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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ahold Delhaize: 3Q25 preview - USD headwind to take centre stage. Basic-Fit: 3Q25 results preview, new consensus, we expect strong membership ingrowth. Fagron: 3Q25 growth hiccup in N America, strong organic performance in EMEA, Latam. Lotus Bakeries: UK VAT conflict for Näkd negatively impacts 2024 profitability. Ontex: 3Q25 preview: consensus implies a second profit warning for FY25F. Randstad: Preview 3Q25F results due 22 October; consensus released. Staffing: French revenue impro...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ageas: AG Real Estate looking to reduce exposure to Interparking, lower capital charges. Air France-KLM: 3Q25 a bit light? ASML: Preview 3Q25, riding the AI wave. Barco: Preview 3Q25, self-help offsets macro headwind. D'Ieteren: Belron starts to roll out static mobile recalibration. Euronext: September's seasonal recovery. Tessenderlo More focus on capital allocation and returns. TomTom: Preview 3Q25, Cost cutting offsets slow markets. Umicore: Gold inventory sale-and-lease-back

Wim Hoste
  • Wim Hoste

Tessenderlo Feedback Analyst & Asset Manager Day

Tessenderlo reiterated FY25 guidance at the occasion of its Investor event yesterday. We note that Luc Tack expressed his desire to become more strict in allocating capex, whilst in terms of activity portfolio there are no sacred cows and management asks themselves whether they are still the best owner of their businesses. The deal with Darling Ingredients on gelatin & collagen is progressing with deal closing probable in 2H26. We continue to appreciate Tessenderlo for its healthy FCF generation...

Kristof Samoy ... (+2)
  • Kristof Samoy
  • Wim Hoste
 PRESS RELEASE

Ontex announces details for its Q3 2025 results publication

Ontex announces details for its Q3 2025 results publication Aalst, Belgium, October 6, 2025 – Ontex Group NV, a leading international developer and producer of personal care products, will share its results for the third quarter results of 2025 at 07:00 CEST / 06:00 BST on Thursday, October 30, 2025. Management will host a webcast for investors and analysts on the same day at 12:00 CET / 11:00 BT. Click on the following link to attend the presentation: . A replay of the webcast will be available on the same link shortly after the conclusion of the live presentation, and remain so for one ye...

 PRESS RELEASE

Ontex kondigt details aan voor de resultatenpublicatie van het 3de kwa...

Ontex kondigt details aan voor de resultatenpublicatie van het 3de kwartaal van 2025 Aalst, België, 6 oktober 2025 – Ontex Group NV, een toonaangevende internationale ontwikkelaar en producent van persoonlijke verzorgingsproducten, zal zijn resultaten van het derde kwartaal van 2025 delen om 07:00 uur CET op donderdag 30 oktober 2025. Het directiecomité zal op dezelfde dag een Engelstalige webcast voor investeerders en analisten opzetten om 12:00 uur CET. Klik op volgende link om de presentatie bij te wonen vanop uw laptop, tablet of mobiel apparaat: . Een herhaling van de webcast zal kort ...

Hilde Van Boxstael ... (+6)
  • Hilde Van Boxstael
  • Livio Luyten
  • Mathijs Geerts Danau
  • Thomas Couvreur
  • Wim Hoste
  • Wim Lewi
 PRESS RELEASE

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 September 15, 2025.  On September 11, 2025, Brandes investment partners, L.P., detained 8,251,487 Ontex voting securities, representing 10.02% of voting rights, and thereby crossed upward the threshold of 10%. Enquiries Investors:         Geoffroy Raskin                  Med...

 PRESS RELEASE

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 15 september 2025 werd ontvangen. Op 11 september 2025 bezat Brandes investment partners, L.P., 8.251.487 stemrechtverlenende effecten van Ontex, wat 10,02% van de stemrechten voorstelt. Zij hebben daarmee de drempel van 10% opwaarts overschreden. Inlichtingen Investeerders    Geoffroy R...

Robert Jan Vos ... (+2)
  • Robert Jan Vos
  • Usama Tariq
Hilde Van Boxstael ... (+5)
  • Hilde Van Boxstael
  • Kristof Samoy
  • Livio Luyten
  • Lynn Hautekeete
  • Michiel Declercq
Hilde Van Boxstael ... (+6)
  • Hilde Van Boxstael
  • Kristof Samoy
  • Livio Luyten
  • Lynn Hautekeete
  • Michiel Declercq
  • Wim Lewi
Livio Luyten
  • Livio Luyten

Bois Sauvage A Bitter Past With A Sweet Future

Bois Sauvage's Chocolate Group has delivered consistent results over the last years. In FY24, sales were up 6.7% to €283.6m and EBITDA rose 11.6% to €68.2m. This despite cocoa and butter price pressures. We forecast an uptick in fair value for the division, driven by the continued sales growth. In addition, topping out cocoa prices offer a catalyst for improved margins in FY27. The stake in Berenberg's commission driven business is expected to grow as well, supported by expanding sector multiple...

Maxime Stranart ... (+3)
  • Maxime Stranart
  • Reg Watson
  • CFA

Ontex/1H25 postview: weak 1H25 and profit warning/HOLD

We reiterate our HOLD rating on Ontex but lower our target price from €8.2 to €7.4 following the group's profit warning in 1H25, leading to our Adj. EBITDA forecast to drop by 12% in 2025F. We continue to expect Ontex's heavy restructuring plan to remain a drag on short-term operational performance, despite an elevated capex spend over the year. At €7.4, Ontex would trade at 6.2/5.2x EV/Adj. EBITDA 2025/26F (incl. Factoring), a discount of 45-50% to branded Hygiene Products peers we deem warrant...

 PRESS RELEASE

Transparency Declaration Notification

Transparency Declaration Notification Regulatory 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 notifications of significant shareholding by the Goldman Sachs Group, Inc., that it has received on August 19, 20, 21 and 22, 2025.  On August 13, 2025, the Goldman Sachs Group, Inc., detained 94,311 Ontex voting rights and 2,425,641 equivalent financial instruments, representing 3.06% of voting rights combined. The combined holding thereb...

 PRESS RELEASE

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 verklaringen van belangrijke deelnemingen door Goldman Sachs Group, Inc., bekend die op 19, 20, 21 en 22 augustus 2025 werden ontvangen.  Op 13 augustus 2025 bezat de Goldman Sachs Group, Inc., 94.311 stemrechten en 2.425.641 equivalente financiële instrumenten van Ontex, wat gecombineerd 3,06% van de stemrechten uitmaakt. De gecombineerd...

Wim Hoste
  • Wim Hoste

Tessenderlo Feedback 1H results conference call

Below are the highlights from the conference call. Tessenderlo's 1H results positively surprised, with adj EBITDA up 8% y/y to 163.4m, which was 19% better than our forecast and 12% above consensus. The company reiterated its broad FY25 guidance range, with consensus currently at the midpoint of the range whilst KBCS estimates are at the low end of the guidance range (and will be upped somewhat). The company is using its solid balance sheet and FCF to buy back own shares. We consider valuation t...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

AEGON: Addition of €200m to existing SBB, considering US domicile, results mixed. Alfen: 19% EBITDA cut, mid-point new 2026 guidance. Flow Traders: Positive volumes, negative volatility. Kinepolis: Strong profit beat on better operating leverage, higher ticket and ITS per visitor. Recticel: Peer Rockwool 2Q25 results. Tessenderlo: Solid 1H25 beat, guidance maintained. VGP: Strong results, more news on JVs to come

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