Benelux Morning Notes

AB InBev: Strong brew. Adecco: 1Q25 beats on timing of JV income; 2Q25 outlook momentum positive. Alfen: Preview - 1Q25 should arrive in line. AMG: Strong 1Q25 EBITDA beat, guidance raised. BAM Group: Non-residential backs EBITDA increase. CTP: Strong results combined with strong message on demand dynamics. JDE Peet's: Jumping Beans. Kinepolis: Peer AMC 1Q25 results - revenues per visitor more subdued. Prosus: CEO letter highlights strong profit growth in 2026. Proximus: CpaaS peer Sinch 1Q25 results. Solvay: 1Q25 underlying miss, guidance trimmed to low-end of €1.1-1.0bn r...

WOOD Daily: ING PW; JMT PL; BHW PW; BDX PW; MGROS TI; TBCG LN; CGEO LN; ADNOCDRI UH; KLKIM TI; BELA GA; European Oil and Gas Monthly; CZ Macro; CTPNV NA; DSPW CP; PL Macro; BFT PW; MOL HB; ALE PW; APR PW; CAR PW; DIA PW

HEADLINES: • ING BSK: 1Q25 results in line with expectations and our annual 2025E expectations NEUTRAL • Jeronimo Martins: beat in 1Q25; Biedronka margin stabilised, despite adverse calendar effect; FY25E guidance maintained POSITIVE • Bank Handlowy: dull 1Q25 results; dividend recommendation due later in May; uncertainty over impact of sale of retail operations persisting NEUTRAL • Budimex: 1Q25 EBITDA misses forecast slightly, backlog down marginally qoq, but rising amount of pending contracts NEUTRAL • Migros: 1Q25 results – operationally in line NEUTRAL • TBC Bank: 1Q25 – first read – high...

Branicks : Q1 2025 results broadly in line with our estimates with, however, better FFO than expected – high LTV slightly worsened

Montana Aerospace : A good start to the year – guidance confirmed despite tariff uncertainties

Knorr-Bremse AG : Q1 in line with preliminary results, driven again by rail