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 PRESS RELEASE

Corbion and Kuehnle AgroSystems join forces to develop natural Astaxan...

Corbion and Kuehnle AgroSystems join forces to develop natural Astaxanthin from algae fermentation Corbion, the Amsterdam-based global leader in sustainable ingredients, and US-based biotech company Kuehnle AgroSystems (KAS) have entered into a strategic partnership to develop and commercialize a high-quality, natural astaxanthin derived from non-GMO heterotrophic algae. Astaxanthin is a powerful antioxidant and red-orange carotenoid pigment found in various aquatic organisms, including microalgae, salmon, and shrimp. It is widely recognized both for its human health benefits and as a key ...

 PRESS RELEASE

Heineken N.V. reports the progress of transactions under its current  ...

Heineken N.V. reports the progress of transactions under its current  share buyback programme    Heineken N.V. reports the progress of transactions under its current  share buyback programme Amsterdam, 18 August 2025 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) hereby reports transaction details related to the first €750 million tranche of its €1.5 billion share buyback programme as communicated on 12 February 2025. From 11 Aug 2025 up to and including 15 August 2025 a total of 179,455 shares were repurchased on exchange at an average price of € 68.17. During the same period, 179,385 ...

Hilde Van Boxstael ... (+8)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Kristof Samoy
  • Livio Luyten
  • Lynn Hautekeete
  • Michiel Declercq
  • Thomas Couvreur
  • Wim Lewi

Morning Notes : ADYEN NA, CMBT BB, FUR NA, NEXTA BB, SIP BB, SHUR BB, ...

: ADYEN NA, CMBT BB, FUR NA, NEXTA BB, SIP BB, SHUR BB, FAST NA, ZEAL DC

Kristof Samoy
  • Kristof Samoy

Fugro A Convincing Path to 2H Recovery & Deep Discount Opportunity

We revisited our case following the recent profit warning but recognise 2Q25 already showed a remarkable q/q improvement in profitability to be continued in 2H25. The cheap valuation, strong balance sheet (1.2x EBITDA leverage and no debt maturities prior to 2029) next to the optionality in the future capex spend make that Fugro can weather further storms should they occur. At the speculative front with the mid and long term fundamentals intact potential renewed ownership interest by cash rich d...

Marc Hesselink ... (+3)
  • Marc Hesselink
  • CFA
  • Thymen Rundberg

BE Semiconductor Industries/Reward for patience/BUY

Over and above an eventual cyclical recovery, we continue to be very positive on the long-term hybrid bonding opportunity for BESI. We believe that over the years we will see an industry-wide adoption in chiplet architecture. This will drive a jump in hybrid bonding demand in which we expect BESI to keep its leading position. We reiterate our BUY rating and €150 target price.

Marc Hesselink ... (+3)
  • Marc Hesselink
  • CFA
  • Thymen Rundberg

Melexis/Slow cyclical recovery/HOLD

Melexis reported a mixed 2Q25 update with the early signs of a market recovery but at the same time disappointing gross margins. We believe that automotive semiconductors will recover further from current lows, but we also expect ongoing uncertainty and low visibility given the major ongoing changes in the auto sector and tariff discussions We reiterate our HOLD rating but increase our target price from €60 to €70 per share given the early signs of an uptrend.

 PRESS RELEASE

Nextensa SA: RESULTATS SEMESTRIELS 2025

Nextensa SA: RESULTATS SEMESTRIELS 2025 COMMUNIQUÉ DE PRESSE         INFORMATION REGLEMENTÉE       Bruxelles, 13 août 2025, 17h40          Des résultats semestriels solides confirment la stratégie de Nextensa Au premier semestre 2025, Nextensa a enregistré une nette augmentation de sa rentabilité malgré un contexte économique difficile. Le résultat net a fortement progressé, porté par une contribution plus élevée des activités de développement, des coûts de financement réduits et un renforcement supplémentaire du bilan. Les revenus locatifs sous-jacents ont affiché une croissance positi...

