Proximus meets headwinds/Daughter Proximus Global reduces FY25 outlook

Proximus has lowered its FY25 outlook because Proximus Global encountered unexpected headwinds. Although Proximus performed relatively well in Belgium, domestic competition is another source of uncertainty. Notably, Proximus is making slow progress to roll out fibre in Belgium together with competitors. The Proximus notes offer limited value, in our view.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/25/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 25/07/2025

Proximus (Neutral, TP: €12.5, +52%) Q2 25: Mixed results, guidance lif...

Proximus has reported a mixed set of results and has updated guidance accordingly: domestic guidance has been lifted, but Global guidance has been cut heavily, with the net effect being a small downgrade to Group EBITDA guidance.

Materialise Macro-economic uncertainty impacting business climate for ...

Although its Medical segment was demonstrating its resilience (nearly +17% y/y in 2Q25), Materialise's overall 2Q25 revenue decreased -5.8% y/y to € 64.8m impacted by increasing geo-political uncertainty and sustained macro-economic headwinds negatively impacted revenues in its Manufacturing and Software segments. Despite revenue pressure, Materialise was able to materially improve its operational profitability in 2Q25 q/q/ through structural and targeted cost control. Unfavourable FX-effects ...

Coffee, Croissants & Credit/Proximus

Proximus FY25 outlook lowered on weak performance Proximus Global

Proximus : Increased headwinds in the CPaaS market lead to a profit wa...

Cofinimmo : H1 2025 results: A good set of results, but focus will rem...

Benelux Morning Notes

Belgian Telecoms: Orange Belgium and Proximus MoU on Fiber deployment and increased access to gigabit networks in Wallonia. Cofinimmo: Bottom line outperforming outlook. Elia: Solid start to the year, but with some help from accounting. Heijmans: Another leg up! Proximus: Better Domestic cannot hide Proximus Global double accident, MoU an incremental negative. Signify: 2Q25 Results, better growth, lower margins. WDP: No surprises, 2025 and 2027 targets reiterated. Events Calendar

Morning Notes : COFBb BB, ES6 BB, MTLS N US, PROXb BB, WPHB BB, PHVS U...

: COFBb BB, ES6 BB, MTLS N US, PROXb BB, WPHB BB, PHVS US

Benelux Morning Notes

Akzo Nobel: FX drives 2Q25 miss and FY guidance cut. dsm-firmenich: Givaudan 1H25 results. Exor: In talks over Iveco sale. Lotus Bakeries: Peer Lindt & Sprüngli 1H25 results. Proximus: CpaaS peer Sinch 2Q25 results hurt by FX. Signify: 2Q25 Preview, challenges ahead. Var Energi: Promising continuation of dividend. Vopak: Continued story. Wereldhave: Strong operational results, positive market tone, guidance raised. Events Calendar

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

Morning Notes : AOO BB, OCW BB, OT7 BB, ARLLF FP

: AOO BB, OCW BB, OT7 BB, ARLLF FP

Ontex Rating downgrade after profit warning

After a weak 2Q/1H25 performance with negative LFL growth due to weak consumer demand, intensified promotional pressure by A-brands, customer destocking and supply chain disruptions, Ontex has lowered its adjusted EBITDA guidance by c. 13% (at the midpoint of the guidance range). Whilst we still believe in the growth prospects of the US business on the back of lower private label penetration and Ontex' challenger status, we cannot be blind for the intensified competition in Europe and the low st...

Proximus/Focus on FCF evolution beyond 2025/HOLD

We think the focus of the 2Q25 results and call will be a clarification of the vague organic FCF guidance beyond 2025. Proximus came up at 2Q24 with a double ‘tri yearly average FCF' guidance for 2025-2027 and 2028-2030, both surprisingly low. This led to significant pressure on the shares in 2H24. The 2025-2027 guidance is for “at least €200m per year”, then including €470m of disposals, so c.€100m of organic FCF per year. The 2028-2030 is for at least €300m. Based on Proximus' latest pre 2Q25 ...

Credit Morning 07/17/2025

Auchan Retail in exclusive talks to sell 19 supermarkets to Lidl|Finnair conference call comments and downgrade of our FY 2025 estimates|

Morning Crédit 17/07/2025

Auchan en négociations exclusives pour la cession de 19 supermarchés à Lidl|Finnair conference call comments and downgrade of our FY 2025 estimates|

Benelux Morning Notes

Aalberts: First hydronic flow control takeover in US; Ahold Delhaize: Preview 2Q25; EVS: Wins 2026 world cup contract Big Event Rental; Exor: A tad more Philips; Via Transportation reviving IPO plans; Heijmans: 1H25 preview; looks to be on track; KPN: 2Q25 preview; Montea: €24m acquisition in Dutch logistics hotspot; Ontex: Peer Essity 2Q25 results; RELX: 1H25 preview; Sligro: Weak 1H25 calls for 7.5% downgrade to consensus at EBITDA level; Events Calendar

Morning Notes : HYLb BB, MONTb BB, IIL NA

: HYLb BB, MONTb BB, IIL NA

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: TalkTalk, Zegona, Ontex, EnQuest Plc, Froneri, Loxam