reports
- Oliver Metzger
- Wim Gille
- Oscar Rodriguez
PHILIPS: RDOS. 4T’25 Y CAMBIO DE P.O. AL ALZA (ANÁLISIS BANCO SABADELL...
Rdos. 4T’25 vs 4T’24: Ventas: 5.097 M euros (+1,1% vs -0,9% BS(e) y -1,0% consenso); EBITA Aj.: 770 M euros (+13,4% vs +0,6% BS(e) y -1,0% consenso); BDI: 397 M euros (-333 M euros en 2024 vs 275 M euros BS(e) y 276 M euros consenso); Rdos. 2025 vs 2024: Ventas: 17.834 M euros (-1,0% vs -1,6% BS(e) y -1,6% consenso); EBITA Aj.: 2.195 M euros (+5,7% vs +1,5% BS(e) y +1,0% consenso); BDI: 897 M euros (-698 M euros en 2024 vs 775 M euros BS(e) y 776 M euros consenso).
- Oliver Metzger
- Wim Gille
- ING Helpdesk
Benelux Morning Notes
Aedifica: c.€29m new developments in Germany and Finland / GBL: €0.5bn equity investment in Rayner, an ophthalmic MedTech specialist / NN Group: Is consensus running ahead of a capital update with FY25 results? / Philips: Supportive update ahead of CMD / Proximus: Route Mobile 3Q26 shows lower revenues, better profitability / Staffing sector: French staffing: December better but January outlook weaker but perhaps better than number of temp outlook indicates / VAR Energi: Strong CMD target 400kpd...
- Guy Sips
- Michiel Declercq
- Oliver Metzger
- Wim Gille
- Michiel Declercq
Philips Strong 4Q25 results and outlook, targets mid-teens margins by ...
Philips reported a strong set of 4Q25 results with the adj. EBITA of € 770m coming in well ahead of expectations (kbcse: € 678m, css: € 672m), predominantly driven by PH. Order intake remained strong at +7%. The FY26 margin outlook of 12.5%-13.0% also came in ahead of expectations (kbcse: 12.3%, css: 12.2%). Together with the CMD that will take place in London today, the group also announced its new 2026-2028 ambitions, including a mid-teens margins by 2028 (kbcse: 13.5%, css 13.6%) and accumula...
- Research Department
INFORME DIARIO 10 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS, INDRA. EUROPA: KERING, PHILIPS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. Recuperación en el mercado Subidas en las bolsas europeas, beneficiadas por el rebote global y la mejoría en la temporada de Rdos. Con un 27% de las compañía...
Philips delivers full year 2025 with growth acceleration, strong margi...
Philips delivers full year 2025 with growth acceleration, strong margin expansion and solid cash flow; announces 2026-2028 targets at Capital Markets Day Amsterdam, February 10, 2026Full year and Q4 highlights Comparable order intake growth 6% in 2025; up 7% in Q4Group sales of EUR 17.8 billion in 2025, EUR 5.1 billion in Q4; comparable sales growth 2% in 2025, 7% in Q4Income from operations was EUR 1,424 million in 2025; EUR 540 million in Q4Adjusted EBITA margin increased 80 basis points to 12.3% of sales in 2025; up 160 basis points to 15.1% in Q4Operating cash flow of EUR 1,172 million...
Philips proposes to re-appoint CEO Roy Jakobs
Philips proposes to re-appoint CEO Roy Jakobs February 10, 2026 Amsterdam, the Netherlands – (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced that Roy Jakobs is proposed to be re-appointed as its President/Chief Executive Officer and member of the Board of Management. The decision to propose the re-appointment of Roy Jakobs reflects the Supervisory Board’s recognition of the progress made since 2022 and its confidence in his leadership as Philips enters the next phase of driving profitable growth. The proposal will be submitted for approval at the upcoming An...
