25th Feb 2026. 8.59am
Regency View:
Update
Regency View:
Update
Whilst peak earnings season is now largely behind us, we have still seen a handful of share price moving updates from some of the best known names in our FTSE Investor open positions. Rather than dramatic surprises, the tone has been one of strategic intent, firm guidance and continued operational execution. In short, steady progress rather than noise.
Admiral expands into fleet telematics with Flock acquisition
Admiral (ADM) has agreed to acquire digital commercial fleet insurer Flock in a deal valuing the equity at £80m. The transaction gives Admiral immediate exposure to the commercial motor segment through an AI driven telematics platform trained on hundreds of millions of miles of real world driving data.
Strategically, this extends Admiral’s long standing strength in data led underwriting into fleet insurance. Flock’s model rewards safer driving behaviour in real time, aligning well with Admiral’s existing telematics capabilities and reinforcing its reputation as a technology focused operator. The deal will be funded from existing resources and credit facilities, with only a modest impact on the group’s solvency ratio.
This is not transformational in size, but it is directionally important. It broadens the product set, deepens Admiral’s data advantage and positions the group within a segment that should benefit from increasing demand for connected fleet solutions.
Themes: Acquisition | Telematics | Commercial motor
What we are watching next: Integration progress and evidence that fleet underwriting margins can scale alongside growth.
ADM Daily Candle Chart
AstraZeneca maintains momentum with strong full year delivery
AstraZeneca (AZN) reported full year revenue of $58.7bn, up 9 percent, with Core EPS rising 11 percent to $9.16. Growth was broad based across Oncology, CVRM, Respiratory and Immunology and Rare Disease, supported by 16 positive Phase 3 readouts and 43 approvals over the past twelve months.
Fourth quarter growth was more measured due to tough prior year comparisons, but underlying operating performance remains solid. Investment in R&D continues at pace, with more than 100 Phase 3 studies ongoing and over 20 key readouts expected in 2026. The dividend was increased 3 percent, reflecting continued confidence in cash generation.
Guidance for 2026 points to mid to high single digit revenue growth and low double digit Core EPS growth at constant exchange rates. With an increasingly diverse portfolio of blockbuster medicines and a deep late stage pipeline, AstraZeneca continues to combine scale with innovation.
Themes: Full year results | Pipeline strength | Dividend growth
What we are watching next: Conversion of late stage assets into sustained commercial growth and margin resilience as newer launches mature.
AZN Daily Candle Chart
BAE Systems reinforces visibility and growth outlook
BAE Systems (BA.) continues to benefit from the structural shift in global defence spending, with management reiterating confidence in its forward growth profile. Guidance for 2026 points to sales growth of 7 to 9 percent and underlying profit growth of 9 to 11 percent, reflecting strong programme execution and sustained demand.
The broader backdrop remains supportive. Increased defence budgets across NATO and allied nations are feeding directly into long term programmes in air, naval and space systems. The company’s positioning within critical platforms continues to provide earnings visibility that is unusual in most industrial sectors.
With free cash flow expectations upgraded across the current planning cycle, the emphasis remains on disciplined delivery. In an uncertain geopolitical environment, defence exposure continues to offer both resilience and structural growth support.
Themes: Guidance | Defence spending | Cash generation
What we are watching next: Delivery against 2026 targets and margin progression as major programmes advance.
BA. Daily Candle Chart
Diageo prepares for cultural and strategic reset
Diageo (DGE) has been in focus following reports that new CEO Sir Dave Lewis is preparing a broader executive reshuffle as part of efforts to reinvigorate growth. After several years of anaemic sales growth and elevated leverage, investors are looking for sharper operational focus and clearer capital discipline.
Potential asset disposals and cost restructuring are firmly on the agenda, alongside questions over whether the long standing premiumisation strategy requires adjustment in a more price sensitive consumer environment. The market will be keen to see whether management can streamline decision making and reallocate investment towards areas that drive volume recovery.
With the shares still well below their historical highs, the investment case hinges on credible execution of a turnaround plan rather than a simple cyclical rebound in spirits demand.
Themes: Leadership change | Strategic reset | Capital allocation
What we are watching next: Concrete actions on debt reduction and early evidence of stabilising organic growth.
DGE Daily Candle Chart
Tesco accelerates rapid delivery and targets further share gains
Tesco (TSCO) continues to lean into rapid delivery through its Whoosh service, now operating from around 1,600 stores and reaching over 70 percent of UK households. Whoosh sales rose 47 percent year on year over the latest reporting period, contributing to overall online growth of 11.2 percent.
The UK quick commerce market is forecast to grow at roughly 10 percent annually through to 2030, and Tesco’s store network provides a structural advantage in scaling this model efficiently. Importantly, management believes much of the Whoosh demand is incremental rather than simply cannibalising in store sales.
Tesco’s broader ambition to regain a 30 percent share of the UK grocery market, currently just under 29 percent, looks achievable if execution remains tight. Despite operational momentum, the shares still trade at a discount to several global peers, reflecting both market structure and investor sentiment.
Themes: Online growth | Market share | Valuation
What we are watching next: Sustained share gains without margin erosion in an intensely competitive grocery market.
TSCO Daily Candle Chart
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