German blue-chip earnings delivered a broadly upbeat picture, led by Allianz SE and Deutsche Telekom AG, which both exceeded second-quarter expectations and provided steady or stronger guidance for the rest of 2025. Allianz reported operating profit of €4.41 billion, beating the €4.28 billion consensus, on revenue of €44.5 billion. Net profit rose 13% to €2.84 billion, helped by a roughly €300 million gain from exiting a joint venture with UniCredit. The insurer completed €1 billion of a share-buyback programme in the first half and reiterated its full-year operating-profit target range of €15 billion to €17 billion, saying it remains "fully on track." Deutsche Telekom’s revenue edged up to €28.67 billion, slightly ahead of forecasts, while adjusted EBITDA after leases reached €11.00 billion, topping estimates and driven by robust demand in the United States and Europe. The company nudged its outlook higher for the second time this year, now projecting full-year adjusted EBITDA AL above €45 billion and post-lease free cash flow above €20 billion. Results from other German corporates were more mixed. Merck KGaA lifted its earnings-growth forecast but trimmed its sales outlook, citing currency headwinds, while defence contractor Rheinmetall AG posted first-half operating profit of €475 million—below analyst expectations—and refrained from raising guidance despite a 24% rise in second-quarter sales.