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Guy Sips ... (+8)
  • Guy Sips
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Kristof Samoy
  • Livio Luyten
  • Michiel Declercq
  • Thibault Leneeuw
  • Wim Lewi

Morning Notes : BAR BB, COFB BB, FAGR BB, GLPG NA, IBAB BB, DEME BB, N...

: BAR BB, COFB BB, FAGR BB, GLPG NA, IBAB BB, DEME BB, NXFIL NA, ENRGY BB

Kristof Samoy
  • Kristof Samoy

NX Filtration Trouble comes in fours, yet another profit warning erodi...

NX Filtration just sent out another profit warning. For the fourth time in a row the company confessed it will not be able to realise its issued revenue guidance. At the 1H25 release the company reiterated its FY25 revenue guidance calling for y/y growth in the 50-70% range with KBC est. at the 60% midpoint. Today management warns FY25 revs are expected to be ca. €14m, representing a y/y growth just topping 25%. No quantified insights in profitability and cash position were given but surprisingl...

Carole Braudeau
  • Carole Braudeau

Credit Morning 12/10/2025

Nexans reassures investors over the GSI project amid freeze rumors|Casino redeems € 30m on Quatrim bond|Asmodee has successfully priced its new senior secured notes|Ageas issues a 5.875% RT1 PNC34 to strengthen its solvency following the 2025 transactions|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 10/12/2025

Nexans reassures investors over the GSI project amid freeze rumors|Casino rembourse 30 m EUR sur l’obligation Quatrim|Asmodee a placé avec succès son nouvel emprunt obligataire|Ageas émet un RT1 PNC34 à 5.875%, pour renforcer sa solvabilité après les opérations 2025|

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ageas: CEO interview in local press. Ageas at ING conference in New York. ASR: Solvency gets +10 to +12% uplift, as expected but brings ASR to above 210% Sol 2 ratio. OCI: Exchange terms set for OCI/Orascom merger. Events Calendar

Carole Braudeau
  • Carole Braudeau

Credit Morning 12/08/2025

Worldline plans to sell PaymentIQ for € 160m|BNP sells 25% stake in AG Insurance to Ageas; Cardif builds up stake in Ageas to 22.5%|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 08/12/2025

Worldline compte céder la plateforme PaymentIQ pour 160 m EUR|BNP cède à Ageas sa participation de 25% dans AG ; Cardif se renforce au capital d’Ageas à 22.5%.|

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ageas: Finally, 100% owner of Belgium business. CTP: Official launch in Italy and expansion in CTPark Warsaw South. Euronext: November delivers positive cash equity and bond trading volume growth. IBA: IBA to install one P1 system at YAS Healthcare in Dubai

Hilde Van Boxstael ... (+6)
  • Hilde Van Boxstael
  • Mathijs Geerts Danau
  • Michiel Declercq
  • Thomas Couvreur
  • Wim Hoste
  • Wim Lewi
 PRESS RELEASE

Ageas to take full ownership of AG Insurance and formalise long term p...

Ageas to take full ownership of AG Insurance and formalise long term partnership with BNP Paribas Ageas to take full ownership of AG Insurance and formalise long term partnership with BNP Paribas Ageas SA/NV (“Ageas”, the “Group”) today announced the acquisition of the outstanding 25% stake in its Belgian subsidiary AG Insurance SA/NV (“AG”) from BNP Paribas Fortis SA/NV (“BNP Paribas Fortis”). This transaction further accelerates and upgrades Ageas’s Elevate27 strategic and financial ambitions for the second time this year. Additionally, Ageas and BNP Paribas SA (“BNP Paribas”) reconfirm...

 PRESS RELEASE

Ageas prend la pleine propriété d’AG Insurance et formalise un partena...

Ageas prend la pleine propriété d’AG Insurance et formalise un partenariat à long terme avec BNP Paribas Ageas prend la pleine propriété d’AG Insurance et formalise un partenariat à long terme avec BNP Paribas Ageas SA/NV (« Ageas », le « Groupe ») annonce aujourd’hui l’acquisition de la participation de 25 % du capital en circulation dans sa filiale belge AG Insurance SA/NV (« AG ») auprès de BNP Paribas Fortis SA/NV (« BNP Paribas Fortis »). Cette transaction accélère et renforce les ambitions stratégiques et financières d’Ageas dans le cadre du plan Elevate27, pour la deuxième fois cett...

 PRESS RELEASE

Ageas wordt 100% eigenaar van AG en formaliseert lange-termijnpartners...

Ageas wordt 100% eigenaar van AG en formaliseert lange-termijnpartnerschap met BNP Paribas Ageas wordt 100% eigenaar van AG en formaliseert lange-termijnpartnerschap met BNP Paribas Ageas SA/NV (“Ageas”, de “Groep”) kondigt vandaag de overname aan van het uitstaande belang van 25% in haar Belgische dochteronderneming AG Insurance SA/NV (“AG”) van BNP Paribas Fortis SA/NV (“BNP Paribas Fortis”). Met deze transactie versnelt en versterkt Ageas zijn strategische en financiële ambities binnen Elevate27 voor de tweede keer dit jaar. Daarnaast herbevestigen Ageas en BNP Paribas SA (“BNP Paribas”...

 PRESS RELEASE

Agfa announces additional measures to adjust the cost base of its trad...

Agfa announces additional measures to adjust the cost base of its traditional film activities to the reality in the market December 4, 2025 – 7:45 a.m. CET Regulated information Agfa announces additional measures to adjust the cost base of its traditional film activities to the reality in the market Mortsel, Belgium – December 4, 2025 – 7:45 a.m. CET Agfa today announced that it plans to implement additional measures to adjust the cost base of its traditional film activities to the accelerated global market decline. These measures are an extension to the plan that was announced in Novem...

 PRESS RELEASE

Agfa kondigt bijkomende maatregelen aan om de kostenbasis van zijn tra...

Agfa kondigt bijkomende maatregelen aan om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de realiteit in de markt 4 december 2025 – 7:45 uur CET Gereglementeerde informatie Agfa kondigt bijkomende maatregelen aan om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de realiteit in de markt Mortsel, België – 4 december 2025 – 7u45 Agfa kondigde vandaag aan dat het van plan is bijkomende maatregelen te nemen om de kostenbasis van zijn traditionele filmactiviteiten aan te passen aan de versnelde achteruitgang van de wereldwijde markten. Deze...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Aalberts: Big step forward in disposal programme. Belfius: No sale of stake to private investors, no sell down of BNP Paribas stake either. CM.com: Bird withdraws takeover proposal. Recticel: Acquisition of a 76% stake in Miclar Group. Theon International: c.€150m rights issue

Guy Sips ... (+4)
  • Guy Sips
  • Jacob Mekhael
  • Livio Luyten
  • Wim Hoste
Guy Sips
  • Guy Sips

Agfa “Shrinking Business” & “Not-So-Growth Engines”

After three quarters, Agfa's 9M25 “Mature Business” (Radiology and Film DPC) sales dropped -6.4% y/y, driven by the accelerating medical film decline. While its “Growth Engines” (HealthCare IT, Digital Printing Solutions, Green Hydrogen Solutions) are intended to offset this, they also fell -0.9% y/y in the first nine months. We remain cautious (Hold; €1.0 Target Price) until strategic measures deliver and growth engines regain momentum.

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