reports
- Dominic Rose
- Naresh Chouhan
- ING Helpdesk
Benelux Morning Notes
Coca-Cola Europacific Partners: Easter bunny. dsm-firmenich: No Pin, No Gain. D'Ieteren: Belgian competitor Autoglass Clinic doubles in size since acquisition by Cary. PostNL: 1Q26 trading disappoints on weak volume trends; FY26 outlook reiterated. Theon International: Preview – up for a solid start
- Anthony Dick
- Michael Foundoukidis
VAC PIERRE & VACANCES SA
NXI NEXITY SA CLASS A
MF WENDEL SE
EXE EXEL INDUSTRIES SA
BIO BB BIOTECH AG
KORI KORIAN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
FII LISI SA
GBT GUERBET SA
FNAC FNAC DARTY SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
SAVE SAVENCIA SA
CTAC CTAC N.V.
VIS VISCOFAN S.A.
AOF ATOSS SOFTWARE AG
CARM CARMILA SAS
SEFER SERGEFERRARI GROUP SA
LIGHT SIGNIFY NV
ARG ARGAN SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
VLTSA VOLTALIA
AXS ACCSYS TECHNOLOGIES
FTG111 FLATEXDEGIRO AG
TKO TIKEHAU CAPITAL SCA
VOS VOSSLOH AG
RBO ROCHE BOBOIS INTERNATIONAL SAS
TCH TECHNICOLOR SA
WDP WAREHOUSES DE PAUW SCA
FLOW FLOW TRADERS LTD
TUI TUI AG
PFSE PFISTERER HOLDING SE
DIA DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA
IFCN INFICON HOLDING AG
1AST ASTA ENERGY SOLUTIONS AG
- Jean-François Granjon
- Sarra Maatki
EO FAURECIA SA
VAC PIERRE & VACANCES SA
NXI NEXITY SA CLASS A
MF WENDEL SE
EXE EXEL INDUSTRIES SA
BIO BB BIOTECH AG
KORI KORIAN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
FII LISI SA
GBT GUERBET SA
FNAC FNAC DARTY SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
SAVE SAVENCIA SA
CTAC CTAC N.V.
VIS VISCOFAN S.A.
AOF ATOSS SOFTWARE AG
CARM CARMILA SAS
SEFER SERGEFERRARI GROUP SA
LIGHT SIGNIFY NV
ARG ARGAN SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
VLTSA VOLTALIA
AXS ACCSYS TECHNOLOGIES
FTG111 FLATEXDEGIRO AG
TKO TIKEHAU CAPITAL SCA
VOS VOSSLOH AG
RBO ROCHE BOBOIS INTERNATIONAL SAS
TCH TECHNICOLOR SA
WDP WAREHOUSES DE PAUW SCA
FLOW FLOW TRADERS LTD
TUI TUI AG
PFSE PFISTERER HOLDING SE
DIA DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA
IFCN INFICON HOLDING AG
1AST ASTA ENERGY SOLUTIONS AG
- Hilde Van Boxstael
- Livio Luyten
- Thomas Couvreur
- Wim Lewi
- Florent Laroche-Joubert
- Florent Laroche-Joubert
SUCCÈS DE L’ÉMISSION OBLIGATAIRE INAUGURALE VERTE DE 500 M€ D’ARGAN
SUCCÈS DE L’ÉMISSION OBLIGATAIRE INAUGURALE VERTE DE 500 M€ D’ARGAN Communiqué de presse – Neuilly-sur-Seine, Jeudi 23 avril 2026 - 19h30 Succès de l’émission obligataire inaugurale verte de 500 M€ d’ARGAN ARGAN annonce le succès de son émission obligataire verte inaugurale d’un montant total de 500 millions d’euros, à échéance octobre 2029, assortie d’un coupon annuel de 3,779 % (soit une marge à MS + 100 points de base) en ligne avec les anticipations de la Société1 notamment partagées lors des résultats annuels 20252. Cette première émission verte, sursouscrite 5,5 fois, témoigne de ...
ARGAN SUCCESSFULLY PLACED AN INAUGURAL €500M GREEN BOND
ARGAN SUCCESSFULLY PLACED AN INAUGURAL €500M GREEN BOND Press release – Neuilly-sur-Seine, Thursday, April 23, 2026 – 7.30pm ARGAN successfully placed an inaugural €500m green bond ARGAN today announced it successfully placed an inaugural 500 million euros green bond, maturing in October 2029, with an annual coupon of 3.779% (i.e., a margin of MS + 100 bps) in line with the company’s expectations1, as outlined in particular in its 2025 annual results2. This first green bond—5.5 times oversubscribed—demonstrates investors’ confidence in ARGAN’s strategy, the quality of its credit rating—B...
