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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ahold Delhaize: Conditional approval for the acquisition of Delfood / Bekaert: Acquires Bridgestone's €80m tyre cord business in China and Thailand / KPN: In-line Q4, 2026 guidance, cash returns / NSI: Results in line, further vacancy weighing on 2026 and cautious tone on new developments / UCB: Cimzia included in Medicare's price negotiations for 2028

Livio Luyten ... (+4)
  • Livio Luyten
  • Michiel Declercq
  • Thibault Leneeuw
  • Wim Hoste
Martijn Den Drijver ... (+2)
  • Martijn Den Drijver
  • Thijs Berkelder

Cenergy : Warning, high voltage !

Driven by a doubling of capacity in its submarine cable plant in Greece, its entry into the HVDC cable market, and the opening of its first US cable plant, we expect Cenergy to grow its adjusted group EBITDA in the next three years by 38% to € 488m in 2028e, which also is the key factor why we initiate coverage on Cenergy (listing in Brussels & Athens) with an Outperform.

Roy Külter ... (+2)
  • Roy Külter
  • Steven Boumans
Florent Laroche-Joubert
  • Florent Laroche-Joubert
Florent Laroche-Joubert
  • Florent Laroche-Joubert
Wim Hoste
  • Wim Hoste

Bekaert FIRST LOOK:Acquiring Bridgestone Chinese/Thai tire cord activi...

Bekaert's € 60m acquisition of Bridgestone's captive tire cord business in Thailand and China fits within a long track record of similar acquisitions and further strengthens Bekaert's relationship with Bridgestone, one of the leading global tire makers. With a net debt/EBITDA of only 0.7x, Bekaert can easily fund this acquisition. In general, management has been looking at M&A to accelerate growth, although sizeable M&A is having a tough time to compete against share buybacks in terms of attract...

 PRESS RELEASE

EXEL Industries: Q1 2025–2026 revenue -17.5%

EXEL Industries: Q1 2025–2026 revenue -17.5% Q1 2025–2026 revenue: -17.5%A downturn in the first quarter against a backdrop of contrasting markets Revenue Q1(October 2025–December 2025)) 2024-20252025-2026Change (reported)Change (LFL)*ReportedReported€m%€m%AGRICULTURAL SPRAYING62.249.0-13.1 -21.1%-12.0-19.3%SUGAR BEET HARVESTING 19.113.5-5.6-29.4%-5.5-28.9%LEISURE 12.911.8-1.1-8.8%-1.1-8.2%INDUSTRY 67.859.3-8.5-12.5%-6.5-9.5%EXEL Industries Group162.0133.7-28.3-17.5%-25.1-15.5% *LFL: like-for-like, i.e. at constant foreign exchange rates and scope Q1 revenue 2025-2026 The EXEL Industries ...

 PRESS RELEASE

EXEL Industries : Chiffre d’affaires 1er trimestre 2025–2026 - 17,5 %

EXEL Industries : Chiffre d’affaires 1er trimestre 2025–2026 - 17,5 % Chiffre d’affaires 1er trimestre 2025–2026 : - 17,5 %Un premier trimestre en repli dans un contexte de marchés contrastés Chiffre d'affaires 1er trimestre(octobre 2025–décembre 2025)) 2024–20252025–2026Variation à données publiéesVariation à tcpc*PubliéPubliéMillions €%Millions €%PULVÉRISATION AGRICOLE62,249,0- 13,1 - 21,1 %- 12,0- 19,3 %ARRACHAGE DE BETTERAVES 19,113,5- 5,6- 29,4 %- 5,5- 28,9 %LOISIRS 12,911,8- 1,1- 8,8 %- 1,1- 8,2 %INDUSTRIE 67,859,3- 8,5- 12,5 %- 6,5- 9,5 %Groupe EXEL Industries162,0133,7- 28,3- 17,5 ...

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