Several of the world’s largest companies reported robust first-quarter earnings on Wednesday, with higher energy prices, active trading markets and strong consumer demand helping offset geopolitical uncertainty and economic volatility.
French energy major TotalEnergies posted a 51% jump in net profit to $5.8 billion, driven by rising oil prices linked to tensions in the Middle East. The company said increased production in Brazil, Libya and Australia helped compensate for disruptions in the Gulf region, which typically accounts for about 15% of its oil and gas operations.
TotalEnergies also benefited from a strong performance in its trading division, while oil and gas output rose 4% during the quarter. Liquefied natural gas shipments increased by 12%. The company raised its quarterly dividend to €0.90 per share from €0.85. Environmental groups criticised the earnings, arguing that soaring fuel prices are placing added pressure on consumers while boosting profits for energy producers.
Swiss banking giant UBS reported an 80% rise in net profit to $3 billion, well above analyst expectations. Revenue climbed 13% to $14.2 billion, helped by a 27% increase in investment banking income. The results underscore the bank’s strong performance following its 2023 acquisition of Credit Suisse.
Chief Executive Sergio Ermotti said the bank had delivered excellent results despite an unpredictable market backdrop. UBS shares rose sharply following the announcement, even as the broader Swiss market declined.
In Asia, Hong Kong Exchanges and Clearing reported record quarterly earnings as Hong Kong maintained its position as a leading global market for initial public offerings. Profit attributable to shareholders rose 27% to HK$5.19 billion, while core revenue increased 22% on the back of higher trading activity.
The exchange hosted 40 listings in the first quarter, raising HK$110.4 billion, more than five times the amount raised during the same period last year. Chief Executive Bonnie Chan said investors continued to view Hong Kong as a gateway to Asian growth opportunities.
Spanish lender Banco Santander also posted record quarterly earnings, with net profit rising 12% to €3.56 billion. Revenue grew 4% to €15.1 billion, supported by customer growth and strong commercial activity. Including gains from the sale of its Polish unit, profit reached €5.5 billion.
Meanwhile, German sportswear manufacturer Adidas exceeded market expectations, reporting a 16% increase in operating profit to €705 million. Sales rose 14% to €6.6 billion, driven by strong demand for running shoes and football merchandise ahead of the 2026 World Cup.
British pharmaceutical company GSK rounded out the earnings wave with a 7% increase in first-quarter net profit to £1.7 billion, supported by strong sales of treatments for cancer, HIV and respiratory diseases.
The results highlight the resilience of major global corporations, even as geopolitical tensions and economic uncertainty continue to weigh on markets.
