reports
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
CA CARREFOUR SA
FORTUM FORTUM OYJ
KBC KBC GROUP N.V.
FHZN FLUGHAFEN ZURICH AG
MRK MERCK KGAA
HOT HOCHTIEF AG
EOAN E.ON SE
RWE RWE AG
DTE DEUTSCHE TELEKOM AG
UTG UNITE GROUP PLC
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
STR STRABAG SE
BNR BRENNTAG SE
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
DHER DELIVERY HERO SE
SHL SIEMENS HEALTHINEERS AG
MRNA MODERNA INC.
AGN AEGON N.V.
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
CA CARREFOUR SA
FORTUM FORTUM OYJ
KBC KBC GROUP N.V.
FHZN FLUGHAFEN ZURICH AG
MRK MERCK KGAA
HOT HOCHTIEF AG
EOAN E.ON SE
RWE RWE AG
DTE DEUTSCHE TELEKOM AG
UTG UNITE GROUP PLC
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
STR STRABAG SE
BNR BRENNTAG SE
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
DHER DELIVERY HERO SE
SHL SIEMENS HEALTHINEERS AG
MRNA MODERNA INC.
AGN AEGON N.V.
- Robert Jan Vos
Aedifica NV/SA: Publication relating to a transparency notification
Aedifica NV/SA: Publication relating to a transparency notification Please find below a press release from Aedifica (a public regulated real estate company under Belgian law, listed on Euronext Brussels and Euronext Amsterdam), regarding a publication relating to a transparency notification from BlackRock, Inc. Attachments
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/ABN AMRO and NIBC, Tier 2 supply, Fed moves on Basel endga...
ABN AMRO takes over NIBC with substantial spread convergence. EUR Tier 2 supply unlikely to break another record next year. Fed reaches agreement on part of Basel endgame. Bank for International Settlements on the impact of different digital currencies
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/ABN AMRO and NIBC, Tier 2 supply, Fed moves on Basel endga...
ABN AMRO takes over NIBC with substantial spread convergence. EUR Tier 2 supply unlikely to break another record next year. Fed reaches agreement on part of Basel endgame. Bank for International Settlements on the impact of different digital currencies
- ING Helpdesk
Benelux Morning Notes
ABN Amro: 3Q mixed, NIBC M&A good value for money. Adyen: CMD highlights – confident on long-term growth Belgian Telecoms: Digi Belgium raises €104.5m in capital, after €80m capital increase in July. CM.com: Raises €5m through private placement. Recticel: Peer Rockwool's 3Q25 trading update. Zabka: Potential bidder for Carrefour Romania. Events Calendar
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
ABN AMRO to acquire NIBC Bank
ABN AMRO to acquire NIBC Bank ABN AMRO to acquire NIBC Bank 12 November 2025 Today, ABN AMRO Bank N.V. announces that it has reached agreement with Blackstone to acquire NIBC Bank. With the acquisition, ABN AMRO will add further scale to its retail banking activities, reinforcing its strong position in the Dutch market. Established in 1945, NIBC is a well-managed largely Dutch focused entrepreneurial bank specialised in mortgage lending, saving products, commercial real estate and digital infrastructure lending. NIBC serves approximately 325,000 savings clients, 200,000 mortgage clients...
ABN AMRO kondigt overname NIBC Bank aan
ABN AMRO kondigt overname NIBC Bank aan ABN AMRO kondigt overname NIBC Bank aan 12 november 2025 Vandaag maakt ABN AMRO Bank N.V. bekend dat zij overeenstemming heeft bereikt met Blackstone over de overname van NIBC Bank. Met deze overname breidt ABN AMRO haar retailbankactiviteiten verder uit en verstevigt zij haar sterke positie op de Nederlandse markt. NIBC, opgericht in 1945, is een goed georganiseerde, ondernemende bank die voornamelijk op Nederland is georiënteerd. De bank is gespecialiseerd in hypotheken, spaarproducten, commercieel vastgoed en digitale infrastructuurfinanciering...
