reports
- Carole Braudeau
Credit Morning 02/19/2026
Constellium: very strong Q4 2025 results with the momentum continuing into H1 2026|Eramet publishes weak results for 2025 but takes radical measures to rapidly improve its financial structure, notably with a plan to strengthen its equity capital by € 500m|AF-KLM: Unit costs under control enabling good profitability levels|
- Charlotte Vaisse
- Equipe Sustainability
- Luis de Toledo Heras
- Marc Lavaud
VLS VALNEVA SE
BAMNB KONINKLIJKE BAM GROEP NV
NEX NEXANS SA
ERA ERAMET SA
VID VIDRALA SA
KRN KRONES AG
CARM CARMILA SAS
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
SHOT SCANDIC HOTELS GROUP
SAFE SAFESTORE HOLDINGS PLC
VGP VGP NV
BRAV BRAVIDA HOLDING AB
FTG111 FLATEXDEGIRO AG
TKO TIKEHAU CAPITAL SCA
DUE DURR AG
2CRSI 2CRSI SA
AZE AZELIS GROUP NV
AF AIR FRANCE - KLM
LOCAL SOLOCAL GROUP
- Charlotte Vaisse
- Equipe Sustainability
- Luis de Toledo Heras
- Marc Lavaud
VLS VALNEVA SE
BAMNB KONINKLIJKE BAM GROEP NV
NEX NEXANS SA
ERA ERAMET SA
VID VIDRALA SA
KRN KRONES AG
CARM CARMILA SAS
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
SHOT SCANDIC HOTELS GROUP
SAFE SAFESTORE HOLDINGS PLC
VGP VGP NV
BRAV BRAVIDA HOLDING AB
FTG111 FLATEXDEGIRO AG
TKO TIKEHAU CAPITAL SCA
DUE DURR AG
2CRSI 2CRSI SA
AZE AZELIS GROUP NV
AF AIR FRANCE - KLM
LOCAL SOLOCAL GROUP
- Carole Braudeau
Morning Crédit 19/02/2026
Constellium: very strong Q4 2025 results with the momentum continuing into H1 2026|Eramet publie de faibles résultats 2025 mais prend des mesures radicales pour améliorer rapidement la structure financière, notamment avec un projet de renforcement des fonds propres de 500 m EUR|AF-KLM: Unit costs under control enabling good profitability levels|
- ING Helpdesk
Benelux Morning Notes
AEGON: Uneventful results, US weaker, underlying OCG in line / Air France-KLM: Productivity gains starting to filter through / Arcadis: Weak revenues and EBITA, but strong NWC / Ascencio: Results in line, no concerns on Carrefour Belgium exposure / Azelis: Persisting softness in 4Q25, continued focus on costs and cash / BAM Group: Solid 2H25 results, 2026 outlook in line / Belgian telecoms: Telenet improved net adds, to relist as part of Ziggo in 2027, Liberty to sell half of its 66% Wyre stake ...
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
BAMNB KONINKLIJKE BAM GROEP NV
AF AIR FRANCE-KLM SA
GIMB GIMV NV
ARCAD ARCADIS NV
ASC ASCENCIO SCA
VGP VGP NV
KIN KINEPOLIS GROUP NV
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AZE AZELIS GROUP NV
AGN AEGON N.V.
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Wim Lewi
VGP FY25 results come a bit short, a new JV partner compensates
VGP reported FY25 net profit of EUR €290.4m vs. €373.6m expected, mainly due to non-EPRA financial costs in the JV. The recurrent earnings also came up short with €139m vs. our estimated €180m, mainly on €30m lower realized gains and €22m higher interest costs. Unrealized gains were strong at €183.0m vs. €185.2m expected. This indicates that the FV uplift is related to sound development activity. The NTA per share rose 9.1%. New leases signed amounted to €56.9m. FY25 completions at 494k sqm vs. ...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Roy Külter
- Steven Boumans
VGP NV: Full Year Results 2025
VGP NV: Full Year Results 2025 19 February 2026, 7:00 am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’), a European provider of high-quality logistics and semi-industrial real estate, today announces the results for the full year ended 31 of December 2025: A pre-tax profit of € 338 million, an increase of € 19 million or 6% versus FY’24. Net asset value growth of 8.3%, up to € 2.6 billion. EPRA NTA is up 9%. EBITDA growth of 28% to € 454.7 million, surpassed only by 2021, which benefited from exceptionally strong logistics demand during the pandemic.A historic record of € 106.7 million o...
