Benelux Morning Notes

Adecco: Introduces the agility advantage to grow, adapt and lead in the intelligent era. Belgian telcos: DAZN announces immediatele end for Belgian football broadcasting. CMB.TECH: Good 3Q thanks to its tankers. D'Ieteren: CFO buys more shares, State Farm seeks 6% California Auto Rate cut. Staffing: Belgium October Temp volume stable at -3.4% YoY despite tougher comps.

Benelux Morning Notes

Adyen: CMD press release; strong growth for the years ahead. Heijmans: Nice bolt-on! Kendrion: Hitting a 15.5% EBITDA margin in 3Q25. Staffing Sector: French staffing: September trend weaker but October outlook slightly better despite tougher comps. TKH Group: Weak 3Q EBITA, keeps FY outlook

Benelux Morning Notes

Adecco: 3Q25 strong beat; outlook 4Q25 seems in line. Air France-KLM: Bit light but outlook unchanged. ArcelorMittal: In line 3Q25, supportive medium-term outlook. AMG: 3Q25 EBITDA beats by 5%, ‘only' modest FY guidance increase might disappoint. BAM Group: Maintains outlook as expected. CTP: Guidance at the lower end due to a missed deal in Romania. Strong operational trends continued. IMCD: 3Q showed pressure on gross margin. Kinepolis: US peer AMC; better revenues and EBITDA in ...

Benelux Morning Notes

Arcadis: Feedback from conference call 3Q25. Belgian telcos: Telenet positive net adds in broadband, near ECM decision. CTP: 34k sqm lease signed in Poland. Eurocommercial Properties: Organic momentum is getting stronger. Fugro: Reasonable 3Q, challenging 4Q and beyond. Heijmans: Order book quality improves further. KPN: VodafoneZiggo guidance maintained, ECM decision near. Proximus: CPaaS peer Twilio reports strong 3Q25 results. Retail Estates: Jysk new tenant of 5 Leen Bakker B...

Benelux Morning Notes

Adyen: 3Q25 results – solid net revenue, FY25 guidance reiterated. Aedifica: Guidance raised, positive tenant trends and good portfolio valuation. Ageas: China Taiping Life 3Q25 Solvency much lower, remains solid. Allfunds Group PLC: Strong flows. ASM International: 3Q25 results - disappointing orders, much better margins. Corbion: Iron wills and nerves of steel. Lotus Bakeries: peer Mondelez 3Q25 results. Melexis: 3Q25 results, ongoing gross margin pressure. Staffing: Dutch figs...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/22/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 22/10/2025

Benelux Morning Notes

AkzoNobel: 3Q25 in-line, FY guidance trimmed, €300m provision for Ichthys court case. Gimv: ImCheck Therapeutics checked out. Heineken: 3Q25 trading update; outlook FY25 slightly lowered. KPN: Ziggo 2Gbits internet roll out for c.7m homes by end 2025, full Netherlands by 2026. Randstad: 3Q25 result beats 5%; outlook 4Q25 also beats; strong OPEX performance

Morning Notes : AKZA NA, FLOB BB, GIMB BB, HEIA NA, RAND NA

: AKZA NA, FLOB BB, GIMB BB, HEIA NA, RAND NA

Randstad : A decent performance on both revenues and margins

Randstad Strong cost control compensates for weak top-line

Randstad has managed to maintain a solid bottom-line thanks to again very strong cost control. The top-line is still struggling, with a gross margin of 18.4% being the lowest level since 2016. Outlook isn't seeing volume improvements in October, with costs expected to increase in 4Q. We lowered our FY25-FY28 estimates, resulting in a new TP of €40.5. We reiterate our Accumulate rating.

Benelux Morning Notes

ABN AMRO: 3Q may still support shares to CMD. Aedifica: €13m investment in the Netherlands. Basic-Fit: Strong 3Q25 results; beat on membership ingrowth, on track to reiterated FY25. BE Semiconductor Industries: 3Q25 Preview, order intake is key. IMCD: Acquisition of Dong Yang FT. RELX: Preview 9M25. Signify: 3Q25 preview, more back-end loaded. Staffing: Manpower 3Q25 in line on better revenue trend, 4Q25 outlook cautious. WDP: Results in line, guidance reconfirmed

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/14/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 14/10/2025

Randstad : Cautiously optimistic on Q3

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...

Benelux Morning Notes

Aedifica: €21m investment in the development of 3 care homes in Finland. CTP: Highlights from 2-day CMD in Germany. dsm-firmenich: Softly does it. Prosus: Expanding the ecosystem. Randstad: Preliminary preview 3Q25F results due 22 October. TKH Group: Change is coming. UCB: Renewed tariff threat on US branded pharma unlikely to affect UCB

Benelux Morning Notes

Staffing: French recovery in July on easier comps, August comps tougher

Benelux Morning Notes

Ageas: Highlights ING Benelux Conference London. Alfen: Highlights from ING Benelux Conference London. Arcadis: Highlights ING Benelux Conference London. ASR: Highlights ING Benelux Conference London. BAM: Highlights ING Benelux Conference London. Basic-Fit: Highlights ING Benelux Conference London. CTP: Highlights from ING Benelux Conference London. DEME Group: Highlights ING Benelux Conference London. Fugro: Highlights ING Benelux Conference London. Heijmans: Highlights ING Bene...

Benelux Morning Notes

Ackermans & van Haaren: A strong 1H25. Avantium: Nearly there. Eurocommercial Properties: Good results, positive effects of remerchandising. Recticel: Weak 1H25 calls for a 12% downgrade to consensus at Adj. EBITDA level. Sif Group: 2025 and 2026 guidance cuts. Staffing: Belgium - July Temp volume weaker at -3.5% YoY despite easier comps