reports
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 28 January 2026, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
RESULTATS ANNUELS 2025
RESULTATS ANNUELS 2025 INFORMATION RÉGLEMENTÉEBruxelles, 11 février 2026, 17h55 DES RÉSULTATS 2025 SOLIDES CONFIRMANT LA STRATÉGIE DE NEXTENSA Nextensa a clôturé l’exercice financier 2025 avec des résultats solides, confirmant une nette amélioration de sa rentabilité (+€ 33,8 M), portée par une contribution accrue des activités de développement (+€ 1,8 M), la baisse des coûts de financement (-€ 9,2 M) et la poursuite du renforcement du bilan. Au cours des exercices 2024 et 2025, Nextensa a réalisé plusieurs transactions ciblées pour un montant total de € 360 M. Grâce à cette approch...
JAARRESULTATEN 2025
JAARRESULTATEN 2025 GEREGLEMENTEERDE INFORMATIEBrussel, 11 februari 2026, 17u55 STERKE RESULTATEN OVER 2025 BEVESTIGEN DE STRATEGIE VAN NEXTENSA Nextensa sloot het boekjaar 2025 af met sterke resultaten, waarmee een duidelijke stijging van de winstgevendheid werd bevestigd (+€ 33,8 M), gedreven door een hogere bijdrage van de ontwikkelingsactiviteiten (+€ 1,8 M), lagere financieringskosten (-€ 9,2 M) en een verdere versterking van de balans. In 2024 en 2025 realiseerde Nextensa meerdere gerichte transacties voor een totaalbedrag van € 360 M. Als rechtstreeks gevolg van deze gediscipl...
ANNUAL RESULTS 2025
ANNUAL RESULTS 2025 REGULATED INFORMATIONBrussels, 11 February 2026, 5:55 PM STRONG FULL-YEAR 2025 RESULTS CONFIRM NEXTENSA’S STRATEGIC COURSE Nextensa closed the 2025 financial year with strong results, confirming a clear increase in profitability (+€33.8 M) driven by a higher contribution from development activities (+1.8 M), lower financing costs (-9.2 M) and a continued balance sheet strengthening. During 2024 and 2025, Nextensa executed several targeted transactions for a total amount of €360 M. As a direct outcome of this disciplined capital recycling approach, Nextensa reduced...
- Guy Sips
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Guy Sips
Lotus Bakeries Three Continents, One Momentum: Lotus Turns Up the Heat
We updated our model after Lotus Bakeries delivered in FY25 a 10% revenue increase to a very nice € 1,355m (KBCSe 1,355m, CSS 1,346m), driven by continued strong volume growth in 2H25 for both Lotus Biscoff (57% of branded revenues, +13% y/y) and Lotus Natural Foods (25% of branded, +17% y/y). Lotus Bakeries highlighted that the partnerships with Mondelez advanced strongly, contributing positively to the 2025 revenue. By the end of 2025, Biscoff production expanded to three continents. We welco...
- ING Helpdesk
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
- Guy Sips
- Hilde Van Boxstael
- Wim Lewi
- Guy Sips
Lotus Bakeries FIRST LOOK : Three Continents, One Momentum: Lotus Turn...
In FY25, Lotus Bakeries delivered a 10% revenue increase to a very nice € 1.355m (KBCSe 1.355m, CSS 1.346m), driven by continued strong volume growth in 2H25 for both Lotus Biscoff (57% of branded revenues, +13% y/y) and Lotus Natural Foods (25% of branded, +17% y/y). Lotus Bakeries highlighted that the partnerships with Mondelez advanced strongly, contributing positively to the 2025 revenue By the end of 2025, Biscoff production expanded to three continents. We welcome that the new production...
- ING Helpdesk
Benelux Morning Notes
Flow Traders: Preview 4Q25 / Kinepolis: January reassures with US box office revenue up 14% YoY, France visitors up 15% YoY / Lotus Bakeries: Peer Mondelez 4Q25 results / MICC: Peer Mondelez 4Q25 results / RELX / Wolters Kluwer: Anthropic moves into Legal / Signify: Analyst lunch highlights / TomTom: 4Q25 results, bridging a gap / UCB: Evenity sales exceeded US$2.1bn in FY25 as per Amgen
Nextensa NV/SA: Information on the total number of voting rights an...
