reports
FP TOTAL SE
EDEN EDENRED SA
EQNR EQUINOR ASA
SESGL SES SA FDR (CLASS A)
GALP GALP ENERGIA SGPS SA CLASS B
PBB DEUTSCHE PFANDBRIEFBANK AG
LXS LANXESS AG
ENI ENI S.P.A.
COTN COMET HOLDING AG
REP REPSOL SA
SAVE SAVENCIA SA
SOI SOITEC SA
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SLIGR SLIGRO FOOD GROUP N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SAX STROEER SE & CO. KGAA
BPOST BPOST SA
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
RENE REDES ENERGETICAS NACIONAIS SA
SFSN SFS GROUP AG
MOB MOBILEZONE HOLDING AG
FNTN FREENET AG
IDR INDRA SISTEMAS S.A. CLASS A
SAE SHOP APOTHEKE EUROPE NV
BP. BP P.L.C.
DUE DURR AG
REY REPLY S.P.A.
VOS VOSSLOH AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRP GREENCOAT RENEWABLES
AG1 AUTO1 GROUP
NA9 NAGARRO
DSY DASSAULT SYSTEMES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
OVH OVH GROUPE
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
EXENS EXOSENS
4X0 STEYR MOTORS AG
ALHG LOUIS HACHETTE GROUP
FP TOTAL SE
EDEN EDENRED SA
EQNR EQUINOR ASA
SESGL SES SA FDR (CLASS A)
GALP GALP ENERGIA SGPS SA CLASS B
PBB DEUTSCHE PFANDBRIEFBANK AG
LXS LANXESS AG
ENI ENI S.P.A.
COTN COMET HOLDING AG
REP REPSOL SA
SAVE SAVENCIA SA
SOI SOITEC SA
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SLIGR SLIGRO FOOD GROUP N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SAX STROEER SE & CO. KGAA
BPOST BPOST SA
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
SFSN SFS GROUP AG
MOB MOBILEZONE HOLDING AG
FNTN FREENET AG
IDR INDRA SISTEMAS S.A. CLASS A
SAE SHOP APOTHEKE EUROPE NV
BP. BP P.L.C.
DUE DURR AG
REY REPLY S.P.A.
VOS VOSSLOH AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
GRP GREENCOAT RENEWABLES
AG1 AUTO1 GROUP
NA9 NAGARRO
DSY DASSAULT SYSTEMES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
OVH OVH GROUPE
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
ARM ARM HOLDINGS PLC
R3NK RENK GROUP AG
EXENS EXOSENS
4X0 STEYR MOTORS AG
ALHG LOUIS HACHETTE GROUP
- Emmanuel Matot
- Stephane Houri
AKE ARKEMA
INFINEON INFINEON TECHNOLOGIES AG
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
SESGL SES SA FDR (CLASS A)
SREN SWISS RE AG
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
SOI SOITEC SA
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
OTP OTP BANK NYRT
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
SPIE SPIE SA
FNTN FREENET AG
IDR INDRA SISTEMAS S.A. CLASS A
BP. BP P.L.C.
REY REPLY S.P.A.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SIGN SIG COMBIBLOC GROUP LTD
WAVE WAVESTONE SA
AG1 AUTO1 GROUP
NA9 NAGARRO
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
EXENS EXOSENS
ALHG LOUIS HACHETTE GROUP
- Emmanuel Matot
- Stephane Houri
AKE ARKEMA
INFINEON INFINEON TECHNOLOGIES AG
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
IPN IPSEN SA
EQNR EQUINOR ASA
SESGL SES SA FDR (CLASS A)
SREN SWISS RE AG
GALP GALP ENERGIA SGPS SA CLASS B
ENI ENI S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
SOI SOITEC SA
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
OTP OTP BANK NYRT
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
SPIE SPIE SA
FNTN FREENET AG
IDR INDRA SISTEMAS S.A. CLASS A
BP. BP P.L.C.
REY REPLY S.P.A.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SIGN SIG COMBIBLOC GROUP LTD
WAVE WAVESTONE SA
AG1 AUTO1 GROUP
NA9 NAGARRO
UMG UNIVERSAL MUSIC GROUP NV
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
EXENS EXOSENS
ALHG LOUIS HACHETTE GROUP
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Peer Kroger 4Q25 results. bpost: 4Q25/FY25 result in line, no dividend, FY26 outlook in line, assumptions optimistic. Eurocommercial Properties: Cautious guidance despite Swedish acquisition. Sligro: Feedback from group CMD. Universal Music Group: In line clean EBITDA, FCF below, US listing shelved
- BC-bc user
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Research Team
WOOD Daily: MDV PW; BDX PW; CBF PW; SHO PW; VRC PW; PGE PW; RBW PW; OT...
