reports
- ING Helpdesk
Benelux Morning Notes
AEGON: Uneventful results, US weaker, underlying OCG in line / Air France-KLM: Productivity gains starting to filter through / Arcadis: Weak revenues and EBITA, but strong NWC / Ascencio: Results in line, no concerns on Carrefour Belgium exposure / Azelis: Persisting softness in 4Q25, continued focus on costs and cash / BAM Group: Solid 2H25 results, 2026 outlook in line / Belgian telecoms: Telenet improved net adds, to relist as part of Ziggo in 2027, Liberty to sell half of its 66% Wyre stake ...
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
BAMNB KONINKLIJKE BAM GROEP NV
AF AIR FRANCE-KLM SA
GIMB GIMV NV
ARCAD ARCADIS NV
ASC ASCENCIO SCA
VGP VGP NV
KIN KINEPOLIS GROUP NV
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AZE AZELIS GROUP NV
AGN AEGON N.V.
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Guy Sips
Materialise FIRST LOOK : 4Q25 results
We will update our model as Materialise expects FY26 to grow to a range of €273m to €283m (KBCSe € 282.5m). Materialise will continue investing in its Materialise Medical and Software segments while maintaining disciplined cost control and optimization, in particular in its Materialise Manufacturing segment and in its overhead. As a result, Materialise expects its FY26 Adj EBIT to reach € 10m to € 12m (KBCSe € 14.5m). FY25 revenue remained stable at € 267.6m (KBCSe € 269.3m), fuelled by stron...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
Kinepolis Group Lower results, as expected, impacted by less visitors ...
Against the backdrop of ongoing restructuring and recapitalization in Hollywood, Kinepolis received in FY25 -5.8% y/y visitors or 30.7m, down. Kinepolis Group indicated that -although 2025 saw some notable successes- mainly in the animation and horror genres, the year was affected by a less favourable comparison base, partly due to the exceptional success of 'Inside Out 2' and several French films in 2024. We maintain our positive stance (Buy, € 42 Target Price) as Kinepolis highlighted that F...
Kinepolis delivered solid results in 2025
Kinepolis delivered solid results in 2025 Kinepolis delivered solid results in 2025 Regulated information 19 February 2026, 7:00 a.m. CET Kinepolis delivered solid results in 2025 in a still challenging environment. Despite an incomplete Hollywood slate, the absence of the major French box‑office successes of 2024 and negative currency effects, Kinepolis succeeded in limiting the revenue decline to -2.3% (with -5.8% visitors) compared with the previous year. With this, Kinepolis achieved a robust adjusted EBITDAL of € 128.2 million (-3.4%) and an adjusted net result that remained virtua...
Kinepolis a réalisé des résultats solides en 2025
Kinepolis a réalisé des résultats solides en 2025 Kinepolis a réalisé des résultats solides en 2025 Information réglementée 19 février 2026, 7:00 CET Kinepolis a réalisé en 2025 des résultats solides dans un contexte toujours exigeant. Malgré une offre hollywoodienne incomplète, l’absence des grands succès français de 2024 et des effets de change négatifs, Kinepolis a réussi à limiter la baisse du chiffre d’affaires à -2,3% (avec -5,8% de visiteurs) par rapport à l’année précédente. Kinepolis enregistre ainsi un EBITDAL ajusté robuste de € 128,2 millions (-3,4%) et un résultat net ajusté...
Kinepolis boekt solide resultaten in 2025
Kinepolis boekt solide resultaten in 2025 Kinepolis boekt solide resultaten in 2025 Gereglementeerd bericht 19 februari 2026, 7:00 CET Kinepolis zette in 2025 solide resultaten neer in een nog steeds uitdagende context. Ondanks een onvolledig Hollywood-aanbod, het ontbreken van de Franse succesfilms van 2024 en negatieve wisselkoerseffecten, slaagde Kinepolis erin de omzetdaling te beperken tot -2,3% (met -5,8% bezoekers) ten opzichte van het jaar voordien. Hiermee boekt Kinepolis een stevige adjusted EBITDAL van € 128,2 miljoen (-3,4%) en een adjusted netto resultaat vrijwel op het nive...
