reports
- Maxime Stranart
- Reg Watson
- CFA
Ontex/1H25 postview: weak 1H25 and profit warning/HOLD
We reiterate our HOLD rating on Ontex but lower our target price from €8.2 to €7.4 following the group's profit warning in 1H25, leading to our Adj. EBITDA forecast to drop by 12% in 2025F. We continue to expect Ontex's heavy restructuring plan to remain a drag on short-term operational performance, despite an elevated capex spend over the year. At €7.4, Ontex would trade at 6.2/5.2x EV/Adj. EBITDA 2025/26F (incl. Factoring), a discount of 45-50% to branded Hygiene Products peers we deem warrant...
Transparency Declaration Notification
Transparency Declaration Notification Regulatory information In accordance with the requirements of Article 14 of the Belgian Law of May 2, 2007 on the disclosure of significant shareholdings in listed companies, Ontex Group NV (“Ontex”) discloses the notifications of significant shareholding by the Goldman Sachs Group, Inc., that it has received on August 19, 20, 21 and 22, 2025. On August 13, 2025, the Goldman Sachs Group, Inc., detained 94,311 Ontex voting rights and 2,425,641 equivalent financial instruments, representing 3.06% of voting rights combined. The combined holding thereb...
Kennisgeving transparantieverklaring
Kennisgeving transparantieverklaring Gereglementeerde informatie In overeenstemming met de vereisten van artikel 14 van de Belgische wet van 2 mei 2007 over de openbaarmaking van belangrijke deelnemingen in emittenten, maakt Ontex Group NV (“Ontex”) de verklaringen van belangrijke deelnemingen door Goldman Sachs Group, Inc., bekend die op 19, 20, 21 en 22 augustus 2025 werden ontvangen. Op 13 augustus 2025 bezat de Goldman Sachs Group, Inc., 94.311 stemrechten en 2.425.641 equivalente financiële instrumenten van Ontex, wat gecombineerd 3,06% van de stemrechten uitmaakt. De gecombineerd...
- ING Helpdesk
Benelux Morning Notes
AEGON: Addition of €200m to existing SBB, considering US domicile, results mixed. Alfen: 19% EBITDA cut, mid-point new 2026 guidance. Flow Traders: Positive volumes, negative volatility. Kinepolis: Strong profit beat on better operating leverage, higher ticket and ITS per visitor. Recticel: Peer Rockwool 2Q25 results. Tessenderlo: Solid 1H25 beat, guidance maintained. VGP: Strong results, more news on JVs to come
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
Kinepolis Group Strong international blockbusters put leverage on prem...
We maintain our positive stance (Buy, € 50 Target Price) after 1H25 showed that strong international blockbusters put leverage on Kinepolis' premiumisation strategy. 2Q25 showed that Kinepolis' investments in experience and innovation as well as its operating model are particularly rewarding. We look forewarned to more news on further external expansion as the CEO highlighted that they are prepared for it after the new credit facility (Kinepolis closed in 1H a new € 160.0m credit line).
Strong second quarter for Kinepolis cinemas thanks to international bl...
Strong second quarter for Kinepolis cinemas thanks to international blockbusters Strong second quarter for Kinepolis cinemas thanks to international blockbusters Regulated information 21 August 2025, 7.00 am CET After a weak start to the year due to a limited blockbuster offering, Kinepolis posted strong second-quarter results, driven by a robust international film lineup and an effective premiumisation strategy. The success of ‘A Minecraft Movie’, ‘Lilo & Stitch’ and ‘Mission Impossible: The Final Reckoning’, among others, boosted visitor numbers by 17.3% in the second quarter compared...
Un deuxième trimestre solide pour les cinémas Kinepolis grâce aux bloc...
Un deuxième trimestre solide pour les cinémas Kinepolis grâce aux blockbusters internationaux Un deuxième trimestre solide pour les cinémas Kinepolis grâce aux blockbusters internationaux Information réglementée 21 août 2025, 7h00 Après un début d’année en demi-teinte, dû à une offre limitée de blockbusters, Kinepolis a enregistré de bons résultats au deuxième trimestre, portés par une offre internationale de films réussie et une stratégie de premiumisation efficace. Le succès de ‘Minecraft, le film’, ‘Lilo & Stitch’ et ‘Mission Impossible : The Final Reckoning’, entre autres, a fait gr...
Sterk tweede kwartaal voor Kinepolis-bioscopen dankzij internationale ...
Sterk tweede kwartaal voor Kinepolis-bioscopen dankzij internationale blockbusters Sterk tweede kwartaal voor Kinepolis-bioscopen dankzij internationale blockbusters Gereglementeerd bericht 21 augustus 2025, 7u00 CET Na een zwakke start van het jaar door een beperkt blockbusteraanbod, boekte Kinepolis sterke resultaten in het tweede kwartaal. Dit dankzij een succesvol internationaal filmaanbod in combinatie met een lonende premiumisatie-strategie. Het succes van onder meer ‘A Minecraft Movie’, ‘Lilo & Stitch’ en ‘Mission Impossible: The Final Reckoning’ deden het bezoekersaantal in het ...
Corbion and Kuehnle AgroSystems join forces to develop natural Astaxan...
