reports
- Carole Braudeau
- Thibault Leneeuw
Azelis Model update
After revising our estimates post FY25 results we lower our estimates. For 2026 we lower our revenue estimates as we expect lower organic growth, lower acquisitional growth and more FX headwinds. The impact on the gross profit margin is modest while we anticipate more pressure on the EBITA margins. However, we see significant upside as the current valuation is based on compressed estimates and multiples. Our DCF valuation and multiple approach result in a fair value of € 15 per share. Therefore,...
- Julian Dobrovolschi
- Adrian Pehl
EO FAURECIA SA
ZIL2 ELRINGKLINGER AG
F3C SFC ENERGY AG
OERL OC OERLIKON CORPORATION AG
ELG ELMOS SEMICONDUCTOR SE
SOLB SOLVAY SA
NEX NEXANS SA
UTG UNITE GROUP PLC
INH INDUS HOLDING AG
WIE WIENERBERGER AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
VASTB VASTNED RETAIL BELGIUM NV
DOKA DORMAKABA HOLDING AG
ALR ALIOR BANK SA
GLPG GALAPAGOS NV
ALM ALMIRALL SA
MVC METROVACESA SA
THEON THEON INTERNATIONAL PLC
ORP ORPEA
EXENS EXOSENS
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Adrian Pehl
EO FAURECIA SA
ZIL2 ELRINGKLINGER AG
F3C SFC ENERGY AG
OERL OC OERLIKON CORPORATION AG
ELG ELMOS SEMICONDUCTOR SE
SOLB SOLVAY SA
NEX NEXANS SA
UTG UNITE GROUP PLC
INH INDUS HOLDING AG
WIE WIENERBERGER AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
VASTB VASTNED RETAIL BELGIUM NV
DOKA DORMAKABA HOLDING AG
ALR ALIOR BANK SA
GLPG GALAPAGOS NV
ALM ALMIRALL SA
MVC METROVACESA SA
THEON THEON INTERNATIONAL PLC
ORP ORPEA
EXENS EXOSENS
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Julian Dobrovolschi
- ING Helpdesk
Benelux Morning Notes
CFE: Preview: underlying 2026 margin to improve / DEME: Preview: strong 2025, eyes on 2026 outlook / JDE Peet's: Acquisition by KDP expected to close in 2Q26 / Solvay: 2025 ends with strong FCF; 2026F und. EBITDA guidance slightly below, supported by one-off / UCB: Peer Moonlake investor day / Vastned: Beat on bottom line with operational metrics accelerating, but outlook remains weak
- Robert Jan Vos
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Martial Descoutures
- Wim Hoste
Solvay FIRST LOOK: 4Q25 soft but in line with consensus, cautious FY26...
4Q uEBITDA dropped by c. 30% organ. and was in line with CSS and c. 5% below our forecast. FY26 uEBITDA guidance of € 770-850m represents a 4-13% y/y decline and is at midpoint c. 2% below consensus and 7% below our forecast. The dividend policy (stable to increasing from a € 2.43 base) looks increasingly generous as the FY26 FCF will not be enough to service the dividend and will hence push up leverage from the current 1.8x. Despite the attractive dividend yield (c 9%), the tough market conditi...
- Stefano Toffano
- Martial Descoutures
- Mathijs Geerts Danau
Galapagos FY25 results hold no surprises
Galapagos reported FY25 results with a cash position of € 3bn (YE24: € 3,317.8m) and an updated outlook, where it expects to end FY26 with € 2,775 - € 2,850m in cash, and to incur costs of € 125-175m related to the winddown of the cell therapy business. Looking ahead, the company will focus its strategy on building a new pipeline through BD. € 37 TP and ACCUMULATE maintained.
