reports
- ING Helpdesk
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Wim Lewi
- Kristof Samoy
Arcadis Positioned for 2H25 growth
Arcadis executes on its strategic roadmap, supported by a resilient global platform, disciplined M&A integration, and exposure to structural growth markets. In this note, we take a closer look at Arcadis' water activities—an increasingly important growth engine within its Resilience GBA—and assess how recent developments position the company for topline acceleration in the second half of 2025. Despite macro uncertainty, Arcadis remains on track to deliver organic growth and margin expansion, und...
- Christian Arnold
- Tobias Fahrenholz
LHN HOLCIM AG
CLN CLARIANT AG
DKSH DKSH HOLDING AG
NOVN NOVARTIS AG
GIVN GIVAUDAN SA
LONN LONZA GROUP AG
IDL ID LOGISTICS GROUP
ARYN ARYZTA AG
ITP INTERPARFUMS
NESN NESTLE S.A.
BEN BENETEAU SA
OERL OC OERLIKON CORPORATION AG
GEBN GEBERIT AG
BAS BASF SE
IMPN IMPLENIA AG
SUN SULZER AG
RIEN RIETER HOLDING AG
DOKA DORMAKABA HOLDING AG
YPSN YPSOMED HOLDING AG
BCHN BURCKHARDT COMPRESSION HOLDING AG
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
VACN VAT GROUP AG
COPN COSMO PHARMACEUTICALS NV
SIK SIKA AG
MEDCL MEDINCELL SA
SRAIL STADLER RAIL AG
STMN STRAUMANN HOLDING AG
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
SFZN SIEGFRIED HOLDING AG
- Christian Arnold
- Tobias Fahrenholz
LHN HOLCIM AG
FME FRESENIUS MEDICAL CARE AG
CLN CLARIANT AG
BVI BUREAU VERITAS SA
ROG ROCHE HOLDING LTD
DKSH DKSH HOLDING AG
NOVN NOVARTIS AG
GIVN GIVAUDAN SA
LONN LONZA GROUP AG
ARYN ARYZTA AG
NESN NESTLE S.A.
OERL OC OERLIKON CORPORATION AG
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
BAS BASF SE
SAN SANOFI
IMPN IMPLENIA AG
SUN SULZER AG
RIEN RIETER HOLDING AG
DOKA DORMAKABA HOLDING AG
LPP LPP S.A.
YPSN YPSOMED HOLDING AG
BCHN BURCKHARDT COMPRESSION HOLDING AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
VACN VAT GROUP AG
COPN COSMO PHARMACEUTICALS NV
AZN ASTRAZENECA PLC
SIK SIKA AG
SRAIL STADLER RAIL AG
STMN STRAUMANN HOLDING AG
GSK GSK PLC
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
NOVO B NOVO NORDISK A/S
SFZN SIEGFRIED HOLDING AG
- Christian Arnold
- Tobias Fahrenholz
LHN HOLCIM AG
CLN CLARIANT AG
DKSH DKSH HOLDING AG
NOVN NOVARTIS AG
GIVN GIVAUDAN SA
LONN LONZA GROUP AG
IDL ID LOGISTICS GROUP
ARYN ARYZTA AG
ITP INTERPARFUMS
NESN NESTLE S.A.
BEN BENETEAU SA
OERL OC OERLIKON CORPORATION AG
GEBN GEBERIT AG
BAS BASF SE
IMPN IMPLENIA AG
SUN SULZER AG
RIEN RIETER HOLDING AG
DOKA DORMAKABA HOLDING AG
YPSN YPSOMED HOLDING AG
BCHN BURCKHARDT COMPRESSION HOLDING AG
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
VACN VAT GROUP AG
COPN COSMO PHARMACEUTICALS NV
SIK SIKA AG
MEDCL MEDINCELL SA
SRAIL STADLER RAIL AG
STMN STRAUMANN HOLDING AG
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
SFZN SIEGFRIED HOLDING AG
- Christian Arnold
- Tobias Fahrenholz
LHN HOLCIM AG
FME FRESENIUS MEDICAL CARE AG
CLN CLARIANT AG
BVI BUREAU VERITAS SA
ROG ROCHE HOLDING LTD
DKSH DKSH HOLDING AG
NOVN NOVARTIS AG
GIVN GIVAUDAN SA
LONN LONZA GROUP AG
ARYN ARYZTA AG
NESN NESTLE S.A.
