Fast Updates: Frosta, Alimanetation Couche-Tard, Bombardier, Bouvet & Robertet

This week was fairly busy, with (at the very least) 5 of my corporations releasing 2025 numbers, some extra preliminary than others. General it was a “blended unhealthy”. Some good, some not so good. Let’s leap in:

Frosta

Frosta made a premliminary earnings announcement that was clearly beneath my expectations and on the decrease finish of the steering. Thanks god, I lined my Axx with that assertion in my write-up from earier this week:

“One necessary factor to grasp with Frosta is that they don’t attempt to clean earnings a lot, at the very least to not the upside. So that you may all the time be in for some shock both on the 6 month mark or annual report. Their steering is normally very extensive. Typically they resolve to extend advertising and marketing bills considerably which lowers revenue within the present yr however boosts revenues within the subsequent yr. In the long term, this has turned out very effectively for shareholders however for “weak fingers” this generally is a little bit unnerving.”

I suppose this was as soon as once more such an occasion. Internet earnings really declined -12% in 2025. On the opposite facet, development of the Frosta Model with ~16% and the prepared made meals with virtually 18% in 2026 is way above the market development. So Frosta is taking important market share. The dividend will stay at 2,40 EUR. They information in direction of general development between 4-9% and a internet margin of 4-8% in 2026 which is in fact once more very extensive however implies that development will proceed for the Model.

Based on the simply launched annual report , my Fast and Soiled evaluation appears as follows: