The building materials group Holcim generated less revenue and profit in the first quarter. The harsh winter in some European countries and currency effects weighed on earnings. However, the sale of several country operations also had a negative impact on the results. Revenue dropped 4.8 percent to 3.52 billion Swiss francs in the first quarter, as the Swiss-based group announced on Thursday. The strong Swiss franc once again took its toll, costing the company 207 million Swiss francs in revenue. Recurring operating profit (EBIT) plummeted by 11.2 percent to 431 million Swiss francs. Here, too, the reasons were the sales of business units and the strong Swiss franc. The corresponding operating margin slumped to 12.2 percent from 13.1 percent in the same quarter of the previous year. On an organic basis, recurring EBIT would have risen by 8.3 percent. The figures no longer include the North American business, which was spun off last summer and is now listed on the New York Stock Exchange as the independent U.S. company Amrize. Therefore, the prior-year figures are pro forma results.

On Thursday, the SMI rose 1.4 percent to 13,248 points. The focus was on Nestlé shares, which surged 5.9 percent following the release of the quarterly report. The food giant exceeded expectations with its first-quarter growth figures. Although reported revenue declined, it grew on an organic basis in the first quarter. Roche shares rose by 3.8 percent. The pharmaceutical giant confirmed its annual forecast after first-quarter revenue jumped 6 percent to 14.72 billion Swiss francs, driven by strong demand for innovative drugs and diagnostics. This was roughly in line with analysts’ expectations. Shares of competitor Novartis closed the day up 0.6 percent. In the second tier, Schindler was up 2.8 percent. The elevator specialist’s orders, adjusted operating profit, and margin all came in slightly above market expectations in the first quarter. Despite the rather difficult market environment, the company confirmed its outlook. Temenos, on the other hand, slumped 7.0 percent. The stock was dragged down after U.S. enterprise software maker ServiceNow disappointed with its quarterly results. Galderma surged 6.6 percent following strong quarterly results from the skin health expert.

Europe
European stock markets closed mixed on Thursday following a flurry of quarterly earnings reports greeted with mixed reactions, as traders remained cautious amid ongoing tensions in the Middle East. The Stoxx Europe 600 index closed slightly higher, up 0.1% at 614.64 points. In Paris, the CAC 40 gained 0.9% to 8,227.32 points, and the SBF 120 rose 0.7% to 6,228.98 points. In Frankfurt, the DAX 40 fell less than 0.1%, as did the FTSE 100 in London. ESSILORLUXOTTICA (-4.8%): The manufacturer of eyewear and corrective lenses reported on Wednesday evening revenue growth of over 10% at constant exchange rates for the third consecutive quarter, continuing to benefit from the success of its smart glasses developed in partnership with Meta. L'OREAL (+9%): The world’s leading cosmetics company published higher-than-expected first-quarter revenue on Wednesday. On a like-for-like basis - that is, with identical structure and exchange rates - sales jumped 7.6% year-over-year to €12.15 billion. ORANGE (+3.3%): The telecommunications operator slightly raised its 2026 EBITDA forecast on Thursday after this key profitability metric came in above analysts’ expectations in the first quarter. STMICROELECTRONICS (+14.4%): The semiconductor manufacturer indicated that it expects revenue and gross margin to improve in the second quarter after both metrics exceeded the midpoint of its guidance in the first quarter.

United States
Stocks edged lower on Thursday, with investors weighing the latest batch of corporate earnings against a geopolitical backdrop fraught with tensions among the U.S., Israel and Iran. The Nasdaq composite led to losses, falling 0.9%. The S&P 500 shed 0.4%. The Dow industrials also dropped 0.4%, or 180 points. Software stocks were among the worst performing in the S&P 500 index. Investors remain skeptical of the sector, concerned that the industry could be disrupted by the advent of artificial-intelligence tools. On Thursday, ServiceNow plunged 18% after the cloud-based software company cut its projection for operating margin. IBM stock slumped 8.3% after the company disappointed investors by keeping its revenue guidance the same. One software-sector exchange-traded fund, the iShares Expanded Tech Software ETF, suffered its biggest one-day percentage decline since April 2025. Falling shares of megacap tech names also weighed on major benchmarks. Microsoft stock closed 4% lower after announcing it would offer voluntary buyouts to 7% of its workforce. Shares of Meta Platforms slid 2.3% after the company said it would lay off roughly 8,000 people. And Tesla shares declined 3.6% after it outlined plans to plow $25 billion into capital expenditures this year as it pursues its AI and robotics ambitions—a spending strategy so aggressive that a team of analysts dubbed it “capexmaxxing.” Oil futures rose for the fourth straight session, with global benchmark crude prices advancing 3.1% to $105.07 a barrel.

Asia
Stocks in Asia mostly fell on Friday. Bucking the regional trend, the Japanese market is up slightly. The Topix is gaining 0.1 percent. Chip stocks are in demand in Japan after Intel reported impressive earnings and offered an optimistic outlook in the U.S. the previous evening. Lasertec is up 4.3 percent and Advantest by 3.2 percent. In Seoul, the Kospi is down 0.4 percent. Index heavyweight Samsung Electronics has fallen 2.6 percent. SK Hynix has lost 1.6 percent amid profit-taking. On the Shanghai Stock Exchange, the Composite Index has dropped 0.6 percent. In Hong Kong, the Hang Seng Index has shed 0.2 percent.

Bonds
Long-dated U.S. government debt yields edged higher on Thursday, in tandem with oil prices. The 10-year Treasury note yield increased by 3 basis points to 4.33%. The dollar was in demand as a safe-haven asset, particularly in light of rising U.S. market interest rates.

Analysis
Temenos price target: Goldman Sachs raises to CHF 93 (89) - Neutral
ABB price target: Bernstein SG increases to CHF 70 (65) - Market Perform
Givaudan price target: Jefferies lowers to CHF 3,300 (3,500) - Buy

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