Benelux Morning Notes

Aedifica: c.€29m new developments in Germany and Finland / GBL: €0.5bn equity investment in Rayner, an ophthalmic MedTech specialist / NN Group: Is consensus running ahead of a capital update with FY25 results? / Philips: Supportive update ahead of CMD / Proximus: Route Mobile 3Q26 shows lower revenues, better profitability / Staffing sector: French staffing: December better but January outlook weaker but perhaps better than number of temp outlook indicates / VAR Energi: Strong CMD target 400kpd...

Benelux Morning Notes

Ahold Delhaize: Serbia regulation to be litigated at international level. CM.com: Preview FY25. dsm-firmenich: At last! Exor: Stellantis shares fall sharply on €22bn turnaround plan, writeoff. Euronext: 2026 starting strong. Proximus: €275m impairment at Proximus Global

Morning Notes : DSFIR NA, CMBT BB, GBLB BB, PROX BB, NXFIL NA

: DSFIR NA, CMBT BB, GBLB BB, PROX BB, NXFIL NA

Benelux Morning Notes

Adyen: Preview 2H25. Aperam: In-line 4Q25, upbeat medium-term outlook balances short-term consensus risk. Ayvens: Fast Car (UCS normalisation). Barco: 4Q25 preview, mixed performance. Lotus Bakeries: Another beat on every line. Orange Belgium: 2H25 EBITDAal beat on lower sales, much better 2026 guidance. Philips: CMD & 4Q25 preview, execution is key. RELX: FY25 preview. Universal Music Group: Peer Warner Music 4% revenue and 11% OIBDA beat

Benelux Morning Notes

Avantium: (Ti)me delay. Belgian telecoms: Telenet increases price as of March. Fastned: Funding step-up, Fastned secures €200m loan. Lotus Bakeries: Preview FY25. MICC: Preview FY25. Signify: 4Q25 preview. Van Lanschot Kempen: Large AuM win in Fiduciary

Benelux Morning Notes

Aedifica and Cofinimmo: Belgian Competition Authority approves the deal / AEGON: Sale of UK picking up early momentum / Allfunds Group PLC: Of Bourse they agreed / Ontex: Peer Essity 4Q25 results / Telecoms: Digital Networks Act take-aways / WDP: Catena to raise c.€255m via an ABB with WDP participating pro-rata for c.€26m

Colruyt/FY guidance reiterated despite weaker 1H25-26/BUY

We reiterate our BUY rating on Colruyt but lower our target price from €44 to €38 following Colruyt's 1H25/26F results, which came in below expectations at the operating profit level. While we note management's confident tone during its conference call, we reduce our EBIT forecast by 3.6% for FY25/26F, implying that we now sit roughly 2% below company-guidance. We expect Sunday openings as of January 2026, as well as a strong price position in Belgium to benefit top-line growth over the next eig...

Benelux Morning Notes

Basic-Fit: Consensus FY25 and FY26 released / Belgian Telecoms: DIGI Belgium introduces 5G FWA at €7 per month and increased data on mobile-only offers / NSI: €50m seven-year unsecured notes issuance with a 4.59% coupon / Sofina: Newsletter #17: NAV per share underperforms

Floridienne S.A.: 1 director

A director at Floridienne S.A. bought 220 shares at 652.273EUR and the significance rating of the trade was 65/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...

Colruyt 1H25/26 disappoints, outlook reiterated, but with caution

Although Colruyt already flagged during the AGM that the operating result in 1H25/26 would be lower, the -15.8% EBIT decline in 1H25/26 to € 213m came in below our estimates (kbcse: € 230m). While Colruyt still banks on a stable operating result and net profit for FY25/26, the group did highlight that the situation has become more complicated following the ongoing price and promo pressure, increased Sunday openings, abolition of the mandatory closing day and uneven level playing field in labour ...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 12/17/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 17/12/2025

Benelux Morning Notes

Colruyt: Guidance reiterated despite weaker-than-expected 1H25/26. Dutch Pension Buyouts: Regulator DNB's view, c.€7bn so far, insurers at 15% market share now. OCI: Dutch investor association VEB and other shareholders take legal action to block Orascom merger. Proximus: CFO Mark Reid to leave Proximus by end of January 2026. Staffing Sector: US temp volume YoY declined vs October; NFP jobs beat expectations. Var Energy: Boosting production bodes well for years to come. Events Calendar

Morning Notes : COLR BB, FLOB BB, PROX BB

: COLR BB, FLOB BB, PROX BB

Colruyt Group N.V. : EBIT miss of 13% in H1, requires 19% growth in H2...

Benelux Morning Notes

Arcadis: New CEO, new wind?. Colruyt: Job protection plan approved by authorities. Colruyt: Preview 1H25/26. IMCD: New CFO announced.

Morning Notes : ARCAD NA, BREB BB, COLR BB, HYL BB, IMMO BB, IMCD NA

: ARCAD NA, BREB BB, COLR BB, HYL BB, IMMO BB, IMCD NA

Benelux Morning Notes

Belgian Telecoms: DIGI Belgium CEO Interview: ‘We are running a marathon, not a sprint' IBA: IBA to install a Rhodotron in East China. Ontex: Another quarter, another profit warning. Theon International: Backlog visibility indeed. Xior: 2026 outlook positive but with no major surprise. Events Calendar

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 12/05/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/12/2025