reports
- ING Helpdesk
Benelux Morning Notes
ArcelorMittal: Modest 4Q25 EBITDA beat and upbeat 2026F outlook / KBC Group: BNP Paribas good results in Belgium, increasing outlook, notably reducing C/I ratio / Recticel: Peer Rockwool's 4Q25 results SBM Offshore: Early purchase of ONE Guyana FPSO by Exxon Mobil / Shell: Keeping SBB at $3.5bn / Sligro: FY25 net profit in line with expectations, SBB announced / Universal Music Group: YouTube ads revenue +9% YoY in 4Q25 and Sony Music up by 13% YoY / Wereldhave: Wereldhave Belgium FY25 results a...
- Maxime Stranart
- Stijn Demeester
Recticel/Acquisition of Miclar Group/BUY
We reiterate our BUY rating on Recticel and increase our target price from €12.0 to €13.5, following the acquisition of a 76% stake in Miclar Group. We view this as a very appealing acquisition for Recticel with Miclar having a materially higher Adj. EBITDA margin than the group at 19.8%. Furthermore, we view the multiple paid at 4.4x EV/EBITDA 2024 as undemanding, which should lead to material value creation in the upcoming years. At €13.5, Recticel would trade at 10.9/9.2x EV/EBITDA 2026/27F, ...
EUR 227 million share buyback begins
EUR 227 million share buyback begins Schiphol, January 12, 2026 - Aegon today begins a EUR 227 million share buyback, which includes EUR 200 million of the EUR 400 million on December 10, 2025. This tranche has been expanded to include EUR 27 million to meet Aegon’s obligations resulting from its share-based compensation plans for senior management. The share buyback is expected to be completed by June 30, 2026, barring unforeseen circumstances. Aegon has entered into an agreement with its largest shareholder, Vereniging Aegon, to participate in the new EUR 227 million share buyback. Ver...
EUR 400 million share buyback completed
EUR 400 million share buyback completed Schiphol, December 16, 2025 - Aegon announces today the successful completion of its share buyback program, which initially began on July 1, 2025, as a EUR 200 million initiative and was later expanded, on August 25, 2025, by an additional EUR 200 million, bringing the total to EUR 400 million. Between July 1, 2025, and December 15, 2025, 61,197,437 common shares were repurchased for a total amount of EUR 400 million at an average price of EUR 6.4772 per share. Aegon will cancel the repurchased shares in December 2025. For further details, visit our...
Aegon Capital Markets Day 2025 – The Next Frontier
Aegon Capital Markets Day 2025 – The Next Frontier Strategic highlights: Aegon announces ambition to become a leading US life insurance and retirement group Aegon to move its head office and legal seat to the US and be renamed Transamerica Inc. at completion of transition, which Aegon aims to conclude by January 1, 2028Aegon Asset Management to focus on growing third-party revenues and improving efficiencyContinued focus on profitable growth in Aegon’s International business Strategic review of Aegon UK, evaluating all options, including divestment Financial highlights: Achieving all fi...
- Guy Sips
- Michiel Declercq
- Wim Hoste
Local Champions Mid Cap Conference Book 11.12.2025
This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 11 December 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | DEME | EVS | IBA | JENSEN GROUP | MATERIALISE | ONTEX | PROXIMUS | RECTICEL | XFAB
- ING Helpdesk
- Wim Hoste
Recticel FIRST LOOK: Acquisition of Miclar Group, upgrade to Accumulat...
With the acquisition of a 76% stake in Miclar Group, Recticel further strengthens its insulated panels business, which today consists of the businesses acquired via Rex and Trimo. The deal value looks very reasonable at 5.7x EV/EBITDA24. We have updated our forecasts resulting in a 7% increase in our 2026 EBITDA estimate. Recticel still has significant firepower for additional acquisitions and we would expect the company to continue to hunt for mid-sized acquisitions that further enlarge positio...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Wim Hoste
- Wim Lewi
Aegon trading update for third quarter 2025
Aegon trading update for third quarter 2025 Schiphol, November 13, 2025 - Please click to access all 3Q 2025 trading update related documents. EUR 340 million operating capital generation (OCG) before holding funding and operating expensesCapital ratios of Aegon’s main units remain strong, above their respective operating levelsCash Capital at Holding at EUR 1.9 billion, reflecting the sale of 12.5 million shares in a.s.r. for EUR 700 million, the payment of the 2024 final dividend and the 2025 interim dividend, and 54% completion of the ongoing EUR 400 million share buyback programOn tr...
- 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
- Maxime Stranart
- Stijn Demeester
Recticel/3Q25 postview: Early signs of recovery/BUY
We reiterate our BUY on Recticel and our €12 target price following Recticel's 3Q25 trading update. Recticel reported below-expectation sales in 3Q25 but reiterated its €55m Adj. EBITDA guidance for FY25F. Next to this comment, Recticel flagged that permits and mortgage demand have started to rebound in the UK and Europe, which may have an impact on 2026F already. A weak trading environment for Recticel Insulation Boards has put a drag on the group's profitability over the past three years, and ...
Aegon announces changes to its Board of Directors
Aegon announces changes to its Board of Directors Schiphol, November 3, 2025 - Aegon announces today that David Herzog, who was appointed as a member of the Board of Directors (BoD) at Aegon’s 2025 Annual General Meeting of shareholders (AGM), will succeed William Connelly as Chairman of the BoD as of November 13, 2025. In line with previous announcements, Mr Connelly will retire as Chairman and member of the BoD on the same date. Aegon also announces today that it will propose to its 2026 AGM to appoint Leni Boeren as a new member of its BoD. Mrs Boeren has extensive experience in both t...
- ING Helpdesk
Benelux Morning Notes
AB InBev: The interim is back. Arcadis: Slow return to organic growth, FCF disappoints. Ayvens: Keeping its promise. dsm-firmenich: Waiting for Godot. D'Ieteren: Boyd prelim 3Q25, $1.3bn M&A deal, NYSE listing, $780m capital increase. Flow Traders: Down but not out. Ontex: FY25F guidance confirmed despite a modestly softer 3Q25. Recticel: Weak 3Q25 but comforting outlook. Shell plc: Solid story with cash continuing to come in strongly. TKH Group: Preview - subsea remains in foc...
- Wim Hoste
Recticel FIRST LOOK: 3Q top line below expectations, FY guidance maint...
Recticel saw 3Q revenue decline by 1% which was below our and consensus forecasts. Recticel reiterated FY25 adjusted EBITDA guidance calling for c. 10% growth. The strategic growth projects in the US (Insulated Panels Plant) and Belgium (Recycling plant) are progressing according to plan. While we still believe in the strategic attractiveness of the insulation market and Recticel's offering, we deem short term valuation multiples are about fair so we maintain our Hold rating and € 11 target pric...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Wim Hoste
- MarketLine Department
- Maxime Stranart
- Stijn Demeester
Aegon successfully sells 12.5 million shares in a.s.r.
Aegon successfully sells 12.5 million shares in a.s.r. NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities and the offer of a.s.r. shares does not constitute a public offering other than to qualified investors in any jurisdiction. Schiphol, Septembe...
Aegon to sell approximately 12.5 million shares in a.s.r. via an accel...
Aegon to sell approximately 12.5 million shares in a.s.r. via an accelerated placing NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities and the offer of a.s.r. shares does not constitute a public offering other than to qualified investors in any ju...
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