reports
- Bruno Cavalier
- Luis de Toledo Heras
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
GN GN STORE NORD A/S
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
ENG ENAGAS SA
NOD NORDIC SEMICONDUCTOR ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ALD ALD SA
UMI UMICORE
VK VALLOUREC SA
NXFIL NX FILTRATION HLDG BV
ZGN ERMENEGILDO ZEGNA NV
R3NK RENK GROUP AG
TEN TENARIS S.A.
CAN CANAL+
- Bruno Cavalier
- Luis de Toledo Heras
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
GN GN STORE NORD A/S
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
ENG ENAGAS SA
NOD NORDIC SEMICONDUCTOR ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ALD ALD SA
UMI UMICORE
VK VALLOUREC SA
NXFIL NX FILTRATION HLDG BV
ZGN ERMENEGILDO ZEGNA NV
R3NK RENK GROUP AG
TEN TENARIS S.A.
CAN CANAL+
- Usama Tariq
- Wim Gille
- Hilde Van Boxstael
- Kristof Samoy
- Wim Hoste
- Wim Lewi
- Dirk Verbiesen
- Quirijn Mulder
Arcadis/Slow start to FY26 but a better second half/HOLD
As 3Q25 showed only 1% organic growth, this did not translate into the anticipated pick-up in growth rates. We expect meagre organic growth to continue into FY26 as we foresee only 1.8%, with 1H26 likely being slower than 2H26. New management has been taking measures to reduce overhead costs. These cost savings are material, but will only come fully to fruit in FY27, also the year when we foresee a return to stronger organic growth. With consensus in our view still too optimistic on organic grow...
- Stefano Toffano
ENGI ENGIE SA.
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
GIVN GIVAUDAN SA
SAND SANDVIK AB
RXL REXEL SA
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
EZJ EASYJET PLC
01913 PRADA S.P.A.
NEM NEMETSCHEK SE
HM B H&M HENNES & MAURITZ AB CLASS B
DOKA DORMAKABA HOLDING AG
LPP LPP S.A.
MOCORP METSO OUTOTEC OYJ
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
LDO BANCO SANTANDER S.A.
SAP LEONARDO SPA
SIE SAP SE
ASML SIEMENS AG
STM ASML HOLDING NV
VOS STMICROELECTRONICS NV
CAF VOSSLOH AG
KBX CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
SRAIL KNORR-BREMSE AG
ENR STADLER RAIL AG
ERF SIEMENS ENERGY AG
EPI A EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ZGN EPIROC AB
ATCO A ERMENEGILDO ZEGNA NV
ATLAS COPCO AB
- Stefano Toffano
ENGI ENGIE SA.
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
GIVN GIVAUDAN SA
SAND SANDVIK AB
RXL REXEL SA
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
EZJ EASYJET PLC
01913 PRADA S.P.A.
NEM NEMETSCHEK SE
HM B H&M HENNES & MAURITZ AB CLASS B
DOKA DORMAKABA HOLDING AG
LPP LPP S.A.
MOCORP METSO OUTOTEC OYJ
MONC MONCLER SPA
ASSA B ASSA ABLOY AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
LDO BANCO SANTANDER S.A.
SAP LEONARDO SPA
SIE SAP SE
ASML SIEMENS AG
STM ASML HOLDING NV
VOS STMICROELECTRONICS NV
CAF VOSSLOH AG
KBX CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
SRAIL KNORR-BREMSE AG
ENR STADLER RAIL AG
ERF SIEMENS ENERGY AG
EPI A EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ZGN EPIROC AB
ATCO A ERMENEGILDO ZEGNA NV
ATLAS COPCO AB
- Ahmed Ben Salem
- Baptiste Lebacq
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
RCO REMY COINTREAU SA
SAND SANDVIK AB
RXL REXEL SA
CEN GROUPE CRIT SA
SDG SYNERGIE SA
INF INFOTEL SA
HCO HIGHCO SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
KER KERING SA
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
01913 PRADA S.P.A.
HEIJM HEIJMANS N.V. CERT
INRN
DOKA INTERROLL HOLDING AG
DLG DORMAKABA HOLDING AG
EMMN DE'LONGHI S.P.A.
CCC EMMI AG
MOCORP CCC SA
MONC METSO OUTOTEC OYJ
ASSA B MONCLER SPA
BC ASSA ABLOY AB CLASS B
CFR BRUNELLO CUCINELLI S.P.A.
VLTSA COMPAGNIE FINANCIERE RICHEMONT SA
MAU VOLTALIA
SIE ETABLISSEMENTS MAUREL & PROM SA
VOS SIEMENS AG
CAF VOSSLOH AG
KBX CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
SRAIL KNORR-BREMSE AG
GRP STADLER RAIL AG
ZEL GREENCOAT RENEWABLES
ENR PHARMA MAR SA
AG1 SIEMENS ENERGY AG
EPI A AUTO1 GROUP
FORSE EPIROC AB
ZGN FORSEE POWER SA
ATCO A ERMENEGILDO ZEGNA NV
HAVAS ATLAS COPCO AB
HBX HAVAS N.V
HBX GROUP INTERNATIONAL PLC
- Ahmed Ben Salem
- Baptiste Lebacq
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ABB ABB LTD.
