reports
- 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
- Francesca Ferragina
- Michiel Vereycken
WDP/Deep dive into the 2030 plan/BUY
WDP's FY25 results were fully in line but the company surprised in already revealing its 2030 targets. We like such long-term visibility combined with very clear targets: €500m of yearly capex that can be auto-financed, delivering a +6% CAGR. WDP now has pan-European ambitions and aims to establish a presence in Italy and Spain. While the company has not delivered on its entrance into Germany, we think that opening itself to new countries is the right ambition to have at this stage. The plan loo...
Melexis: update on the share buy-back program
Melexis: update on the share buy-back program Press release - Regulated Information Ieper, Belgium – 9 February 2026, 17.45 hrs CET Melexis reports the purchase of 10,000 Melexis shares on Euronext Brussels in the period from 2 February 2026 to 6 February 2026, related to the share buy-back program announced on 10 December 2025. Trade dateTotal shares purchasedAverage price (€)Min price (€)Max price (€)Buyback amount (€)2/2/2026-----2/2/2026-----2/2/2026-----2/2/20265,00053.8052.2056.55268,9952/2/20265,00053.1352.5053.45265,662TOTAL10,00053.4752.2056.55534,657 Under the current share bu...
Melexis: update over het aandeleninkoopprogramma
Melexis: update over het aandeleninkoopprogramma Persbericht - Gereglementeerde informatie Ieper, België – 9 februari 2026, 17.45 uur CET Melexis meldt de aankoop van 10.000 Melexis-aandelen op Euronext Brussel in de periode van 2 februari 2026 tot 6 februari 2026, in het kader van het inkoopprogramma aangekondigd op 10 december 2025. InkoopdatumAantal verworven aandelenGemiddelde prijs (€)Laagste prijs (€)Hoogste prijs (€)Aankoop bedrag (€)2/2/2026-----2/2/2026-----2/2/2026-----2/2/20265.00053,8052,2056,55268.9952/2/20265.00053,1352,5053,45265.662TOTAAL10.00053,4752,2056,55534.657 Onde...
- Guy Sips
- Hilde Van Boxstael
- Wim Lewi
- Guy Sips
Melexis In rough weather, exaggeration only deepens the valley
Melexis enters 2026 with a message that is far from triumphant: the recovery is happening, but it remains “an uneven recovery”. 4Q25 delivered growth, yes—but only just—and once again China dictated the rhythm with swings that overshadow structural progress. We updated our model taking into account management insists that FY26 will mark the start of margin improvement, and while the yield normalization story is credible, it does little to offset the uncomfortable reality of flat sales in 1Q an...
- Juan Ros-Padilla
WCH WACKER CHEMIE AG
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
MF WENDEL SE
FGA FIGEAC AERO SA
SCR SCOR SE
LXS LANXESS AG
SDF K+S AG
TPE PVA TEPLA AG
GN GN STORE NORD A/S
BAS BASF SE
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
NDA AURUBIS AG
ROYAL VOPAK NV
CFT COMPAGNIE FINANCIERE TRADITION
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
EVK EVONIK INDUSTRIES AG
MCPHY MCPHY ENERGY SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Juan Ros-Padilla
WCH WACKER CHEMIE AG
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
MF WENDEL SE
FGA FIGEAC AERO SA
SCR SCOR SE
LXS LANXESS AG
SDF K+S AG
TPE PVA TEPLA AG
GN GN STORE NORD A/S
BAS BASF SE
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
NDA AURUBIS AG
ROYAL VOPAK NV
CFT COMPAGNIE FINANCIERE TRADITION
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
EVK EVONIK INDUSTRIES AG
MCPHY MCPHY ENERGY SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
MELE MELEXIS NV
NOD NORDIC SEMICONDUCTOR ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB
After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Christophe-Raphaël Ganet
- Emmanuel Matot
- Thomas Zlowodzki
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
SCR SCOR SE
ASY ASSYSTEM SA
SWP SWORD GROUP SE
AUB AUBAY SA
VLS VALNEVA SE
ATE ALTEN SA
TPE PVA TEPLA AG
NEX NEXANS SA
CAP CAPGEMINI SE
SOI SOITEC SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
AALB AALBERTS N.V.
MELE MELEXIS NV
ALSN ALSO HOLDING AG
ECONT ECONOCOM GROUP SE CLASS D
UNI UNICAJA BANCO S.A.
NKT NKT A/S
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
TOM2 TOMTOM NV
NA9 NAGARRO
HGEA HGEARS AG
ALVGO VOGO SA
AROBS AROBS TRANSILVANIA SOFTWARE SA
IOS IONOS GROUP SE
ATO ATOS SE
- Christophe-Raphaël Ganet
- Emmanuel Matot
- Thomas Zlowodzki
ACN ACCENTURE PLC CLASS A
INF INFOTEL SA
SCR SCOR SE
ASY ASSYSTEM SA
SWP SWORD GROUP SE
AUB AUBAY SA
VLS VALNEVA SE
ATE ALTEN SA
TPE PVA TEPLA AG
NEX NEXANS SA
CAP CAPGEMINI SE
SOI SOITEC SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
AALB AALBERTS N.V.
MELE MELEXIS NV
ALSN ALSO HOLDING AG
ECONT ECONOCOM GROUP SE CLASS D
UNI UNICAJA BANCO S.A.
NKT NKT A/S
REY REPLY S.P.A.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
TOM2 TOMTOM NV
NA9 NAGARRO
HGEA HGEARS AG
ALVGO VOGO SA
AROBS AROBS TRANSILVANIA SOFTWARE SA
IOS IONOS GROUP SE
ATO ATOS SE
- Martin Marandon-Carlhian
- Stephane Houri
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Martin Marandon-Carlhian
- Stephane Houri
- Guy Sips
Melexis FIRST LOOK: Remaining in an uneven recovery
Melexis saw in 4Q25 still a challenging and unstable environment as the automotive industry demand continues to be cautious and choppy between quarters. They indicated they remain in an uneven recovery. Melexis highlighted that -looking at FY26- 1Q is traditionally impacted by annual customer pricing agreements and seasonal factors such as Chinese New Year and sales patterns outside of automotive. In addition, this year demand is affected by recent changes in EV automotive regulations and purcha...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.