reports
- ING Helpdesk
Benelux Morning Notes
Belgian telcos: Telenet small positive net adds, good financials, guidance up. Kinepolis: US Cinemark strong, 5% growth in US tickets, consumption per visitor. KPN: VodafoneZiggo 2Q25 very weak, guidance maintained. PostNL: 2Q25 beats underlying slightly; FY25 guidance reiterated, EU court appeal
- Carole Braudeau
CEC CECONOMY AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
EN BOUYGUES SA
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
GRF GRIFOLS S.A. CLASS A
BAYN BAYER AG
ONTEX ONTEX GROUP N.V.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
COFA COFACE SA
VIRI VIRIDIEN
AAL ANGLO AMERICAN PLC
- Carole Braudeau
CEC CECONOMY AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
EN BOUYGUES SA
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
GRF GRIFOLS S.A. CLASS A
BAYN BAYER AG
ONTEX ONTEX GROUP N.V.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
COFA COFACE SA
VIRI VIRIDIEN
AAL ANGLO AMERICAN PLC
- ING Helpdesk
Benelux Morning Notes
Alfen: Preview - muddling through? Belgian telcos: Competition Authority investigation on Proximus/Orange Belgium MoU. Brunel International: 2Q25 below, 3Q25 outlook cut, cost savings protect FY25 estimates. Euronext: Another record set of results. Fugro: Sharper V-shape? GBL: Weak NAV performance, as expected. KBC Ancora: Cooperative CERA increasing its stake to 51.24%, using excess cash. UCB: Renewed US threats to cut drug prices. Umicore: 1H25 and guide broadly in-line, new S...
- ING Helpdesk
Benelux Morning Notes
AB InBev: 2Q25 results. Air France-KLM: Nice beat, let's see how FY25 finishes. AMG: Uptrend continues in 2Q25 with 23% EBITDA beat and guidance up to +US$200m. Aperam: Slight 2Q25 EBITDA beat, 3Q25 seen down QoQ. Arcadis: EBITA margin held up well in 2Q25, order intake mixed. Ayvens: 2Q25 results. Azelis: Soft but largely in-line 2Q25 with EMEA offsetting weaker APAC. Bekaert: 1H25 miss and lowered outlook to result in c.5% consensus downside. Corbion: Taking it to the wire. dsm...
APAML APERAM SA
FAGR FAGRON SA
UCB UCB S.A.
AF AIR FRANCE-KLM SA
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ONTEX ONTEX GROUP N.V.
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ALD ALD SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Ontex confirms H1 results with revenue and margin decrease in a weaker...
Ontex confirms H1 results with revenue and margin decrease in a weaker-than-expected market, while investing significantly and reaching key transformation milestones Regulated information Revenue drop by 4% in H1, caused mainly by weak baby care demand in Europe;Adj. EBITDA margin down by 2.2pp in H1, due to lower fixed cost absorption caused by lower volumes, and a rising cost environment;Expecting low single digit revenue contraction for full year 2025 and adj. EBITDA in €200-210 million range. CEO quote Gustavo Calvo Paz, Ontex’s CEO, said: “The weak first half of the year, while disa...
Ontex bevestigt resultaten 1ste jaarhelft met omzet- en margedaling in...
Ontex bevestigt resultaten 1ste jaarhelft met omzet- en margedaling in een zwakker dan verwachte markt, terwijl er verder geïnvesteerd wordt en belangrijke mijlpalen werden gehaald Gereglementeerde informatie Omzetdaling met 4% in 1ste halfjaar, voornamelijk veroorzaakt door een zwakke vraag naar babyverzorging in Europa;Aangepaste EBITDA-marge daalt met 2,2pp in 1ste halfjaar, als gevolg van een mindere absorptie van vaste kosten veroorzaakt door de lagere volumes, en als gevolg van stijgende kosten;Omzetdaling met lage enkelvoudige cijfers voorzien voor het volledige jaar 2025 en een aan...
- ING Helpdesk
Benelux Morning Notes
Allfunds Group PLC: Ready to Spring forward. Basic-Fit: 1H25 ahead of INGF, membership ingrowth, outlook reiterated, FCF a bit light. Lotus Bakeries: Preview 1H25. NN Group & ASR: Dutch Pension Reform not an issue at 29 October Dutch elections. Philips: 2Q25 results, much lower tariff impact. Proximus: New BICS CEO and Global CRO laid off. Vastned: Good results, EPRA EPS guidance up by 2.5%. Zabka: 2Q25 Preview
Transparency Declaration Notification
Transparency Declaration Notification Regulated information In accordance with the requirements of Article 14 of the Belgian Law of May 2, 2007 on the disclosure of significant shareholdings in listed companies, Ontex Group NV (“Ontex”) discloses the notification of significant shareholdings that it has received on July 3, 2025. On July 22, 2025, Brandes investment partners, L.P., detained 6,182,739 Ontex voting securities or voting rights, representing 7.51% of voting securities, and thereby crossed upward the threshold of 7.5%. Notification details Reason for the notification: Acquisi...
