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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Belgian Telecoms: Orange Belgium and Proximus MoU on Fiber deployment and increased access to gigabit networks in Wallonia. Cofinimmo: Bottom line outperforming outlook. Elia: Solid start to the year, but with some help from accounting. Heijmans: Another leg up! Proximus: Better Domestic cannot hide Proximus Global double accident, MoU an incremental negative. Signify: 2Q25 Results, better growth, lower margins. WDP: No surprises, 2025 and 2027 targets reiterated. Events Calendar

Guy Sips ... (+7)
  • Guy Sips
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Lynn Hautekeete
  • Michiel Declercq
  • Thomas Couvreur
  • Wim Lewi
Wim Lewi
  • Wim Lewi

Warehouses De Pauw 1H25 Results are solid, pipeline pre-let recovers t...

EPRA EPS 1H25 came above our expectation at EUR 0.75 vs. 0.73 exp. EPRA EPS yoy growth of 5.6% is still impressive as its average share count increased by 2.9% YoY. The GRI also beat our expectations by 3.5% as investments accelerated and occupancy remained strong. WDP repeated its EPRA EPS25 outlook at 1.53, slightly below our 1.54 estimate. The “Blend27” strategy was also repeated with a guidance of 1.70 EPRA EPS by FY27. Current development pipeline stands at 387m of which 75% is pre-let wi...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Aalberts: Acquisition of Asian semiconductor player. ASML: Preview 2Q25; building backlog for 2026. BAM: 1H25 preview - YoY improvement from UK. Barco: Preview 1H25F; significant headwinds. Econocom: Acquires four specialist AV companies under ‘One Econocom' strategic plan. Flow Traders: Preview 2Q25. Staffing: Page Group 2Q25 trading update; soft 2Q25 especially in perm; outlook in line. WDP: €41m sale-and-lease back in France

Hilde Van Boxstael ... (+6)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Lynn Hautekeete
  • Michiel Declercq
  • Thomas Vranken
  • Wim Hoste
Roy Külter ... (+2)
  • Roy Külter
  • Thomas Zlowodzki
Roy Külter ... (+2)
  • Roy Külter
  • Thomas Zlowodzki
Guy Sips ... (+9)
  • Guy Sips
  • Hilde Van Boxstael
  • Kristof Samoy
  • Livio Luyten
  • Michiel Declercq
  • Thibault Leneeuw
  • Thomas Vranken
  • Wim Hoste
  • Wim Lewi

Dynamic Top Pick List Update July: Removing Fagron and Melexis, Adding...

Since the last publication of our Dynamic Top Pick List on 5 June 2025, our selection has seen again a nice outperformance versus the reverence indices (AEX, Bel20 and Eurostoxx50) of on average 3.3%. Our July update brings 3 adjustments to the list : Since being added to the list in December 2024, Fagron's share price has surged +/-22%, driven by strong Q1 2025 results and robust growth across all regions. Fagron reaffirmed its FY25 guidance and unveiled its “Compounding for Growth” strategy, ...

Delphine Brault ... (+2)
  • Delphine Brault
  • Steven Boumans
Delphine Brault ... (+2)
  • Delphine Brault
  • Steven Boumans
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