reports
- Hilde Van Boxstael
- Livio Luyten
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Belgian telecoms: Telenet increases its fixed internet speed at unchanged price Colruyt: FY25/26F profitability guidance maintained despite market share loss Corbion: Keep Calm and Carry On Fagron: Acquires UCP, adding to its 503A health and wellness offering in California GBL: Planning ahead to deliver on its promise OCI: Limited details on Orascom merger, sales process for Nitrogen Europe ongoing TKH Group: Mixed emotions Wolters Kluwer: Launches UpToDate Expert AI
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
Ackermans & van Haaren invests 22 million euros in VKC Nuts
Ackermans & van Haaren invests 22 million euros in VKC Nuts Dear shareholder, Dear Madam, Dear Sir, Ackermans & van Haaren (AvH) has entered into an agreement to invest 22 million euros in VKC Nuts Private Limited (VKC Nuts), a leading family business in the fast-growing nuts and dried fruits sector in India. Upon closing of this investment, which is expected in the fourth quarter of this year, AvH will hold a 16.6% stake in VKC Nuts and be represented on its board of directors. Please find attached the full press release. Best regards Ackermans & van Haaren Attachment ...
Ackermans & van Haaren investit 22 millions d'euros dans VKC Nuts
Ackermans & van Haaren investit 22 millions d'euros dans VKC Nuts Cher actionnaire, Monsieur, Madame, Ackermans & van Haaren (AvH) a conclu un accord en vue d’investir 22 millions d’euros dans VKC Nuts Private Limited (VKC Nuts), une entreprise familiale leader du marché dans le secteur en forte croissance des fruits à coque et fruits secs en Inde. À l’issue de cette opération, dont le closing est attendu au quatrième trimestre de cette année, AvH détiendra une participation de 16,6 % dans VKC Nuts et sera représentée au sein de son conseil d’administration. Veuillez trouver ci-joint l...
Ackermans & van Haaren investeert 22 miljoen euro in VKC Nuts
Ackermans & van Haaren investeert 22 miljoen euro in VKC Nuts Geachte aandeelhouder, Geachte mevrouw, geachte heer, Ackermans & van Haaren (AvH) heeft een overeenkomst gesloten om 22 miljoen euro te investeren in VKC Nuts Private Limited (VKC Nuts), een toonaangevende familiale onderneming op de snelgroeiende Indiase markt voor noten en gedroogd fruit. Na afronding van deze investering, die wordt verwacht in het vierde kwartaal van dit jaar, zal AvH een belang van 16,6% verwerven in VKC Nuts en vertegenwoordigd zijn in de raad van bestuur. Gelieve bijgevoegd het volledige persbericht t...
- Kristof Samoy
- Livio Luyten
- Wim Lewi
- Livio Luyten
Sofina Sofina launches €545 rights offering
This morning Sofina announced a rights offering of up to €545.6m, issuing a maximum of 2,446,428 new shares at €223.00 per share. This represents a 12.1% discount to the TERP of €253.61 (based on the 23 September 2025 closing price of €255.80). The subscription ratio is 1 new share for 14 preferential rights. The proceeds aim to enhance Sofina's investment platform, enabling increased capital deployment, larger investment tickets, and flexibility in exit timing. Sofina's reference shareholder (c...
- ING Helpdesk
- Livio Luyten
Whitestone Group ECP becomes the first successful portfolio exit
Whitestone Group achieved its first portfolio exit. It sold its 20% stake in Luxembourg-based European Capital Partners for €2.2m, realizing a €1.2m capital gain and a 22% IRR (2.7x MOIC). This sale of ECP amounted to €2m, while the stake in ECP Participations (offices) was sold for €157k. The exit supports ongoing collaboration on a Multi-Assets fund while enabling external growth at ECP via a new shareholder. This transaction aligns with the strategic goal to divest 50% of assets by 2030 to un...
- Livio Luyten
Brederode Currency headwinds weigh on the private equity portfolio
In 1H25, Brederode's NAV per share declined 4.4% to €135.2 (vs. €141.4 at FY24-end). The decline was driven by a €164.7m loss in the Private Equity portfolio, now valued at €2.7bn. The primary cause was the USD's depreciation of over 14% during the period. With ~66% of the Private Equity portfolio exposed to USD, currency risk remains a concern. The listed securities portfolio partially offset the loss with a €24.9m gain, led by strong performances in electricity and healthcare sectors. Cash flo...
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Livio Luyten
Sofina TikTok deal nears, clearing political overhang on Sofina's larg...
The WSJ reported that ByteDance, parent of TikTok, is nearing a deal to resolve U.S. regulatory concerns. A consortium led by Oracle, Silver Lake, and Andreessen Horowitz are set to control 80% of its U.S. business under a U.S.-China framework. The arrangement also includes an American-dominated board and Oracle handling U.S. user data in Texas, while licensing ByteDance's algorithms. Sofina acquired a minority stake in ByteDance in 2016 through a special purpose vehicle alongside other investor...
- Michiel Declercq
D'Ieteren All eyes on Belron in 2H25
Following the publication of D'Ieteren's 1H25 results, we have slightly adjusted our estimates to the downside and currently bank on an FY25 adj. PBT (gs) of € 935m (prev. € 946m). Adjusting for constant exchange rates, our estimates imply a 2.8% growth on a comparable basis, or in line with the group's guidance (slight increase). While our new estimates reflect lower margin assumptions for Belron and TVH Parts, this effect is partially offset by lower financing costs at Belron on the back of fa...
Heineken Holding N.V. reports transactions under its current share buy...
Heineken Holding N.V. reports transactions under its current share buyback programme Heineken Holding N.V. reports transactions under its current share buyback programme Amsterdam, 15 September 2025 - Heineken Holding N.V. (EURONEXT:HEIO; OTCQX: HKHHY), hereby reports transaction details related to the first tranche of up to circa €375 million tranche of its share buyback programme of up to circa €750 million as communicated on 12 February 2025. From 8 September 2025 up to and including 12 September 2025 a total of 179,929 shares were repurchased on exchange at an average price of € 59.0...
- ING Helpdesk
- Hilde Van Boxstael
- Livio Luyten
- Wim Lewi
- Livio Luyten
TINC 1H25 Results: Updating our NAV Forecast model
In light of TINC's strong 1H25, we updated our model and projections. In 1H25, the portfolio fair value rose to €649.3m, up 26.8% from FY24-end. This is in line with our expectation of €671.1m for FY25. Long-term portfolio growth assumptions remained roughly the same, taking into account the €110.8m in commitments and an estimated €100.0m in new investments. We anticipate that the current credit facility gives TINC a runway of 3 years. For FY30, we revise our expected NAV from ~€830m or 17.2ps t...
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