reports
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Peer Walmart 4Q25/26 results. Arcadis: Main topics 4Q25/FY25 conference call. ASM: 4Q25 preview, FY26 should be strong. Brunel: 4Q25 result beats and trends stabilise; DACH back to growth in 1Q26; additional cost savings announced and special dividend. Cofinimmo: Beat on bottom line, strong investment outlook for 2026. IMCD: Another step in EMEA. Magnum Ice Cream Company: Peer Danone 4Q25 results. Recticel: Peer Kingspan FY25 results. Software sector: Cheaper code...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Mathijs Geerts Danau
Hyloris Valacyclovir oral suspension is delayed
Hyloris provided an update regarding the review of valacyclovir for oral suspension which had a PDUFA target action date of 12 October 2025. It appears that the FDA identified significant inspection observations at the third party manufacturing plant in Greece. The manufacturer confirmed that it is actively implementing its remediation plans. Currently, Hyloris believes that resolution of the manufacturing situation is required to obtain an FDA product approval and is working on a solution. We r...
- Robert Jan Vos
- Usama Tariq
- Roy Külter
- Steven Boumans
OUT1V OUTOKUMPU OYJ
TYRES NOKIAN RENKAAT OYJ
FAGR FAGRON SA
LSS LECTRA SA
ERA ERAMET SA
KWS KWS SAAT SE & CO KGAA
TIETO TIETOEVRY OYJ
DOC DO & CO AKTIENGESELLSCHAFT
COK CANCOM SE
MONT MONTEA SCA
KENDR KENDRION NV
ONTEX ONTEX GROUP N.V.
FLU FLUGHAFEN WIEN AG
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
CLA CLARANOVA SE
AERO MONTANA AEROSPACE AG
VT5 VT5 ACQUISITION COMPANY AG
FLOW FLOW TRADERS LTD
- Roy Külter
- Steven Boumans
OUT1V OUTOKUMPU OYJ
TYRES NOKIAN RENKAAT OYJ
FAGR FAGRON SA
LSS LECTRA SA
ERA ERAMET SA
KWS KWS SAAT SE & CO KGAA
TIETO TIETOEVRY OYJ
DOC DO & CO AKTIENGESELLSCHAFT
COK CANCOM SE
MONT MONTEA SCA
KENDR KENDRION NV
ONTEX ONTEX GROUP N.V.
FLU FLUGHAFEN WIEN AG
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
CLA CLARANOVA SE
AERO MONTANA AEROSPACE AG
VT5 VT5 ACQUISITION COMPANY AG
FLOW FLOW TRADERS LTD
- ING Helpdesk
Benelux Morning Notes
Company comments AB InBev: Little to disappoint Adyen: 2H25 results – mixed results, soft guidance CVC Capital Partners: Executing well dsm-firmenich: Messy results Fagron: Beat on all lines, confident FY26 outlook to drive c.5% consensus EBITDA upgrade Flow Traders: EMEA saves the day KBC: Good results, opening up “jaws” further to 2028 Kinepolis: Canadian peer Cineplex 4Q25 results below consensus, January 2026 box office revenue up MICC: FX headwind leads to a 50bp margin miss in FY25 Montea:...
ULVR UNILEVER PLC
KBC KBC GROUP N.V.
FAGR FAGRON SA
MONT MONTEA SCA
ONTEX ONTEX GROUP N.V.
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
ADYEN ADYEN NV
WDP WAREHOUSES DE PAUW SCA
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
CVC CVC CAPITAL PARTNERS PLC
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Thibault Leneeuw
Fagron Solid FY25 Performance with Broad Based Momentum
Fagron delivered a solid FY25 performance, with revenue coming in 1% above CSS expectations, mainly supported by betterthanexpected growth in North America. REBITDA reached €193m, coming in 1.6% above CSS expectations, as all regions reported slightly higher margins than anticipated. Regionally, EMEA posted the strongest overall growth, driven by acquisitions, while North America and LatAm delivered DD organic growth at CER. For FY26, Fagron expects M to HSD organic growth at CER and a modest im...
Fagron continues its outstanding performance in FY 2025 with 9.2% topl...
Fagron continues its outstanding performance in FY 2025 with 9.2% topline growth and 10.9% increase in REBITDA Regulated informationNazareth (Belgium)/Rotterdam (The Netherlands), 12 February 2026 – 7AM CET Fagron continues its outstanding performance in FY 2025 with 9.2% topline growth and 10.9% increase in REBITDA Fagron, the leading global player in pharmaceutical compounding, today publishes its full year results for the period ending 31 December 2025. Key Highlights Strong revenue growth with 9.2% reported growth (12.9% at CER1) to reach €952.2 million, ahead of guidance and supp...
