to expand organically.
Management has been clear that M&A remains central to its ambitions, particularly in areas where its expertise in forging and recycling can provide differentiation. The simplified structure, free of non-core distractions, allows Montana to present itself more cleanly to customers and investors as a focused aerospace supplier.
In strategic terms, this shift lowers the group’s risk profile and enhances its attractiveness at a time when aerospace demand is recovering globally. The transformation into a streamlined, highly integrated aerostructures business should help Montana capture more value from industry growth and build resilience against cyclical swings. With net debt expected to fall below one times EBITDA by year-end, and potentially moving into net cash, the company is positioned to support both expansion and shareholder returns.
The exit from energy may not have been priced as richly as some expected, but the strategic clarity it provides makes the group’s story more compelling going forward.
Waga Energy (WAGA France): Transitioning into new ownership while scaling biomethane
Waga Energy’s latest update shows a company still in the thick of its growth phase but also preparing for a major change in ownership.
The first half of the year highlighted solid progress in biomethane production, which jumped by nearly 40% and is becoming the clear backbone of the business model. Meanwhile, the traditional equipment sales arm is shrinking, reinforcing the strategic focus on recurring energy production revenues. Profitability is not yet there, but tighter cost discipline has significantly narrowed losses, with EBITDA close to breakeven and gross margins improving. With >50 units in operation and under construction,the industrial pipeline looks busy enough to underpin growth into 2026.
All the focus however is on the shift in ownership. Swedish fund EQT has stepped in as majority shareholder, having acquired more than half of the capital and voting rights, and is preparing a public offer that could lead to a full delisting. This transaction comes at a time when Waga needs financial backing to sustain its capital-intensive rollout, especially in the US, where new projects face regulatory and contractual delays. The combination of EQT’s financial firepower and Waga’s proven ability to scale its model could accelerate the shift toward becoming a global biomethane leader, but it also means public markets may no longer be part of the company’s journey.
Operationally, management continues to target breakeven EBITDA this year and has reiterated its ambition to hit €200m in revenues by 2026, though that milestone has been nudged back by a few months.
This all said, it’s now mainly a short term event driven trade; EQT will step in over the next few months for the remainder of the shares, with the upside defined by the potential earn out (~+9% vs the current share price).
Ecoener (ENER Spain): Expanding capacity while shifting towards profitability
Ecoener’s interim results illustrate the tension between rapid expansion and financial returns.
The company’s operating base surged to 656 MW, nearly doubling year-on-year, but margins came under pressure as corporate costs rose faster than anticipated. Latin America continues to drive production growth, particularly in Guatemala with the addition of new solar capacity, while Spain saw weaker hydro and wind output. Solar remains dominant in the portfolio, and power purchase agreements provide stability, with more than 80% of generation revenue secured under long-term contracts. Despite this, EBITDA landed a touch below market expectations, showing the strain of scaling up so quickly.
The outlook, however, remains firmly growth-oriented. With another 159 MW under construction, Ecoener is on track to reach its target of 1 GW by the end of 2025, albeit with some delays in the Dominican Republic due to adjustments in storage technology. Upcoming projects in Europe and Latin America, combined with greater diversification across solar, wind, and hydro, should reduce reliance on any single geography or technology.
The company has signaled that after this period of aggressive expansion, it intends to focus more on profitability, extracting efficiencies from its enlarged asset base and benefiting from operating leverage as projects mature.
Strategically, Ecoener is entering a new stage. Instead of chasing exponential capacity growth, management is preparing to optimize returns, rebalance towards Europe, and strengthen its balance sheet. The shift suggests a maturing profile—more about showing it can generate steady, high-quality earnings.
While margins have dipped, the structural drivers remain intact: long-term PPAs, diversification, and vertical integration. For investors, Ecoener looks like a player that has built scale and now needs to show that it can translate size into sustainable returns.
Marie Brizard Wine & Spirits (MBWS France): Wrestling with profitability challenges at home
Marie Brizard’s results highlighted the difficulties of operating in a sluggish spirits market, particularly in France.
While international operations, notably in Spain and Lithuania, managed to post gains thanks to industrial services and solid brand performance, the French business dragged group earnings lower. Sales in the domestic market fell sharply, reflecting not just weaker demand but also the delisting of core brands such as William Peel whisky from major retailers. Rising costs of aged spirits further pressured profitability, leaving France as the weak link in the group’s portfolio.
Elsewhere, the US operations were hit by steep sales declines, though the damage was cushioned by stronger results in other regions. The overall outcome was a margin squeeze despite some positive pricing actions and productivity improvements. Holding costs also rose, amplifying the hit to net profit, which fell significantly year-on-year. Still, the group’s balance sheet remains in decent shape, with a healthy cash position, though this too has slipped slightly due to higher working capital and capex.
The company’s message is (still) one of resilience and incremental improvement. Marie Brizard is pushing through further price adjustments, continuing to work on productivity gains, and negotiating with French retailers to restore some lost ground. It is also on the lookout for M&A opportunities, which could add scale in what remains a highly competitive market.
