Benelux Morning Notes
Company comments
AB InBev: Little to disappoint
Adyen: 2H25 results – mixed results, soft guidance
CVC Capital Partners: Executing well
dsm-firmenich: Messy results
Fagron: Beat on all lines, confident FY26 outlook to drive c.5% consensus EBITDA upgrade
Flow Traders: EMEA saves the day
KBC: Good results, opening up “jaws” further to 2028
Kinepolis: Canadian peer Cineplex 4Q25 results below consensus, January 2026 box office revenue up
MICC: FX headwind leads to a 50bp margin miss in FY25
Montea: Results/guidance in line, no 2030 targets but reinforced message on France
NN Group: Rebasing divid...