Kennisgeving transparantieverklaring
Kennisgeving transparantieverklaring Gereglementeerde informatie In overeenstemming met de vereisten van artikel 14 van de Belgische wet van 2 mei 2007 over de openbaarmaking van belangrijke deelnemingen in emittenten, maakt Ontex Group NV (“Ontex”) de verklaring van belangrijke deelnemingen bekend die op 3 juli 2025 werd ontvangen. Op 22 juli 2025 bezat BPCE SA, Brandes investment partners, L.P., 6.182.739 stemrechtverlenende effecten of stemrechten van Ontex, wat 7,51% van de stemverlenende effecten voorstelt. Zij hebben daarmee de drempel van 7,5% opwaarts overschreden. Kennisgevingsd...
- Carole Braudeau
- Carole Braudeau
- Jan Frederik Slijkerman
Proximus meets headwinds/Daughter Proximus Global reduces FY25 outlook
Proximus has lowered its FY25 outlook because Proximus Global encountered unexpected headwinds. Although Proximus performed relatively well in Belgium, domestic competition is another source of uncertainty. Notably, Proximus is making slow progress to roll out fibre in Belgium together with competitors. The Proximus notes offer limited value, in our view.
- Anthony Dick
- Emira Sagaama
- Margaux van Oerle
- Michael Foundoukidis
- Usama Tariq
SOP SOPRA STERIA GROUP SA
VAC PIERRE & VACANCES SA
NXI NEXITY SA CLASS A
BIO BB BIOTECH AG
POM PLASTIC OMNIUM SE
MERY MERCIALYS SA
ASY ASSYSTEM SA
BEN BENETEAU SA
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
ATE ALTEN SA
ACX ACERINOX SA
FR VALEO SE
BAMNB KONINKLIJKE BAM GROEP NV
FAE FAES FARMA S.A.
COFB COFINIMMO SA
SUN SULZER AG
TUB TUBACEX S.A.
HEIJM HEIJMANS N.V. CERT
MBWS
CTAC MARIE BRIZARD WINE & SPIRITS SA
PAL CTAC N.V.
CON PALFINGER AG
LIGHT CONZZETA AG
NVG SIGNIFY NV
WBD NAVIGATOR COMPANY SA
RENE WEBUILD S.P.A.
ROVI REDES ENERGETICAS NACIONAIS SA
COL LABORATORIOS FARMACEUTICOS ROVI S.A.
ALM INMOBILIARIA COLONIAL SOCIMI SA
TEC ALMIRALL SA
HOME TECHNIPFMC PLC
VOS NEINOR HOMES SA
2CRSI VOSSLOH AG
VK 2CRSI SA
WDP VALLOUREC SA
ALHG WAREHOUSES DE PAUW SCA
LOUIS HACHETTE GROUP
- Anthony Dick
- Emira Sagaama
- Margaux van Oerle
- Michael Foundoukidis
- Usama Tariq
SOP SOPRA STERIA GROUP SA
VAC PIERRE & VACANCES SA
NXI NEXITY SA CLASS A
BIO BB BIOTECH AG
POM PLASTIC OMNIUM SE
MERY MERCIALYS SA
ASY ASSYSTEM SA
BEN BENETEAU SA
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
ATE ALTEN SA
ACX ACERINOX SA
FR VALEO SE
BAMNB KONINKLIJKE BAM GROEP NV
FAE FAES FARMA S.A.
COFB COFINIMMO SA
SUN SULZER AG
TUB TUBACEX S.A.
HEIJM HEIJMANS N.V. CERT
MBWS
CTAC MARIE BRIZARD WINE & SPIRITS SA
PAL CTAC N.V.
CON PALFINGER AG
LIGHT CONZZETA AG
NVG SIGNIFY NV
WBD NAVIGATOR COMPANY SA
RENE WEBUILD S.P.A.
ROVI REDES ENERGETICAS NACIONAIS SA
COL LABORATORIOS FARMACEUTICOS ROVI S.A.
ALM INMOBILIARIA COLONIAL SOCIMI SA
TEC ALMIRALL SA
HOME TECHNIPFMC PLC
VOS NEINOR HOMES SA
2CRSI VOSSLOH AG
VK 2CRSI SA
WDP VALLOUREC SA
ALHG WAREHOUSES DE PAUW SCA
LOUIS HACHETTE GROUP
- Russell Waller
Proximus (Neutral, TP: €12.5, +52%) Q2 25: Mixed results, guidance lif...
Proximus has reported a mixed set of results and has updated guidance accordingly: domestic guidance has been lifted, but Global guidance has been cut heavily, with the net effect being a small downgrade to Group EBITDA guidance.
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Konrad Zomer
- ING Helpdesk
Benelux Morning Notes
Belgian Telecoms: Orange Belgium and Proximus MoU on Fiber deployment and increased access to gigabit networks in Wallonia. Cofinimmo: Bottom line outperforming outlook. Elia: Solid start to the year, but with some help from accounting. Heijmans: Another leg up! Proximus: Better Domestic cannot hide Proximus Global double accident, MoU an incremental negative. Signify: 2Q25 Results, better growth, lower margins. WDP: No surprises, 2025 and 2027 targets reiterated. Events Calendar
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