Benelux Morning Notes

Alfen: Preview - muddling through? Belgian telcos: Competition Authority investigation on Proximus/Orange Belgium MoU. Brunel International: 2Q25 below, 3Q25 outlook cut, cost savings protect FY25 estimates. Euronext: Another record set of results. Fugro: Sharper V-shape? GBL: Weak NAV performance, as expected. KBC Ancora: Cooperative CERA increasing its stake to 51.24%, using excess cash. UCB: Renewed US threats to cut drug prices. Umicore: 1H25 and guide broadly in-line, new S...

Benelux Morning Notes

Allfunds Group PLC: Ready to Spring forward. Basic-Fit: 1H25 ahead of INGF, membership ingrowth, outlook reiterated, FCF a bit light. Lotus Bakeries: Preview 1H25. NN Group & ASR: Dutch Pension Reform not an issue at 29 October Dutch elections. Philips: 2Q25 results, much lower tariff impact. Proximus: New BICS CEO and Global CRO laid off. Vastned: Good results, EPRA EPS guidance up by 2.5%. Zabka: 2Q25 Preview

Proximus meets headwinds/Daughter Proximus Global reduces FY25 outlook

Proximus has lowered its FY25 outlook because Proximus Global encountered unexpected headwinds. Although Proximus performed relatively well in Belgium, domestic competition is another source of uncertainty. Notably, Proximus is making slow progress to roll out fibre in Belgium together with competitors. The Proximus notes offer limited value, in our view.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/25/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 25/07/2025

Proximus (Neutral, TP: €12.5, +52%) Q2 25: Mixed results, guidance lif...

Proximus has reported a mixed set of results and has updated guidance accordingly: domestic guidance has been lifted, but Global guidance has been cut heavily, with the net effect being a small downgrade to Group EBITDA guidance.

Coffee, Croissants & Credit/Proximus

Proximus FY25 outlook lowered on weak performance Proximus Global

Proximus : Increased headwinds in the CPaaS market lead to a profit wa...

Benelux Morning Notes

Belgian Telecoms: Orange Belgium and Proximus MoU on Fiber deployment and increased access to gigabit networks in Wallonia. Cofinimmo: Bottom line outperforming outlook. Elia: Solid start to the year, but with some help from accounting. Heijmans: Another leg up! Proximus: Better Domestic cannot hide Proximus Global double accident, MoU an incremental negative. Signify: 2Q25 Results, better growth, lower margins. WDP: No surprises, 2025 and 2027 targets reiterated. Events Calendar

Morning Notes : COFBb BB, ES6 BB, MTLS N US, PROXb BB, WPHB BB, PHVS U...

: COFBb BB, ES6 BB, MTLS N US, PROXb BB, WPHB BB, PHVS US

Benelux Morning Notes

Akzo Nobel: FX drives 2Q25 miss and FY guidance cut. dsm-firmenich: Givaudan 1H25 results. Exor: In talks over Iveco sale. Lotus Bakeries: Peer Lindt & Sprüngli 1H25 results. Proximus: CpaaS peer Sinch 2Q25 results hurt by FX. Signify: 2Q25 Preview, challenges ahead. Var Energi: Promising continuation of dividend. Vopak: Continued story. Wereldhave: Strong operational results, positive market tone, guidance raised. Events Calendar

Benelux Morning Notes

GBL: 1H25 preview; Greenyard: Results of initial acceptance period of voluntary and conditional takeover bid; Proximus: Weak Route Mobile results 1Q26, change in CEO; Staffing sector: Manpower 2Q25 beats; 3Q25 outlook only slightly better Coverage change Events Calendar

Proximus/Focus on FCF evolution beyond 2025/HOLD

We think the focus of the 2Q25 results and call will be a clarification of the vague organic FCF guidance beyond 2025. Proximus came up at 2Q24 with a double ‘tri yearly average FCF' guidance for 2025-2027 and 2028-2030, both surprisingly low. This led to significant pressure on the shares in 2H24. The 2025-2027 guidance is for “at least €200m per year”, then including €470m of disposals, so c.€100m of organic FCF per year. The 2028-2030 is for at least €300m. Based on Proximus' latest pre 2Q25 ...

Benelux Morning Notes

Ahold Delhaize: Peer Albertsons 1Q25/26 results ASML: 2Q25 results; good update, focus on FY26 Barco: 1H25 results; margin uplift despite headwinds Belgian Telecoms: DIGI fixed internet launch in Wallonia Flow Traders: June global volume rises but volatility declines MoM NSI: Good operational results, cautious outlook Ontex: Sizeable profit warning calls for material consensus downgrade

NOS (Sell, TP: €3.11, -18%) Digi (Underweight) Altice International (E...

One of the key questions in European Telecoms at the moment is how successful will Digi be in Portugal, Spain and Belgium; and to a lesser extent, how successful can the challengers be in general: Salt, Iliad Italy, and so on. In this report, we take a top-down look at how spectrum drives success in European mobile, and what that means for future outcomes.

Coffee, Croissants & Credit/Proximus, SES, DLR, Russian gas ban

Utilities: The EU to fully ban Russian gas imports. Telecom: Proximus announces a new CEO; SES places a €1bn dual tranche. Technology: DLR places a €850m note

Morning Notes : IBAB BB, PROXb BB, SMAR BB

: IBAB BB, PROXb BB, SMAR BB

Benelux Morning Notes

IBA: Large X-ray sterilisation solution sale Proximus: Stijn Bijnens new CEO of Proximus

Coffee, Croissants & Credit/Proximus

Telecom - Proximus sells Be-Mobile

Benelux Morning Notes

Belgian telecoms: Orange Belgium's new B2B offensive. BE Semiconductor Industries: Investor Day highlights. Proximus: Sale of Be-Mobile, asset disposals upped from ‘>€500m' to ‘up to €600m'. UCB: To invest in a new US manufacturing site