Care Property Invest reports results in line with our expectations. EPRA EPS came in at EUR 0.90 vs EUR 0.89 KBCSe. It increases its EPS guidance by +4.5% from EUR 1.11 to EUR 1.16 (1.13 KBCSe, delta 2.7%) which means the fourth quarter has to outperform our estimates, likely driven by lower overheads. This is the third guidance increase in a row as it started the year by guiding EUR 1.07. Part of this is explained by the € 0.96m one-off in 1Q25 related to the reversion of a remuneration provisi...
VodafoneZiggo, Telenet and Virgin Media O2 presented mixed results over 3Q25. Fortunately, KPIs are improving somewhat. Given the competitive end markets, our conviction to buy or sell the notes of any of the three companies remains low. Leverage remained stable QoQ. Nevertheless, we still see upside to the VMED and ZIGGO notes if either Vodafone or Telefonica were to acquire full ownership of their joint ventures or if the businesses where to IPO.
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