Benelux Morning Notes

AEGON: 3Q preview. AMG: Divestment of AMG Graphite at supportive multiple. VGP: 280k sqm acquisition in North Rhine Westphalia

AEGON/Sailing to the US/BUY

As AEGON is preparing to change its domiciliation to the US, it may have to take bolder steps at its upcoming CMD. Keeping the current perimeter makes little sense. As such we believe disposals may come: International, where notably AEGON can exit or move its bancassurance JV with Santander to another player (NN Group?), UK, and certainly review its AM operations. In the US, a partial float of WFG would make sense but may not be a priority as much as reinsuring/exiting legacy books. We increase our TP to €7.10 per share and retain our BUY rating.

Gerresheimer AG : Organic decline expected for Q4, growth still expected to be slow in 2026

Soitec : Les dernières news en amont de la publication S1

Nexans : Départ de Christopher Guérin : « l’homme qui valait 500 M€ »