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- Martijn Den Drijver
- ING Helpdesk
Benelux Morning Notes
Aalberts: 3Q in line, FY margin now low end of guidance. Acomo: Going from strength to strength. Ahold Delhaize: New $860m distribution centre for Food Lion. Azelis: Weak 3Q25 as broadly expected, CFO to step down. Barco: Press release ahead of CMD. BE Semiconductor Industries: 3Q25 Results – Delivered on order intake. Econocom: 3Q25 organic growth down to c.3.4%, full year growth guidance confirmed. Heineken: EverGreen 2030. Kinepolis: Weak 3Q25 as expected, with Netherlands at ...
- Kristof Samoy
Aalberts 3Q25 in line but mixed divisional performance, FY margin outl...
Over 3Q25 Aalberts' topline came in above expectations organically declining by -1.9%. Topline stood at €773m compared to our €747mE and consensus of €754mE. Adjusted EBITA of €96m was in line with our €97mE and CSS of €97mE. Overall EBITA margin was a bit softer at 12.5% (vs. 12.8% CSS, 13% KBC) and down from 13.7% in 3Q24. The company is now guiding for a fully year EBITA margin of around 13% down from a range of 13-14% issued at the 2H25 release. KBC and CSS are currently banking on 13.5% mar...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
Aalberts N.V.: Aalberts reports third quarter 2025 results
Aalberts N.V.: Aalberts reports third quarter 2025 results Utrecht, 23 October 2025 Aalberts reports third quarter 2025 results In the third quarter Aalberts realised EUR 772.5 million revenue, which translates into 1.9% organic revenue decline compared to the third quarter of last year. We realised EUR 96.3 million EBITA or 12.5% EBITA margin. In challenging market environments, we continued our focus on added value margin protection, cost out, operations excellence programmes, footprint optimisation, purchase savings and inventory optimisation initiatives to drive efficiency, offset v...
- Luis de Toledo Heras
ITP INTERPARFUMS
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COPN COSMO PHARMACEUTICALS NV
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ATO ATOS SE
- Martijn Den Drijver
- Luis de Toledo Heras
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
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EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
RWE RWE AG
01913 PRADA S.P.A.
AALB AALBERTS N.V.
MONC MONCLER SPA
SEFER SERGEFERRARI GROUP SA
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ENG ENAGAS SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
DGM DIAGNOSTIC MEDICAL SYSTEMS
GLPG GALAPAGOS NV
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
COPN COSMO PHARMACEUTICALS NV
HOME NEINOR HOMES SA
GRE GRENERGY RENOVABLES
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ALLFG ALLFUNDS (UK) LTD
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ATO ATOS SE
- Kristof Samoy
- Wim Hoste
- Kristof Samoy
Aalberts Macro outlook calls for reality check, 2026 recovery less pro...
We have revisited our scenario for Aalberts in light of persistent political instability in France and the continued publication of uninspiring leading indicators. With the company's substantial exposure to both the French and German markets, and its reliance on automotive and machine-building as key end markets, we have revised our 2026 organic growth forecast downward to 1.6%. We expect consensus to follow in the coming months. Despite the (historically) cheap valuation, we downgrade the stock...
SPIE signs an agreement for the acquisition of ECOexperts Automation
SPIE signs an agreement for the acquisition of ECOexperts Automation Cergy, October 7th 2025 – SPIE, the independent European leader in multi-technical services in the areas of energy and communications, announces the agreement to acquire ECOexperts Automation GmbH (ECOexperts), based in Lebring (Styria, Austria). ECOexperts has established itself in recent years as a specialized systems integrator for tunnel and traffic management. The company provides engineering, project management and execution services. In 2024, ECOexperts generated revenues of €7 million. The company currently employ...
SPIE signe un accord pour l'acquisition d’ECOexperts Automation
SPIE signe un accord pour l'acquisition d’ECOexperts Automation Cergy, le 7 octobre 2025 – SPIE, leader européen indépendant des services multi-techniques dans les domaines de l’énergie et des communications, annonce la signature d’un accord pour l’acquisition d’ECOexperts Automation GmbH (ECOexperts), basée à Lebring (Styrie, Autriche). ECOexperts s’est imposée ces dernières années comme un intégrateur de systèmes, spécialisé dans la gestion des tunnels et du trafic. L’entreprise propose des services d’ingénierie, de gestion de projet et de réalisation. En 2024, ECOexperts a généré un chi...
- Anthony Dick
- Michael Foundoukidis
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- Michael Foundoukidis
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OUT1V OUTOKUMPU OYJ
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