reports
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Peer Walmart 4Q25/26 results. Arcadis: Main topics 4Q25/FY25 conference call. ASM: 4Q25 preview, FY26 should be strong. Brunel: 4Q25 result beats and trends stabilise; DACH back to growth in 1Q26; additional cost savings announced and special dividend. Cofinimmo: Beat on bottom line, strong investment outlook for 2026. IMCD: Another step in EMEA. Magnum Ice Cream Company: Peer Danone 4Q25 results. Recticel: Peer Kingspan FY25 results. Software sector: Cheaper code...
- ING Helpdesk
Benelux Morning Notes
AEGON: Uneventful results, US weaker, underlying OCG in line / Air France-KLM: Productivity gains starting to filter through / Arcadis: Weak revenues and EBITA, but strong NWC / Ascencio: Results in line, no concerns on Carrefour Belgium exposure / Azelis: Persisting softness in 4Q25, continued focus on costs and cash / BAM Group: Solid 2H25 results, 2026 outlook in line / Belgian telecoms: Telenet improved net adds, to relist as part of Ziggo in 2027, Liberty to sell half of its 66% Wyre stake ...
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
BAMNB KONINKLIJKE BAM GROEP NV
AF AIR FRANCE-KLM SA
GIMB GIMV NV
ARCAD ARCADIS NV
ASC ASCENCIO SCA
VGP VGP NV
KIN KINEPOLIS GROUP NV
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AZE AZELIS GROUP NV
AGN AEGON N.V.
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Guy Sips
Materialise FIRST LOOK : 4Q25 results
We will update our model as Materialise expects FY26 to grow to a range of €273m to €283m (KBCSe € 282.5m). Materialise will continue investing in its Materialise Medical and Software segments while maintaining disciplined cost control and optimization, in particular in its Materialise Manufacturing segment and in its overhead. As a result, Materialise expects its FY26 Adj EBIT to reach € 10m to € 12m (KBCSe € 14.5m). FY25 revenue remained stable at € 267.6m (KBCSe € 269.3m), fuelled by stron...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- David Vagman
- CFA
KPN/Delivering on 2027, Delta still a question mark/HOLD
The stock has rerated in line with the Telecoms sector, +15% YTD, which we factor in with a lower WACC, despite some limited cuts in estimates for 2026 following the CMD and 4Q25 results. KPN deservedly trades at best in class European telecom multiples but we don't see much room for further outperformance. We are in line with management and consensus on the guidance of 7% FCF CAGR to 2027, indirect cost savings offsetting more intense competitive pressure, but are more prudent on the 2027-30 ta...
KPN reports on progress of € 250m share buyback
KPN reports on progress of € 250m share buyback KPN has repurchased 1,000,000 KPN ordinary shares in the period from 9 February to 13 February 2026. The shares were repurchased at an average price of € 4.58 per share for a total consideration of € 4.6m. These repurchases are part of the € 250m share buyback started on 29 January 2026 and reflect KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased until 13 February 2026 is 2,400,000 for a total consideration of € 10.6m. Aggregated transaction details of the share b...
- ING Helpdesk
Benelux Morning Notes
Aedifica: Conference call highlights. Basic-Fit: Belgian VAT increase for culture, sports and takeaway meals postponed. BE Semiconductor Industries: 4Q25 Preview, incremental strength. Kendrion: Preview - Clean into 2026. Magnum Ice Cream Company: Acquisition of Kwality Wall's launched. Retail Estates: Re-letting progress highlights portfolio quality. Semi Equipment: AMAT readthrough strength. Universal Music Group: EU Commission approves UMG's Downtown acquisition, requires full Curve Ro...
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 28 January 2026, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...
Flow Traders 4Q and FY 2025 Results
Flow Traders 4Q and FY 2025 Results Flow Traders 4Q and FY 2025 Results Amsterdam, the Netherlands - Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 4Q and FY 2025 results. Highlights Flow Traders recorded Net Trading Income of €123.8m and Total Income of €121.0m in 4Q25, a decrease of 20% and 24% when compared to 4Q24, respectively. For full year 2025, Net Trading Income came in at €485.8m and Total Income at €480.5m, increases of 4% and 0% year-on-year, respectively.Flow Traders’ ETP Value Traded increased by 22% in 4Q25 to €516bn in 4Q24. Full year Flow Traders’ ETP Value T...
KPN announces results of its Tender Offer
KPN announces results of its Tender Offer NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT Introduction On 3 February 2026, Koninklijke KPN N.V. (“KPN”) announced offers to holders of its outstanding £ 400m 5.00% notes due 2026 (ISIN: XS0707430947) (of which £250,000,000 in nominal amount currently remains outstanding) and £ 850m 5.75% notes due 2029 (ISIN: XS0451790280) (of which £549,996,000 in nominal amount currently remains outstanding) (together the "N...