 PRESS RELEASE

Nextensa NV/SA: Half Year results 2025

Nextensa NV/SA: Half Year results 2025 PRESS RELEASE REGULATED INFORMATIONBrussels, 13 August 2025, 5:40 PM          Solid half-year results confirm Nextensa’s strategic course In the first half of 2025, Nextensa achieved a clear increase in profitability despite a challenging economic context. Net profit increased significantly, driven by a higher contribution from development activities, lower financing costs, and a further strengthening of the balance sheet. Underlying rental income recorded positive like-for-like growth, mainly thanks to improved occupancy at Moonar and Tour & Taxis...

 PRESS RELEASE

Nextensa NV: HALFJAAR RESULTATEN 2025

Nextensa NV: HALFJAAR RESULTATEN 2025 PERSBERICHT         GEREGLEMENTEERDE INFORMATIE   Brussel, 13 augustus 2025, 17u40          Solide halfjaarresultaten bevestigen strategische koers van Nextensa In de eerste helft van 2025 realiseerde Nextensa een duidelijke toename van de winstgevendheid, ondanks een uitdagende economische context. Het nettoresultaat steeg aanzienlijk, gedreven door een hogere bijdrage van de ontwikkelingsactiviteiten, lagere financieringskosten en een verdere versterking van de balans. De onderliggende huurinkomsten kenden een positieve like-for-like groei, voorna...

 PRESS RELEASE

Heineken N.V. reports the progress of transactions under its current s...

Heineken N.V. reports the progress of transactions under its current share buyback programme Heineken N.V. reports the progress of transactions under its current share buyback programme Amsterdam, 11 August 2025 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) hereby reports transaction details related to the first €750 million tranche of its €1.5 billion share buyback programme as communicated on 12 February 2025. From 4 Aug 2025 up to and including 8 August 2025 a total of 181,207 shares were repurchased on exchange at an average price of € 67.61. During the same period, 181,566 shares w...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

CTP: Good results, continuation of strong demand dynamics. KBC: 2025 outlook, strong uplift post 2Q. RELX, Wolters Kluwer: Thomson Reuters 2Q25 results. SBM Offshore: Guidance up, one-offs play a role. Xior Student Housing: On track, continued focus on pricing and pipeline

Hilde Van Boxstael ... (+4)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Kristof Samoy
  • Wim Lewi
Wim Lewi
  • Wim Lewi

Xior 1H25 results, in line, shifting back to pipeline growth

Xior reported EPRA EPS of 1.01 that slightly beat our 1.00 expectation (excl. IFRIC costs). Xior NRI rose 4.0% yoy after its disposal program of FY24, but like-for-like growth remained high at 5.4%. LTV% also fell below 50% at 49.8%. Xior repeated its flat EPRA EPS outlook for FY25 of 2.21 per share. Xior expects an underlying strong FY25 thanks to a mix of factors: new assets + lfl growth of >5% and cost savings. The cost of debt decreased slightly from 3.10% (FY24) to 3.03%. The asset disposal...

Marc Hesselink ... (+3)
  • Marc Hesselink
  • CFA
  • Thymen Rundberg

ASM International/High visibility, high reward/BUY

ASM International is mostly exposed to secular technological shifts, which makes it relatively resilient to the ongoing downcycle. In our view, its key drivers are the shift to GAA, shrinkage and the use of new materials. We expect all of these to remain strong and, as such, ASM should continue to strongly outperform the sector. We reiterate our BUY rating but lower our target price to €650 (from €750) following lower near-term estimates. ASM International is on the ING Benelux Favourites list.

 PRESS RELEASE

Heineken N.V. reports the progress of transactions under its current s...

Heineken N.V. reports the progress of transactions under its current share buyback programme Heineken N.V. reports the progress of transactions under its current share buyback programme Amsterdam, 4 August 2025 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) hereby reports transaction details related to the first €750 million tranche of its €1.5 billion share buyback programme as communicated on 12 February 2025. From 28 July 2025 up to and including 1 August 2025 a total of 105,109 shares were repurchased on exchange at an average price of € 69.50. During the same period, 83,023 shares w...

Steven Gould
  • Steven Gould
Steven Gould
  • Steven Gould
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