- Hela Zarrouk
DKSH DKSH HOLDING AG
MF WENDEL SE
F3C SFC ENERGY AG
MERY MERCIALYS SA
GOE GROUPE GORGE SA
ICAD ICADE SA
TPS ORANGE POLSKA S.A.
WIE WIENERBERGER AG
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
SHOT SCANDIC HOTELS GROUP
TWEKA TKH GROUP N.V. CERT
BRAV BRAVIDA HOLDING AB
TKO TIKEHAU CAPITAL SCA
DUE DURR AG
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
AGR AGRANA BETEILIGUNGS-AG
EAT AMREST HOLDINGS SE
GRE GRENERGY RENOVABLES
VRLA VERALLIA SAS
SFQ SAF-HOLLAND SE
ORP ORPEA
PLNW PLANISWARE
HAVAS HAVAS N.V
- Hela Zarrouk
DKSH DKSH HOLDING AG
MF WENDEL SE
F3C SFC ENERGY AG
MERY MERCIALYS SA
GOE GROUPE GORGE SA
ICAD ICADE SA
TPS ORANGE POLSKA S.A.
WIE WIENERBERGER AG
MMT METROPOLE TELEVISION SA
SAX STROEER SE & CO. KGAA
SHOT SCANDIC HOTELS GROUP
TWEKA TKH GROUP N.V. CERT
BRAV BRAVIDA HOLDING AB
TKO TIKEHAU CAPITAL SCA
DUE DURR AG
IGD IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ S.P.A.
AGR AGRANA BETEILIGUNGS-AG
EAT AMREST HOLDINGS SE
GRE GRENERGY RENOVABLES
VRLA VERALLIA SAS
SFQ SAF-HOLLAND SE
ORP ORPEA
PLNW PLANISWARE
SUNN SUNRISE
HAVAS HAVAS N.V
- ING Helpdesk
Benelux Morning Notes
ASR: Better results, strong solvency, SBB below though; new CEO, new CMD on 1 Dec / IMCD: Weak 4Q25 / Kinepolis: Bankruptcy of Belga Films, the oldest film distribution business, along with its eight-screen cinema complex in Brussels; 2H25 preview / Proximus: CpaaS peer Sinch 4Q25 results a bit light of consensus, stock down 14%
- Martijn Den Drijver
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Company comments AB InBev: Little to disappoint Adyen: 2H25 results – mixed results, soft guidance CVC Capital Partners: Executing well dsm-firmenich: Messy results Fagron: Beat on all lines, confident FY26 outlook to drive c.5% consensus EBITDA upgrade Flow Traders: EMEA saves the day KBC: Good results, opening up “jaws” further to 2028 Kinepolis: Canadian peer Cineplex 4Q25 results below consensus, January 2026 box office revenue up MICC: FX headwind leads to a 50bp margin miss in FY25 Montea:...
ULVR UNILEVER PLC
KBC KBC GROUP N.V.
FAGR FAGRON SA
MONT MONTEA SCA
ONTEX ONTEX GROUP N.V.
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
ADYEN ADYEN NV
WDP WAREHOUSES DE PAUW SCA
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
CVC CVC CAPITAL PARTNERS PLC
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- 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
- Guy Sips
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- David Vagman
- CFA
Kinepolis/Moment of truth in 2026, M&A case gets real/BUY
The stock underperforms 56% since end-2024, 15% YTD, as the long-awaited attendance recovery failed to materialise and a convincing mid-size M&A deal could not turn the tide yet. The stock has derated to 7x EV/EBITDAL 26F, close to our €20 bear case, investors becoming sceptical on the long-term story, while studios consolidation (Netflix/Warner Bros) fuels fears of dangerous structural changes at play. We acknowledge them but also see the upsides, among others, self-help and converting Netflix ...