Corbion and Kuehnle AgroSystems join forces to develop natural Astaxanthin from algae fermentation Corbion, the Amsterdam-based global leader in sustainable ingredients, and US-based biotech company Kuehnle AgroSystems (KAS) have entered into a strategic partnership to develop and commercialize a high-quality, natural astaxanthin derived from non-GMO heterotrophic algae. Astaxanthin is a powerful antioxidant and red-orange carotenoid pigment found in various aquatic organisms, including microalgae, salmon, and shrimp. It is widely recognized both for its human health benefits and as a key ...
Transparency Declaration Notification
Transparency Declaration Notification Regulated information In accordance with the requirements of Article 14 of the Belgian Law of May 2, 2007 on the disclosure of significant shareholdings in listed companies, Ontex Group NV (“Ontex”) discloses the notifications of significant shareholdings by the Goldman Sachs Group, Inc., that it has received on August 13 and 14, 2025. On August 7, 2025, the Goldman Sachs Group, Inc., detained 2,559,642 Ontex voting rights or equivalent financial instruments, representing 3.11% of voting rights, and thereby crossed upward the threshold of 3.0%. On Au...
Kennisgeving transparantieverklaring
Kennisgeving transparantieverklaring Geregelementeerde informatie In overeenstemming met de vereisten van artikel 14 van de Belgische wet van 2 mei 2007 over de openbaarmaking van belangrijke deelnemingen in emittenten, maakt Ontex Group NV (“Ontex”) de verklaringen van belangrijke deelnemingen door Goldman Sachs Group, Inc., bekend die op 13 en 14 augustus 2025 werden ontvangen. Op 7 augustus 2025 bezat Goldman Sachs Group, Inc., 2.559.642 stemrechten of equivalente financiële instrumenten van Ontex, wat 3,11% van de stemrechten voorstelt. Zij hebben daarmee de drempel van 3,0% opwaarts ...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Kristof Samoy
Fugro A Convincing Path to 2H Recovery & Deep Discount Opportunity
We revisited our case following the recent profit warning but recognise 2Q25 already showed a remarkable q/q improvement in profitability to be continued in 2H25. The cheap valuation, strong balance sheet (1.2x EBITDA leverage and no debt maturities prior to 2029) next to the optionality in the future capex spend make that Fugro can weather further storms should they occur. At the speculative front with the mid and long term fundamentals intact potential renewed ownership interest by cash rich d...
- Marc Hesselink
- CFA
- Thymen Rundberg
BE Semiconductor Industries/Reward for patience/BUY
Over and above an eventual cyclical recovery, we continue to be very positive on the long-term hybrid bonding opportunity for BESI. We believe that over the years we will see an industry-wide adoption in chiplet architecture. This will drive a jump in hybrid bonding demand in which we expect BESI to keep its leading position. We reiterate our BUY rating and €150 target price.
Publication of a transparency notification
Publication of a transparency notification Kinepolis Group NVPress releaseRegulated information Publication of a transparency notification (Article 14, first paragraph, of the law of 2 May 2007 on disclosure of major holdings) 7 August 2025, 17h45 On 5 august 2025, Kinepolis Group NV has received a transparency notification from BNP Paribas Asset Management Holding, notifying that, following a transfer and an acquisition of securities with voting rights, the companies that are controlled by it own 3.06% of the voting rights attached to shares of Kinepolis Group NV, and therefore the ...
Publication relative à une notification de transparence
Publication relative à une notification de transparence Kinepolis Group SACommuniqué de presseInformation réglementée Publication relative à une notification de transparence (article 14, alinéa 1er de la loi du 2 mai 2007 relative à la publicité des participations importantes) 7 août 2025, 17h45 Le 5 août 2025, Kinepolis Group SA a reçu une notification de transparence de la part de BNP Paribas Asset Management Holding, dont il résulte que, suite à une cession et acquisition de titres conférant le droit de vote par les sociétés qu’elle contrôle, celles-ci possèdent au total 3,06% des dro...
Openbaarmaking van een transparantiekennisgeving
Openbaarmaking van een transparantiekennisgeving Kinepolis GroupPersberichtGereglementeerde informatie Openbaarmaking van een transparantiekennisgeving (artikel 14, eerste lid, van de wet van 2 mei 2007 op de openbaarmaking van belangrijke deelnemingen) 7 augustus 2025, 17u45 Op 5 augustus 2025 heeft Kinepolis Group NV een kennisgeving ontvangen van BNP Paribas Asset Management Holding waaruit blijkt dat de door haar gecontroleerde ondernemingen, door een overdracht en verwerving van stemrechtverlenende effecten, in totaal 3,06% van de stemrechten van Kinepolis Group NV bezitten en aldus...
- Roy Külter
- Steven Boumans
SBMO SBM OFFSHORE NV
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
KCO KLOECKNER & CO SE
VOE VOESTALPINE AG
XIOR XIOR STUDENT HOUSING N.V.
G24 SCOUT24 AG
LNZ LENZING AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
FNTN FREENET AG
DRI 1&1 DRILLISCH AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
SFQ SAF-HOLLAND SE
CTPNV CTP NV
SHA SCHAEFFLER AG
- Bojan Djurickovic
SBMO SBM OFFSHORE NV
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
KCO KLOECKNER & CO SE
VOE VOESTALPINE AG
XIOR XIOR STUDENT HOUSING N.V.
G24 SCOUT24 AG
LNZ LENZING AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
FNTN FREENET AG
DRI 1&1 DRILLISCH AG
S92 SMA SOLAR TECHNOLOGY AG
INS INSTONE REAL ESTATE GROUP AG
SFQ SAF-HOLLAND SE
SHA SCHAEFFLER AG
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