reports
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Wim Hoste
Bekaert FIRST LOOK: FY25 results in line with expectations, cautious g...
FY25 uEBIT was in line with earlier guidance and our and consensus forecasts. The FY26 guidance of a flat uEBIT margin is more cautious than our (+0.4pp) and consensus (+0.5pp) forecasts. The healthy free cash flow generation and solid balance sheet allow Bekaert to work on both M&A and share buybacks, and the current share buyback pace (c. €100m/y) in combination with the dividend imply a yearly attractive return to shareholders of c. 9%. With valuation still attractive, we maintain our BUY rat...
- Wim Lewi
Shurgard FY25 Results slightly ahead, growth returns in FY27
Shurgard FY25 EPRA net came ahead of our estimates at €173.1m versus €168.6m expected. The NTA per share rose an impressive 10% year-on-year to €53.30, driven by €519.5m fair-value gains in the portfolio. These gains are largely attributed to operational improvements rather than cap-rate compression. The FY25 same-store operating revenue grew 3.2%, a strong performance that indicates the organic growth remains on track. The EPRA EPS outlook for FY26 gives a range of €1.70 to €1.81 vs. €1.80 expe...
Bekaert announces the next tranche of its Share Buyback Program
Bekaert announces the next tranche of its Share Buyback Program Bekaert announces the next tranche of its Share Buyback Program Bekaert announces that it will start the next tranche of its buyback program on 26 February 2026, for a total consideration of up to € 75 million. It is intended that, subject to market conditions, this tranche will be completed prior to the release of the Q3 trading update, scheduled for 27 November 2026. During this period, Bekaert will regularly publish press releases with updates on the progress made, as required by law. This information will also be available...
Bekaert kondigt de volgende tranche aan van het inkoopprogramma van ei...
Bekaert kondigt de volgende tranche aan van het inkoopprogramma van eigen aandelen Bekaert kondigt de volgende tranche aan van het inkoopprogramma van eigen aandelen Bekaert kondigt aan dat het op 26 februari 2026 zal beginnen met de volgende tranche van het inkoopprogramma van eigen aandelen, voor een totaalbedrag van maximaal € 75 miljoen. Het is de bedoeling dat, afhankelijk van de marktomstandigheden, deze tranche zal worden voltooid voor de publicatie van de Q3 activiteitenverslag op 27 november 2026. Tijdens deze periode, zal Bekaert regelmatig persberichten publiceren met updates ...
Bekaert: 2025 Full Year Results
Bekaert: 2025 Full Year Results 2025 Full year results Resilient results and strong cash flow supported by cost management and restructuring FCF1 of €314m n Proposed dividend of €1.95 n Ongoing €200m share buyback Bekaert delivered a resilient performance in 2025. The year was marked by shifts in global trade policies which created uncertainty and undermined demand. In addition, slower growth in the hydrogen end market required adjustment to bring footprint in line with demand outlook. At the same time, Bekaert has translated robust demand from investments in power and data transmission ...
Bekaert: Jaarresultaten 2025
Bekaert: Jaarresultaten 2025 Jaarresultaten 2025 Veerkrachtige resultaten en sterke kasstroom ondersteund door kostenbeheer en herstructurering FCF1 van €314m n Voorgesteld dividend van €1,95 n Lopend aandeleninkoopprogramma ter waarde van €200m Bekaert leverde een veerkrachtige prestatie in 2025. Het jaar werd gekenmerkt door verschuivingen in het wereldwijd handelsbeleid die voor onzekerheid zorgden en de vraag ondermijnden. Daarnaast moest de productievoetafdruk worden aangepast aan de vraagvooruitzichten vanwege de tragere groei van de eindmarkt voor waterstof. Tegelijkertijd heeft B...
- Livio Luyten
GBL After delivering a solid recovery we expect momentum to moderate
GBL has reached our previous price target following its consistent performance since the Apr'25 Liberation Day low. Over this period, the discount compressed sharply from 45% to 22%, driven by visible strategy progress, growing recognition of unique private market access, and €335m share buybacks in FY25. The recent Rayner acquisition (€0.5bn for 45% co-control stake) marks the first clear execution of GBL's Nov'24 strategy to increase direct private asset exposure in priority sectors. It streng...
- ING Helpdesk
Benelux Morning Notes
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
- Kristof Samoy
- Livio Luyten
- Thomas Couvreur
- Wim Hoste
- Maxime Stranart
Ahold Delhaize/FY25 results: resilient profitability in the US/HOLD
We reiterate our HOLD rating on Ahold Delhaize, but increase our target price from €34.0 to €40.0, on the back of a stronger-than-expected 4Q25. We expect Ahold Delhaize's top-line growth to continue to be driven by its eCommerce activities, especially in the US where we model sales CAGR in the mid-teens over 2025-28F. This would allow the company to deliver a low-single-digit comparable sales growth at group level. Ahold Delhaize will account for a 53rd week this fiscal year, and we therefore p...
