After a challenging first half of the year, Van de Velde returned to revenue growth in 2H25, driven by lingerie sales. Van de Velde indicated that the renewal of its assortment and the further expansion of the Direct-to-Consumer segment to strengthen brand experience are beginning to bear fruit in both the summer and winter seasons. This also translated into higher 2H26EBITDA. Recall that in 1H25 EBITDA decreased due to lower sales in Swim and the impact of US tarifs. The good 2H25 was countered...
The FY25 group net profit stood at 556.6m, a 32.1% increase yoy vs. our 525.9m expectation. This was mainly thanks to tax compensations in Germany and at the holding level. Net profit grew 58% at the 50Hz division to 388m vs. 368m expected that benefited from a higher 10y bund. ETB came in line with our expectation at 272m vs. 274m. The non-regulated division however realised a net profit of 5.3m vs. a net loss of 12.8m expected thanks to 44m tax compensation. Elia initiated a strong FY26 outloo...
The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continue into 2027. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. The highly anticipated AI productivity gains also will have to transpire sooner or later or a US market correction becomes unavoidable. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We...
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