Nextensa NV/SA: Information on the total number of voting rights and shares Nextensa NV/SA: Information on the total number of voting rights and shares In application of article 15 of the Law of 2 May 2007 on disclosure of major shareholdings, Nextensa (the 'Company') announces the following information following the loss of double voting rights attached to registered shares. Situation on 29 January 2026: Total capital : EUR 111,856,017.40 Total number of securities carrying voting rights: 10,171,130Number of securities with double voting rights: 6,174,488(1) Total numbe...
Nextensa SA: Informations relatives au nombre total de droits de vo...
Nextensa SA: Informations relatives au nombre total de droits de vote et d'actions Nextensa SA: Informations relatives au nombre total de droits de vote et d'actions En application de l'article 15 de la loi du 2 mai 2007 relative à la publicité des participations importantes, Nextensa (la ‘Société’) communique les informations suivantes suite à la perte des droits de vote double attachés aux actions nominatives. Situation au 29 janvier 2026 : Total du capital : EUR 111 856 017,40 Nombre total de titres conférant le droit de vote : 10 171 130 Nombre de tit...
Nextensa NV: Informatie betreffende het totale aantal stemrechten e...
Nextensa NV: Informatie betreffende het totale aantal stemrechten en aandelen Nextensa NV: Informatie betreffende het totale aantal stemrechten en aandelen In toepassing van artikel 15 van de wet van 2 mei 2007 op de openbaarmaking van belangrijke deelnemingen, maakt Nextensa (de ‘Vennootschap’) de volgende informatie bekend naar aanleiding van het verlies van het dubbel stemrecht verbonden aan aandelen op naam. Situatie op 29 januari 2026: Totaal kapitaal: EUR 111.856.017,40 Totaal aantal stemrechtverlenende effecten : 10.171.130 Aantal effecten met dubbel stemrecht :...
- David Vagman
- CFA
- Dirk Verbiesen
- Francesca Ferragina
- Jason Kalamboussis
- Marc Hesselink
- CFA
- Marc Zwartsenburg
- CEFA
- Maxime Stranart
- Michiel Vereycken
- Quirijn Mulder
- Reg Watson
- CFA
- Thymen Rundberg
- Tijs Hollestelle
ING Benelux Favourites/Aedifica, Ageas, ASM International, Basic-Fit, ...
We refresh our ING Benelux Favourites list. We apply a fundamental bottom up approach in which we select stocks which provide the best upside within our Benelux coverage universe and these stocks need clear catalysts. Additions/deletions: We add the following names to the ING Benelux Favourites list: Ageas: Ageas has done multiple deals; its most recent purchase of the 25% stake BNP Paribas had in its Belgian ops, is an accretive deal and we believe makes the Belgian operations ready for a pot...
- David Vagman
- CFA
- Maxime Stranart
Lotus Bakeries/Unconstrained organic growth ahead/BUY
We reiterate our BUY rating on Lotus Bakeries and increase our target price from €10,300 to €11,100. Lotus Bakeries remains on the ING Benelux Favourites List. We expect Lotus Bakeries' unique organic volume growth story to accelerate over 2026-28F, thanks to the company's new factory in Thailand as well as a continued double-digit growth for its Natural Foods division. We model organic growth CAGR of 11.7% over 2026-28F, c.100bp above Visible Alpha consensus. We believe such a growth rate, comb...
- ING Helpdesk
- Hilde Van Boxstael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- Lynn Hautekeete
Nextensa Refinancing risks mitigated, cut to hold on SP performance
Nextensa announced the €35.95m disposal of its Gewerbepark Stadlau retail park in Vienna. Since the Bel Tower/Proximus announcement in early 2025, the company has accelerated its disposal program to address upcoming debt maturities (average term 2.6y) and ongoing capex commitments. Refinancing risks now appear largely mitigated. We expect FY25 results to come in ahead of our previous estimates, primarily driven by the strong share price performance of the nowdivested Retail Estates stake. On a r...
Nextensa sells retail park in Vienna to Union Investment
Nextensa sells retail park in Vienna to Union Investment NON-REGULATED INFORMATIONBrussels, 14 January 2026, 17:55 Nextensa sells retail park in Vienna to Union Investment Nextensa announces the sale of its retail park Gewerbepark Stadlau in Vienna to an open-ended special real estate fund managed by Union Investment. The retail park, located in Donaustadt, Vienna's 22nd district, was originally built in 1996 as a DIY store. In 2016, it underwent extensive restructuring as a retail park and was expanded by around 3,000 m². The asset comprises a lettable area of nearly 11,000 m² and is ...
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