Benelux Morning Notes

D'Ieteren: Belgian August car registrations down 11%, easy comps, VW down 8.4% Gimv: Cash in motion: over €300m invested, still €400m to go. KPN: KPN and Vodafone yearly mobile price increases

Morning Notes : ACKB BB, AGS BB, GIMB BB, ONWD BB

: ACKB BB, AGS BB, GIMB BB, ONWD BB

REVISED VERSION - Benelux Morning Notes - updated to include IBA news

CFE: 1H results a bit light, FY outlook maintained. CMB.TECH: VLCC reasonable, pressure on Dry Bulk rates. dsm-firmenich: Givaudan CMD; Strategy 2030. Gimv: Investing in specialised healthcare services in the Netherlands. IBA: More sales but at lower margin

Tessenderlo Feedback 1H results conference call

Below are the highlights from the conference call. Tessenderlo's 1H results positively surprised, with adj EBITDA up 8% y/y to 163.4m, which was 19% better than our forecast and 12% above consensus. The company reiterated its broad FY25 guidance range, with consensus currently at the midpoint of the range whilst KBCS estimates are at the low end of the guidance range (and will be upped somewhat). The company is using its solid balance sheet and FCF to buy back own shares. We consider valuation t...

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

Morning Notes : AGN NA, DSFIR NA, KIN BB, TESB BB, VGP BB, ALFEN NA

: AGN NA, DSFIR NA, KIN BB, TESB BB, VGP BB, ALFEN NA

Tessenderlo FIRST LOOK: 1H adj EBITDA +8%, FY guidance maintained

Tessenderlo's 1H results positively surprised, with adj EBITDA up 8% y/y to 163.4m, which was 19% better than our forecast and 12% above consensus. The company reiterated its broad FY25 guidance range, with consensus currently at the midpoint of the range whilst KBCS estimates are at the low end of the guidance range (and will be upped somewhat). The company is using its solid balance sheet and FCF to buy back own shares. We consider valuation to be attractive enough from maintaining our Accumul...

Morning Notes : ASRNL NA, BPOST BB, DECB BB, CMBT BB, EVS BB, IBAB BB

: ASRNL NA, BPOST BB, DECB BB, CMBT BB, EVS BB, IBAB BB

bpost Conference call feedback and model update post 2Q25

Despite the ongoing headwinds, bpost reported better than expected 2Q25 results, with the adj. EBIT of € 58.3m exceeding expectations (kbcse: € 46m, css: € 48m). While results in Belgium were somewhat lower, this was offset by better than expected results in the other divisions while Staci's performance was in line. Although sales pressure at Radial US continued following the termination of contracts in 2024 and early 2025, we are pleased to see that its new fast track offering is gaining tracti...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/08/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 08/08/2025

Benelux Morning Notes

bpost: 2Q25 results beat 22%, outlook raised further, room for another upgrade at 3Q25. Lotus Bakeries: APAC factory ahead of schedule. NN Group: 1H on track with May CMD, longevity deal a positive surprise (Sol 2 PF 205%). Talabat: 2Q25 Preview. Vopak: AVTL's FID on Mumbai expansion

Morning Notes : BPOST BB, JEN BB, LOTB BB, NN NA, VPK NA

: BPOST BB, JEN BB, LOTB BB, NN NA, VPK NA

Bpost : Hitting its own targets (which is already a good sign)

Tessenderlo/Model update ahead of 1H25/BUY

We update our model to reflect recent macro and FX trends as well as Tessenderlo's 2025F guidance. We lower our target price to €30 per share from €32 previously, mainly as a result of our lower estimates. We stick to our BUY on valuation grounds.

Morning Notes : ABN NA, AD NA, HOMI BB, MDXH BB, NN NA, SEQUA BB, ONWD...

: ABN NA, AD NA, HOMI BB, MDXH BB, NN NA, SEQUA BB, ONWD BB, MRUS US

Holdings Report - July 2025 KBCS Holdings Universe Returns -0.5% Durin...

1M Performance - Absolute Total Return: During Jul'25 (1M period), the KBCS Holdings Universe posted a total return of -0.5% which was mainly driven by the performance of the multi-asset holdings (-0.9%), while the single-asset holdings posted a return of +0.4%. The 3 top performers during the period were Financière de Tubize (+11.7%), KBC Ancora (+9.4%) and Quest For Growth (+5.5%) while the 3 worst performers were Brederode (-6.4%), Heineken Holding (-5.0%) and D'Ieteren Group (-4.7%). YTD Pe...

Sequana Medical Publishes alfapump case report in journal, US launch o...

Sequana announced the publication of a case report of a patient in the POSEIDON study that underwent a successful robotic hernia repair following control of their ascites with the alfapump. Looking ahead, the US commercial launch remains on track for this quarter. Should the company demonstrate initial commercial traction during the soft launch phase, this could trigger additional investor interest to fund the company into the broader launch, which is expected in 2Q26. We reiterate our € 5 TP an...

Morning Notes : ARCAD NA, ENX FP, FUR NA, GBLB BB, QFG BB, SEQUA BB, U...

: ARCAD NA, ENX FP, FUR NA, GBLB BB, QFG BB, SEQUA BB, UMI BB, XFAB FP

Benelux Morning Notes

ASM International: 2Q25 Results; Positive tone, weak orders. CM.com: 1H25 results; disappointing performance, guidance downgrade. Gimv: Gimv fuels Hemink's sustainable expansion. KPN: Solid 2Q25, guidance raised largely on €25m IPR claim benefit. Philips: 2Q25 Preview; improvement needed. Randstad: 2Q25 in line; outlook touch below; FX spoils the party but operational leverage story is unfolding. Sofina: Newsletter #16. Universal Music Group: EU opens in-depth investigation into Downtown ...