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Greenyard NV: 1 director

A director at Greenyard NV bought 27,914,598 shares at 7.400EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...

Stefano Toffano
  • Stefano Toffano
ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

AB InBev: 2Q25 results. Air France-KLM: Nice beat, let's see how FY25 finishes. AMG: Uptrend continues in 2Q25 with 23% EBITDA beat and guidance up to +US$200m. Aperam: Slight 2Q25 EBITDA beat, 3Q25 seen down QoQ. Arcadis: EBITA margin held up well in 2Q25, order intake mixed. Ayvens: 2Q25 results. Azelis: Soft but largely in-line 2Q25 with EMEA offsetting weaker APAC. Bekaert: 1H25 miss and lowered outlook to result in c.5% consensus downside. Corbion: Taking it to the wire. dsm...

Hilde Van Boxstael ... (+7)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Michiel Declercq
  • Thibault Leneeuw
  • Thomas Couvreur
  • Wim Hoste
  • Wim Lewi

Morning Notes : ABI BB, ARGX BB, BEKB BB, CRBN NA, DSFIR NA, ENX FP, F...

: ABI BB, ARGX BB, BEKB BB, CRBN NA, DSFIR NA, ENX FP, FAGR BB, FLOW NA, INGA NA, ONTEX BB, UCB BB, AZE BB, SYENS BB

Hilde Van Boxstael ... (+7)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Kristof Samoy
  • Livio Luyten
  • Thibault Leneeuw
  • Wim Hoste
  • Wim Lewi
Thibault Leneeuw
  • Thibault Leneeuw

Azelis Weak results are anticipated, limited downside risk

Since our last update, the market has experienced a wave of profit warnings and significant FX volatility. As a result, we find it necessary to revise our estimates. We are lowering our adjusted EBITA forecast from €471m to €451m, primarily due to adverse FX movements. Furthermore, we decrease our GPm expectations for the Americas. We anticipated that improvements in the F&F segment would support margin expansion in 2Q25, the combination of FX headwinds, macroeconomic uncertainty, and unfavourab...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

GBL: 1H25 preview; Greenyard: Results of initial acceptance period of voluntary and conditional takeover bid; Proximus: Weak Route Mobile results 1Q26, change in CEO; Staffing sector: Manpower 2Q25 beats; 3Q25 outlook only slightly better Coverage change Events Calendar

Quirijn Mulder ... (+2)
  • Quirijn Mulder
  • Stijn Demeester

Azelis/2Q25 preview: Don't expect a trend change yet/BUY

We lower expectations ahead of Azelis' 2Q25 results, driven by the prevailing uncertainty regarding trade and tariffs, especially in North America, and adverse FX trends. Our BUY stands, on a revised target price of €22 (previously €25), given Azelis's compelling valuation discount of c.30% relative to IMCD for a broadly similar medium-term growth dynamic and margin profile.

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ahold Delhaize: 2Q25 pre-close call feedback. Azelis: Attractive acquisition in personal care Italy. Econocom: Two UK/Ireland AV acquisitions disclosed. Staffing: Better French volumes in May even with easier comps, June outlook sluggish. Staffing: Dutch figs Period 6 volume and revenues weaker on tougher comps. UCB: Trump threatens a 200% tariff on pharmaceutical products

Michiel Declercq ... (+3)
  • Michiel Declercq
  • Thibault Leneeuw
  • Thomas Couvreur
ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Kinepolis: June 2025 Box office revenue/ attendance in US/Canada and France down. Utilities – Offshore Wind: Big Not So Beautiful Bill

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