reports
- ING Helpdesk
Benelux Morning Notes
Ageas: FY25 results of CTIH. ASR: Management & Supervisory Board changes. MICC: Preview 1Q26. Ontex: 1Q26 preview - markets remain challenging. Randstad: Preliminary preview 1Q26F results due 22 April. Tessenderlo: 2H25 miss, soft 2026F guidance. Unicredit: Injecting capital into its Belgian Bank
- Ahmed Ben Salem
- Ahmed Ben Salem
- Cor Kluis
- ING Helpdesk
Benelux Morning Notes
AEGON: Launch of Aegon Insurance Asset Management Company in China (tidying up). Basic-Fit: Solid final FY25; strong membership ingrowth in 1Q26 comfort on energy prices. CVC Capital Partners: Steady delivery. D'Ieteren: 2H25 beat on Auto, Belron delivering, PBT group guidance 7% below. UCB: Bimzelx demonstrates superiority to Skyrizi. Wereldhave: c.€5.6m acquisition of supermarket in Ville2, full ownership of the centre
- ING Helpdesk
- Charlotte Vaisse
- Equipe Sustainability
- Julian Dobrovolschi
- Marc Lavaud
ENX EURONEXT NV
PEO BANK POLSKA KASA OPIEKI SA
CA CARREFOUR SA
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
EFGN EFG INTERNATIONAL AG
COV COVIVIO SA
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
RI PERNOD RICARD SA
NESN NESTLE S.A.
WKL WOLTERS KLUWER NV
AIR AIRBUS SE
VER VERBUND AG CLASS A
REP REPSOL SA
BA. BAE SYSTEMS PLC
CRG CRH PLC
GAS NATURGY ENERGY GROUP S.A.
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAN BANCO SANTANDER S.A.
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
KBX KNORR-BREMSE AG
MRNA MODERNA INC.
FDJ LA FRANCAISE DES JEUX SA
FER FERROVIAL SA
AGN AEGON N.V.
TEN TENARIS S.A.
PUIG PUIG BRANDS
AMRZ AMRIZE AG
- Charlotte Vaisse
- Equipe Sustainability
- Julian Dobrovolschi
- Marc Lavaud
ENX EURONEXT NV
PEO BANK POLSKA KASA OPIEKI SA
CA CARREFOUR SA
ADP AEROPORTS DE PARIS SA
RNO RENAULT SA
EFGN EFG INTERNATIONAL AG
COV COVIVIO SA
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
RI PERNOD RICARD SA
NESN NESTLE S.A.
WKL WOLTERS KLUWER NV
AIR AIRBUS SE
VER VERBUND AG CLASS A
REP REPSOL SA
BA. BAE SYSTEMS PLC
CRG CRH PLC
GAS NATURGY ENERGY GROUP S.A.
ACKB ACKERMANS & VAN HAAREN NV
ARCAD ARCADIS NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAN BANCO SANTANDER S.A.
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
KBX KNORR-BREMSE AG
MRNA MODERNA INC.
FDJ LA FRANCAISE DES JEUX SA
FER FERROVIAL SA
AGN AEGON N.V.
TEN TENARIS S.A.
PUIG PUIG BRANDS
AMRZ AMRIZE AG
- ING Helpdesk
Benelux Morning Notes
AEGON: Uneventful results, US weaker, underlying OCG in line / Air France-KLM: Productivity gains starting to filter through / Arcadis: Weak revenues and EBITA, but strong NWC / Ascencio: Results in line, no concerns on Carrefour Belgium exposure / Azelis: Persisting softness in 4Q25, continued focus on costs and cash / BAM Group: Solid 2H25 results, 2026 outlook in line / Belgian telecoms: Telenet improved net adds, to relist as part of Ziggo in 2027, Liberty to sell half of its 66% Wyre stake ...
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
BAMNB KONINKLIJKE BAM GROEP NV
AF AIR FRANCE-KLM SA
GIMB GIMV NV
ARCAD ARCADIS NV
ASC ASCENCIO SCA
VGP VGP NV
KIN KINEPOLIS GROUP NV
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AZE AZELIS GROUP NV
AGN AEGON N.V.
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Cor Kluis
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Aedifica and Cofinimmo: Belgian Competition Authority approves the deal / AEGON: Sale of UK picking up early momentum / Allfunds Group PLC: Of Bourse they agreed / Ontex: Peer Essity 4Q25 results / Telecoms: Digital Networks Act take-aways / WDP: Catena to raise c.€255m via an ABB with WDP participating pro-rata for c.€26m
- Ahmed Ben Salem
- Charlotte Vaisse
- Oddo Sustainability Team
- Ahmed Ben Salem
- Charlotte Vaisse
- Oddo Sustainability Team
- Cor Kluis
Aegon : Working to improve attractiveness of the US business, more to ...
At the CMD Aegon showed that it targets a good double digit growth of its US Strategic Assets, showing its confidence in these operations. Aegon reduced its US Financial Asset risk materially and we expect there is likely more to come. Also they are likely to do material capital reallocation actions the next two years, and its track record has been good. Included in this note is our view for 2H25/4Q25 showing a small decline in its solvency ratio. The adj. FCF yield is 11.3% and capital enhancin...
- ING Helpdesk
- Guy Sips
- Kristof Samoy
- Thomas Couvreur
- Wim Lewi
- ING Helpdesk
- Delphine Brault
- Jean-François Granjon
- Marc Lavaud
- Nathan Mietlicki
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
G1A GEA GROUP AG
ABB ABB LTD.
RXL REXEL SA
CPG COMPASS GROUP PLC
OERL OC OERLIKON CORPORATION AG
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
NEX NEXANS SA
EZJ EASYJET PLC
SUN SULZER AG
KRN KRONES AG
DOKA DORMAKABA HOLDING AG
KGX KION GROUP AG
ASSA B ASSA ABLOY AB CLASS B
BCHN BURCKHARDT COMPRESSION HOLDING AG
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
JUN3 JUNGHEINRICH AG PREF
SIE SIEMENS AG
NKT NKT A/S
DUE DURR AG
VOS VOSSLOH AG
SANT S&T AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
PRX PROSUS N.V. CLASS N
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ATCO A ATLAS COPCO AB
STMN STRAUMANN HOLDING AG
ACLN ACCELLERON INDUSTRIES LTD
NOVO B NOVO NORDISK A/S
AGN AEGON N.V.
PFSE PFISTERER HOLDING SE
- Delphine Brault
- Jean-François Granjon
- Marc Lavaud
- Nathan Mietlicki
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
G1A GEA GROUP AG
ABB ABB LTD.
RXL REXEL SA
CPG COMPASS GROUP PLC
OERL OC OERLIKON CORPORATION AG
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
NEX NEXANS SA
EZJ EASYJET PLC
SUN SULZER AG
KRN KRONES AG
DOKA DORMAKABA HOLDING AG
KGX KION GROUP AG
ASSA B ASSA ABLOY AB CLASS B
BCHN BURCKHARDT COMPRESSION HOLDING AG
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
JUN3 JUNGHEINRICH AG PREF
SIE SIEMENS AG
NKT NKT A/S
DUE DURR AG
VOS VOSSLOH AG
SANT S&T AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
PRX PROSUS N.V. CLASS N
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ATCO A ATLAS COPCO AB
STMN STRAUMANN HOLDING AG
ACLN ACCELLERON INDUSTRIES LTD
NOVO B NOVO NORDISK A/S
AGN AEGON N.V.
PFSE PFISTERER HOLDING SE
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