Earnings to Watch – Week of 23 March 2026

The Agnelli family's holding company, with stakes in Ferrari, Stellantis, Philips, and The Economist. Stellantis will not pay a dividend in 2026 following its 2025 net loss – removing what had been the majority of Exor's dividend inflows (Stellantis contributed €1,571M of Exor's ~€2B total in 2024). On the other side, Exor has approximately €1.5B incoming from the Iveco defence business disposal to Leonardo, completed in March 2026.

The focus will be on NAV evolution, how that capital gets redeployed, and any commentary on Ferrari – where the Luce, Ferrari's first fully electric model, is approaching its full reveal in May 2026 and the market is pricing significant optionality into the name.

No longer just a smartphone company. The refreshed SU7 logged 15,000 locked-in orders in 34 minutes – but pricing came in near-flat versus the outgoing model, which sent shares down nearly 9% on margin concerns. The EV division posted its first quarterly operating profit in Q3 2025 (RMB 700M, 25.5% gross margin), and management has targeted 550,000 deliveries for 2026.

The question is whether that profitability can hold as Xiaomi pushes deeper into both autos and AI – the MiMo-V2 model family launched just days ago and is being positioned as a competitor to frontier Western models.

The de minimis exemption change has reshaped Temu's US business – daily active users fell by more than half, ad spend was cut dramatically, and the platform has been pivoting toward local fulfilment. The bigger question is whether that pivot, combined with European expansion, can offset the pressure.

This is not hypothetical on the European side: the EU has agreed to remove the €150 customs-duty exemption, with a transitional €3 flat-rate duty per consignment from 1 July 2026 – and full standard tariffs expected once the EU customs data hub becomes operational, likely around 2028. Wednesday's print should clarify how far the US pivot has progressed and at what cost to margins.

Processes payroll and HR for nearly 800,000 businesses in the US and Europe, overwhelmingly SMBs. The Paycor acquisition in April 2025 further expanded their reach. In the current macro environment – tariff uncertainty, mixed employment signals, consumer caution – Paychex's commentary on hiring activity, wage trends and small-business confidence may offer a more granular read on the real US economy than many headline prints.

China's offshore oil and gas champion, purely upstream and purely commodity-linked. Key watch items: production growth trajectory, realised pricing versus Brent, reserve replacement, capex guidance and the ramp-up at deepwater projects including Bozhong 19-6 (Phase I producing since late 2023, with further phases expanding capacity).

A useful read-through for both offshore oil economics globally and Chinese energy demand specifically, at a time when crude markets remain difficult to call with conviction.

Results arrive at a transformative moment. The $4.2B ZIM acquisition – at $35 per share, a 58% premium to the pre-announcement price – reshapes Hapag-Lloyd into the world's fifth-largest container shipping company. An Israeli private equity fund (FIMI) has carved out "New ZIM" to maintain Israeli shipping operations and comply with the state's golden share requirements.

Investors will want to hear management's view on expected synergies, balance-sheet capacity post-deal, and freight-rate durability given that Red Sea disruption continues to reshape global trade routes. A name that sits squarely at the intersection of geopolitics and global commerce.

BYD's overseas sales topped domestic sales in February for the first time – a milestone, though partly seasonal given Chinese New Year's impact on domestic volumes. Meanwhile, China's NEV retail market was down roughly 26% in January–February year-on-year.

Friday's print matters for margin resilience as price competition intensifies, the pace and geographic mix of international expansion, and the reception of the second-generation Blade Battery – unveiled on 5 March with headline specs including 10–97% charging in 9 minutes, up to 1,000 km CLTC range, and a 40% improvement in energy density over the first generation.