KBC Securities - EKOPAK NV (EKOP) Ekopak First look: 1H25 disappoints, cautious outlook, no update on Waterkracht

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KBC Securities

Kristof Samoy

Ekopak First look: 1H25 disappoints, cautious outlook, no update on Waterkracht

1H25 revenues landed at €21.7m considerably below our €36m estimate. Adj. EBITDA stands at €-3.8m compared to our €+3.5m forecast. Segment reporting has changed and company no longer reports WaaS and non-WaaS but now differentiates the numbers between project and recurring business. FY25 guidance was issued and cautiously calls for growth in turnover vs. 2024. The 2025 outlook does not include any projections for Waterkracht on which the company will issue a separate update when relevant. Company no longer made a reference to the earlier stated 2028 targets incorporated in our model. Most likely we will have to adjust our numbers downwards considering we have €15m one-off revenues in 2025 linked to Waterkracht. Awaiting further detail in the analyst call we maintain our hold and € 5.5 TP for now.

01/09/2025 1 EN

Underlying

EKOPAK NV

See profile

BE0974380124 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

See profile

Analysts

Kristof Samoy

Other Reports on these Companies

KBC Securities

Morning Notes : CRBN NA, DIE BB, DSFIR NA, UCB BB, EKOP BB, CTPNV NA, JDEP NA

: CRBN NA, DIE BB, DSFIR NA, UCB BB, EKOP BB, CTPNV NA, JDEP NA

September 1, 2025 September 1, 2025 1 EN

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Morning Notes : O3I NA, AZLGF BB, EKOP BB

: O3I NA, AZLGF BB, EKOP BB

July 9, 2025 July 9, 2025 1 EN

Morning Notes : AD NA, BPOST BB, CPINV BB, GIMB BB, KPN NA, MONT BB, VPK NA, WDP BB, WKL NA, ALFEN NA

: AD NA, BPOST BB, CPINV BB, GIMB BB, KPN NA, MONT BB, VPK NA, WDP BB, WKL NA, ALFEN NA

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Care Property Invest 3Q25 results: 4.5% increase in guidance

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Ekopak First look: 1H25 disappoints, cautious outlook, no update on Waterkracht

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : CRBN NA, DIE BB, DSFIR NA, UCB BB, EKOP BB, CTPNV NA, JDEP NA

Morning Notes : O3I NA, AZLGF BB, EKOP BB

Morning Notes : AD NA, BPOST BB, CPINV BB, GIMB BB, KPN NA, MONT BB, VPK NA, WDP BB, WKL NA, ALFEN NA

Vopak 3Q25 results and outlook underpin resilience of the business model

Care Property Invest 3Q25 results: 4.5% increase in guidance

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