KPN announces Indicative Results of its Tender Offer
KPN announces Indicative Results of its Tender Offer Koninklijke KPN N.V. announces indicative results of its tender offer for its £850,000,000 5.75 per cent. Notes due 2029 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (the United States) OR IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION W...
KPN reports on progress of € 250m share buyback
KPN reports on progress of € 250m share buyback KPN has repurchased 1,000,000 KPN ordinary shares in the period from 2 February to 6 February 2026. The shares were repurchased at an average price of € 4.34 per share for a total consideration of € 4.3m. These repurchases are part of the € 250m share buyback started on 29 January 2026 and reflect KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased until 6 February 2026 is 1,400,000 for a total consideration of € 6.0m. Aggregated transaction details of the share buyb...
- Russell Waller
Orange Belgium (Neutral, TP: €21.6, +12%) H2 25 results: Numbers beat...
OBEL has reported a good set of numbers, with EBITDAaL c+3% ahead of consensus and 2026 EBITDAaL guidance is better than consensus expectations. There is evidence of a Digi impact in MSR and ARPU, but KPIs are OK, suggesting that OBEL is protecting share over ARPU - OBEL has c30% of revs from mobile only, which are vulnerable to Digi in our view.
- Aurelien Sivignon
- Thomas Zlowodzki
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
APAML APERAM SA
PHA PHARMAGEST INTERACTIVE SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GBT GUERBET SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SAVE SAVENCIA SA
LIGHT SIGNIFY NV
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ALD ALD SA
OBEL ORANGE BELGIUM SA
NVM NOVEM GROUP SA
AF AIR FRANCE - KLM
- Aurelien Sivignon
- Thomas Zlowodzki
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
APAML APERAM SA
PHA PHARMAGEST INTERACTIVE SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GBT GUERBET SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SAVE SAVENCIA SA
LIGHT SIGNIFY NV
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ALD ALD SA
OBEL ORANGE BELGIUM SA
NVM NOVEM GROUP SA
AF AIR FRANCE - KLM
- ING Helpdesk
Benelux Morning Notes
Adyen: Preview 2H25. Aperam: In-line 4Q25, upbeat medium-term outlook balances short-term consensus risk. Ayvens: Fast Car (UCS normalisation). Barco: 4Q25 preview, mixed performance. Lotus Bakeries: Another beat on every line. Orange Belgium: 2H25 EBITDAal beat on lower sales, much better 2026 guidance. Philips: CMD & 4Q25 preview, execution is key. RELX: FY25 preview. Universal Music Group: Peer Warner Music 4% revenue and 11% OIBDA beat
- Konrad Zomer
Solid EBITDAaL growth slightly exceeding the 2025 guidance, supported ...
Solid EBITDAaL growth slightly exceeding the 2025 guidance, supported by sustained commercial performance, synergies and efficiencies Press releaseEmbargo until 6 February 2026 at 7:00 am Regulated information – Inside information Financial information for the second semester and full year 2025 Solid EBITDAaL growth slightly exceeding the 2025 guidance, supported by sustained commercial performance, synergies and efficiencies Mobile postpaid customer base +2.5% yoy / Cable customer base +1.8% yoyH2 Revenues -1.5% yoy / FY 2025 Revenues -1.5% yoyH2 EBITDAaL +3.4% yoy / FY 2025 EBITDAaL +...
Solide EBITDAaL-groei die de prognose voor 2025 licht overschrijdt, on...
Solide EBITDAaL-groei die de prognose voor 2025 licht overschrijdt, ondersteund door stabiele commerciële prestaties, synergiën en efficiëntiewinst PersberichtEmbargo tot 6 februari 2026 om 7.00 u. Gereglementeerde informatie – Voorwetenschap Financiële informatie voor het tweede halfjaar en het volledige jaar 2025 Solide EBITDAaL-groei die de prognose voor 2025 licht overschrijdt, ondersteund door stabiele commerciële prestaties, synergiën en efficiëntiewinst Aantal mobiele postpaidklanten +2.5% j-o-j / Aantal kabelklanten +1.8% j-o-jOmzet in H2 -1,5% j-o-j / Omzet 2025 -1,5% j-o-jEBITD...
Croissance solide de l'EBITDAaL légèrement supérieure aux prévisions p...
Croissance solide de l'EBITDAaL légèrement supérieure aux prévisions pour 2025, supportée par des performances commerciales soutenues, des synergies et des gains d'efficacité Communiqué de presseEmbargo jusqu'au 6 février 2026 à 7h00 Information réglementée – informations confidentielles Information financière relative au second semestre et à l'exercice 2025 Croissance solide de l'EBITDAaL légèrement supérieure aux prévisions pour 2025, supportée par des performances commerciales soutenues, des synergies et des gains d'efficacité Base clients mobiles postpayés +2.5% / Base clients câble ...
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