Daily Stock Market Report (Wed 25th February 2026) - MEGP

Good morning! It's a busy day for updates.

Today's Agenda is complete.
Spreadsheet accompanying this report: link.

Companies Reporting
Name (Mkt Cap)RNSSummaryOur View (Author)HSBC Holdings (LON:HSBA) (£222bn | SR86)2025 ResultsAdjusted profit before tax decreased by $2.4bn to $29.9bn, due to more negative “notable items”. Excluding notable items, constant currency PBT increased by $2.4bn to $36.6bn. Outlook: targeting a RoTE of 17% or better for 2026, 2027 and 2028, excluding notable items.[Graham] Previous ROTE target was “mid-teens or better” for 2025, 2026, 2027.GSK (LON:GSK) (£90bn | SR91)GSK enters agreement to acquire 35PharmaAcquisition includes HS235, “a potentially best-in-class activin signalling inhibitor in clinical development for treatment of cardiopulmonary diseases”. Price is $950 million, payable in cash.Diageo (LON:DGE) (£42bn | SR65)Interim ResultsNet sales down 4% (organic net sales down 2.8%). Operating profit down 1.2% (adjusted operating profit down 2.8%). Increased commitment to reduce leverage. Outlook: organic net sales down 2-3% given further weakness in the US. Organic operating profit growth to be flat to up low-single-digit. Dividend cut based on a 30-50% payout policy.HALEON (LON:HLN) (£36bn | SR70)Preliminary 2025 Full Year ResultsRevenue down 1.8%, organic revenue...