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Tijs Hollestelle
  • Tijs Hollestelle

Sif Group/Mind the 2H27-28 gap

Sif achieved the around four monopiles per week output target at the end of 2025 and expects the new factory to reach its planned potential in 2Q26. 4Q25 EBITDA came in at €21.3m, showing a long-awaited quarterly profitability improvement. This also indicates an annual potential EBITDA level of c.€85m, Sif kept its at least €135m EBITDA guidance for 2026 in place and we expect c.€123m EBITDA this year, c.9% below guidance. Although this is a major milestone for the equity story, a new problem em...

Jean-François Granjon
  • Jean-François Granjon
Jean-François Granjon
  • Jean-François Granjon
Jean-François Granjon
  • Jean-François Granjon
ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Avantium: Nearly there. Zabka: 4Q25 Preview

Jean-François Granjon
  • Jean-François Granjon
ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

dsm-firmenich: To 2027 and beyond. GBL: NAV a bit below INGF, dividend reset to stable, moving to reinvestment phase. Sif Group: Good 4Q25, solid FY26 outlook, uncertainty for short-term tender pipeline

Martial Descoutures ... (+2)
  • Martial Descoutures
  • Oussema Denguir
Martial Descoutures ... (+2)
  • Martial Descoutures
  • Oussema Denguir
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