reports
- ING Helpdesk
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.
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- ING Helpdesk
Benelux Morning Notes
ABN Amro: Miss but strong capital, good set of results / Ahold Delhaize: Strong 4Q25 but no major surprise on FY26 adj. EPS guidance / Alfen: No recovery yet and another transitional year / BAM Group: Preview: 2026 outlook the key item / Econocom: Better REBITA, net debt, but EBIT below, much lower net profit, dividend halved, 2026-28 guidance postponed to “medium term” / Exor: Ferrari 4Q25 and 2026 guidance beat / Gecina: Results and guidance in line, DPS set to grow over 2026-30 / Heineken: No...
- Guy Sips
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
ABN AMRO posts net profit of EUR 410 million in Q4 2025
ABN AMRO posts net profit of EUR 410 million in Q4 2025 ABN AMRO posts net profit of EUR 410 million in Q4 2025 11 February 2026 Key messages Q4 net profit of EUR 410 million brought full-year return on equity to 8.7% New mortgage production continued at a fast pace in Q4 Employee numbers decreased by about 1,500 FTEs in 2025 as part of right‑sizing the cost base Credit quality remained solid, with cost of risk at 11 basis points in Q4 CET1 ratio rose to 15.4%, driven by RWA and portfolio optimisation Additional EUR 500 million capital distribution; final dividend proposed of EUR 0.70 p...
ABN AMRO rapporteert nettowinst van EUR 410 miljoen in Q4 2025
ABN AMRO rapporteert nettowinst van EUR 410 miljoen in Q4 2025 ABN AMRO rapporteert nettowinst van EUR 410 miljoen in Q4 2025 11 februari 2026 Nettowinst in Q4 van EUR 410 miljoen bracht het rendement op eigen vermogen over het hele jaar op 8,7%Nieuwe hypotheekproductie zette in Q4 in hoog tempo doorAantal medewerkers daalde in 2025 met ongeveer 1.500 fte’s als onderdeel van het optimaliseren van de kostenbasisKredietkwaliteit bleef solide, met risicokosten van 11 basispunten in Q4CET1-ratio steeg naar 15,4%, gedreven door optimalisatie van RWA en kredietportfolio’sAanvullende kapitaa...
- Suvi Platerink Kosonen
European banks/Larger banks lead in the non-bank sector
The substantial growth in non-bank assets has outpaced that of bank assets globally. Larger European banks are very much involved in this sector. In addition to the growth potential, this involvement comes with potential risks should the sector see a more substantial weakening.
- ING Helpdesk
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...
- ING Helpdesk
- Hilde Van Boxstael
- Kristof Samoy
- Wim Hoste
- Wim Lewi
Euronext announces volumes for January 2026
Euronext announces volumes for January 2026 Euronext announces volumes for January 2026 Amsterdam, Athens, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 6 February 2026 – Euronext, the leading European capital market infrastructure, today announced trading volumes for January 2026. Monthly and historical volume tables are available at this address: CONTACTS ANALYSTS & INVESTORS – Investor Relations Judith Stein 97 Margaux Kurver 03 MEDIA – Europe Andrea Monzani 13 Sandra Machado 7 Belgium M...
- ING Helpdesk
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
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB
After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
Benelux Morning Notes
Flow Traders: Preview 4Q25 / Kinepolis: January reassures with US box office revenue up 14% YoY, France visitors up 15% YoY / Lotus Bakeries: Peer Mondelez 4Q25 results / MICC: Peer Mondelez 4Q25 results / RELX / Wolters Kluwer: Anthropic moves into Legal / Signify: Analyst lunch highlights / TomTom: 4Q25 results, bridging a gap / UCB: Evenity sales exceeded US$2.1bn in FY25 as per Amgen
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Presents supportive three-year Bimzelx data in HS at EHSF
UCB announced that three-year data from the BE HEARD trials for Bimzelx in moderate to severe HS will be presented at the Conference of the European Hidradenitis Suppurativa Foundation EHSF, being held 4–6 February in Malta. The data show high rates of total HS resolution at 3 years, high rates of improvement from moderate or severe HS to mild disease, as well as strong draining tunnel resolution. This continues to highlight Bimzelx' benefit in this patient group, which we believe will further d...
- Jean-François Granjon
- Louis Boujard
- CFA
SESGL SES SA FDR (CLASS A)
BVI BUREAU VERITAS SA
ITRK INTERTEK GROUP PLC
NOEJ NORMA GROUP SE
XIOR XIOR STUDENT HOUSING N.V.
KRN KRONES AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
CSM CORBION NV
WAVE WAVESTONE SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ZGN ERMENEGILDO ZEGNA NV
LHYFE LHYFE S.A.
VT5 VT5 ACQUISITION COMPANY AG
SGSN SGS SA
4X0 STEYR MOTORS AG
- Jean-François Granjon
- Louis Boujard
- CFA
SESGL SES SA FDR (CLASS A)
BVI BUREAU VERITAS SA
ITRK INTERTEK GROUP PLC
NOEJ NORMA GROUP SE
XIOR XIOR STUDENT HOUSING N.V.
KRN KRONES AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
CSM CORBION NV
WAVE WAVESTONE SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ZGN ERMENEGILDO ZEGNA NV
LHYFE LHYFE S.A.
VT5 VT5 ACQUISITION COMPANY AG
SGSN SGS SA
4X0 STEYR MOTORS AG
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