OERL OC OERLIKON CORPORATION AG
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
BAS BASF SE
SAN SANOFI
IMPN IMPLENIA AG
SUN SULZER AG
RIEN RIETER HOLDING AG
DOKA DORMAKABA HOLDING AG
LPP LPP S.A.
YPSN YPSOMED HOLDING AG
BCHN BURCKHARDT COMPRESSION HOLDING AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
VACN VAT GROUP AG
COPN COSMO PHARMACEUTICALS NV
AZN ASTRAZENECA PLC
SIK SIKA AG
SRAIL STADLER RAIL AG
STMN STRAUMANN HOLDING AG
GSK GSK PLC
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
NOVO B NOVO NORDISK A/S
SFZN SIEGFRIED HOLDING AG
- Christian Arnold
- Tobias Fahrenholz
ODDO : Swiss Equities Conference Feedback – Difficult Q2 but some H2 2...
ODDO BHF and Commerzbank jointly hosted the Swiss Equities Conference in Interlaken, Switzerland, from 10 to 12 June 2025. The event was attended by 64 companies (out of which 59 are listed, and with BASF one non-Swiss company). Some 125 investors met mostly (85%) C-level management in 440 meetings (one-on-one, one-to-few) and plenary sessions, resulting in some 1,100 interactions. Based on our positive assessments for Q2 & H2 2025 as well as beyond, we would like to highlight Accelleron (poten...
LHN HOLCIM AG
CLN CLARIANT AG
DKSH DKSH HOLDING AG
NOVN NOVARTIS AG
GIVN GIVAUDAN SA
LONN LONZA GROUP AG
ARYN ARYZTA AG
NESN NESTLE S.A.
OERL OC OERLIKON CORPORATION AG
GEBN GEBERIT AG
BAS BASF SE
IMPN IMPLENIA AG
SUN SULZER AG
RIEN RIETER HOLDING AG
DOKA DORMAKABA HOLDING AG
YPSN YPSOMED HOLDING AG
BCHN BURCKHARDT COMPRESSION HOLDING AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
VACN VAT GROUP AG
COPN COSMO PHARMACEUTICALS NV
SIK SIKA AG
SRAIL STADLER RAIL AG
STMN STRAUMANN HOLDING AG
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
SFZN SIEGFRIED HOLDING AG
- Dirk Verbiesen
- Marc Zwartsenburg
- CEFA
- Quirijn Mulder
- Tijs Hollestelle
Utilities and offshore wind supply chain sector/Mind the gaps
In this report we present our view on the long-term growth prospects for offshore wind in Europe, implications of the energy transition and the role of TSOs, such as Elia Group. We also focus on supply chain beneficiaries in our Benelux coverage. An increasing number of long-term framework contracts should provide improved risk-rewards to the supply chain, in our view. Furthermore, we take a deep dive into growth drivers and long-term financing for Elia Group, beyond the company's current financ...
- Wim Lewi
Dollar Weakness The impact on our Benelux Coverage
In general, a weaker USD has a negative impact on Benelux stocks, particularly for companies with significant exports to the US. In this note we selected a list of companies with high US export exposure and we examine the potential impact on FY25 earninings. On top of the weak dollar, rising trade tensions or the introduction of tariffs further harm Benelux exporters. As the dollar depreciates against the euro, European goods become costlier for American consumers. At the same time, revenues ear...
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SIP SIPEF GROUP
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
ROYAL VOPAK NV
AALB AALBERTS N.V.
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
BAR BARCO NV
FUR FUGRO NV
DSFIR KONINKLIJKE DSM N.V.
