reports
- Oliver Metzger
- Oliver Metzger
- ING Helpdesk
Benelux Morning Notes
AEGON: Launch of Aegon Insurance Asset Management Company in China (tidying up). Basic-Fit: Solid final FY25; strong membership ingrowth in 1Q26 comfort on energy prices. CVC Capital Partners: Steady delivery. D'Ieteren: 2H25 beat on Auto, Belron delivering, PBT group guidance 7% below. UCB: Bimzelx demonstrates superiority to Skyrizi. Wereldhave: c.€5.6m acquisition of supermarket in Ville2, full ownership of the centre
- Robert Jan Vos
- Usama Tariq
- Lynn Hautekeete
Basic-Fit FY25 results: results and outlook in line with trading updat...
Basic-Fit reports its FY25 1.0% above its trading update given in January 2026 at €348.0m underlying EBITDA less rent vs €344.0m in January, +11.0% YoY. The outlook is unchanged at €1.64-1.69B revenue (incl. Clever Fit) and €405.0m-€445.0m underlying EBITDA less rent. In the first 10 weeks of FY26, membership growth continued at + 200k members, in line with the growth of the 220k members in 1Q25 but likely at a lower amount of new club openings (+41 in 1Q25 vs unknown now). Basic-Fit reports a p...
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Guy Sips
Agfa FIRST LOOK-Good performance of Digital Printing Solutions &Health...
4Q25 (€29m EBIT (KBCSe € 14.2m, CSS € 15m) on €306m sales (KBCSe 319.4m, € CSS 315m) saw good profitability (9.5% REBIT margin vs our 4.5% and CSS 4.8%) as within DPC (Digital Print and Chemicals), the Specialty Films & Chemicals activities and Green Hydrogen Solutions growth engine posted revenue growth, with a very good 4Q performance of Zirfon.
- Jacob Mekhael
UCB Bimzelx shows superiority vs. Skyrizi in head to head PsA trial
UCB announced positive topline data from the BE BOLD trial assessing Bimzelx (IL-17 A/F antibody) vs. Skyrizi (IL-23 antibody) in adults living with active psoriatic arthritis (PsA), where Bimzelx demonstrated statistically significant superiority over Skyrizi in the ACR50 primary endpoint at week 16. This positive readout is an important development for Bimzelx given the PsA market is the second largest after PsO. IL-23 has gained more share vs. 1L-17 in PsA to date, however, today's topline re...
- Michiel Declercq
D'Ieteren Strong FY25 results with Belron meeting guidance, conservati...
D'Ieteren reported good FY25 results, with the adj. PBT (gs) of € 956m exceeding expectations (kbcse: € 943m, css: € 921m). This implies a 3.8% increase on a comparable basis, or in line slight increase that was guided at the start of the year. The performance was predominantly driven by an exceptionally high Belron margin of 24.4% in 2H25, hereby offsetting analyst concerns after a softer 1H25. While the LSD to MSD growth outlook for the Adj. PBT (gs) somewhat disappointed, driven by margin pre...
Agfa-Gevaert Group in 2025: strong Q4 profitability and free cash flow...
Agfa-Gevaert Group in 2025: strong Q4 profitability and free cash flow – good step-up in FY profitability in HealthCare IT and Digital Print & Chemicals Regulated information March 11, 2026 - 7:45 a.m. CET Agfa-Gevaert Group in 2025: strong Q4 profitability and free cash flow – good step-up in FY profitability in HealthCare IT and Digital Print & Chemicals Group performance: Strong Q4 adjusted EBITDA of 39 million euro (+9 million euro versus 2024) thanks to solid performance in Digital Print & Chemicals, stringent cost control and savings fr...
De Agfa-Gevaert Groep in 2025: sterke winstgevendheid en vrije kasstro...
De Agfa-Gevaert Groep in 2025: sterke winstgevendheid en vrije kasstroom in Q4 – goede voortuitgang van de rendabiliteit voor het volledige jaar in HealthCare IT en Digital Print & Chemicals Gereglementeerde informatie 11 maart 2026 - 7:45 uur CET De Agfa-Gevaert Groep in 2025: sterke winstgevendheid en vrije kasstroom in Q4 – goede voortuitgang van de rendabiliteit voor het volledige jaar in HealthCare IT en Digital Print & Chemicals Groepsprestatie: Sterke aangepaste EBITDA in Q4 van 39 miljoen euro (+ 9 miljoen euro ver...
ARGAN leases 32,000 sq.m at its Coudray-Montceaux (91) site, bringing...
ARGAN leases 32,000 sq.m at its Coudray-Montceaux (91) site, bringing portfolio occupancy back to 100% Press release – Neuilly-sur-Seine, Tuesday, March 10, 2026 – 5.45 pm ARGAN leases 32,000 sq.m at its Coudray-Montceaux (91) site, bringing portfolio occupancy back to 100% Photo credits: ARGAN The Le Coudray-Montceaux site remained vacant for only a few months before JS LOGISTICS signed a lease for the 32,000 sq.m available within this two-building complex totaling 163,000 sq.m, located in the southern part of the Paris region. With direct access to the A6 motorway and located about ...