RCO REMY COINTREAU SA
SAND SANDVIK AB
RXL REXEL SA
CEN GROUPE CRIT SA
SDG SYNERGIE SA
INF INFOTEL SA
HCO HIGHCO SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
KOF KAUFMAN & BROAD SA
GOE GROUPE GORGE SA
KER KERING SA
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
01913 PRADA S.P.A.
HEIJM HEIJMANS N.V. CERT
INRN
DOKA INTERROLL HOLDING AG
DLG DORMAKABA HOLDING AG
EMMN DE'LONGHI S.P.A.
CCC EMMI AG
MOCORP CCC SA
MONC METSO OUTOTEC OYJ
ASSA B MONCLER SPA
BC ASSA ABLOY AB CLASS B
CFR BRUNELLO CUCINELLI S.P.A.
VLTSA COMPAGNIE FINANCIERE RICHEMONT SA
MAU VOLTALIA
SIE ETABLISSEMENTS MAUREL & PROM SA
VOS SIEMENS AG
CAF VOSSLOH AG
KBX CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
SRAIL KNORR-BREMSE AG
GRP STADLER RAIL AG
ZEL GREENCOAT RENEWABLES
ENR PHARMA MAR SA
AG1 SIEMENS ENERGY AG
EPI A AUTO1 GROUP
FORSE EPIROC AB
ZGN FORSEE POWER SA
ATCO A ERMENEGILDO ZEGNA NV
HAVAS ATLAS COPCO AB
HBX HAVAS N.V
HBX GROUP INTERNATIONAL PLC
- Delphine Brault
- Nathan Mietlicki
ODDO : 2026 : toujours une histoire de momentum
L’année 2026 verra, selon nous, une poursuite de la thématique momentum, aux dépens des styles value et qualité. Nous anticipons une accélération de l’amélioration de la marge (71 pb vs 36 pb en 2025e), tirée par le levier opérationnel, le pricing et la poursuite ou l’intensification des restructurations, ceci dans un environnement de croissance du CA toujours soutenue (5.1%e vs ~4.9% en 2025e). Si quelques dynamiques devraient rester fortes (datacenters, grid, rail, etc), d’autres émergeront (r...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
- Delphine Brault
- Nathan Mietlicki
ODDO : 2026: still a momentum story
We expect that 2026 will see a continuation of the momentum theme, at the expense of value and quality styles. We expect margin improvement to accelerate (71bp vs 36bp in 2025e), driven by operating leverage, pricing and continued or intensified restructuring, against a backdrop of sustained sales growth (5.1%e vs ~4.9% in 2025e). While some dynamics are likely to remain strong (data centres, grid, rail, etc), others will take shape (Europe residential and US trucks in H2) or accelerate (semicon...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
- Nicolas David
LOGI LOGITECH INTERNATIONAL S.A.
SGE SAGE GROUP PLC
DGE DIAGEO PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
SAND SANDVIK AB
GLE SOCIETE GENERALE S.A. CLASS A
OMV OMV AG
ARCAD ARCADIS NV
STR STRABAG SE
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
CPR DAVIDE CAMPARI-MILANO N.V.
ATCO A ATLAS COPCO AB
- Nicolas David
LOGI LOGITECH INTERNATIONAL S.A.
SGE SAGE GROUP PLC
DGE DIAGEO PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
LONN LONZA GROUP AG
SAND SANDVIK AB
GLE SOCIETE GENERALE S.A. CLASS A
OMV OMV AG
ARCAD ARCADIS NV
STR STRABAG SE
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
CPR DAVIDE CAMPARI-MILANO N.V.
ATCO A ATLAS COPCO AB
- Martijn Den Drijver
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Wim Lewi
- Kristof Samoy
Arcadis €175m SBB completed and FY25 preview
Arcadis has completed its share buyback program as of 16 January 2026. Since the launch of the program on 1 October 2025, the company repurchased a total of 4,575,796 ordinary shares for €175m, at an average price of €38.24. The shares acquired represent ca. 5% of the company's issued share capital and will be cancelled. We maintain our Hold.
Arcadis completes share buyback program and reports final transactions
Arcadis completes share buyback program and reports final transactions PRESS RELEASEArcadis completes share buyback program and reports final transactions Amsterdam, 20 January 2026 – Arcadis N.V. (Arcadis), the world’s leading company delivering data-driven sustainable design, engineering, and consultancy solutions for natural and built assets, announced its share buyback program to be completed on 16 January 2026. Since the start of the share buyback program on 1 October 2025, a total of 4,575,796 ordinary shares have been repurchased for a total consideration of €174,999,566 at an avera...
- ING Helpdesk
Arcadis reports transactions under its current share buyback program
Arcadis reports transactions under its current share buyback program PRESS RELEASEArcadis reports transactions under its current share buyback program Amsterdam, 13 January 2026 – Arcadis N.V. (Arcadis), the world’s leading company delivering data-driven sustainable design, engineering, and consultancy solutions for natural and built assets, repurchased 461,483 of its own shares in the period 5 – 9 January 2026 at an average price of €36.56. The total consideration of this repurchase was €16,873,986. The total number of shares repurchased under this program to date is 4,141,810 shares fo...
Arcadis reports transactions under its current share buyback program
Arcadis reports transactions under its current share buyback program PRESS RELEASEArcadis reports transactions under its current share buyback program Amsterdam, 6 January 2026 – Arcadis N.V. (Arcadis), the world’s leading company delivering data-driven sustainable design, engineering, and consultancy solutions for natural and built assets, repurchased 246,237 of its own shares in the period 29 December 2025 – 2 January 2026 at an average price of €35.73. The total consideration of this repurchase was €8,798,027. The total number of shares repurchased under this program to date is 3,680,...
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