- Aurelien Sivignon
- Thomas Zlowodzki
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
APAML APERAM SA
PHA PHARMAGEST INTERACTIVE SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GBT GUERBET SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SAVE SAVENCIA SA
LIGHT SIGNIFY NV
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ALD ALD SA
OBEL ORANGE BELGIUM SA
NVM NOVEM GROUP SA
AF AIR FRANCE - KLM
- Konrad Zomer
- Thomas Zlowodzki
REL RELX PLC
DG VINCI SA
BNP BNP PARIBAS SA CLASS A
KNEBV KONE OYJ CLASS B
SK SEB SA
HNR1 HANNOVER RUECK SE
MMK MAYR-MELNHOF KARTON AG
CPG COMPASS GROUP PLC
KOMB KOMERCNI BANKA A.S.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
WIZZ WIZZ AIR HOLDINGS PLC
ORSTED ORSTED
EZJ EASYJET PLC
ENEL ENEL SPA
RY4C RYANAIR HOLDINGS PLC
ASSA B ASSA ABLOY AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
EMSN EMS-CHEMIE HOLDING AG
ANDR ANDRITZ AG
COLO B COLOPLAST A/S CLASS B
RIO RIO TINTO PLC
SNP PETROM S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
LIN LINDE PUBLIC LIMITED COMPANY
AF AIR FRANCE - KLM
- Konrad Zomer
- Thomas Zlowodzki
REL RELX PLC
DG VINCI SA
BNP BNP PARIBAS SA CLASS A
KNEBV KONE OYJ CLASS B
SK SEB SA
HNR1 HANNOVER RUECK SE
MMK MAYR-MELNHOF KARTON AG
CPG COMPASS GROUP PLC
KOMB KOMERCNI BANKA A.S.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
WIZZ WIZZ AIR HOLDINGS PLC
ORSTED ORSTED
EZJ EASYJET PLC
ENEL ENEL SPA
RY4C RYANAIR HOLDINGS PLC
ASSA B ASSA ABLOY AB CLASS B
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
EMSN EMS-CHEMIE HOLDING AG
COLO B COLOPLAST A/S CLASS B
RIO RIO TINTO PLC
SNP PETROM S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
LIN LINDE PUBLIC LIMITED COMPANY
AF AIR FRANCE - KLM
- Aurelien Sivignon
- Thomas Zlowodzki
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
APAML APERAM SA
PHA PHARMAGEST INTERACTIVE SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GBT GUERBET SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SAVE SAVENCIA SA
LIGHT SIGNIFY NV
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ALD ALD SA
OBEL ORANGE BELGIUM SA
NVM NOVEM GROUP SA
AF AIR FRANCE - KLM
- ING Helpdesk
Benelux Morning Notes
Adyen: Preview 2H25. Aperam: In-line 4Q25, upbeat medium-term outlook balances short-term consensus risk. Ayvens: Fast Car (UCS normalisation). Barco: 4Q25 preview, mixed performance. Lotus Bakeries: Another beat on every line. Orange Belgium: 2H25 EBITDAal beat on lower sales, much better 2026 guidance. Philips: CMD & 4Q25 preview, execution is key. RELX: FY25 preview. Universal Music Group: Peer Warner Music 4% revenue and 11% OIBDA beat
- Olfa Taamallah
- Yan Derocles
ODDO : Long majors vs short LCC : le choix de 2026
Sur 2026, nous estimons que la dynamique sera plus favorable aux majors européennes tant sur le RASK (croissance plus modérée des capacités et meilleure orientation du réseau long-courrier en particulier transatlantique), que sur le CASK hors carburant aidé par des effets de base positifs. Nous relevons notre opinion à Surperformance sur Air France-KLM et Lufthansa et dégradons Ryanair en Neutre et Wizz Air en Sous-performance.
- Olfa Taamallah
- Yan Derocles
ODDO : Long legacy carriers vs short LCC: the choice for 2026
For 2026, we think that the trend will be more favourable to the European legacy carriers in terms of both RASK (more modest growth in capacity and a more positive trend on the long-haul network, particularly transatlantic) and CASK excluding fuel, aided by positive base effects. We have upgraded Air France-KLM and Lufthansa to Outperform, downgraded Ryanair to Neutral and Wizz Air to Underperform. A more favourable trend expected in 2026 for legacy carriers
- Research Department
INFORME DIARIO 05 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ARCELORMITTAL, IAG, INDRA, SANTANDER, SECTOR AUTOPISTAS. EUROPA: ASML, BNP. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. Estabilización de los mercados El Ibex no tiene techo Jornada positiva en las bolsas europeas de la mano de los resultad...
- Research Department
IBERIAN DAILY 05 FEBRUARY + 4Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: ARCELORMITTAL, HIGHWAY SECTOR, IAG, INDRA, SANTANDER. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’25 results to be released over the coming days in Spain. Ibex continues to climb It was a positive session for European stock markets thanks to business results and despite mounting tension in Iran and the drops in the technology sector. In the STOXX 600, Chemi...
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
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