HEADLINES: • Modivo Group: the role of a serial disruptor is never easy (stays BUY) • Budimex: built on solid ground, priced for perfection (HOLD - transfer of coverage) • Budimex: 4Q25 conference highlights NEUTRAL • cyber_Folks / Shoper: key takeaways from the 4Q25 earnings call POSITIVE • Vercom: key takeaways from the 4Q25 earnings call POSITIVE • PGE: PLN 12.1bn loan impairment recognised in stand-alone accounts NEGATIVE • Rainbow Tours: summer 2026E season pre-sales accelerate to +10.9% yo...
- Stefano Toffano
- Wim Gille
- Jerôme Bodin
- Stephane Houri
EDEN EDENRED SA
SESGL SES SA FDR (CLASS A)
SOI SOITEC SA
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
FNTN FREENET AG
IDR INDRA SISTEMAS S.A. CLASS A
REY REPLY S.P.A.
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
WAVE WAVESTONE SA
AG1 AUTO1 GROUP
NA9 NAGARRO
DSY DASSAULT SYSTEMES SA
OVH OVH GROUPE
ARM ARM HOLDINGS PLC
EXENS EXOSENS
ALHG LOUIS HACHETTE GROUP
- Lukasz Wachelko
- CFA
- Marek Szymański
Modivo Group: the role of a serial disruptor is never easy (stays BUY)
We maintain our BUY on Modivo (formerly CCC), but cut our 12M price target (PT) to PLN 142, from PLN 227. Following the successful introduction of its own off-price concept and licensed brands, Modivo switched to another gear, but encountered a wall of weak demand, triggered by a decline in the propensity to consume and the unfavourable weather. From the peak of its inventories in 3Q24, the company has reduced its rotation by 10%, at the expense of a 160bps gross margin investment in FY25E. Stil...
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
VOLV B VOLVO AB CLASS B
EO FAURECIA SA
DAI DAIMLER AG
GBF BILFINGER SE
POM PLASTIC OMNIUM SE
SCR SCOR SE
TYRES NOKIAN RENKAAT OYJ
GLO GL EVENTS SA
FR VALEO SE
CICN CICOREL HOLDING S.A.
VOW3 VOLKSWAGEN AG PREF
IMPN IMPLENIA AG
POS PORR AG
SIX2 SIXT SE
SEM SEMPERIT HOLDING AG
PAT PATRIZIA AG
CIE CIE AUTOMOTIVE S.A.
SAX STROEER SE & CO. KGAA
ZAG ZUMTOBEL GROUP AG
TWEKA TKH GROUP N.V. CERT
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
WPL WIRTUALNA POLSKA HOLDING SA
RACE FERRARI NV
DUE DURR AG
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
CENER CENERGY
8TRA TRATON SE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
DTG DAIMLER TRUCK
IVG IVECO GROUP
CABKA CABKA N.V.
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
VT5 VT5 ACQUISITION COMPANY AG
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
R3NK RENK GROUP AG
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
VOLV B VOLVO AB CLASS B
EO FAURECIA SA
DAI DAIMLER AG
GBF BILFINGER SE
POM PLASTIC OMNIUM SE
SCR SCOR SE
TYRES NOKIAN RENKAAT OYJ
GLO GL EVENTS SA
FR VALEO SE
CICN CICOREL HOLDING S.A.
VOW3 VOLKSWAGEN AG PREF
IMPN IMPLENIA AG
POS PORR AG
SIX2 SIXT SE
SEM SEMPERIT HOLDING AG
PAT PATRIZIA AG
CIE CIE AUTOMOTIVE S.A.
SAX STROEER SE & CO. KGAA
ZAG ZUMTOBEL GROUP AG
TWEKA TKH GROUP N.V. CERT
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
WPL WIRTUALNA POLSKA HOLDING SA
RACE FERRARI NV
DUE DURR AG
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
CENER CENERGY
8TRA TRATON SE
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
DTG DAIMLER TRUCK
IVG IVECO GROUP
CABKA CABKA N.V.
