Ahold Delhaize: Peer Kroger 4Q25 results. bpost: 4Q25/FY25 result in line, no dividend, FY26 outlook in line, assumptions optimistic. Eurocommercial Properties: Cautious guidance despite Swedish acquisition. Sligro: Feedback from group CMD. Universal Music Group: In line clean EBITDA, FCF below, US listing shelved
The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continue into 2027. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. The highly anticipated AI productivity gains also will have to transpire sooner or later or a US market correction becomes unavoidable. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We...
Ageas: Upgrading net op. result FY26 target to >€1.5bn from €1.35bn in FY25 as M&A starts contributing / CFE: Strong 2H, flips to net cash and outlook better / Deceuninck: FY25 results in line with expectations, Türkiye a tad better / GBL: Exits Umicore fully / Vopak: Five-year SBB programme announced / Wolters Kluwer: 2025 roughly in line, good 2026 outlook
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