ABN AMRO posts net profit of EUR 617 million in Q3 2025
ABN AMRO posts net profit of EUR 617 million in Q3 2025 ABN AMRO posts net profit of EUR 617 million in Q3 2025 12 November 2025 Solid financial performance: Net profit of EUR 617 million and return on equity of 9.5%Continued growth: Mortgage portfolio expanded by EUR 1.8 billion and client assets by EUR 8.6 billion Strategic growth: Acquisition of NIBC Bank further strengthens position in the Dutch retail market Cost discipline: FTEs decreased by 700 in Q3 and by almost 1,000 YTD excluding inclusion of German bank Hauck Aufhäuser Lampe Sound credit quality: EUR 49m in net impairment rele...
ABN AMRO rapporteert nettowinst van EUR 617 miljoen in Q3 2025
ABN AMRO rapporteert nettowinst van EUR 617 miljoen in Q3 2025 ABN AMRO rapporteert nettowinst van EUR 617 miljoen in Q3 2025 12 november 2025 Solide financiële prestaties: Nettowinst EUR 617 miljoen en rendement op eigen vermogen 9,5%Aanhoudende groei: Hypotheekportefeuille gegroeid met EUR 2,1 miljard, zakelijke leningen met EUR 2,1 miljard (inclusief EUR 1,7 miljard van HAL) en netto nieuw vermogen bij Wealth Management met EUR 4,3 miljardStrategische groei: Overname van NIBC Bank versterkt onze positie op de Nederlandse retailmarkt verderKostendiscipline: Aantal fte’s afgenomen met 7...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Thomas Couvreur
ABN Amro CMD expectations sky high, leaving limited room for positive ...
ABN Amro has had a tremendous run this year. There is a very positive story to tell about ABN Amro, underpinned by a number of solid management actions taken this year. Note that we even included the stock in our Dynamic Top Picks List at the start of the year. However, we believe the market is frontloading a lot of the value already in today's share price. Expectations for the November 25th capital markets day are very high, to the extent it will be hard for ABN to positively surprise. Taking i...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update November: Removing Xior; Adding Aedifica
The tariff war has eased, but with Trump, uncertainty has become a guarantee. While the macro-economic impact has been limited so far, the prolonged situation could still result in significant and long-lasting economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List. The Federal Reserve (FED) has started its easing cycle, but the final amount of interest rate cuts is uncertain. The European Central Bank (ECB) has now largely completed its interest rate cutting ...
- Lynn Hautekeete
Aedifica Better too early than sorry
We upgrade Aedifica from HOLD to BUY and add it to our DTPL (Dynamic Top Pick List), ahead of the competition authorities' approval expected mid-January. As the visibility on the timeline has improved last week, we believe investors will start to take position. On a fundamental basis, factoring in the merger, the stock has 22.4% upside to its fair value of €78.0 at 14x forward EPRA EPS (pro forma 100.0% consolidated, FY26 including synergies, excluding one-offs).
- Guy Sips
Jensen-Group Recent slowdown in order intake but on track to deliver a...
We updated our model (new € 67.5 Target Price (from €62) after Jensen-Group's 3Q25 revenues came in at a very nice € 134.9m compared to € 107.5m in 3Q24, resulting in a 19% y/y higher 9M25 sales of € 398.0m. We maintain our Accumulate rating. We incorporated in our updated model that Jensen-Group highlighted that after very solid results in the first nine months, they remain on track to deliver a record year with an expected FY25 EBIT range € 66m and € 71m (KBCSe from 64.9m to € 69m). On the ...
Aedifica NV/SA: Publication relating to transparency notifications fro...
Aedifica NV/SA: Publication relating to transparency notifications from BlackRock, Inc. Please find below a press release from Aedifica (a public regulated real estate company under Belgian law, listed on Euronext Brussels and Euronext Amsterdam), regarding a publication relating to two transparency notifications from BlackRock, Inc. Attachments
- Michiel Declercq
Ahold Delhaize Conference call feedback
Ahold Delhaize reported a good set of 3Q25 results, with comparable sales growing 2.9% to € 22.49bn, or in line with expectations (css: € 22.48bn, kbcse: € 22.51bn). The underlying EBIT increased by 13.4% at ccy to € 933m, or well above expectations (css: € 866m, kbcse: € 880m). The strong underlying EBIT performance was predominantly driven by a very strong margin improvement of 40bps to 4.6% in the US (css: 4.1%, kbcse: 4.2%). This was however partially driven by one-time non-recurring items, ...
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