What to Watch as 30 CAC 40 Companies Report Half-Year Results This Week

Paris Enters the Summer's Busiest Earnings Week

The final week of July has become the most crowded stretch of the Paris market's summer: 30 of the CAC 40's 40 members are releasing half-year earnings within a few days, before the usual publication pause that runs into September.

The French financial daily Investir is covering the wave in real time, publishing its reaction and a recommendation on each stock as the statements appear, with a complete review scheduled for its weekend edition. On Monday it also hosts a live chat on the results with editor-in-chief Denis Lantoine and deputy editor-in-chief Christophe Soubiran.

Early dispatches already show a split between groups raising their sights and others merely holding on. Air Liquide reported stronger second-quarter growth and a 110-basis-point improvement in operating margin, while LVMH said organic growth accelerated to 3% despite the Middle East conflict. Orange and Safran, meanwhile, both raised their annual targets, and Kering reported its first quarter of like-for-like sales growth in three years.

The week will also bring answers on some of the market's open questions: how long the data-center boom supports Schneider Electric and the wider supply chain, whether Sanofi can reassure investors about its reliance on one drug, and how much of Stellantis's recovery is real demand rather than restocking.

The Signals Inside 30 Half-Year Reports

A Season of Guidance Upgrades and Cautious Holds

Investir's analysts note that the most useful distinction in this year's interim season is not between growth and decline, but between companies that revised guidance and those that did not. Orange raised its 2026 target for EBITDAaL growth to above 4%, from 3% previously, citing momentum in Africa-Middle East and Europe and the successful integration of MasOrange in Spain. Safran lifted its annual objectives after what it described as exceptional demand for engines and services. Schneider Electric raised its forecasts and said data-center demand should stay strong for at least two years, and Capgemini raised its annual revenue-growth target after a sharp rebound in investor interest. Engie said recurring net profit would reach at least the €4.9 billion achieved in 2025, while Veolia slightly raised its 2026 net profit forecast as it integrates US waste group Clean Earth.

Some companies chose restraint. Bureau Veritas, the inspection specialist, confirmed the lower outlook it had issued in April after a solid first half, and its margin improvement goal remains modest. Airbus kept its targets despite rising deliveries and profits. Michelin delivered a strong first half but only maintained its 2026 objectives, which Investir says raises questions about second-half profitability.

Luxury: Two Strong Prints, Different Investor Reactions

Luxury results illustrate how much of this season is about expectations rather than absolute numbers. LVMH said internal growth strengthened to 3% in the second quarter, driven by jewelry and the United States, and operating profitability held even as analysts had expected a decline. Hermès reported sales up more than 6% to June 30 and maintained an operating margin of 41% despite Middle East tensions, currency moves and a heavy French tax charge — and still saw its shares sold off. Kering, by contrast, recorded its first quarter of like-for-like sales growth after twelve consecutive quarters of decline, with operating margin beginning to recover under the "ReconKering" plan led by the new chief executive, which relies on stricter cost management, and the market reaction was more favorable.

Health and Autos: The Reassuring and the Cautious

In healthcare, Sanofi's quarterly results were good, but the reporting flags two worries: Dupixent now represents 42% of sales, and the R&D announcements disappointed. Investir notes the valuation has fallen sharply and the group could recover under its new chief executive, but the stock remains a turnaround debate. In autos, Renault published solid first-half results supported by its financing arm, with electric-vehicle sales rising strongly and annual targets confirmed at a moment when German manufacturers were cutting theirs. Stellantis posted second-quarter improvements, but the article stresses that profitability is recovering slowly, the revenue rebound reflects a large build-up of dealer inventories, and the CEO himself says "the road is long." The positive surprise, according to Investir, is cash generation.

Banks, Hotels and Property: Quietly Reassuring

Financial and property groups offered quieter reassurances. Crédit Agricole reported a slight rise in first-half net profit and will pay an interim dividend in October. Société Générale's half-year accounts were well received, although analysts now expect a more ambitious plan from the strategic presentation scheduled for September 21. Accor grew revenue 3% at constant exchange rates and current EBITDA by 6.5%, opening 109 hotels; Klépierre confirmed its annual profit and dividend targets and called the sale of its stake in Essendi a key step toward its "asset-light" strategy. Vinci's services arms Cobra and Vinci Energies, Investir says, amount to a bonus on top of a stock that otherwise moves at the steady pace of its concessions.

Five Things to Track as the Results Land

For investors following the CAC 40 reporting wave, the signals to weigh are the revisions, not the headline numbers:

• Follow the guidance changes: Orange's raised EBITDAaL-growth target of above 4%, Safran's and Schneider Electric's upgraded annual objectives and Capgemini's higher revenue-growth goal are the clearest management-confidence signals in this batch.
• Judge Kering on consistency: the first like-for-like sales growth in twelve quarters is an inflection, but it only matters if cost discipline under the ReconKering plan and margin recovery continue into the second half.
• Watch Sanofi's pipeline story: with Dupixent at 42% of sales, the next R&D update and the new chief executive's priorities matter more than the quarterly beat.
• Put Stellantis's revenue in context: part of the rebound reflects higher dealer inventories, so focus on cash generation and retail sell-through rather than the top line.
• Mark down Société Générale's September 21 strategic plan: quality results raise expectations that management will promise a more ambitious trajectory.