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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

ABN AMRO: Dutch State reaches 30.5% stake. Heineken: Strong cost control but show me the cash. Melexis: 2Q25 Preview – prolonged auto-semi weakness. Retail Estates: Stable update. Universal Music Group: 2Q25 preview. Wolters Kluwer: 1H25 preview

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Belgian Telecoms: Orange Belgium and Proximus MoU on Fiber deployment and increased access to gigabit networks in Wallonia. Cofinimmo: Bottom line outperforming outlook. Elia: Solid start to the year, but with some help from accounting. Heijmans: Another leg up! Proximus: Better Domestic cannot hide Proximus Global double accident, MoU an incremental negative. Signify: 2Q25 Results, better growth, lower margins. WDP: No surprises, 2025 and 2027 targets reiterated. Events Calendar

Guy Sips ... (+7)
  • Guy Sips
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Lynn Hautekeete
  • Michiel Declercq
  • Thomas Couvreur
  • Wim Lewi
Wim Lewi
  • Wim Lewi

Warehouses De Pauw 1H25 Results are solid, pipeline pre-let recovers t...

EPRA EPS 1H25 came above our expectation at EUR 0.75 vs. 0.73 exp. EPRA EPS yoy growth of 5.6% is still impressive as its average share count increased by 2.9% YoY. The GRI also beat our expectations by 3.5% as investments accelerated and occupancy remained strong. WDP repeated its EPRA EPS25 outlook at 1.53, slightly below our 1.54 estimate. The “Blend27” strategy was also repeated with a guidance of 1.70 EPRA EPS by FY27. Current development pipeline stands at 387m of which 75% is pre-let wi...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

GBL: 1H25 preview; Greenyard: Results of initial acceptance period of voluntary and conditional takeover bid; Proximus: Weak Route Mobile results 1Q26, change in CEO; Staffing sector: Manpower 2Q25 beats; 3Q25 outlook only slightly better Coverage change Events Calendar

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Aalberts: Acquisition of Asian semiconductor player. ASML: Preview 2Q25; building backlog for 2026. BAM: 1H25 preview - YoY improvement from UK. Barco: Preview 1H25F; significant headwinds. Econocom: Acquires four specialist AV companies under ‘One Econocom' strategic plan. Flow Traders: Preview 2Q25. Staffing: Page Group 2Q25 trading update; soft 2Q25 especially in perm; outlook in line. WDP: €41m sale-and-lease back in France

Hilde Van Boxstael ... (+6)
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Lynn Hautekeete
  • Michiel Declercq
  • Thomas Vranken
  • Wim Hoste
Roy Külter ... (+2)
  • Roy Külter
  • Thomas Zlowodzki
Roy Külter ... (+2)
  • Roy Külter
  • Thomas Zlowodzki
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