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- ING Helpdesk
Benelux Morning Notes
Aalberts: In-line FY25, but low quality / AMG: 4Q25 beat by 7%; in-line 2026 guidance / Bekaert: In-line 2025, cautious outlook for 2026 to result in c.8% consensus cut / CMB.TECH: A small bit beat but not the full story / Corbion: Dividend sweetener / CTP: Q4 results lighter due to some delays; stronger 2026 outlook / DEME: Strong FY25 numbers and FY26 outlook / Elia Group: Preview FY25 results / SBM Offshore: Another step-up in shareholder return / Syensqo: Substantial miss in 4Q25; FY26 outlo...
- Wim Hoste
Corbion FIRST LOOK: FY25 EBITDA +27% organ., FY26 margin guidance of 1...
FY25 adj EBITDA increased by 27% organically and was close to our and consensus forecasts. FY26 guidance of a c. 100bps adj EBITDA margin improvement to around 17% is no surprise (KBCS 16.7%, CSS 16.9%). We remind that Corbion is conducting a strategic review on PLA which we believe will most likely result in an exit of Corbion, while still remaining the lactic acid supplier to the buyer. Biochemicals will be de-emphasized, which will put the growth focus on food preservation and formulation, al...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Patrick Steiner
Corbion announces strong full-year 2025 results with +26.7% organic Ad...
Corbion announces strong full-year 2025 results with +26.7% organic Adjusted EBITDA growth, +63.3% EPS growth, and €90.8 million in FCF; announces special dividend Corbion, the Amsterdam-listed sustainable food-ingredients company that champions preservation through application of science, today publishes its results for the year ending 31 December 2025. Key highlights annual results 2025: Organic sales growth: +2.2% (Q4: +5.4%) Volume/mix: +3.4% (Q4: +8.8%) Price: -1.2% (Q4: -3.4%) Sales: € 1,267.4 million (Q4: € 310.2 million) Adjusted EBITDA: € 204.3 million (Q...
- Ahmed Ben Salem
- Baptiste Lebacq
- Marc Lavaud
- Usama Tariq
NK IMERYS SA
GTT GAZTRANSPORT & TECHNIGAZ SA
ISS ISS A/S
NEX NEXANS SA
BIG BIGBEN INTERACTIVE SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
ROYAL VOPAK NV
BRNL BRUNEL INTERNATIONAL N.V.
NVG NAVIGATOR COMPANY SA
FACC FACC AG
COFA COFACE SA
MAU ETABLISSEMENTS MAUREL & PROM SA
JST JOST WERKE AG
UMI UMICORE
INS INSTONE REAL ESTATE GROUP AG
ALHG LOUIS HACHETTE GROUP
SFZN SIEGFRIED HOLDING AG
- Ahmed Ben Salem
- Baptiste Lebacq
- Marc Lavaud
- Usama Tariq
NK IMERYS SA
GTT GAZTRANSPORT & TECHNIGAZ SA
ISS ISS A/S
NEX NEXANS SA
BIG BIGBEN INTERACTIVE SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
ROYAL VOPAK NV
BRNL BRUNEL INTERNATIONAL N.V.
NVG NAVIGATOR COMPANY SA
FACC FACC AG
COFA COFACE SA
MAU ETABLISSEMENTS MAUREL & PROM SA
JST JOST WERKE AG
UMI UMICORE
INS INSTONE REAL ESTATE GROUP AG
ALHG LOUIS HACHETTE GROUP
SFZN SIEGFRIED HOLDING AG
- Klaus Ringel
- Michael Foundoukidis
- Aurelien Sivignon
- Thomas Zlowodzki
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
APAML APERAM SA
PHA PHARMAGEST INTERACTIVE SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GBT GUERBET SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SAVE SAVENCIA SA
LIGHT SIGNIFY NV
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ALD ALD SA
OBEL ORANGE BELGIUM SA
NVM NOVEM GROUP SA
AF AIR FRANCE - KLM
- Aurelien Sivignon
- Thomas Zlowodzki
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
APAML APERAM SA
PHA PHARMAGEST INTERACTIVE SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GBT GUERBET SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SAVE SAVENCIA SA
LIGHT SIGNIFY NV
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ALD ALD SA
OBEL ORANGE BELGIUM SA
NVM NOVEM GROUP SA
AF AIR FRANCE - KLM
- Aurelien Sivignon
- Aurelien Sivignon
- Arnaud Riverain
Strong commercial performance in 2025: Annual Recurring Revenue (ARR) ...
Strong commercial performance in 2025: Annual Recurring Revenue (ARR) of €108.0m (+8.8% as reported on 31 December 2025) and full-year revenue of €236.5m (+9.1% as reported) Villers-lès-Nancy, 05 February 2026 - 6:00 PM (CET) PRESS RELEASE Strong commercial performance in 2025: Annual Recurring Revenue (ARR) of €108.0m (+8.8% as reported on 31 December 2025) and full-year revenue of €236.5m (+9.1% as reported) First disclosure of Annual Recurring Revenue (ARR), reaching €108.0m at 31 December 2025, up a robust 8.8% year on yearGrowth driven by all business divisions, with particularly...
Solides performances commerciales en 2025 : revenu annuel récurrent (A...
Solides performances commerciales en 2025 : revenu annuel récurrent (ARR) de 108,0 M€ (+8,8% en publié au 31/12/25) et chiffre d’affaires annuel de 236,5 M€ (+9,1% en publié) Villers-lès-Nancy, le 5 février 2026 - 18h00 (CET) COMMUNIQUE DE PRESSE Solides performances commerciales en 2025 : revenu annuel récurrent (ARR) de 108,0 M€ (+8,8% en publié au 31/12/25) et chiffre d’affaires annuel de 236,5 M€ (+9,1% en publié) Première publication de l’indicateur ARR, qui s’établit à 108,0 M€ au 31/12/25, en hausse dynamique de +8,8% vs. 2024Contribution de l’ensemble des segments d’activité e...
- Juan Ros-Padilla
WCH WACKER CHEMIE AG
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
MF WENDEL SE
FGA FIGEAC AERO SA
SCR SCOR SE
LXS LANXESS AG
SDF K+S AG
TPE PVA TEPLA AG
GN GN STORE NORD A/S
BAS BASF SE
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
NDA AURUBIS AG
ROYAL VOPAK NV
CFT COMPAGNIE FINANCIERE TRADITION
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
EVK EVONIK INDUSTRIES AG
MCPHY MCPHY ENERGY SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Juan Ros-Padilla
WCH WACKER CHEMIE AG
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
MF WENDEL SE
FGA FIGEAC AERO SA
SCR SCOR SE
LXS LANXESS AG
SDF K+S AG
TPE PVA TEPLA AG
GN GN STORE NORD A/S
BAS BASF SE
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
NDA AURUBIS AG
ROYAL VOPAK NV
CFT COMPAGNIE FINANCIERE TRADITION
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
EVK EVONIK INDUSTRIES AG
MCPHY MCPHY ENERGY SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Maissa Keskes
- Stephane Houri
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB
After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
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