reports
- Martin Marandon-Carlhian
- Stephane Houri
IFX INFINEON TECHNOLOGIES AG
LR LEGRAND
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
G1A GEA GROUP AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
ADEN ADECCO GROUP AG
RHM RHEINMETALL AG
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
ELE ENDESA S.A.
ORSTED ORSTED
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
ERA ERAMET SA
NDA AURUBIS AG
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EDW EDP RENOVAVEIS SA
TIT TELECOM ITALIA S.P.A.
POST OSTERREICHISCHE POST AG
PRY PRYSMIAN S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
KBX KNORR-BREMSE AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
CTPNV CTP NV
ARM ARM HOLDINGS PLC
QGEN QIAGEN N.V.
- Martin Marandon-Carlhian
- Stephane Houri
IFX INFINEON TECHNOLOGIES AG
LR LEGRAND
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
G1A GEA GROUP AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
ADEN ADECCO GROUP AG
RHM RHEINMETALL AG
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
ELE ENDESA S.A.
ORSTED ORSTED
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
ERA ERAMET SA
NDA AURUBIS AG
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EDW EDP RENOVAVEIS SA
TIT TELECOM ITALIA S.P.A.
PRY PRYSMIAN S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
KBX KNORR-BREMSE AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
CTPNV CTP NV
ARM ARM HOLDINGS PLC
QGEN QIAGEN N.V.
- Martijn Den Drijver
- Martijn Den Drijver
- Kristof Samoy
Arcadis 1Q25 performance in line with consensus
Arcadis 1Q25 trading update was broadly in line. Revenues were flat organically and landed at €972m (vs. our €968m and CSS of €973m). Operating EBITA stood at €106m in line with consensus of €105m and somewhat below our €112mE. Posted margins are up 20bps in spite of flat revenue evolution. Some €21m non operating costs hit the P&L linked to restructurings and right sizing in the UK & Australian market. BtB of 1.11x (from 1.17x 1Q24) and BL of €3699m up 14% y/y and 2.8% q/q.
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Strong 1Q25 in the US, additional details on FY25 guidance. Arcadis: Mixed start to FY25, US not to blame. PostNL: Highlights of 1Q25 analyst meeting. Sif Group: Preview - EBITDA capacity of new factory is key. Vonovia: Good results, positive message about valuations, new CEO. Wolters Kluwer: 1Q25 trading update – good start to the year
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
Arcadis Trading Update Q1 2025: Robust performance with continued marg...
Arcadis Trading Update Q1 2025: Robust performance with continued margin expansion and backlog growth PRESS RELEASE Arcadis First Quarter 2025 Trading UpdateRobust performance with continued margin expansion and backlog growth Net Revenues of €972 million, stable year-on-yearOrder Intake of €1.1 billion, resulting in record Backlog of €3.7 billion with 2.8% organic growth1) ytdOperating EBITA Margin2) expanded to 10.9% (Q1‘24: 10.7%), investments in line with strategyKUA and WSP Infrastructure Eng. GmbH acquisitions unlocking growth opportunities in GermanyOn track to achieve the st...
- Emna Ben Bdira
- Maxime Kogge
TKA THYSSENKRUPP AG
ENGI ENGIE SA.
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
NDA AURUBIS AG
NEM NEMETSCHEK SE
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
VACN VAT GROUP AG
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
AMAG AMAG AUSTRIA METALL AG
ENR SIEMENS ENERGY AG
AGN AEGON N.V.
ALIV SDB AUTOLIV INC.
- Emna Ben Bdira
- Maxime Kogge
TKA THYSSENKRUPP AG
ENGI ENGIE SA.
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
NDA AURUBIS AG
NEM NEMETSCHEK SE
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
BC BRUNELLO CUCINELLI S.P.A.
VACN VAT GROUP AG
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BIM BIOMERIEUX SA
AMAG AMAG AUSTRIA METALL AG
ENR SIEMENS ENERGY AG
AGN AEGON N.V.
ALIV SDB AUTOLIV INC.
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview - priced like it is 2009 all over again. ABN AMRO: Pre-close 1Q – focus on capital & new CEO. Ahold Delhaize: Preview 1Q25. Arcadis: Gatwick work. Basic-Fit: 1Q25 trading update; strong membership ingrowth; CB repayment refinancing. CM.com: 1Q25 trading update. Fastned: 1Q25 trading update; disappointing charging volumes. NSI: A steady quarter, increasing vacancy on the horizon. Sligro: Soft 1Q25 sales, no outlook provided. Wereldhave: Guidance at the higher e...
- Martijn Den Drijver
- Dirk Verbiesen
- Quirijn Mulder
Arcadis/Short-term challenges/HOLD (previously Buy)
Albeit for a service company like Arcadis the direct tariffs have a modest impact on the current business, we believe that the indirect impact is significant, also on top of already mounting troubles for the sector. Arcadis is not immune, we think. Decelerating growth for its net revenues, filtering through via operational leverage leads to material lower earnings estimates for FY25 with a recovery in FY26, but from a lower point. Also, given the slowdown, we think Arcadis' FY26 margin target wi...
- ING Helpdesk
Benelux Morning Notes
Arcadis: Large contract in Resilience. ASM International: Highlights from CFO roadshow. Exor: Exor buying back Exor shares. Fastned: 2H24 results, cost pressure. Flow Traders: February volumes elevated in EMEA. Montea: JV with Weerts in Belgium. Sligro: FY24 results in line, weak 1Q25 outlook. Sofina: Final NAV a tad higher. Umicore: CMD targets – no big bang
- ING Helpdesk
- Christophe-Raphaël Ganet
- Konrad Zomer
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SW SODEXO SA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
WKL WOLTERS KLUWER NV
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
RWE RWE AG
AIR AIRBUS SE
VER VERBUND AG CLASS A
ERA ERAMET SA
01913 PRADA S.P.A.
NDA AURUBIS AG
NEM NEMETSCHEK SE
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
HLAG HAPAG-LLOYD AG
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
CVC CVC CAPITAL PARTNERS PLC
- ING Helpdesk
Benelux Morning Notes
Arcadis: Further in German rail. CVC Capital Partners: They beat, they score. D'Ieteren: US Belron peer Boyd 4Q24 a bit ahead, weak 2025 early outlook. Fastned: Preview FY24. IBA: 2H24 better REBIT, net cash but outlook on the low side. Proximus: Interim leadership announced. UCB: Peer Immunovant reports mixed results in gMG Zabka: Peer Jeronimo Martins FY24 results
- Kristof Samoy
Arcadis Small add-on acquistion in German rail market
Arcadis acquires WSP Infrastructure Engineering GmbH and strengthens its position in the German rail market. Following the add-on acquisition of the German KUA (data centre design) this is a new small add-on acquisition of €20m turnover company but this time in the Mobility segment. The latter segment was earmarked for acquisitive (bolt-on) growth in earlier comments. Accumulate rating unchanged.
- Hilde Van Boxstael
- Jacob Mekhael
- Thomas Couvreur
- Wim Hoste
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