VGP NV: Jaarresultaat 2025
VGP NV: Jaarresultaat 2025 19 februari 2026, 7:00 uur, Antwerpen, België, VGP NV ('VGP' of 'de Groep'), een Europese aanbieder van hoogwaardig logistiek en semi-industrieel vastgoed, maakt vandaag de resultaten bekend voor het jaar eindigend op 31 december 2025: Een winst vóór belastingen van € 338 miljoen, een stijging van € 19 miljoen of 6% ten opzichte van boekjaar ’24. De netto-actiefwaarde steeg met 8,3% tot € 2,6 miljard. EPRA NTA nam met 9% toe. EBITDA groeide met 28% tot € 454,7 miljoen, alleen overtroffen door 2021, dat profiteerde van een uitzonderlijk sterke logistieke vraag tij...
- David Vagman
- CFA
KPN/Delivering on 2027, Delta still a question mark/HOLD
The stock has rerated in line with the Telecoms sector, +15% YTD, which we factor in with a lower WACC, despite some limited cuts in estimates for 2026 following the CMD and 4Q25 results. KPN deservedly trades at best in class European telecom multiples but we don't see much room for further outperformance. We are in line with management and consensus on the guidance of 7% FCF CAGR to 2027, indirect cost savings offsetting more intense competitive pressure, but are more prudent on the 2027-30 ta...
KPN reports on progress of € 250m share buyback
KPN reports on progress of € 250m share buyback KPN has repurchased 1,000,000 KPN ordinary shares in the period from 9 February to 13 February 2026. The shares were repurchased at an average price of € 4.58 per share for a total consideration of € 4.6m. These repurchases are part of the € 250m share buyback started on 29 January 2026 and reflect KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased until 13 February 2026 is 2,400,000 for a total consideration of € 10.6m. Aggregated transaction details of the share b...
- ING Helpdesk
Benelux Morning Notes
Aedifica: Conference call highlights. Basic-Fit: Belgian VAT increase for culture, sports and takeaway meals postponed. BE Semiconductor Industries: 4Q25 Preview, incremental strength. Kendrion: Preview - Clean into 2026. Magnum Ice Cream Company: Acquisition of Kwality Wall's launched. Retail Estates: Re-letting progress highlights portfolio quality. Semi Equipment: AMAT readthrough strength. Universal Music Group: EU Commission approves UMG's Downtown acquisition, requires full Curve Ro...
- Hilde Van Boxstael
- Wim Hoste
- Wim Lewi
- Wim Lewi
Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies
NRI 9m25/26 amounts to €108.7m, +2.4% YoY vs. our expectation of €108.8m. The lfl growth amounted to 2.1%. EPRA EPS came in at €4.57, -2.97% YoY vs. €4.77 expected. The EPS was diluted by the stock dividend that raised €18m and added 2.2% to the share count (35% acceptance). The statement also mentions a 1.9m impact from the Dutch FBI abolition. We believe that the bankruptcies of Leen Bakker and Carpet Right also weighed on the operational results. Despite many bankruptcies, occupancy remained ...
- Roy Külter
- Steven Boumans
OUT1V OUTOKUMPU OYJ
TYRES NOKIAN RENKAAT OYJ
FAGR FAGRON SA
LSS LECTRA SA
ERA ERAMET SA
KWS KWS SAAT SE & CO KGAA
TIETO TIETOEVRY OYJ
DOC DO & CO AKTIENGESELLSCHAFT
COK CANCOM SE
MONT MONTEA SCA
KENDR KENDRION NV
ONTEX ONTEX GROUP N.V.
FLU FLUGHAFEN WIEN AG
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
CLA CLARANOVA SE
AERO MONTANA AEROSPACE AG
VT5 VT5 ACQUISITION COMPANY AG
FLOW FLOW TRADERS LTD
- Roy Külter
- Steven Boumans
OUT1V OUTOKUMPU OYJ
TYRES NOKIAN RENKAAT OYJ
FAGR FAGRON SA
LSS LECTRA SA
ERA ERAMET SA
KWS KWS SAAT SE & CO KGAA
TIETO TIETOEVRY OYJ
DOC DO & CO AKTIENGESELLSCHAFT
COK CANCOM SE
MONT MONTEA SCA
KENDR KENDRION NV
ONTEX ONTEX GROUP N.V.
FLU FLUGHAFEN WIEN AG
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
CLA CLARANOVA SE
AERO MONTANA AEROSPACE AG
VT5 VT5 ACQUISITION COMPANY AG
FLOW FLOW TRADERS LTD
- Ghada Ben Sedrine
- Nicolas Thorez
- Ghada Ben Sedrine
- Nicolas Thorez
KPN announces results of its Tender Offer
KPN announces results of its Tender Offer NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OF AMERICA OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT Introduction On 3 February 2026, Koninklijke KPN N.V. (“KPN”) announced offers to holders of its outstanding £ 400m 5.00% notes due 2026 (ISIN: XS0707430947) (of which £250,000,000 in nominal amount currently remains outstanding) and £ 850m 5.75% notes due 2029 (ISIN: XS0451790280) (of which £549,996,000 in nominal amount currently remains outstanding) (together the "N...
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