reports
Settlement agreement and payment related to the sale of the Offset Sol...
Settlement agreement and payment related to the sale of the Offset Solutions division March 31, 2026 – 5.40 PM CET Regulated information Settlement agreement and payment related to the sale of the Offset Solutions division Mortsel, Belgium – March 31, 2026 – 5.40 PM CET The Agfa-Gevaert Group today announced that it has entered into a settlement agreement in relation to the purchase price adjustment and certain other outstanding claims arising from the sale of Agfa’s Offset Solutions division entered into in 2022. In January 2026, the independent...
Dading en betaling in verband met de verkoop van de divisie Offset Sol...
Dading en betaling in verband met de verkoop van de divisie Offset Solutions 31 maart 2026 – 17u40 CET Gereglementeerde informatie Dading en betaling in verband met de verkoop van de divisie Offset Solutions Mortsel, België – 31 maart 2026 – 17u40 CET De Agfa-Gevaert Groep heeft vandaag bekendgemaakt dat zij een dading heeft gesloten met betrekking tot de aanpassing van de aankoopprijs en bepaalde andere uitstaande vorderingen in verband met de verkoop van Agfa’s divisie Offset Solutions in 2022. In januari 2026 bracht de onafhankelijke expert het eindrapport uit, waarin een prijsaanp...
- ING Helpdesk
Benelux Morning Notes
CTP: Asian financings. KPN: Increases internet prices and discontinues 100Mbit/s fiber optic subscription. Magnum Ice Cream Company: Closing the acquisition of Kwality Wall's in India. SBM Offshore: Mopane 2028? Staffing Sector: Belgium staffing February Temp volume decline moderating on easier comps; stable underlying but blue collar softer. Unilever plc: Morris dancing reaches its climax. Universal Music Group: €500m buyback welcome, management stresses dislocated valuation. WDP:...
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Lewi
- Guy Sips
Agfa Model update after strong 4Q25 recovery, but structural headwinds...
We updated our model (€ 1.0 Target Price maintained) after Agfa delivered a clearly improved 4Q25, with adj. EBITDA up 28% y/y to € 39m and FCF of € 44m, bringing FY25 FCF to a positive € 35m. This late-year rebound partly masks a challenging FY25, which remained dominated by structural pressure in Radiology, the dilutive impact of the ongoing cloud transition in HealthCare IT, and rising uncertainty linked to silver price volatility. Agfa remains confident in the strategic direction of its “Gro...
- Wim Hoste
Tessenderlo Feedback FY25 results conference call
Below are the highlights of the FY25 results conference call. Tessenderlo's FY25 adjusted EBITDA increased by 8.5% to 288.1m, which was 3% below our forecast and 6% below consensus. FY26 guidance calls for adjusted EBITDA in line with 2025 which is also below our and consensus forecasts. Despite the difficult macro economic environment, we remind that the company is generating sizeable FCF which was until recently used to regularly buy back own shares. We consider valuation to be attractive enou...
- ING Helpdesk
Benelux Morning Notes
Ageas: FY25 results of CTIH. ASR: Management & Supervisory Board changes. MICC: Preview 1Q26. Ontex: 1Q26 preview - markets remain challenging. Randstad: Preliminary preview 1Q26F results due 22 April. Tessenderlo: 2H25 miss, soft 2026F guidance. Unicredit: Injecting capital into its Belgian Bank
- Wim Hoste
Tessenderlo FIRST LOOK: FY25 EBITDA and FY26 guidance slight miss
Tessenderlo's FY25 adjusted EBITDA increased by 8.5% to 288.1m, which was 3% below our forecast and 6% below consensus. FY26 guidance calls for adjusted EBITDA in line with 2025 which is also below our and consensus forecasts. Despite the difficult macro economic environment, we remind that the company is using its solid balance sheet and FCF to regularly buy back own shares. We consider valuation to be attractive enough from maintaining our Accumulate rating with target price maintained at € 28...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Wim Hoste
- Guy Sips
- Mathijs Geerts Danau
- Maxime Stranart
- Stijn Demeester
Deceuninck/FY25 results: volumes remain under pressure/HOLD
We reiterate our HOLD on Deceuninck, but reduce our target price from €2.30 to €2.20, following the group's FY25 results, driven by a decrease in our 2026F Adj. EBITDA forecast and a higher WACC. We remain cautious on profitability improvement going into 2026F, on a trading environment that remains challenging in most countries. We expect the group's growing exposure to aluminium profiles to drive Adj. EBITDA growth at CAGR +8.3% over 2025-28F, a growth that should mainly be localised in Europe ...
- 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.
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...
- 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
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
CON CONTINENTAL AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
ADS ADIDAS AG
VOLV B VOLVO AB CLASS B
EO FAURECIA SA
DAI DAIMLER AG
EN BOUYGUES SA
ADEN ADECCO GROUP AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
MRK MERCK KGAA
HAL HAL TRUST
RAND RANDSTAD NV
FR VALEO SE
FRE FRESENIUS SE & CO. KGAA
VOW3 VOLKSWAGEN AG PREF
AMP AMPLIFON S.P.A.
ELI ELIA GROUP SA/NV
CIE CIE AUTOMOTIVE S.A.
LEG LEG IMMOBILIEN AG
ANDR ANDRITZ AG
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
NEXI NEXI S.P.A.
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
AM DASSAULT AVIATION
DTG DAIMLER TRUCK
IVG IVECO GROUP
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
CSG CSG N.V.
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
CON CONTINENTAL AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
ADS ADIDAS AG
VOLV B VOLVO AB CLASS B
EO FAURECIA SA
DAI DAIMLER AG
EN BOUYGUES SA
ADEN ADECCO GROUP AG
POM PLASTIC OMNIUM SE
TYRES NOKIAN RENKAAT OYJ
MRK MERCK KGAA
HAL HAL TRUST
RAND RANDSTAD NV
FR VALEO SE
FRE FRESENIUS SE & CO. KGAA
VOW3 VOLKSWAGEN AG PREF
AMP AMPLIFON S.P.A.
ELI ELIA GROUP SA/NV
CIE CIE AUTOMOTIVE S.A.
LEG LEG IMMOBILIEN AG
ANDR ANDRITZ AG
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
GEST GESTAMP AUTOMOCION S.A.
NEXI NEXI S.P.A.
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
AM DASSAULT AVIATION
DTG DAIMLER TRUCK
IVG IVECO GROUP
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
CSG CSG N.V.
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