reports
- Wim Lewi
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...
Heineken N.V. reports the progress of transactions under its current s...
Heineken N.V. reports the progress of transactions under its current share buyback programme Heineken N.V. reports the progress of transactions under its current share buyback programme Amsterdam, 28 July 2025 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) hereby reports transaction details related to the first €750 million tranche of its €1.5 billion share buyback programme as communicated on 12 February 2025. From 21 July 2025 up to and including 25 July 2025 a total of 70,000 shares were repurchased on exchange at an average price of € 77.87. During the same period, 70,010 shares ...
Heineken Holding N.V. reports transactions under its current share bu...
Heineken Holding N.V. reports transactions under its current share buyback programme Heineken Holding N.V. reports transactions under its current share buyback programme Amsterdam, 28 July 2025 - Heineken Holding N.V. (EURONEXT:HEIO; OTCQX: HKHHY), hereby reports transaction details related to the first tranche of up to circa €375 million tranche of its share buyback programme of up to circa €750 million as communicated on 12 February 2025. From 21 July 2025 up to and including 25 July 2025 a total of 70,010 shares were repurchased on exchange at an average price of € 66.58. Up to a...
- Ahmed Ben Salem
- Bruno Cavalier
- Thomas Zlowodzki
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
AGS AGEAS SA/NV
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
REY REPLY S.P.A.
BG BAWAG GROUP AG
RMV RIGHTMOVE PLC
8TRA TRATON SE
- Ahmed Ben Salem
- Bruno Cavalier
- Thomas Zlowodzki
MC LVMH MOET HENNESSY LOUIS VUITTON SE
COV COVIVIO SA
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
AGS AGEAS SA/NV
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
NEM NEMETSCHEK SE
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
REY REPLY S.P.A.
BG BAWAG GROUP AG
RMV RIGHTMOVE PLC
8TRA TRATON SE
DSY DASSAULT SYSTEMES SA
- Robert Jan Vos
- ING Helpdesk
- Jacob Mekhael
MaaT Pharma Secures € 37.5m tranched EIB financing
MaaT announced that it has secured a € 37.5m , 4-tranche financing from the European Investment Bank (EIB), which bears interest at 7%. In addition, MaaT will issue warrants to the EIB with each tranche. MaaT's previously communicated cash runway was into January 2026, which should now extend beyond that point following this additional funding, though we do note that disbursement of Tranches B to D is subject to operational and financing conditions, which we'd be keen to learn more about. All in...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Wim Hoste
Heineken FIRST LOOK: 1H operating profit beia +7.4%, FY guidance of +4...
1H organic operating profit (beia) growth of +7.4% beat our and consensus expectations (of c. 3%), on solid progress with efficiency measures (over €300m). Heineken did reiterate FY organic operating profit (beia) growth guidance of 4-8% (KBCS 4%, CSS 5%). We still appreciate Heineken for the organic earnings recovery potential in coming years (c. 6% organic operating profit beia CAGR estimate over 2024-2027), supported by sizeable cost savings initiatives (€ 400m/y) and payback from gradually i...
- Thibault Leneeuw
Azelis Weak results are anticipated, limited downside risk
Since our last update, the market has experienced a wave of profit warnings and significant FX volatility. As a result, we find it necessary to revise our estimates. We are lowering our adjusted EBITA forecast from €471m to €451m, primarily due to adverse FX movements. Furthermore, we decrease our GPm expectations for the Americas. We anticipated that improvements in the F&F segment would support margin expansion in 2Q25, the combination of FX headwinds, macroeconomic uncertainty, and unfavourab...
- Kristof Samoy
Aalberts Model update: 1H25 Results Disappoint; Outlook Cut, Lowered T...
