reports
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
AI AIR LIQUIDE SA
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TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
RI PERNOD RICARD SA
HO THALES SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
SZG SALZGITTER AG
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
SAN SANOFI
ERA ERAMET SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ASSA B ASSA ABLOY AB CLASS B
RIO RIO TINTO PLC
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
AMAG AMAG AUSTRIA METALL AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
AI AIR LIQUIDE SA
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TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
RI PERNOD RICARD SA
HO THALES SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
GYC GRAND CITY PROPERTIES SA
SZG SALZGITTER AG
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
KER KERING SA
VNA VONOVIA SE
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
SAN SANOFI
ERA ERAMET SA
NDA AURUBIS AG
TEG TAG IMMOBILIEN AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
RIO RIO TINTO PLC
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
AMAG AMAG AUSTRIA METALL AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
- Carole Braudeau
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BVI BUREAU VERITAS SA
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
ORA ORANGE SA
FNAC FNAC DARTY SA
KER KERING SA
BAYN BAYER AG
ERA ERAMET SA
WLN WORLDLINE SA
DHER DELIVERY HERO SE
VRLA VERALLIA SAS
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AZE AZELIS GROUP NV
SPM SAIPEM S.P.A.
- Carole Braudeau
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BVI BUREAU VERITAS SA
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
ORA ORANGE SA
FNAC FNAC DARTY SA
KER KERING SA
BAYN BAYER AG
ERA ERAMET SA
WLN WORLDLINE SA
DHER DELIVERY HERO SE
VRLA VERALLIA SAS
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AZE AZELIS GROUP NV
SPM SAIPEM S.P.A.
- Stephane Beyazian
- Stephane Beyazian
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ING Helpdesk
Benelux Morning Notes
Allfunds Group plc: 1Q25 Preview. Azelis: 1Q25 EBITA miss on tariff uncertainty, €20m self-help to support margins. Exor: Announces oversubscribed €1bn SBB tender offer, strike at VWAP +2%. Flow Traders: Mike drop. Fugro: 1Q25 as expected but outlook a question mark. IMCD: Breaking with tradition: CEO gone within 15 months. Kinepolis: Weak 1Q25, offset by a strong 2Q25 start. KPN: Small 1Q25 EBITDAal beat, guidance reiterated. Randstad: Capital Markets Event. RELX: 1Q25 trading...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Michiel Declercq
KPN 1Q25: Profitability exceeds expectations, reiterates outlook
KPN reported a solid set of 1Q25 results, with adj. service revenues up 3.1% organically to € 1319m, hereby slightly exceeding expectations (kbcse: € 1310m, css: € 1311m). Adj. EBITDAal increased 3.1% organically to € 634m, or comfortably above expectations (kbcse & € 624m). The group also reiterated its upward revised guidance from mid-February. Following the recent share price rally due to KPN's limited direct impact to tariffs, we lower our rating from Buy to Hold and reiterate our € 4.2 TP.
KPN delivers solid start to the year
KPN delivers solid start to the year Continued Group service revenue growth (+3.8% y-on-y, of which +0.7% Youfone), all segments delivering organic growthConsumer service revenue grew 4.6% y-on-y, of which +3.4% YoufoneBusiness service revenue grew 5.1% y-on-y, driven by SME and Tailored SolutionsAdj. EBITDA AL +4.7% y-on-y, of which +0.9% Youfone and +0.7% AlthioAs anticipated, FCF impacted by higher interest and tax payments and phasing of working capitalKPN leading the Dutch fiber market, adding 100k HP (incl. Glaspoort) and 94k HC to fiber footprintKPN’s mobile network awarded with the ...
Orange: Orange posts robust first-quarter results and confirms its 202...
Orange: Orange posts robust first-quarter results and confirms its 2025 targets Press releaseParis, 24 April 2025 Financial results at 31 March 2025 Orange posts robust first-quarter results and confirms its 2025 targets Solid retail commercial performanceEBITDAaL up +3.2%2025 financial targets confirmed In millions of euros 1Q 20251Q 2024comparablebasis1Q 2024historicalbasischangecomparablebasischangehistoricalbasisRevenues 9,9119,8499,8500.6 %0.6 %EBITDAaL 2,4802,4022,4063.2 %3.1 %eCAPEX (excluding licenses) 1,4631,3721,5506.6 %(5.6)%o/w excluding Spain 1,4631,3721,3846.6 %5.7 %o/w...
Orange: Orange affiche des résultats robustes au 1er trimestre et conf...
Orange: Orange affiche des résultats robustes au 1er trimestre et confirme ses objectifs 2025 Communiqué de presseParis, le 24 avril 2025 Information financière au 31 mars 2025 Orange affiche des résultats robustes au 1er trimestre et confirme ses objectifs 2025 Solide performance commerciale des services de détailCroissance de l’EBITDAaL de +3,2%Objectifs financiers 2025 confirmés En millions d’euros T1 2025T1 2024à basecomparableT1 2024en donnéeshistoriquesvariationà basecomparablevariationen donnéeshistoriquesChiffre d'affaires 9 9119 8499 8500,6 %0,6 %EBITDAaL 2 4802 4022 4063,2 ...
- Carole Braudeau
- Carole Braudeau
- ING Helpdesk
Benelux Morning Notes
AkzoNobel: 3% beat on 1Q25 Adj. EBITDA, FY25 guidance maintained at +€1.55bn. BE Semiconductor Industries: 1Q25 results - extending the downcycle. Corbion: Apogee. Just Eat Takeaway.com: 1Q25 Trading Update - no impact on the bid. Kinepolis: 1Q25 preview. KPN: 1Q25 preview. Randstad: Strong 9% high quality beat on 1Q25, 2Q25 outlook looks a touch below. Vår Energi: Fine start of the year, more to come. Vopak: Reasonable start, cashflow developing nicely.
- Christoffer Wang Bjørnsen
Telenor (Sell, TP: NOK140.00) - Q1e slightly below consensus
We have made only limited estimate changes (except for an accounting change for the treatment of write-offs in associates) and are slightly below consensus on Q1e revenues, service revenues, adj. EBITDA, net profit and FCF. With Nordics opex cuts looking set to be back-end loaded this year, we expect Q1 to be a relatively uneventful quarter. We will look for more clarity on lower-quality cash flow tailwinds with regard to Telenor’s ability to cover its dividends with FCF before M&A this year, wh...
KPN reports on progress of € 250m share buyback
KPN reports on progress of € 250m share buyback KPN has repurchased 1,400,000 KPN ordinary shares in the period from 14 April to 18 April 2025. The shares were repurchased at an average price of € 4.02 per share for a total consideration of € 5.6m. These repurchases are part of the € 250m share buyback started on 25 February 2025 and reflect KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased to date is 14,334,964 for a total consideration of € 54.6m. Transaction details of the share buyback are available on our ....
Orange: Orange files an application to cease to be a reporting issuer ...
Orange: Orange files an application to cease to be a reporting issuer in Canada Press releaseParis, 18 April 2025 Orange files an application to cease to be a reporting issuer in Canada Orange S.A (“Orange”) has applied to the Autorité des Marchés Financiers (“AMF”) as its principal regulator in Canada and to the Ontario Securities Commission (“OSC”), for an order (the “order”) to cease being a reporting issuer in all provinces and territories of Canada (the “Jurisdictions”). If the order is granted, Orange will cease to be a reporting issuer in Canada and, as a result, will no lon...
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