reports
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: CMD targets at higher end, bold FTE cut to clinch 55% C/I ratio, lower CoRisk. D'Ieteren: Key Belron US glass supplier Fuyao connected to US labour allegations. Elia: Preview 3Q25 update; fine-tuning guidance to upper end of range?. NSI: KPN to leave Glass House, c.7.5% additional vacancy. SBM Offshore: Another step towards SEAP 1+2 FPSO awards. Universal Music Group: Spotify to increase its US subscription prices in 1Q26
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: 3Q TU mostly in line, better inflows, markets support AuMs. Ahold Delhaize: Peer Walmart 3Q25/26 results. Bekaert: Soft 3Q25 update, FY guidance further toned down. Corbion: Evolution, not revolution. Universal Music Group: Peer Warner Music 11% revenue and 8% OIBDA beat
- Carole Braudeau
- Carole Braudeau
- ING Helpdesk
Benelux Morning Notes
Arcadis: US peer Aecom sets a new standard for EBITDA margin potential. Belgian telecoms: Orange Belgium price increases from January. CFE: Keeps outlook, materially lower QoQ net debt. Flow Traders: Market volumes improve in October. IMCD: Awaiting a recovery. Kinepolis: Launches retail bond issuance for €100-150m. NEPI Rockcastle: Sound operational performance continues. Universal Music Group: EU to warn on Downtown deal
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
CA CARREFOUR SA
FORTUM FORTUM OYJ
KBC KBC GROUP N.V.
FHZN FLUGHAFEN ZURICH AG
MRK MERCK KGAA
HOT HOCHTIEF AG
EOAN E.ON SE
RWE RWE AG
DTE DEUTSCHE TELEKOM AG
UTG UNITE GROUP PLC
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
STR STRABAG SE
BNR BRENNTAG SE
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
DHER DELIVERY HERO SE
SHL SIEMENS HEALTHINEERS AG
MRNA MODERNA INC.
AGN AEGON N.V.
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
CA CARREFOUR SA
FORTUM FORTUM OYJ
KBC KBC GROUP N.V.
FHZN FLUGHAFEN ZURICH AG
MRK MERCK KGAA
HOT HOCHTIEF AG
EOAN E.ON SE
RWE RWE AG
DTE DEUTSCHE TELEKOM AG
UTG UNITE GROUP PLC
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
STR STRABAG SE
BNR BRENNTAG SE
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
DHER DELIVERY HERO SE
SHL SIEMENS HEALTHINEERS AG
MRNA MODERNA INC.
AGN AEGON N.V.
- Marc Lavaud
- Martin Marandon-Carlhian
- Stephane Houri
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MUV2 MUNICH REINSURANCE COMPANY
EOAN E.ON SE
RWE RWE AG
BAYN BAYER AG
SLHN SWISS LIFE HOLDING AG
BA. BAE SYSTEMS PLC
LEG LEG IMMOBILIEN AG
YPSN YPSOMED HOLDING AG
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
POST OSTERREICHISCHE POST AG
BNR BRENNTAG SE
HAG HENSOLDT AG
- Carole Braudeau
Credit Morning 11/12/2025
Carrefour has reportedly received three offers for its Romanian business, including one from Auchan.|Permira is reportedly negotiating the sale of Golden Goose for more than € 2.5bn to Hongshan|Edenred has significantly revised downwards its EBITDA forecast for 2026 if regulatory changes in Brazil are confirmed.|
- Marc Lavaud
- Martin Marandon-Carlhian
- Stephane Houri
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MUV2 MUNICH REINSURANCE COMPANY
EOAN E.ON SE
RWE RWE AG
BAYN BAYER AG
SLHN SWISS LIFE HOLDING AG
BA. BAE SYSTEMS PLC
LEG LEG IMMOBILIEN AG
YPSN YPSOMED HOLDING AG
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
BNR BRENNTAG SE
HAG HENSOLDT AG
- Carole Braudeau
Morning Crédit 12/11/2025
Carrefour aurait reçu trois offres pour son activité en Roumanie dont une d’Auchan.|Permira négocierait la cession de Golden Goose au fond Hongshang Capital pour plus de 2,5 mds EUR|Edenred revoit en forte baisse sa prévision d’EBITDA pour 2026 si les changements règlementaires au Brésil venaient à être confirmés.|
- Michael B. Schäfer
- ING Helpdesk
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...
KPN ROYAL KPN NV
WKL WOLTERS KLUWER NV
VNA VONOVIA SE
UCB UCB S.A.
DIE D'IETEREN SA
ROYAL VOPAK NV
MONT MONTEA SCA
BPOST BPOST SA
EXO EXOR N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ALFEN ALFEN NV
DSC1 DUTCH STAR C SHAR
UMG UNIVERSAL MUSIC GROUP NV
VAR VAR ENERGI ASA
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
AXA AXA
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
EBS ERSTE GROUP BANK AG
GLE SOCIETE GENERALE S.A. CLASS A
WPP WPP PLC
REP REPSOL SA
KGX KION GROUP AG
SPIE SPIE SA
ARGX ARGEN-X SE
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
STMN STRAUMANN HOLDING AG
TEN TENARIS S.A.
PUIG PUIG BRANDS
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
AXA AXA
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
EBS ERSTE GROUP BANK AG
GLE SOCIETE GENERALE S.A. CLASS A
WPP WPP PLC
REP REPSOL SA
KGX KION GROUP AG
SPIE SPIE SA
ARGX ARGEN-X SE
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
STMN STRAUMANN HOLDING AG
TEN TENARIS S.A.
PUIG PUIG BRANDS
- ING Helpdesk
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...
- Jerôme Bodin
- Jerôme Bodin
- ING Helpdesk
Benelux Morning Notes
AB InBev: The interim is back. Arcadis: Slow return to organic growth, FCF disappoints. Ayvens: Keeping its promise. dsm-firmenich: Waiting for Godot. D'Ieteren: Boyd prelim 3Q25, $1.3bn M&A deal, NYSE listing, $780m capital increase. Flow Traders: Down but not out. Ontex: FY25F guidance confirmed despite a modestly softer 3Q25. Recticel: Weak 3Q25 but comforting outlook. Shell plc: Solid story with cash continuing to come in strongly. TKH Group: Preview - subsea remains in foc...
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