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
VT5 VT5 ACQUISITION COMPANY AG
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
R3NK RENK GROUP AG
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Usama Tariq
Cabka delivers disciplined SHIFT execution in 2025 with EBITDA growth ...
Cabka delivers disciplined SHIFT execution in 2025 with EBITDA growth and significant net debt reduction Key Financial Developments 2025 Revenues of €180.0 million, down 1% yoy (2024: €181.9 million), with improved momentum in H2Gross margin improved to 51.3% (2024: 50.9%), due to an improved product mix, higher operational efficiency, and centralized material purchasing strategy Operational EBITDA increased to €21.1 million in 2025 (2024: €20.5 million), an EBITDA margin of 11.7% (2024: 11.3%)Net loss improved to €-7.4 million (2024: €-9.4 million) supported by SHIFT plan execution, which...
Cabka Activates Incident Response Following Cybersecurity Event
Cabka Activates Incident Response Following Cybersecurity Event Amsterdam 4 March 2026. Cabka N.V. (together with its subsidiaries “Cabka”, or the “Company”), specialized in transforming hard to recycle plastic waste into innovative Reusable Transport Packaging (RTP), listed at Euronext Amsterdam, announces that it has identified a cybersecurity incident affecting certain IT systems. The incident was detected over the weekend. The Company has immediately activated its incident response protocol, isolated affected systems, and engaged external cybersecurity specialists to conduct a forensic...
- Delphine Brault
- Juan Ros-Padilla
- Luis de Toledo Heras
- Nathan Mietlicki
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
OSE OSE IMMUNOTHERAPEUTICS SA
SSAB A SSAB AB CLASS A
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
SZG SALZGITTER AG
ITRK INTERTEK GROUP PLC
VOE VOESTALPINE AG
ACX ACERINOX SA
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
REP REPSOL SA
NDA AURUBIS AG
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CPINV CARE PROPERTY INVEST SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
NVG NAVIGATOR COMPANY SA
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
KBX KNORR-BREMSE AG
THEP THERMADOR HOLDING SA
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
AG1 AUTO1 GROUP
OVH OVH GROUPE
EPI A EPIROC AB
ALLFG ALLFUNDS (UK) LTD
ATCO A ATLAS COPCO AB
SGSN SGS SA
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
SHA SCHAEFFLER AG
CIRSA CIRSA ENTERPRISES S.A.
- Delphine Brault
- Emira Sagaama
- Juan Ros-Padilla
- Luis de Toledo Heras
- Nathan Mietlicki
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
OSE OSE IMMUNOTHERAPEUTICS SA
SSAB A SSAB AB CLASS A
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
SZG SALZGITTER AG
ITRK INTERTEK GROUP PLC
VOE VOESTALPINE AG
ACX ACERINOX SA
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
ERA ERAMET SA
REP REPSOL SA
NDA AURUBIS AG
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CPINV CARE PROPERTY INVEST SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
NVG NAVIGATOR COMPANY SA
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
KBX KNORR-BREMSE AG
THEP THERMADOR HOLDING SA
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
AG1 AUTO1 GROUP
OVH OVH GROUPE
EPI A EPIROC AB
ALLFG ALLFUNDS (UK) LTD
ATCO A ATLAS COPCO AB
SGSN SGS SA
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
CIRSA CIRSA ENTERPRISES S.A.
- Anis Zgaya
- Klaus Ringel
- Martin Marandon-Carlhian
- Sinan Doganli
- Luis de Toledo Heras
IPS IPSOS
TEMN TEMENOS AG
EO FAURECIA SA
LEI LEIFHEIT AG
POM PLASTIC OMNIUM SE
EVN EVN AG
ITP INTERPARFUMS
ALTA ALTAREA SCA
ATE ALTEN SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
ERA ERAMET SA
GLB GLANBIA PLC
CFEB COMPAGNIE D'ENTREPRISES CFE SA
VID VIDRALA SA
WIE WIENERBERGER AG
ROYAL VOPAK NV
DOKA DORMAKABA HOLDING AG
ENC ENCE ENERGIA Y CELULOSA SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
FACC FACC AG
NKT NKT A/S
GRE GRENERGY RENOVABLES
VRLA VERALLIA SAS
AG1 AUTO1 GROUP
FI-N GEORG FISCHER AG
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