ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/06/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 06/11/2025

Benelux Morning Notes

Adecco: 3Q25 strong beat; outlook 4Q25 seems in line. Air France-KLM: Bit light but outlook unchanged. ArcelorMittal: In line 3Q25, supportive medium-term outlook. AMG: 3Q25 EBITDA beats by 5%, ‘only' modest FY guidance increase might disappoint. BAM Group: Maintains outlook as expected. CTP: Guidance at the lower end due to a missed deal in Romania. Strong operational trends continued. IMCD: 3Q showed pressure on gross margin. Kinepolis: US peer AMC; better revenues and EBITDA in 3Q25, on very high ticket price. Kinepolis: US Peer Cinemark beat on EBITDA, higher ticket prices....

Morning Notes : ABN NA, CRBN NA, ENX FP, GBLB BB, PROX BB, UCB BB

: ABN NA, CRBN NA, ENX FP, GBLB BB, PROX BB, UCB BB

Cementir Holding 9M25 results show acceleration of EBITDA momentum in 3Q25

Cementir saw 9M25 Non-GAAP decrease by 1.8% with a clear acceleration of performance in 3Q25 (+5% y/y or +6.5% excluding some non-recurring charges in Belgium). Importantly, Cementir confirmed its FY25 guidance which calls for a Non-GAAP EBITDA of € 415m (+4% y/y) and which implies a strong 4Q. Cementir's diversified footprint with some key regional strongholds like Denmark and Belgium along with a deeply vertically integrated model in those regions allows to realize solid profitability, as witnessed by the current solid group EBITDA margins (23% 9M25). A sizeable net cash position gives Cemen...

ABN Amro CMD expectations sky high, leaving limited room for positive surprise

ABN Amro has had a tremendous run this year. There is a very positive story to tell about ABN Amro, underpinned by a number of solid management actions taken this year. Note that we even included the stock in our Dynamic Top Picks List at the start of the year. However, we believe the market is frontloading a lot of the value already in today's share price. Expectations for the November 25th capital markets day are very high, to the extent it will be hard for ABN to positively surprise. Taking into account significant cost efficiency gains and capital optimizations in the coming years, we incr...