ARGAN loue 32 000 m² sur son site du Coudray-Montceaux (91) et ramène ...
ARGAN loue 32 000 m² sur son site du Coudray-Montceaux (91) et ramène le taux d’occupation de son patrimoine à 100% Communiqué de presse – Neuilly-sur-Seine, mardi 10 mars 2026 – 17h45 ARGAN loue 32 000 m² sur son site du Coudray-Montceaux (91) et ramène le taux d’occupation de son patrimoine à 100% Crédit : ARGAN Le site du Coudray-Montceaux ne sera resté vacant que quelques mois avec la prise à bail par JS LOGISTICS des 32 000 m² disponibles sur cet ensemble de deux bâtiments représentant un total de 163 000 m² situé au sud de la région francilienne. En accès direct sur l’autoroute A6...
- ING Helpdesk
Benelux Morning Notes
Aedifica and Cofinimmo: Exchange offer complete and new board members appointed. D'Ieteren: Change in CEO at Moleskine, preview FY25. Euronext: Positive volume momentum continues. Retail Estates: €27m retail park development. Staffing: French January trend softer on tough comps, February outlook better
- Bruno Cavalier
- Jerôme Bodin
LOGI LOGITECH INTERNATIONAL S.A.
FP TOTAL SE
ENX EURONEXT NV
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
TFI TELEVISION FRANCAISE 1 SA
ZVTG ZAVAROVALNICA TRIGLAV D.D.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
ENI ENI S.P.A.
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
WPP WPP PLC
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
REP REPSOL SA
SAVE SAVENCIA SA
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
ROYAL VOPAK NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SESL SES-IMAGOTAG SA
SAX STROEER SE & CO. KGAA
MONC MONCLER SPA
BCHN BURCKHARDT COMPRESSION HOLDING AG
TWEKA TKH GROUP N.V. CERT
POSR POZAVAROVALNICA SAVA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
TRE TECNICAS REUNIDAS SA
COPN COSMO PHARMACEUTICALS NV
TEC TECHNIPFMC PLC
BP. BP P.L.C.
NKT NKT A/S
STM STMICROELECTRONICS NV
NEXI NEXI S.P.A.
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
TEN TENARIS S.A.
VIRI VIRIDIEN
AMS AMS-OSRAM AG
ATO ATOS SE
- Bruno Cavalier
- Jerôme Bodin
LOGI LOGITECH INTERNATIONAL S.A.
FP TOTAL SE
ENX EURONEXT NV
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
GTT GAZTRANSPORT & TECHNIGAZ SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBMO SBM OFFSHORE NV
TFI TELEVISION FRANCAISE 1 SA
ZVTG ZAVAROVALNICA TRIGLAV D.D.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ELG ELMOS SEMICONDUCTOR SE
ENI ENI S.P.A.
COTN COMET HOLDING AG
CICN CICOREL HOLDING S.A.
WPP WPP PLC
P2F PETROFAC LIMITED
01913 PRADA S.P.A.
REP REPSOL SA
SAVE SAVENCIA SA
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
ROYAL VOPAK NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SESL SES-IMAGOTAG SA
SAX STROEER SE & CO. KGAA
MONC MONCLER SPA
BCHN BURCKHARDT COMPRESSION HOLDING AG
TWEKA TKH GROUP N.V. CERT
POSR POZAVAROVALNICA SAVA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
TRE TECNICAS REUNIDAS SA
COPN COSMO PHARMACEUTICALS NV
TEC TECHNIPFMC PLC
BP. BP P.L.C.
NKT NKT A/S
STM STMICROELECTRONICS NV
NEXI NEXI S.P.A.
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
TEN TENARIS S.A.
VIRI VIRIDIEN
AMS AMS-OSRAM AG
ATO ATOS SE
- Dominic Rose
- Naresh Chouhan
Intron Health - AI Impact on Pharma - Thematic (20pgs) - Winners/Loser...
Our Big Pharma AI thesis is the result of ~25 interviews with industry execs & >100hrs of research. We show ~10% of OPEX could be saved by AI within a few years & conclude the recent sector rally is wholly justified & could run further. We assess the winners & losers from AI adoption and discuss in detail some of the short, mid & long-term consequences. We evaluate the various AI use cases and quantify the potential benefit they may have. We break down SG&A & R&D activities & show where AI is im...
- Robert Jan Vos
- Marc Zwartsenburg
- CEFA
- Reg Watson
- CFA
Basic-Fit/Preview FY25F results due 11 March/BUY
BFIT will report the FY25 results next week, 11 March while on 26 January it already published a trading update with an outlook for FY25 (excluding Clever Fit), a guidance for FY26 (including Clever Fit) and some details on Clever Fit. As such we are focussing on membership ingrowth trends in January/February/early March which we expect to be strong based on the latest Google Search trend data and the strong January trading update. We believe estimates for FY26F are still rather cautious, ie, be...
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