Morning Notes : BAR BB, ELI BB, PROX BB, RET BB, DEME BB

: BAR BB, ELI BB, PROX BB, RET BB, DEME BB

Proximus Dividend reset, value intact

At the end of February, Proximus presented its new 2026–2028 ambitions during a CMD. While the FCF outlook surprised positively, driven by lower capex spending, this was overshadowed by a dividend cut from €0.60 per share to €0.30 per share, with a gradual recovery to €0.50 per share by 2028. Although the dividend cut was unexpected, we had previously flagged that the dividend was not covered by free cash flow. As we view the dividend cut as a logical step that does not impact our valuation, we ...

Dynamic Top Pick List Update March 2026: Removing Aedifica – Adding Pr...

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...

Coffee, Croissants & Credit/Engie, Proximus, SES, Heimstaden Bostad, V...

Utilities - Engie raises €3bn of new equity to partially finance UK Power Networks

Benelux Morning Notes

EVS: Strong 2H25 but for lower cash position, order intake in line, 2026 guidance in line. Proximus: CMD feedback. Staffing: Belgium January Temp volume weaker at -4.8% YoY but on tougher comps. TKH Group: Preview: Connectivity profitability and progress on disposal programme

Benelux Morning Notes

Ackermans & van Haaren: Results capping already strong subsidiary reporting. DPS beat. Fagron: Acquisition of Pharmavit Europe, active in nutraceutical raw materials. Fugro: Patience please. Kendrion: Sees signs of improvement in EU economy. Proximus: 2026 dividend halved, 2028-30 targets a bit better on lower capex. Proximus: 4Q25 in line EBITDA on weaker sales, FCF up; 2026 guidance below on EBITDA. Recticel: Strong FY25 results, CEO transition seen as a negative

Morning Notes : ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, R...

: ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

Proximus (Neutral, TP: €8.3, +0%) Q4 25 and CMD Quick Take: Dividend ...

Proximus is holding a CMD in Brussels today that we are attending. Ahead of that, it has put out a release with FY26, FY28 guidance, and some long-term (FY30) capex and FCF estimates too. We don’t have all the detail yet, but we outline our initial thoughts in this report, and some commentary on the Q4 results too.

Proximus Targeting € 400m FCF by 2030, dividend cut in FY26

Proximus reported solid 4Q25 results, with the underlying EBITDA of € 437m broadly in line with expectations (kbcse: € 433m, css: € 434m) while the FY25 organic FCF of € 130m came in slightly ahead (kbcse: € 107m, css: € 102m). Although the outlook 2026 was broadly in line, we welcome the lower capex spending of between € 1.20- € 1.25bn (kbcse: € 1.30bn, css: € 1.29bn), resulting in a better than expected FCF guidance for 2026 of up to € 100m (kbcse: € 39m, css: € 24m). By 2030, the group expect...

Proximus/Not your normal Telco yet, FCF lower for longer/HOLD

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 ...

Benelux Morning Notes

ASR: Better results, strong solvency, SBB below though; new CEO, new CMD on 1 Dec / IMCD: Weak 4Q25 / Kinepolis: Bankruptcy of Belga Films, the oldest film distribution business, along with its eight-screen cinema complex in Brussels; 2H25 preview / Proximus: CpaaS peer Sinch 4Q25 results a bit light of consensus, stock down 14%

Benelux Morning Notes

Aedifica: Results slightly better, guidance for the combined entity to come in Sept. CM.com: 4Q25 results – no turning point yet. D'Ieteren: Allstate reports bumper 4Q25, touts premium cuts, consensus prudent. Heijmans: Construction cool cat. Proximus: CPaaS peer Twilio 4Q25 results better than expected. Talabat: 4Q25 results, doubling down on investments. Theon International: Preview – a busy year it was.

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...

Benelux Morning Notes

Ahold Delhaize: Serbia regulation to be litigated at international level. CM.com: Preview FY25. dsm-firmenich: At last! Exor: Stellantis shares fall sharply on €22bn turnaround plan, writeoff. Euronext: 2026 starting strong. Proximus: €275m impairment at Proximus Global

Morning Notes : DSFIR NA, CMBT BB, GBLB BB, PROX BB, NXFIL NA

: DSFIR NA, CMBT BB, GBLB BB, PROX BB, NXFIL NA

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

Benelux Morning Notes

Avantium: (Ti)me delay. Belgian telecoms: Telenet increases price as of March. Fastned: Funding step-up, Fastned secures €200m loan. Lotus Bakeries: Preview FY25. MICC: Preview FY25. Signify: 4Q25 preview. Van Lanschot Kempen: Large AuM win in Fiduciary

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

Benelux Morning Notes

Basic-Fit: Consensus FY25 and FY26 released / Belgian Telecoms: DIGI Belgium introduces 5G FWA at €7 per month and increased data on mobile-only offers / NSI: €50m seven-year unsecured notes issuance with a 4.59% coupon / Sofina: Newsletter #17: NAV per share underperforms