- Hilde Van Boxstael
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Michiel Declercq
Ahold Delhaize Sharpening Value for Customers While Safeguarding Margi...
Earlier this month, Ahold Delhaize reported strong 4Q25 results, driven by a material margin beat in the US and impressive free cash flow generation. While the 2026 margin outlook was in line with expectations, we believe the company is well positioned to deliver on this guidance supported by the impact of the 53rd calendar week, easier comparables in Europe, and the gradual realisation of synergies from the Profi acquisition. In the US, ongoing price investments continue to drive healthy sales ...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Peer Walmart 4Q25/26 results. Arcadis: Main topics 4Q25/FY25 conference call. ASM: 4Q25 preview, FY26 should be strong. Brunel: 4Q25 result beats and trends stabilise; DACH back to growth in 1Q26; additional cost savings announced and special dividend. Cofinimmo: Beat on bottom line, strong investment outlook for 2026. IMCD: Another step in EMEA. Magnum Ice Cream Company: Peer Danone 4Q25 results. Recticel: Peer Kingspan FY25 results. Software sector: Cheaper code...
Bekaert - Update on the Share Buyback Program and Liquidity Agreement
Bekaert - Update on the Share Buyback Program and Liquidity Agreement Update on the Share Buyback Program and the Liquidity Agreement Period from 12 February 2026 to 18 February 2026 Share Buyback ProgramOn , Bekaert announced the start of the next tranche of its share buyback program, for a total maximum consideration of up to € 25 million. As announced previously, the purpose of the Program is to cancel all shares repurchased. Bekaert announces today that during the period from 12 February 2026 to 18 February 2026, Kepler Cheuvreux SA on behalf of Bekaert has bought 60 560 shares. Th...
Bekaert - Update over het Inkoopprogramma van Eigen Aandelen en Liquid...
Bekaert - Update over het Inkoopprogramma van Eigen Aandelen en Liquiditeitsovereenkomst Update over het Inkoopprogramma van Eigen Aandelen en de Liquiditeitsovereenkomst Periode van 12 februari 2026 tot 18 februari 2026 Inkoopprogramma van Eigen AandelenOp , kondigde Bekaert de start aan van de volgende tranche van haar inkoopprogramma, voor een totaalbedrag van maximaal € 25 miljoen. Zoals eerder aangekondigd heeft het inkoopprogramma tot doel alle ingekochte aandelen te vernietigen. Bekaert kondigt vandaag aan dat gedurende de periode van 12 februari 2026 tot 18 februari 2026, Kepler...
- Louis Boujard
- CFA
- Philippe Ourpatian
REL RELX PLC
CA CARREFOUR SA
BVI BUREAU VERITAS SA
ZURN ZURICH INSURANCE GROUP LTD
MF WENDEL SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
G ASSICURAZIONI GENERALI S.P.A.
BAYN BAYER AG
BA. BAE SYSTEMS PLC
GAS NATURGY ENERGY GROUP S.A.
ELI ELIA GROUP SA/NV
ASRNL ASR NEDERLAND NV
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
STMN STRAUMANN HOLDING AG
PUIG PUIG BRANDS
AMRZ AMRIZE AG
AENA AENA S.M.E. SA
- Louis Boujard
- CFA
- Philippe Ourpatian
REL RELX PLC
CA CARREFOUR SA
BVI BUREAU VERITAS SA
ZURN ZURICH INSURANCE GROUP LTD
MF WENDEL SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
G ASSICURAZIONI GENERALI S.P.A.
BAYN BAYER AG
BA. BAE SYSTEMS PLC
GAS NATURGY ENERGY GROUP S.A.
ELI ELIA GROUP SA/NV
ASRNL ASR NEDERLAND NV
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
INX IMCD N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
STMN STRAUMANN HOLDING AG
PUIG PUIG BRANDS
AMRZ AMRIZE AG
AENA AENA S.M.E. SA
- Guy Sips
- Lynn Hautekeete
- Mathijs Geerts Danau
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Lynn Hautekeete
Aedifica Model update FY25 results:
We update our model after the FY25 results. We now factor in a slightly higher debt ratio at similar FY26 EPRA EPS estimates based on the € 300,0m newly guided investments (acquisitions + developments) which are skewed to 2H26. This benefits mostly our FY27-28 rental income. The Armonea (Colisée) negotiations (7,0% combined total rents) are terminated with limited negative rent reversion impact included in the FY26 guidance. This results in a lower risk premium and a higher target price from € 7...
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