Publication of a transparency notification
Publication of a transparency notification Kinepolis Group NVPress releaseRegulated information Publication of a transparency notification (Article 14, first paragraph, of the law of 2 May 2007 on disclosure of major holdings) 20 January 2026, 17h45 On 16 January 2026, Kinepolis Group NV has received a transparency notification from BNP Paribas Asset Management Holding, notifying that, following a transfer of securities with voting rights, the companies that are controlled by it own 2.98% of the voting rights attached to shares of Kinepolis Group NV, and therefore the threshold of 3% ha...
Publication relative à une notification de transparence
Publication relative à une notification de transparence Kinepolis Group SACommuniqué de presseInformation réglementée Publication relative à une notification de transparence (article 14, alinéa 1er de la loi du 2 mai 2007 relative à la publicité des participations importantes) 20 janvier 2026, 17h45 Le 16 janvier 2026, Kinepolis Group SA a reçu une notification de transparence de la part de BNP Paribas Asset Management Holding, dont il résulte que, suite à un transfert de titres conférant le droit de vote par les sociétés qu’elle contrôle, celles-ci possèdent au total 2,98% des droits d...
Openbaarmaking van een transparantiekennisgeving
Openbaarmaking van een transparantiekennisgeving Kinepolis GroupPersberichtGereglementeerde informatie Openbaarmaking van een transparantiekennisgeving (artikel 14, eerste lid, van de wet van 2 mei 2007 op de openbaarmaking van belangrijke deelnemingen) 20 januari 2026, 17u45 Op 16 januari 2026 heeft Kinepolis Group NV een kennisgeving ontvangen van BNP Paribas Asset Management Holding waaruit blijkt dat de door haar gecontroleerde ondernemingen, door een overdracht van stemrechtverlenende effecten, in totaal 2,98% van de stemrechten van Kinepolis Group NV bezitten en aldus de deelnemin...
- Bruno Cavalier
- Hela Zarrouk
- Oliver Metzger
- Roy Külter
FME FRESENIUS MEDICAL CARE AG
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
FRA FRAPORT AG
TKA THYSSENKRUPP AG
WCH WACKER CHEMIE AG
DB1 DEUTSCHE BOERSE AG
RNO RENAULT SA
ADS ADIDAS AG
G1A GEA GROUP AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MTX MTU AERO ENGINES AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
ALV ALLIANZ SE
LXS LANXESS AG
GXI GERRESHEIMER AG
EL ESSILORLUXOTTICA SA
KCO KLOECKNER & CO SE
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
ALLAN LANSON-BCC
VNA VONOVIA SE
EOAN E.ON SE
BOSS HUGO BOSS AG
SDF K+S AG
ZAL ZALANDO SE
G24 SCOUT24 AG
BAS BASF SE
RWE RWE AG
HEI HEIDELBERGCEMENT AG
BAYN BAYER AG
VOW3 VOLKSWAGEN AG PREF
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
SY1 SYMRISE AG
01913 PRADA S.P.A.
COFB COFINIMMO SA
FIE FIELMANN AG
DEZ DEUTZ AG
AIXA AIXTRON SE
NDA AURUBIS AG
KRN KRONES AG
NEM NEMETSCHEK SE
MMT METROPOLE TELEVISION SA
AED AEDIFICA SA
LEG LEG IMMOBILIEN AG
KGX KION GROUP AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
BNR BRENNTAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RACE FERRARI NV
JUN3 JUNGHEINRICH AG PREF
FTG111 FLATEXDEGIRO AG
SIE SIEMENS AG
DUE DURR AG
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SHL SIEMENS HEALTHINEERS AG
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
KBX KNORR-BREMSE AG
HAG HENSOLDT AG
ENR SIEMENS ENERGY AG
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
FPE3 FUCHS PETROLUB SE
DTG DAIMLER TRUCK
ZGN ERMENEGILDO ZEGNA NV
STM STABILUS SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
R3NK RENK GROUP AG
QGEN QIAGEN N.V.
PFSE PFISTERER HOLDING SE
SHA SCHAEFFLER AG
TKMS TKMS AG & CO. KGAA
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