AGN AEGON N.V.
SYENS SYENSQO
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
Benelux Local Champions Feedback document
Below our feedback notes written at the occasion of our annual Benelux Local Champions Conference that took place on 27 May 2025 at our historic building at Grand Place Brussels. This event offered the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR: ACKERMANS & VAN HAAREN | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMICORE
- ING Helpdesk
- Bruno Cavalier
- Wim Gille
BEKB BEKAERT SA
DGE DIAGEO PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SBMO SBM OFFSHORE NV
UNIQA INSURANCE GROUP AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
LPE LAURENT-PERRIER SA
KER KERING SA
RAND RANDSTAD NV
SOLB SOLVAY SA
01913 PRADA S.P.A.
ARCAD ARCADIS NV
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
LIGHT SIGNIFY NV
TWEKA TKH GROUP N.V. CERT
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INX IMCD N.V.
TRP TERAPLAST
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
CPR DAVIDE CAMPARI-MILANO N.V.
FAST FASTNED
INPST INPOST S.A.
- Bruno Cavalier
- Wim Gille
BEKB BEKAERT SA
DGE DIAGEO PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SBMO SBM OFFSHORE NV
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
RAND RANDSTAD NV
SOLB SOLVAY SA
01913 PRADA S.P.A.
ARCAD ARCADIS NV
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
LIGHT SIGNIFY NV
TWEKA TKH GROUP N.V. CERT
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
CPR DAVIDE CAMPARI-MILANO N.V.
FAST FASTNED
INPST INPOST S.A.
- Bruno Cavalier
- Wim Gille
BEKB BEKAERT SA
DGE DIAGEO PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SBMO SBM OFFSHORE NV
UNIQA INSURANCE GROUP AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
LPE LAURENT-PERRIER SA
KER KERING SA
RAND RANDSTAD NV
SOLB SOLVAY SA
01913 PRADA S.P.A.
ARCAD ARCADIS NV
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
LIGHT SIGNIFY NV
TWEKA TKH GROUP N.V. CERT
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INX IMCD N.V.
TRP TERAPLAST
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
CPR DAVIDE CAMPARI-MILANO N.V.
FAST FASTNED
INPST INPOST S.A.
- Bruno Cavalier
- Wim Gille
BEKB BEKAERT SA
DGE DIAGEO PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SBMO SBM OFFSHORE NV
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
RAND RANDSTAD NV
SOLB SOLVAY SA
01913 PRADA S.P.A.
ARCAD ARCADIS NV
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
LIGHT SIGNIFY NV
TWEKA TKH GROUP N.V. CERT
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
CPR DAVIDE CAMPARI-MILANO N.V.
FAST FASTNED
INPST INPOST S.A.
- Wim Gille
BEKB BEKAERT SA
APAML APERAM SA
BFIT BASIC-FIT NV
SBMO SBM OFFSHORE NV
RAND RANDSTAD NV
SOLB SOLVAY SA
ARCAD ARCADIS NV
SLIGR SLIGRO FOOD GROUP N.V.
LIGHT SIGNIFY NV
TWEKA TKH GROUP N.V. CERT
CSM CORBION NV
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
FAST FASTNED
INPST INPOST S.A.
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
Benelux Local Champions 27 May 2025
This conference book is your guide to our annual Benelux Local Champions Conference set to take place on Tuesday, 27 May 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR. ACKERMANS & VAN HAAREN | AGEAS | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | KBC GROUP | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMIC...
GBLB GROUPE BRUXELLES LAMBERT SA
AGS AGEAS SA/NV
KBC KBC GROUP N.V.
LOTB LOTUS BAKERIES NV
SOF SOFINA SA
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
MELE MELEXIS NV
CSM CORBION NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
UMI UMICORE
AKZA AKZO NOBEL N.V.
AZE AZELIS GROUP NV
- Martin Marandon-Carlhian
- Stephane Houri
IFX INFINEON TECHNOLOGIES AG
LRC 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
LRC 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.
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