Benelux Morning Notes

ABN Amro: 3Q mixed, NIBC M&A good value for money. Adyen: CMD highlights – confident on long-term growth Belgian Telecoms: Digi Belgium raises €104.5m in capital, after €80m capital increase in July. CM.com: Raises €5m through private placement. Recticel: Peer Rockwool's 3Q25 trading update. Zabka: Potential bidder for Carrefour Romania. Events Calendar

Coffee, Croissants & Credit/Proximus

Proximus reported weak 3Q25 results on a deteriorating Global division

ING Benelux Favourites/Weekly performance and valuation update

The ING Benelux Favourites list comprises ASM, Basic-Fit, DSM-Firmenich, Lotus Bakeries, SBM Offshore, Vopak, Wolters Kluwer and Xior.

Benelux Morning Notes

Adyen: Preview Investor Day Aperam: In line 3Q25 EBITDA, soft 4Q25 guidance balanced by optimism on EU trade action and FCF beat Brunel: 3Q25 beats; outlook FY25 in line but trend NL and cash position weaker CM.com: Rejects Bird's offer Euronext: Records, beats, buybacks and upgrades GBL: 3Q25 a bit light Kinepolis: Canadian peer Cineplex 3Q25 Results and October 2025 Box office revenue NEPI Rockcastle: COO appointed as new CEO Proximus: Major cut to Global 2026 EBITDA, in line 3Q, 2025 FCF guid...

Proximus (Neutral, TP: €11.8, +62%) Q3 25: Domestic resilience, but G...

Proximus has reported a mixed set of results and has updated guidance accordingly: Global guidance has been cut again, and 2026 Global outlook has been cut heavily. For this year, the Global weakness has been absorbed by domestic such that Group outlook is unchanged.

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

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 ...

Benelux Morning Notes

Ahold Delhaize: Strong beat driven by one-offs Alfen: Bull bear fight continues bpost: 3Q25 results in line with INGF but miss vs consensus, FY25 outlook fine-tuned to top-end CM.com: Takeover offer from Bird Coca-Cola Europacific Partners: Refreshing D'Ieteren: Belron peer Driven Brands 3Q25 talks of lower Q4, choppiness in Collision and Direct Repair Exor: Ferrari reassures with strong 3Q25, improved guidance KPN: Strategy update reassures, largely in line, with solid cash returns expec...

Benelux Morning Notes

Azelis: Appointment of Boris Cambon-Lalanne as group CFO. Belgian Telecoms: Price increase on most of the non-commercialised products and Scarlet trio. D'Ieteren: Belgian October car registrations down 7%, VW down 20%. Kendrion: Results preview; launching share buyback programme. Kinepolis: Acquires US movie theatre chain Emagine Entertainment for US$105m. Kinepolis: October box office in US/Canada and France attendance drop again. Ontex: Branded activity now fully divested. Philip...

Cloud growth, AI capex, Nvidia Guide, Memory, Auto Semi Cycle and more...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the names we followed last week, follow the link below.

Benelux Morning Notes

Arcadis: Feedback from conference call 3Q25. Belgian telcos: Telenet positive net adds in broadband, near ECM decision. CTP: 34k sqm lease signed in Poland. Eurocommercial Properties: Organic momentum is getting stronger. Fugro: Reasonable 3Q, challenging 4Q and beyond. Heijmans: Order book quality improves further. KPN: VodafoneZiggo guidance maintained, ECM decision near. Proximus: CPaaS peer Twilio reports strong 3Q25 results. Retail Estates: Jysk new tenant of 5 Leen Bakker B...

Nvidia revenues to exceed consensus by at least 30% next year; raising...

With comments made at GTC Washington earlier this week, follow up conversations with the company and the tsunami of raises in capex outlook last night, we confidently step up our forecast for Nvidia. Follow the link for details summarized on a single slide.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/29/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 29/10/2025

Benelux Morning Notes

Adyen: 3Q25 results – solid net revenue, FY25 guidance reiterated. Aedifica: Guidance raised, positive tenant trends and good portfolio valuation. Ageas: China Taiping Life 3Q25 Solvency much lower, remains solid. Allfunds Group PLC: Strong flows. ASM International: 3Q25 results - disappointing orders, much better margins. Corbion: Iron wills and nerves of steel. Lotus Bakeries: peer Mondelez 3Q25 results. Melexis: 3Q25 results, ongoing gross margin pressure. Staffing: Dutch figs...

Morning Notes : ADYEN NA, AED BB, ASM NA, CRBN NA, HEIA NA, INGA NA, M...

: ADYEN NA, AED BB, ASM NA, CRBN NA, HEIA NA, INGA NA, MTLS US, MELE BB

ASM International Strong 3Q25 results, weak order intake and 4Q25 outl...

ASMi revenues were above expectations driven by advanced logic/foundry demand. Gross profit margin benefited from a favorable product mix, supported by China. This combined with lower SG&A cost resulted in a better than expected adj. EBIT. However, order intake and 4Q25 outlook disappoint. FY25 guidance of approximately 10% y/y growth at CER is unchanged although we expect FY25 estimates to decrease with 1-2%. We expected large headwinds for ASMi from China in the short term. However, in the lon...

ASM International N.V : Clearly the low point for orders, with the pos...

ASM International N.V : Manifestement le point bas des commandes, avec...