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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Acomo: Seeds of recovery. AEGON: UK sale momentum continues, price lower. Elia: Solid FY25 results and encouraging outlook for FY26. Eurocommercial Properties: €110m Swedish acquisition. TKH Group: Neither fish or flesh. TomTom: Major changes at the top

Jan Frederik Slijkerman ... (+5)
  • Jan Frederik Slijkerman
  • Jeroen van den Broek
  • Jesse Norcross
  • Nadège Tillier
  • Timothy Rahill

Coffee, Croissants & Credit/Elia, LEG Immobilien

Utilities - Elia: strong 2025 results but balance sheet continues to expand

Guy Sips ... (+8)
  • Guy Sips
  • Hilde Van Boxstael
  • Kristof Samoy
  • Livio Luyten
  • Lynn Hautekeete
  • Thibault Leneeuw
  • Wim Hoste
  • Wim Lewi
Wim Lewi
  • Wim Lewi

Elia Group FY25 underlying result in line, but strong German outlook F...

The FY25 group net profit stood at 556.6m, a 32.1% increase yoy vs. our 525.9m expectation. This was mainly thanks to tax compensations in Germany and at the holding level. Net profit grew 58% at the 50Hz division to 388m vs. 368m expected that benefited from a higher 10y bund. ETB came in line with our expectation at 272m vs. 274m. The non-regulated division however realised a net profit of 5.3m vs. a net loss of 12.8m expected thanks to 44m tax compensation. Elia initiated a strong FY26 outloo...

Delphine Brault ... (+6)
  • Delphine Brault
  • Emira Sagaama
  • Juan Ros-Padilla
  • Luis de Toledo Heras
  • Marc Lavaud
  • Nathan Mietlicki
Delphine Brault ... (+6)
  • Delphine Brault
  • Emira Sagaama
  • Juan Ros-Padilla
  • Luis de Toledo Heras
  • Marc Lavaud
  • Nathan Mietlicki
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