(BFM Stock Exchange) – The CAC 40 has completed the semi -annual results in the hard. On average, the members of the index saw their actions fall by 2.3% after the publication of their half -yearly accounts. While some groups have been able to get out of the game, such as Danone, Société Générale, L’Oréal or LVMH, others, such as Renault, Stmicroelectronics or Teleperformance have sunk.

The season for the results of the first half of 2025 of CAC 40 companies ended on Friday in pain. The ball turned out to be difficult for residents of the flagship index of the Paris Stock Exchange, with many disappointments and heavy sanctions.

To account for the reception of the market to the various publications of the 39 companies that published half-yearly results (Pernod Ricard, which evolves in an offbeat exercise, will deliver the accounts of its entire exercise 2024-2025 at the end of August), we took a simple thermometer.

For each resident of the CAC 40, we retained the reaction of the stock market during the session following the publication. Either the same day for companies announcing their results in the morning, or the next day for the groups that published in the evening, such as LVMH and Michelin.

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However, we have made three exceptions, for Renault, Stellantis and Legrand. Renault and Stellantis both issued results on results by delivering preliminary data, respectively on July 15 and July 21.

Legrand, for his part, had given very positive first indications on his income from the first half, on July 17, raising his growth target for 2025.

In these three examples, we retained the variations during the sessions according to these announcements, because we believe that the bulk of the stock market reaction was played at that time.

It is, certainly, a little harsh for Schneider Electric, who had climbed 7.7% when Legrand had published his indications on his income. The two groups operating on the same markets, with products that are very exposed to demand for data centers and therefore to the rise of artificial intelligence, the market had made a positive cross -reading of Legrand’s announcements for Schneider. The Schneider Electric action then dropped by 4.6% when the company had published half -yearly results marked by a disappointing cash generation.

Ultimately, we have established a classification compiled in the table below.

An average (very) negative variation

The overall observation is striking. Of the 39 CAC 40 companies, only signed an increase, while 23 accused a drop (Eurofins managed “the feat” of displaying a perfectly stable variation (0.00%) in the wake of the publication of its results).

The other statistics show even more how much the residents of the index suffered during this season.

The average variation of CAC 40 groups has registered at -2.3%, an extremely bad figure. To give an idea, the average variation during the 2024 annual results season had registered at 0.8% while that of the first quarter was just in the green (+0.04%).

In addition, eight groups of the CAC 40 recorded increases of more than 3%when 14 at, on the contrary, have suffered drops of more than 3%, including 10 of more than 6%.

CAC 40 groups were able to surprise, like all European companies. Bank of America noted, last week, that a minority (47%) of the Stoxx Europe 600 groups, a pan -European index, had managed to beat expectations in action by action. What the bank attributed in particular to negative exchange effects, one of the themes of this season of results in Europe, with the strong fall of the dollar to the euro.

The market has also shown nervousness, in a context tense by uncertainties around American customs duties.

The agreement between the European Union and the United States was not established until last Sunday. The text has, moreover, been deemed disappointing by certain observers.

“What had started as a relief on Sunday quickly turned into frustration on Monday, when the idea spread that the European Union had failed to obtain significant concessions from the United States,” said Deutsche Bank. “If the agreement reduces uncertainty and the risk of climbing, it confirms a marked deterioration of the conditions of export of European companies to the United States,” said UBS.

Heavy sanctions

In this hardly ideal market environment, investors have not forgiven much. Hermès dropped 4.5% after publishing vigorous growth of 9% in the second quarter, above analysts forecasts. But a bit too just to satisfy investors who, according to UBS, hoped for a figure closer to 10%.

Publicis, for its part, accused a 6.7% plunge after having published results which had no hitch. Analysts also struggled to explain the fall in action. Some mentioned the fact that the company did not note its forecasts enough for 2025, others pointed out the management’s comments on Sapient’s performance and on the “disruptions” (upheavals) suffered by the advertising sector, during the conference call.

Another example: AXA dropped 7.9% on Friday because its results were simply “online” with expectations, which sparked significant benefits on the title.

Obviously, this negative overall observation hides very good performances. Legrand finishes at the top of the ranking. The specialist in electrical equipment had won 8.96% after having noted its growth targets, thanks to demand for its products equipping data centers.

Danone (+7.35%) delivered results “solid like a rock”, dixit Royal Bank of Canada, thanks to good performance in China and specialized nutrition (such as childhood milks).

Essilorluxottica (+6.9%) overall met expectations but above all delivered promising indications for the second half of both its growth and its initiatives in terms of innovation and products (such as its new Stellest 2.0 range to correct infantile myopia).

Société Générale (+6.9%) has still checked all the right boxes, with profits much above expectations, objectives raised and the announcement of an action buy-back program of one billion euros.

Carrefour (+5.5%) has surprised, with a return to growth in France in the second quarter and an operating profit current above expectations.

But other groups have, on the contrary sowed. Teleperformance (-20.7%) delivered growth lower than expectations in the second quarter and warned that it was now aimed at the bottom of its target income for 2025.

Renault (-18.5%) accused his worst session since March 2020, after issuing a heavy warning on results.

Stmicroelectronics (-16.62%) delivered a disappointing gross margin forecast for the third quarter, while the market hoped that the publication of its results would constitute a catalyst.

Accor (-9.6%) revealed income and prospects below expectations.

Saint-Gobain (-9.3%) was sanctioned for showing deterioration of its volumes in the second quarter, compared to the first.

As for Dassault Systems (-8.38%), the title collapsed after the company’s management indicated, during the conference call with analysts, to wait for stability in its cash flow for 2025, while the market hoped better.