Solvay fourth quarter and full year 2025 results
Solvay fourth quarter and full year 2025 results Press release Regulated information published on February 24, 2026, at 7:00 a.m. CET Strong free cash flow delivery in 2025 in a challenging environment Highlights Underlying net sales for the full year 2025 were €4.3 billion, -6.5% organically versus 2024. Soda ash seaborne and Coatis markets were weaker in 2025 while Peroxides and bicarbonate grew year-on-year. Underlying EBITDA was €881 million (-13.4% organically versus 2024), maintaining a strong underlying EBITDA margin of 20.7% despite challenges. Strategic t...
Solvay : résultats du quatrième trimestre et de l’année 2025
Solvay : résultats du quatrième trimestre et de l’année 2025 Communiqué de presse Information réglementée publiée le 24 février 2026 à 7h00 CET Forte génération de cash dans un environnement difficile Faits marquants Le chiffre d'affaires net sous-jacent pour l’ensemble de l’année 2025 s’élève à €4,3 milliards, en baisse de ‑6,5% en organique par rapport à 2024. Les marchés export du carbonate de soude et de Coatis ont été plus faibles en 2025, tandis que les peroxydes et le bicarbonate ont progressé d’une année sur l’autre. L’EBITDA sous-jacent ressort à €881 mi...
Solvay 2025 vierde kwartaal en jaarresultaten
Solvay 2025 vierde kwartaal en jaarresultaten Persbericht Gereglementeerde informatie, gepubliceerd op 24 februari 2026, om 7u00 CET Sterke vrije kasstroomgeneratie in een uitdagende omgeving Hoogtepunten De onderliggende netto-omzet voor het volledige jaar 2025 bedroeg €4,3 miljard, ‑6,5% organisch versus 2024. De overzeese Soda ash markt en de Coatis markt waren zwakker in 2025 terwijl Peroxides en bicarbonaat groeiden jaar-op-jaar. Onderliggende EBITDA bedroeg €881 miljoen (‑13,4% organisch versus 2024), met behoud van een sterke onderliggende EBITDA‑marge van ...
JDE Peet’s reports full-year results 2025
JDE Peet’s reports full-year results 2025 Strong financial performance and strategic progress in volatile and challenging environment PRESS RELEASEAmsterdam, February 24, 2026 Key items1 Organic sales up +15.3%, driven by 19.5% price and -4.3% volume/mix; Reported sales up 12.3%Organic adjusted EBIT up +1.2% to EUR 1.3 billionFree cash flow of EUR 1,130 million; Net leverage at 2.3xUnderlying EPS EUR 2.46 (up +1.7% to EUR 1.84 excluding fair value change in equity derivatives); Reported EPS of EUR 1.64Strong progress made in the roll-out of the brand-led Reignite the Amazing strategyKDP ...
Galapagos Reports Full Year 2025 Financial Results and Provides Fourth...
Galapagos Reports Full Year 2025 Financial Results and Provides Fourth Quarter Business Update Strategic reset positions Galapagos for long-term value creation Robust 2025 year-end cash and financial investments of €3.0 billion and ongoing collaboration with Gilead enable flexibility to execute on a business development-led growth strategy 2026 year-end cash expected to be in the range of €2.775 to €2.850 billion, with reduced cell therapy one-time restructuring cash costs of €25 million to an updated range of €125 to €175 million Management to host tomorrow, February 24, 2026, at 14:00 CE...
Galapagos rapporteert resultaten over het gehele jaar 2025 en geeft ee...
Galapagos rapporteert resultaten over het gehele jaar 2025 en geeft een business update over het vierde kwartaal Strategische heroriëntatie positioneert Galapagos voor waardecreatie op lange termijn Sterke positie van €3,0 miljard aan kasmiddelen en financiële investeringen eind 2025 en de blijvende samenwerking met Gilead bieden flexibiliteit om een groeistrategie te realiseren die wordt gedreven door business development De kaspositie eind 2026 wordt verwacht tussen €2,775 tot €2,850 miljard, met een verlaging van de eenmalige cash herstructureringskosten voor celtherapie met €25 miljoen ...
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