Aedifica: Results slightly better, guidance for the combined entity to come in Sept. CM.com: 4Q25 results – no turning point yet. D'Ieteren: Allstate reports bumper 4Q25, touts premium cuts, consensus prudent. Heijmans: Construction cool cat. Proximus: CPaaS peer Twilio 4Q25 results better than expected. Talabat: 4Q25 results, doubling down on investments. Theon International: Preview – a busy year it was.
We lower growth estimates for the coming years. We remain cautious on growth given limited visibility and dependence on new product success (eg, Halo) and Connect recovery. We also cut our adj. EBITDA estimates after CM.com downgraded its FY25 EBITDA guidance. We believe a Bird takeover is unlikely, and the recent €5m equity issuance triggered us to dive deeper into CM.com's balance sheet. Based on our current estimates, we see risks tied to RCF covenants effective from 3Q26. We keep our HOLD ra...
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
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