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- ING Helpdesk
Benelux Morning Notes
ASR: Better results, strong solvency, SBB below though; new CEO, new CMD on 1 Dec / IMCD: Weak 4Q25 / Kinepolis: Bankruptcy of Belga Films, the oldest film distribution business, along with its eight-screen cinema complex in Brussels; 2H25 preview / Proximus: CpaaS peer Sinch 4Q25 results a bit light of consensus, stock down 14%
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- 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
- Kristof Samoy
NX Filtration Filtered Expectations: Growth Trickles Well Below Capaci...
Last December, filtration specialist NXFIL issued a profit warning—its fourth in a row. Following this week's FY25 release, we revised our model to reflect the disappointing top line and higher than expected cash burn. Despite favourable market conditions, a technological lead and sizeable commercial investments, the warning further eroded investor confidence. The company no longer provides quantified revenue guidance for the current year but continues to reiterate its ambitious medium term ob...
- Bruno Cavalier
- Luis de Toledo Heras
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
GN GN STORE NORD A/S
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
ENG ENAGAS SA
NOD NORDIC SEMICONDUCTOR ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ALD ALD SA
UMI UMICORE
VK VALLOUREC SA
NXFIL NX FILTRATION HLDG BV
ZGN ERMENEGILDO ZEGNA NV
R3NK RENK GROUP AG
TEN TENARIS S.A.
CAN CANAL+
- Bruno Cavalier
- Luis de Toledo Heras
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
GN GN STORE NORD A/S
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
ENG ENAGAS SA
NOD NORDIC SEMICONDUCTOR ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ALD ALD SA
UMI UMICORE
VK VALLOUREC SA
NXFIL NX FILTRATION HLDG BV
ZGN ERMENEGILDO ZEGNA NV
R3NK RENK GROUP AG
TEN TENARIS S.A.
CAN CANAL+
- Usama Tariq
- Wim Gille
- Hilde Van Boxstael
- Kristof Samoy
- Wim Hoste
- Wim Lewi
- 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
- Wim Hoste
- Wim Lewi
- David Vagman
- CFA
Kinepolis/Moment of truth in 2026, M&A case gets real/BUY
The stock underperforms 56% since end-2024, 15% YTD, as the long-awaited attendance recovery failed to materialise and a convincing mid-size M&A deal could not turn the tide yet. The stock has derated to 7x EV/EBITDAL 26F, close to our €20 bear case, investors becoming sceptical on the long-term story, while studios consolidation (Netflix/Warner Bros) fuels fears of dangerous structural changes at play. We acknowledge them but also see the upsides, among others, self-help and converting Netflix ...
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
Publication of a transparency notification
Publication of a transparency notification Kinepolis Group NVPress releaseRegulated information Publication of a transparency notification (Article 14, first paragraph, of the law of 2 May 2007 on disclosure of major holdings) 20 January 2026, 17h45 On 16 January 2026, Kinepolis Group NV has received a transparency notification from BNP Paribas Asset Management Holding, notifying that, following a transfer of securities with voting rights, the companies that are controlled by it own 2.98% of the voting rights attached to shares of Kinepolis Group NV, and therefore the threshold of 3% ha...
Publication relative à une notification de transparence
Publication relative à une notification de transparence Kinepolis Group SACommuniqué de presseInformation réglementée Publication relative à une notification de transparence (article 14, alinéa 1er de la loi du 2 mai 2007 relative à la publicité des participations importantes) 20 janvier 2026, 17h45 Le 16 janvier 2026, Kinepolis Group SA a reçu une notification de transparence de la part de BNP Paribas Asset Management Holding, dont il résulte que, suite à un transfert de titres conférant le droit de vote par les sociétés qu’elle contrôle, celles-ci possèdent au total 2,98% des droits d...
Openbaarmaking van een transparantiekennisgeving
Openbaarmaking van een transparantiekennisgeving Kinepolis GroupPersberichtGereglementeerde informatie Openbaarmaking van een transparantiekennisgeving (artikel 14, eerste lid, van de wet van 2 mei 2007 op de openbaarmaking van belangrijke deelnemingen) 20 januari 2026, 17u45 Op 16 januari 2026 heeft Kinepolis Group NV een kennisgeving ontvangen van BNP Paribas Asset Management Holding waaruit blijkt dat de door haar gecontroleerde ondernemingen, door een overdracht van stemrechtverlenende effecten, in totaal 2,98% van de stemrechten van Kinepolis Group NV bezitten en aldus de deelnemin...
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: Pre-close 4Q: positive read, but with recent CMD, no surprises on guidance / Ahold Delhaize: New US distribution centre to be leased from Blackstone / Kinepolis: Peer Cineplex December 2025 box office revenue at 89% of 2019 level, up 3% YoY / Randstad: Preview 4Q25F results due 11 February; consensus released / Staffing sector: Hays' 2Q26 trading update; miss vs consensus / Zabka: Peer Biedronka FY25 sales.
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