AB InBev: Strong brew. Adecco: 1Q25 beats on timing of JV income; 2Q25 outlook momentum positive. Alfen: Preview - 1Q25 should arrive in line. AMG: Strong 1Q25 EBITDA beat, guidance raised. BAM Group: Non-residential backs EBITDA increase. CTP: Strong results combined with strong message on demand dynamics. JDE Peet's: Jumping Beans. Kinepolis: Peer AMC 1Q25 results - revenues per visitor more subdued. Prosus: CEO letter highlights strong profit growth in 2026. Proximus: CpaaS ...
HEADLINES: • ING BSK: 1Q25 results in line with expectations and our annual 2025E expectations NEUTRAL • Jeronimo Martins: beat in 1Q25; Biedronka margin stabilised, despite adverse calendar effect; FY25E guidance maintained POSITIVE • Bank Handlowy: dull 1Q25 results; dividend recommendation due later in May; uncertainty over impact of sale of retail operations persisting NEUTRAL • Budimex: 1Q25 EBITDA misses forecast slightly, backlog down marginally qoq, but rising amount of pending contracts...
Gross Rental income grew 15.9% yoy to EUR 182.5m vs. 178.6m expected (KBCS) and benefited from strong 4.2% like-for-like growth. The EPRA EPS of 0.21 came slightly above our expectation of 0.20. New leases signed increased 24% yoy at 3% higher rent. The FY25 EPS outlook is maintained at 0.86-0.88. The LTV% was flat at 45.3% vs. FY24 end. The Cost of Debt declined to 2.94% vs. 3.09% at FY24-end. The occupancy on standing assets was flat at 93% vs. FY24 end. CTP maintained its development pipeline...
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