Last Thursday, Aalberts reported 1H25 results that fell short of expectations. Management no longer anticipates a recovery in growth during 2H25 and now guides for a full-year EBITA margin of 13–14% (previously >15%). The 2026 margin target of 16–18% was not reaffirmed. As a result, the stock sharply declined, erasing all gains since the announcement of its intention to acquire the listed Singaporean mechatronics company GVT. Despite the disappointing update, we maintain our Accumulate rating on...
Heineken Holding N.V. reports 2025 half year results
Heineken Holding N.V. reports 2025 half year results Amsterdam, 28 July 2025 – Heineken Holding N.V. (EURONEXT: HEIO; OTCQX: HKHHY) announces: Solid profit growth highlighting agility across HEINEKEN's global footprint Key Highlights The net result of Heineken Holding N.V.'s participating interest in Heineken N.V. for the first half year of 2025 amounts to €380 million. Revenue €16,924 million Net revenue (beia) 2.1% organic growth; per hectolitre 3.3% Beer volume organic growth -1.2%; Heineken® volume growth 4.5% Operating profit €1,433 m...
Heineken N.V. reports 2025 half year results
Heineken N.V. reports 2025 half year results Amsterdam, 28 July 2025 – Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) announces: Solid profit growth highlighting agility across our global footprint Key Highlights Revenue €16,924 millionNet revenue (beia) 2.1% organic growth; per hectolitre 3.3% Beer volume organic growth -1.2%; Heineken® volume growth 4.5% Operating profit €1,433 million; operating profit (beia) organic growth 7.4% Diluted EPS (beia) €2.08 Outlook for the full year unchanged; operating profit (beia) expected to grow organically 4% to 8% ...
- Kristof Samoy
Aalberts Key Take-aways 1H25 Analyst Call
This morning Aalberts reported 1H25 numbers. Building continued to show a minimal organic growth in 2Q (as in 4Q and 1Q). In Industry the topline decline slowed down to -2.9% and margins benefitted from footprint and cost out initiatives (+90bps q/q). Semicon suffered from an acceleration in the growth decline to -15.5% (2Q) from -11.3% (1Q). Overall, management no longer banks on a growth recovery in 2H25 and expects full year margins to be at 13-14% (previously > 15%). 2026 margin targets (16-...
- Martijn Den Drijver
- ING Helpdesk
Benelux Morning Notes
Aalberts: Light 1H performance, lowers FY25 outlook. Acomo: Hot chocolate. BAM Group: Solid 1H25 performance. BE Semiconductor Industries: 2Q25 results, light at the end of the tunnel. Econocom: 1H25 REBITA in line, net profit hit by €18m loss on discontinued. Orange Belgium: Better 1H25, guidance increased but MSA hurt perception. RELX: 1H25 results – powering ahead. UCB: 1H25 Preview: focus on US expansion.
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thibault Leneeuw
- Wim Lewi
Aalberts N.V.: Aalberts reports first half-year results 2025
Aalberts N.V.: Aalberts reports first half-year results 2025 Utrecht, 24 July 2025 highlights(before exceptionals) revenue EUR 1,557 millionorganic revenue decline 3.2%EBITA EUR 210 million; EBITA margin 13.5%earnings per share before amortisation EUR 1.38free cash flow EUR 56 million CEO statement“Our performance for the first half of the year has been impacted by the continued softness of our end markets, mostly automotive and semicon, and increased uncertainties due to global trade policies, leading to an organic revenue decline in our industry and semicon segments. We sustained our...
Aalberts reports the progress of its share buyback programme 14 July –...
Aalberts reports the progress of its share buyback programme 14 July – 18 July 2025 Aalberts today reports that it has repurchased 2,500 of its own shares in the period from 14 July 2025, up to and including 18 July 2025, for an amount of EUR 80,592.48, so at an average share price of EUR 32.24. This is part of the share buyback programme as announced on 27 February 2025, for a total amount of EUR 75 million. The repurchase of shares commenced on 28 February 2025 and will be completed no later than 24 October 2025. It is intended that the shares will be cancelled following repurchase. Up ...
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