- Stefano Toffano
GTT GAZTRANSPORT & TECHNIGAZ SA
IDL ID LOGISTICS GROUP
SDG SYNERGIE SA
STF STEF
ITP INTERPARFUMS
TYRES NOKIAN RENKAAT OYJ
HCO HIGHCO SA
SDF K+S AG
ERA ERAMET SA
TPS ORANGE POLSKA S.A.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
CSM CORBION NV
FTG111 FLATEXDEGIRO AG
VOS VOSSLOH AG
WAVE WAVESTONE SA
VRLA VERALLIA SAS
VK VALLOUREC SA
FSNT FASHIONETTE AG
FUR FUGRO NV
AZE AZELIS GROUP NV
SPAC 468 SPAC I SE
SPM SAIPEM S.P.A.
STM STABILUS SE
R3NK RENK GROUP AG
- Stefano Toffano
GTT GAZTRANSPORT & TECHNIGAZ SA
IDL ID LOGISTICS GROUP
SDG SYNERGIE SA
STF STEF
ITP INTERPARFUMS
TYRES NOKIAN RENKAAT OYJ
HCO HIGHCO SA
SDF K+S AG
ERA ERAMET SA
TPS ORANGE POLSKA S.A.
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
CSM CORBION NV
FTG111 FLATEXDEGIRO AG
VOS VOSSLOH AG
WAVE WAVESTONE SA
VRLA VERALLIA SAS
VK VALLOUREC SA
FSNT FASHIONETTE AG
FUR FUGRO NV
AZE AZELIS GROUP NV
SPAC 468 SPAC I SE
SPM SAIPEM S.P.A.
STM STABILUS SE
R3NK RENK GROUP AG
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Basic-Fit Feedback CMD
In this note we present our assessment of the two-day Capital Markets Day and update our model to reflect the €307m convertible bond issuance and the €10.0m increase in underlying EBITDA guidance communicated at the 1Q26 results. We view the EBITDA uplift as conservative. The convertible results in approximately €2.0/share dilution, including our updated treatment of the waiver amount related to the first convertible bond. Despite the extensive CMD, limited guidance was provided on the franchise...
- Robert Jan Vos
- ING Helpdesk
Benelux Morning Notes
AkzoNobel: 1Q26 beat and FY guidance maintained. ASM International: 1Q26 results, great start to the year. Basic-Fit: Highlights of Capital Markets Day 2026. BE Semiconductor Industries: 1Q26 Preview - building strength. Cofinimmo: Earnings beat, muted investments; Armonea agreement reached. Corbion: Not so sweet. MICC: Peer Danone 1Q26 results. Randstad: Slight beat on 1Q26, trends improving; 2Q26 guidance at least in line. Recticel: 1Q26 in line, sharp pick-up expected in 2Q. ...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Lewi
- Jacob Mekhael
UCB Neurona acquisition expands epilepsy portfolio
UCB announced that it has entered into a definitive agreement to acquire Neurona Therapeutics, including lead epilepsy cell therapy asset NRTX-1001, for a $ 650m upfront and up to $ 500m in potential milestones. We're encouraged by NRTX-1001's phase 1/2 data showing approx. 80% reduction in disabling seizures at 4-6 months post administration in drug-resistant unilateral mesial temporal lobe epilepsy (MTLE), with or without mesial temporal sclerosis (MTS), and look forward to the phase 3 progra...
- Emmanuel Matot
ALLIX WALLIX GROUP SA
ALFOC FOCUS HOME INTERACTIVE SA
AUTN AUTONEUM HOLDING AG
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
MOBN MOBIMO HOLDING AG
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
ALLN ALLREAL HOLDING AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
IREN INVESTIS HOLDING SA
SRE SIRIUS REAL ESTATE LIMITED
ECONT ECONOCOM GROUP SE CLASS D
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NFN NFON AG
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
THEP THERMADOR HOLDING SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ALVGO VOGO SA
CTPNV CTP NV
ADTN ADTRAN HOLDINGS INC
SHUR SHURGARD SELF STORAGE LIMITED
XLS XLIFE SCIENCES AG
PLX PLUXEE NV
ALHG LOUIS HACHETTE GROUP
IS INTERSHOP HOLDING AG
- Emmanuel Matot
ALLIX WALLIX GROUP SA
ALFOC FOCUS HOME INTERACTIVE SA
AUTN AUTONEUM HOLDING AG
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
VIRP VIRBAC SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
MOBN MOBIMO HOLDING AG
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
ALLN ALLREAL HOLDING AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
IREN INVESTIS HOLDING SA
SRE SIRIUS REAL ESTATE LIMITED
ECONT ECONOCOM GROUP SE CLASS D
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
NFN NFON AG
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
THEP THERMADOR HOLDING SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ALVGO VOGO SA
CTPNV CTP NV
ADTN ADTRAN HOLDINGS INC
SHUR SHURGARD SELF STORAGE LIMITED
XLS XLIFE SCIENCES AG
PLX PLUXEE NV
ALHG LOUIS HACHETTE GROUP
IS INTERSHOP HOLDING AG
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