Benelux Morning Notes

Ahold Delhaize: Peer Walmart 4Q25/26 results. Arcadis: Main topics 4Q25/FY25 conference call. ASM: 4Q25 preview, FY26 should be strong. Brunel: 4Q25 result beats and trends stabilise; DACH back to growth in 1Q26; additional cost savings announced and special dividend. Cofinimmo: Beat on bottom line, strong investment outlook for 2026. IMCD: Another step in EMEA. Magnum Ice Cream Company: Peer Danone 4Q25 results. Recticel: Peer Kingspan FY25 results. Software sector: Cheaper code...

Arcadis Key take-aways analyst call

This morning Arcadis reported numbers (as written in a separate FRN) that were disappointing. Only the Resilience GBA and the cash collection process delivered in 4Q25. The sharp revenue revision for 2026 came as a cold surprise but the new CFO delivered on his cash collection commitment made late 2025. Together with the CEO nominee he outlaid a hands-on, pragmatic approach for a return to meaningful topline and margin growth. However this will be (again) back-end loaded in 2026 and mainly reali...

Besi 4Q25: Orders accelerate on mainstream recovery and broader hybrid...

Credit Morning 02/19/2026

Constellium: very strong Q4 2025 results with the momentum continuing into H1 2026|Eramet publishes weak results for 2025 but takes radical measures to rapidly improve its financial structure, notably with a plan to strengthen its equity capital by € 500m|AF-KLM: Unit costs under control enabling good profitability levels|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/19/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 19/02/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/19/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 19/02/2026

Morning Crédit 19/02/2026

Constellium: very strong Q4 2025 results with the momentum continuing into H1 2026|Eramet publie de faibles résultats 2025 mais prend des mesures radicales pour améliorer rapidement la structure financière, notamment avec un projet de renforcement des fonds propres de 500 m EUR|AF-KLM: Unit costs under control enabling good profitability levels|

Benelux Morning Notes

AEGON: Uneventful results, US weaker, underlying OCG in line / Air France-KLM: Productivity gains starting to filter through / Arcadis: Weak revenues and EBITA, but strong NWC / Ascencio: Results in line, no concerns on Carrefour Belgium exposure / Azelis: Persisting softness in 4Q25, continued focus on costs and cash / BAM Group: Solid 2H25 results, 2026 outlook in line / Belgian telecoms: Telenet improved net adds, to relist as part of Ziggo in 2027, Liberty to sell half of its 66% Wyre stake ...

VGP FY25 results come a bit short, a new JV partner compensates

VGP reported FY25 net profit of EUR €290.4m vs. €373.6m expected, mainly due to non-EPRA financial costs in the JV. The recurrent earnings also came up short with €139m vs. our estimated €180m, mainly on €30m lower realized gains and €22m higher interest costs. Unrealized gains were strong at €183.0m vs. €185.2m expected. This indicates that the FV uplift is related to sound development activity. The NTA per share rose 9.1%. New leases signed amounted to €56.9m. FY25 completions at 494k sqm vs. ...

Materialise FIRST LOOK : 4Q25 results

We will update our model as Materialise expects FY26 to grow to a range of €273m to €283m (KBCSe € 282.5m). Materialise will continue investing in its Materialise Medical and Software segments while maintaining disciplined cost control and optimization, in particular in its Materialise Manufacturing segment and in its overhead. As a result, Materialise expects its FY26 Adj EBIT to reach € 10m to € 12m (KBCSe € 14.5m). FY25 revenue remained stable at € 267.6m (KBCSe € 269.3m), fuelled by stron...

Arcadis First look: Only Resilience & cash collection delivered in 4Q2...

Arcadis released a disappointing set. Only Resilience posted an inline performance. Growth in Places in 4Q was -13% while our scenario was counting on a stabilisation (o% y/y). 4Q Traction in Mobility did not materialise as expected. Company guides for a transitional 2026 with flat growth well below our and css est. . Thanks to strong cash collection FCF was a clear positive surprise. Analyst call at 2pm CET. We will adjust our 2026 numbers downwards to the issued guidance. Hold.

Morning Notes : ABI BB, AGN NA, ARCAD NA, BESI NA, ENX FP, GIMB BB, HY...

: ABI BB, AGN NA, ARCAD NA, BESI NA, ENX FP, GIMB BB, HYL BB, IBAB BB, KIN BB, MTLS US, VGP BB, AZE BB, ZEAL DC

Arcadis : Terrible Q4 growth and margin, strong FCF and order intake b...

BE Semiconductor Industries : Q4 results above consensus on EPS, Q1 gu...

VGP NV : FY2025 results: VGP expands platform with important new Joint...

BE Semiconductor Industries : Q4 results above consensus on EPS, Q1 gu...

Kinepolis Group Lower results, as expected, impacted by less visitors ...

Against the backdrop of ongoing restructuring and recapitalization in Hollywood, Kinepolis received in FY25 -5.8% y/y visitors or 30.7m, down. Kinepolis Group indicated that -although 2025 saw some notable successes- mainly in the animation and horror genres, the year was affected by a less favourable comparison base, partly due to the exceptional success of 'Inside Out 2' and several French films in 2024. We maintain our positive stance (Buy, € 42 Target Price) as Kinepolis highlighted that F...