Daimler Truck : Sustainability Weekly 8 - 12 September 2025

Last week, we published a report in which we propose ideas on the theme of sustainable sovereignty. Technip Energies signed an agreement to acquire the Advanced Materials & Catalysts business of Ecovyst Inc, a global leader in specialty catalysts and advanced materials. The IEA is expected to reintroduce its slow transition scenario, ‘Current Policies’, in its next World Energy Outlook, probably under pressure from the Trump administration. German Chancellor Merz has hinted at a slowdown in the ...

Daimler Truck : Sustainability Weekly 8 – 12 septembre 2025

La semaine passée, nous avons publié une étude où nous proposons des idées pour la thématique de la souveraineté durable. Technip a signé un accord en vue d'acquérir l'activité Advanced Materials & Catalysts d'Ecovyst Inc, leader mondial des catalyseurs spéciaux et des matériaux avancés. L'AIE devrait réintroduire son scénario de transition lente « Current Policies » dans son prochain World Energy Outlook, probablement sous la pression de l'administration Trump. Le chancelier allemand Merz a lai...

Morning Notes : ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BT...

: ACKB BB, HAL NA, NEXTA BB, RECT BB, RET BB, UCB BB, BTLS BB, ECMPA NA

Retail Estates Sagax takes 10.8% stake in Retail Estates, upgrade to B...

Yesterday evening Nextensa announced the sale of its 9.0% stake for 89.6m to an undisclosed party at EUR 66.3 per share. This morning, Sagax AB issued a press release that they bought a 10.8% stake in RET for 1,190m SEK (107m EUR). Sagax has been expanding its portfolio outside of Scandinavia. It has been active in the Benelux since 2016 and reported assets of 9.8bn SEK (884m EUR) in the Benelux. We welcome that the overhang of the Nextensa stake is cleared and a new active shareholder has enter...

Benelux Morning Notes

Ageas: 1H leads to increase in 2025 net result guidance, but also FCF. IMCD: Material acquisition in Italy. Kendrion: Unlocking value, sells Chinese business at high multiple. Retail Estates: Limited impact of Leen Bakker judicial reorganization

Morning Notes : AGS BB, AGFB BB, IVA FP, RET BB, TWEKA NA, VAN BB, NXF...

: AGS BB, AGFB BB, IVA FP, RET BB, TWEKA NA, VAN BB, NXFIL NA, IMCD NA

Retail Estates Leen Bakker gets court protection in Belgium

Leen Bakker België NV is currently under judicial protection as of 14th August 2025 and seeks buyers for its 44 stores to avoid closure. We believe this will have a limited impact on Retail Estates that leases 11 retail properties to Leen Bakker in BE. This makes up 1.39% of the rental income, while there are no arrears. The chain is owned by private equity company Gilde that bought it from Blokker Holding in 2017 and merged it with Kwantum. Both are related to home furnishing and rely on out-of...

EnergyVision It's a beautiful day, don't let it slip away

We initiate on EnergyVision 40 days after its successful IPO. We believe that the positive vibe from the stock market entry will reflect in its future business development. Credibility and brand recognition are key for an energy supplier. We also like its focus on the energy transition. This segment recovers from an over-excitement period (2021-22). Today's market is all about AI and Defence, while climate change is becoming more apparent with every wild fire or glacier collapse. Their customer...

Morning Notes : BFITa NA, ELI BB, ALFEN NA, TKWYa NA

: BFITa NA, ELI BB, ALFEN NA, TKWYa NA

Elia Group Raising the bar, but largely discounted in the current shar...

Elia delivered stellar 1H25 results, although driven by some exceptional factors that will be partly compensated in the 2H25 results. Mainly the shift to pro-rata accounting of the GE Capex had a large €40m positive impact. Also capitalising more interest as investments increase, had a positive effect on ETB as well as 50Hz. After the 2.2bn equity issue, Elia recovered sharply from the overhang uncertainty to trade back in line with the BEL-20 index. However, the equity raise at €61.9 per share ...

Retail Estates Results 3m25/26, full year outlook maintained

NRI 3m25/26 amounts to €36.4m, +3.1% YoY vs. our expectation of €36.2m. The lfl growth amounted to a respectable 2.6%. EPRA EPS came in at €1.52, -2.5% YoY vs. 1.52 expected. The EPS was diluted by the scrip dividend that raised 18m and added 2.2% to the share count (35% acceptance). RET confirmed its FY25/26 dividend of €5.20. Despite many bankruptcies, occupancy remained relatively stable at 97.45%, a slight improvement from last March at 97.26%. The debt ratio increased to 44.06% on the divid...

Benelux Morning Notes

ABN AMRO: Dutch State reaches 30.5% stake. Heineken: Strong cost control but show me the cash. Melexis: 2Q25 Preview – prolonged auto-semi weakness. Retail Estates: Stable update. Universal Music Group: 2Q25 preview. Wolters Kluwer: 1H25 preview

Morning Notes : AALB NA, HNK1 NA, HKHHF NA, RETb BB, AZEb BB, MATPF FP

: AALB NA, HNK1 NA, HKHHF NA, RETb BB, AZEb BB, MATPF FP

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/25/2025

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Elia Group : Germany drives better than expected H1 results

Benelux Morning Notes

Belgian Telecoms: Orange Belgium and Proximus MoU on Fiber deployment and increased access to gigabit networks in Wallonia. Cofinimmo: Bottom line outperforming outlook. Elia: Solid start to the year, but with some help from accounting. Heijmans: Another leg up! Proximus: Better Domestic cannot hide Proximus Global double accident, MoU an incremental negative. Signify: 2Q25 Results, better growth, lower margins. WDP: No surprises, 2025 and 2027 targets reiterated. Events Calendar

Morning Notes : COFBb BB, ES6 BB, MTLS N US, PROXb BB, WPHB BB, PHVS U...

: COFBb BB, ES6 BB, MTLS N US, PROXb BB, WPHB BB, PHVS US

Elia Group 1H25 Results blow-out on German profit recognition items

The 1H25 trading update largely overshot our expectation with 269.3m, a 48.4% increase vs. our 223.8m expectation. This was mainly thanks to much better net profit at the 50Hz division that now benefits from a pro-rata profit recognition (+28.1m), higher capitalized interest (+16.6m) and a pre-financing agreement (+13.4m). ETB also came above our expectation and benefited from a 9.7m one-off compensation. Elia confirmed its FY25 outlook for Net Group Profit to Shareholders between EUR 490m and 5...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 21/07/2025