reports
- Ahmed Ben Salem
- Baptiste Lebacq
- Marc Lavaud
- Usama Tariq
NK IMERYS SA
GTT GAZTRANSPORT & TECHNIGAZ SA
ISS ISS A/S
NEX NEXANS SA
BIG BIGBEN INTERACTIVE SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
ROYAL VOPAK NV
BRNL BRUNEL INTERNATIONAL N.V.
NVG NAVIGATOR COMPANY SA
FACC FACC AG
COFA COFACE SA
MAU ETABLISSEMENTS MAUREL & PROM SA
JST JOST WERKE AG
UMI UMICORE
INS INSTONE REAL ESTATE GROUP AG
ALHG LOUIS HACHETTE GROUP
SFZN SIEGFRIED HOLDING AG
- Wim Hoste
Umicore Feedback FY25 results conference call
Below are the highlights from the conference call. We remind that FY25 adjusted EBITDA increased by 11% to 847m, slightly above the high end of the 790-840m guidance range (in line with KBCS estimate, 1% above consensus). The company did not give a precise guidance on FY26 although sounded cautious on developments in the EV industry. The strong metal price environment will partly be offset by lower hedging levels for 2026 and maintenance, while new longer term hedges generate additional earnings...
- Ahmed Ben Salem
- Baptiste Lebacq
- Marc Lavaud
- Usama Tariq
NK IMERYS SA
GTT GAZTRANSPORT & TECHNIGAZ SA
ISS ISS A/S
NEX NEXANS SA
BIG BIGBEN INTERACTIVE SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
ROYAL VOPAK NV
BRNL BRUNEL INTERNATIONAL N.V.
NVG NAVIGATOR COMPANY SA
FACC FACC AG
COFA COFACE SA
MAU ETABLISSEMENTS MAUREL & PROM SA
JST JOST WERKE AG
UMI UMICORE
INS INSTONE REAL ESTATE GROUP AG
ALHG LOUIS HACHETTE GROUP
SFZN SIEGFRIED HOLDING AG
- Martijn Den Drijver
- Usama Tariq
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Peer Walmart 4Q25/26 results. Arcadis: Main topics 4Q25/FY25 conference call. ASM: 4Q25 preview, FY26 should be strong. Brunel: 4Q25 result beats and trends stabilise; DACH back to growth in 1Q26; additional cost savings announced and special dividend. Cofinimmo: Beat on bottom line, strong investment outlook for 2026. IMCD: Another step in EMEA. Magnum Ice Cream Company: Peer Danone 4Q25 results. Recticel: Peer Kingspan FY25 results. Software sector: Cheaper code...
- Hilde Van Boxstael
- Lynn Hautekeete
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Wim Hoste
Umicore FY25 adj EBITDA +11%, no precise FY26 guidance
FY25 adjusted EBITDA increased by 11% to 847m, slightly above the high end of the 790-840m guidance range (in line with KBCS estimate, 1% above consensus). The company did not give a precise guidance on FY26 although sounded cautious on developments in the EV industry. The strong metal price environment will partly be offset by lower hedging levels for 2026 and maintenance, while new longer term hedges generate additional earnings visibility at very attractive levels for a longer period of time....
- 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)
- Lynn Hautekeete
Ascencio 1Q26 trading update: No mention of Carrefour exit in report
Ascencio reports EPRA earnings in line with our expectations. Rental income came in slightly below due to a 60 bps increase in vacancy at an unknown Walloon site requiring repositioning. In its report, Ascencio hints at further acquisitions as it feels comfortable at its 41,4% debt ratio (before dividend payment, incl. € 22,8m acquisition). There is no mention of Carrefour in its trading update. Carrefour has 4,4% of Ascencio's contractual rents. The assets are on average 22,5% overrented. Hence...
Interim statement at 31/12/2025
Interim statement at 31/12/2025 Growth of the property portfolio Retail Park Horizon Provence (France) €22,8 million EURINVESTMENT AMOUNT Results for the 1st quarter for the financial year 2025/2026 €1.39EPRA EARNINGS PER SHARE€68.56INTRINSIC VALUE PER SHARE (EPRA NTA)StabilityOF THE FAIR VALUE OF THE PORTFOLIO96.6%EPRA OCCUPANCY RATE41.4%EPRA DEBT RATIO (EPRA LTV) ESG implementation: 90 new charging stations installed in France Attachment
Déclaration intermédiaire au 31/12/2025
Déclaration intermédiaire au 31/12/2025 Croissance du portefeuille immobilier Retail Park Horizon Provence (France) 22,8 millions EURMONTANT DE L’INVESTISSEMENT Résultats du 1er trimestre de l’exercice 2025/2026 1,39 EURRESULTAT EPRA PAR ACTION68,56 EURVALEUR INTRINSEQUE PAR ACTION (EPRA NTA)StabilitéDE LA JUSTE VALEUR DU PORTEFEUILLE96,6%TAUX D’OCCUPATION EPRA41,4%RATIO D’ENDETTEMENT EPRA (EPRA LTV) Réalisation ESG : 90 nouvelles bornes de recharge installées en France Pièce jointe
Tussentijdse verklaring op 31/12/2025
Tussentijdse verklaring op 31/12/2025 Groei van de vastgoedportfeuille Retail Park Horizon Provence (Frankrijk) 22,8 miljoen EURBEDRAG VAN DE INVESTERING Resultaten van het 1ste kwartaal van het boekjaar 2025/2026 €1.39EPRA EARNINGS PER AANDEEL€68.56NETTOACTIEFWAARDE PER AANDEEL (EPRA NTA)StabieleREËLE WAARDE VAN DE PORTEFEUILLE96.6%EPRA BEZETTINGSGRAAD41.4%EPRA SCHULDRATIO (EPRA LTV) ESG-realisatie: 90 nieuwe laadpalen geïnstalleerd in Frankrijk Bijlage
- Guy Sips
- Lynn Hautekeete
- Mathijs Geerts Danau
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- 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 ...
- 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...
- Bruno Cavalier
- Luis de Toledo Heras
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
GN GN STORE NORD A/S
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
ENG ENAGAS SA
NOD NORDIC SEMICONDUCTOR ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ALD ALD SA
UMI UMICORE
VK VALLOUREC SA
NXFIL NX FILTRATION HLDG BV
ZGN ERMENEGILDO ZEGNA NV
R3NK RENK GROUP AG
TEN TENARIS S.A.
CAN CANAL+
- Bruno Cavalier
- Luis de Toledo Heras
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
GN GN STORE NORD A/S
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
ENG ENAGAS SA
NOD NORDIC SEMICONDUCTOR ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ALD ALD SA
UMI UMICORE
VK VALLOUREC SA
NXFIL NX FILTRATION HLDG BV
ZGN ERMENEGILDO ZEGNA NV
R3NK RENK GROUP AG
TEN TENARIS S.A.
CAN CANAL+
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