Benelux Morning Notes

AB InBev: $3bn in the can; Aedifica: €108.5m investments at a 6-7% yield; Kinepolis: December US box office revenue down 2%, France visitors up 1%, Avatar below expectations; TomTom: Starting the year with CES fireworks; WDP: €58m investment in Le Havre and €35m disposal in Liège.

Morning Notes : ABI BB, AED BB, FAGR BB, GLPG NA, WDP BB, ARG FP

: ABI BB, AED BB, FAGR BB, GLPG NA, WDP BB, ARG FP

Morning Notes : HYL BB

: HYL BB

Morning Notes : HYL BB

: HYL BB

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

Anheuser-Busch In Bev SANV: 2 directors

Two Directors at Anheuser-Busch In Bev SANV sold 256,000 shares at between 51.810EUR and 52.160EUR. The significance rating of the trade was 100/100. 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 direct...

Benelux Morning Notes

Aegon: CMD: UK up for sale (+) US legacy transaction (+), its cost (- -), targets in line (=). Kinepolis: Poor November box office in US/Canada and France attendance. MICC: Golden ice.

Morning Notes : AGN NA, CFEB BB, MELE BB, ARG FP

: AGN NA, CFEB BB, MELE BB, ARG FP

Morning Notes : ABI BB, AGS BB, GLPG NA, IBAB BB, UCB BB

: ABI BB, AGS BB, GLPG NA, IBAB BB, UCB BB

Benelux Morning Notes

Ahold Delhaize: Peer Kroger 3Q25 results Kinepolis: Warner and Netflix enter exclusive deal negotiations UCB: FY25 guidance raised on Bimzelx's exceptional performance

Dynamic Top Pick List How to start 2026?

How to start 2026? We have selected for the KBC Securities Dynamic Top Pick List 12 large-cap companies — AB InBev, Aedifica, Argenx, ASMi, Azelis, DEME, D'Ieteren, Shurgard, Sofina, Vopak, WDP, and Wolters Kluwer — along with 3 small and mid-cap names (under €1.5bn in market capitalization): Corbion, EVS, and IBA. So, going into 2026, we maintain a balanced approach in our Dynamic Top Pick List, featuring 8 cyclical and 6 defensive stocks, with a particular emphasis on value stocks that have b...

Benelux Morning Notes

Colruyt: Only 5 stores left to divest in France. EVS: Lower end of the range becomes the base case, on longer lead times. Fagron: Two EMEA acquisitions and California license for FSS. Kinepolis: “Wicked” achieves solid box office. OCI: Divesting Rotterdam ammonia terminal for €290m. Prosus: 1HFY26 results – on track

Anheuser-Busch InBev SA/NV: Key facts and statistics - LTM June 2025

A summary company profile, detailing Anheuser-Busch InBev SA/NV’s business operations and financial highlights.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/19/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 19/11/2025

Benelux Morning Notes

Arcadis: US peer Aecom sets a new standard for EBITDA margin potential. Belgian telecoms: Orange Belgium price increases from January. CFE: Keeps outlook, materially lower QoQ net debt. Flow Traders: Market volumes improve in October. IMCD: Awaiting a recovery. Kinepolis: Launches retail bond issuance for €100-150m. NEPI Rockcastle: Sound operational performance continues. Universal Music Group: EU to warn on Downtown deal

Morning Notes : ABI BB, CFEB BB, HYL BB, KIN BB

: ABI BB, CFEB BB, HYL BB, KIN BB

CFE : Revenue remains weak, but FY25 outlook unchanged

Benelux Morning Notes

Belgian telcos: Digi negative view on fibre deals, ups stake in Belgium to 76.9%. CFE: Preview - navigating challenging end markets. Retail Estates: Conference call highlights

Hyloris Positive results for IV Aspirin, NDA will be submitted

Hyloris announced positive topline results from a pivotal study in healthy volunteers for IV aspirin. The trial achieved all its targets, enabling progression towards submission of a New Drug Application (NDA) in 2026 and expected approval in 2027. IV Aspirin is intended to be used in acute coronary syndrome and is part of Hyloris's CV portfolio, for which Hyloris needs to announce a commercial partner in the US. We model € 52m peak sales by 2037. We reiterate our HOLD and € 6 TP.