France’s Engie jumps 7% after $14 billion UK power grid deal; European markets close flat

European stocks closed mixed on Thursday, as corporate earnings took the spotlight.

While the pan-European Stoxx 600 finished the session just below the flatline, most major bourses ended the day in positive territory.

It was a busy day for earnings in Europe with Deutsche Telekom, Schneider Electric, Allianz, AXA, Munich Re, Engie, Eni, Saint-Gobain, London Stock Exchange Group, Stellantis and Covestro among the firms reporting on Thursday.

German sportswear giant Puma published its full-year earnings for 2025 on Thursday morning, reporting a 13.1% decline in sales that it attributed to its strategy “reset,” which was completed last year. The company also pointed to currencies being a headwind. Shares ended the day more than 9% higher.

The firm reported an operating loss of 357.2 million euros ($421.8 million), down from an operating profit of 548.7 million the previous year. The loss was narrower than the 374.3 million euro loss anticipated in an analyst consensus provided by Puma.

Puma said sales declined notably in the second half of the year, while its profit margin fell by 260 basis points to 45%. It proposed canceling dividend payouts for 2025, and said it expected to report an operating loss of between 50 million and 150 million euros this year.

In a Thursday note, analysts at Jefferies said the earnings report showed Puma had made progress “slightly ahead of the journey mapped out in the closing stages of 2025” with “no major surprises from a tough end to 2025.”