Yet, with profitability still fragile and critical mass lacking, Marie Brizard is in a holding pattern. Restoring sustainable growth and profitability in France will be the key test, while international markets offer some relief but not enough to transform the overall picture just yet.
Cegedim (CGM France): Incremental progress while restructuring shapes the path ahead
Cegedim’s first-half performance showed modest top-line growth but a clearer improvement in profitability, helped by tighter cost management and selective business recovery. The group’s software and services arm, which includes insurance and HR activities, returned to positive profitability, while international operations benefited from portfolio reshaping. Data and marketing was the standout, delivering strong margins thanks to demand for analytics and disciplined costs, reinforcing its role as a core earnings driver. Other divisions, such as BPO and flows, faced pressure from higher costs tied to regulatory changes or client transitions, but these were largely offset by the strength in more profitable areas.
The restructuring of its pharmaceuticals division in France looms large in the story. With around 100 job cuts underway, management expects the benefits of this restructuring to become visible from 2026 onward, yielding annual savings of about €4 million.
The focus for now remains steady execution: confirming sales growth of 2–4% this year and aiming to lift operating profit despite a tougher comparison base linked to one-off events last year. Cash generation was a bright spot in H1, with free cash flow turning positive and net debt inching lower, reinforcing a more stable financial footing after years of heavier investment.
Still, the group remains in a transition phase. The immediate improvements are encouraging, but growth remains tepid and the business lacks near-term catalysts.
While the strategy of cost optimization and targeted restructuring should gradually restore profitability, investors will likely need patience as the pharmaceutical overhaul runs its course and as other divisions seek to regain momentum. The broader ambition is clear: a leaner, more profitable Cegedim with stronger recurring revenues from software and data, but the market will want to see this translated into consistent earnings expansion before sentiment shifts meaningfully.
Lufthansa (LHA Germany): Setting the mid-term agenda with cost cuts and premium push
At its latest capital markets day, Lufthansa mapped out a new plan for the period running into 2030, focused squarely on profitability, productivity, and premium positioning. Management aims to lift margins through fleet renewal and rollout of new premium products such as the Allegris cabin concept, while simultaneously driving efficiencies through digitization and automation.
A major workforce reshaping is underway, with plans to cut around 4,000 mainly administrative jobs in Germany by 2030, backed by consolidation of processes and tech-driven savings. Together, these moves are expected to deliver hundreds of millions in cost savings, alongside synergies from the full integration of ITA Airways.
The strategy is ambitious but pragmatic. Lufthansa is targeting an 8–10% adjusted EBIT margin by the end of the decade, which would bring it closer to peers like IAG and position it ahead of Air France-KLM. Alongside profitability, management is aiming for a stronger balance sheet with an investment-grade rating, robust free cash flow generation above €2.5 billion annually, and liquidity reserves of €8–10 billion. Passenger revenue growth will be underpinned by an expanded premium offering, while ancillary services are expected to double, signaling a broader push to diversify income streams beyond ticket sales.
The plan reflects Lufthansa’s recognition that scale alone is not enough in today’s aviation market; differentiation through product quality and disciplined cost management are equally critical.
The challenge, however, lies in execution: the group must manage labor relations carefully, deliver on integration promises at ITA, and navigate macroeconomic uncertainties that could dampen demand. Success would reshape the airline’s financial profile, but until progress becomes visible in the numbers, the market may treat these targets with cautious optimism rather than strong confidence.
Kendrion (KENDR Netherlands): Final exit from mobility clears path to industrial focus
Kendrion’s agreement with Knorr Bremse marks the final step in its transition away from automotive activities and toward becoming a pure industrial technology player.
The deal involves a phased transfer of production capacity at its Sibiu facility in Romania, with Knorr Bremse assuming both capacity and part of the fixed costs. While financial details remain undisclosed, the arrangement ensures continuity for employees and removes the uncertainty around sunset activities such as ECUs and fuel pumps, which no longer fit Kendrion’s strategic direction.
For Kendrion, the implications are twofold. First, cash generation should strengthen as cost-sharing and optimized utilization reduce financial drag. Second, and more importantly, the company can now fully focus its management and resources on industrial applications, where its expertise in smart actuators and control systems has far more growth potential. By shedding a business that had annual sales of roughly €35 million but limited strategic relevance, Kendrion is sharpening its profile and improving its ability to scale in its chosen markets.
The move reinforces a broader narrative of simplification and focus. Kendrion has been gradually repositioning itself toward industries such as robotics, energy transition, and automation, and this divestment effectively closes the chapter on automotive. With the distraction of non-core activities gone, the group can pursue operational improvements, margin expansion, and targeted growth initiatives in industrial technology.
For stakeholders, this represents a cleaner story: a mid-cap industrial specialist with a more coherent portfolio and greater strategic clarity, ready to invest in areas where demand looks more resilient and long-term growth opportunities are stronger.
Even more, the deal begs the question of a future increased ‘partnership’ with Knorr Bremse.
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