Fagron behoudt uitstekende prestaties in boekjaar 2025 met 9,2% omzetg...
Fagron behoudt uitstekende prestaties in boekjaar 2025 met 9,2% omzetgroei en een stijging van de REBITDA met 10,9% Gereglementeerde informatie Nazareth (België)/Rotterdam (Nederland), 12 februari 2026 – 7:00 AM CET Fagron behoudt uitstekende prestaties in boekjaar 2025 met 9,2% omzetgroei en een stijging van de REBITDA met 10,9% Fagron, de toonaangevende wereldwijde speler in farmaceutische bereidingen, publiceert vandaag haar jaarresultaten voor de periode eindigend op 31 december 2025. Belangrijkste hoogtepunten Sterke omzetgroei met een gerapporteerde stijging van 9,2% (12,9% tege...
- Stijn Demeester
Fagron/Compounding organic growth and accretive M&A/BUY
We raise our target price for Fagron from €25.5 to €27.0 ahead of its FY25 results on 12 February. We reiterate our BUY recommendation as the shares continue to offer a compelling combination of organic growth (2018-25F CAGR 8%, 2025-30F target HSD% to LDD%) and active and accretive M&A, in our view.
- Francesca Ferragina
- Michiel Vereycken
Xior Student Housing/Focus on organic growth and developments/BUY
Xior reported solid operational FY25 results. We remain very supportive of the excellent organic trends: LFL rental growth of +5.4% over FY25, which is expected to reach a minimum of +4% over 2026-27F, still outperforming the broader real estate space. The 4% EPS growth guidance for 2026 and 2027 is strong and we think this is a realistic expectation. LTV is at 49.9% and this limits growth options. Over the next two years the group focus will be on rental growth, operational leverage and the exe...
- ING Helpdesk
Benelux Morning Notes
ArcelorMittal: Modest 4Q25 EBITDA beat and upbeat 2026F outlook / KBC Group: BNP Paribas good results in Belgium, increasing outlook, notably reducing C/I ratio / Recticel: Peer Rockwool's 4Q25 results SBM Offshore: Early purchase of ONE Guyana FPSO by Exxon Mobil / Shell: Keeping SBB at $3.5bn / Sligro: FY25 net profit in line with expectations, SBB announced / Universal Music Group: YouTube ads revenue +9% YoY in 4Q25 and Sony Music up by 13% YoY / Wereldhave: Wereldhave Belgium FY25 results a...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Mathijs Geerts Danau
- Wim Lewi
- 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
Fagron obtains regulatory clearance for the acquisition of Vepakum in ...
Fagron obtains regulatory clearance for the acquisition of Vepakum in Brazil and completes the acquisition of Magilab in Hungary Regulated information - inside informationNazareth (Belgium)/Rotterdam (The Netherlands), 5 February 2026 Fagron obtains regulatory clearance for the acquisition of Vepakum in Brazil and completes the acquisition of Magilab in Hungary Additionally, the completion of Vepakum is expected to take place shortly. Following these milestones, Injeplast and Amber remain subject to closing, together with Vepakum. Vepakum Vepakum operates two facilities in São Paulo, ...
Fagron verkrijgt goedkeuring van lokale autoriteiten voor de overname ...
Fagron verkrijgt goedkeuring van lokale autoriteiten voor de overname van Vepakum in Brazilië en rondt de overname van Magilab in Hongarije af Gereglementeerde informatie - voorwetenschapNazareth (België)/Rotterdam (Nederland), 5 februari 2026 – 7:00 AM CET Fagron verkrijgt goedkeuring van lokale autoriteiten voor de overname van Vepakum in Brazilië en rondt de overname van Magilab in Hongarije af Daarnaast wordt verwacht dat de overname van Vepakum op korte termijn zal worden afgerond. Na deze mijlpalen blijven Injeplast en Amber, samen met Vepakum, onderhevig aan afronding. Vepakum V...
- ING Helpdesk
Benelux Morning Notes
Flow Traders: Preview 4Q25 / Kinepolis: January reassures with US box office revenue up 14% YoY, France visitors up 15% YoY / Lotus Bakeries: Peer Mondelez 4Q25 results / MICC: Peer Mondelez 4Q25 results / RELX / Wolters Kluwer: Anthropic moves into Legal / Signify: Analyst lunch highlights / TomTom: 4Q25 results, bridging a gap / UCB: Evenity sales exceeded US$2.1bn in FY25 as per Amgen
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
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