ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/02/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/11/2026

Benelux Morning Notes

ABN Amro: Miss but strong capital, good set of results / Ahold Delhaize: Strong 4Q25 but no major surprise on FY26 adj. EPS guidance / Alfen: No recovery yet and another transitional year / BAM Group: Preview: 2026 outlook the key item / Econocom: Better REBITA, net debt, but EBIT below, much lower net profit, dividend halved, 2026-28 guidance postponed to “medium term” / Exor: Ferrari 4Q25 and 2026 guidance beat / Gecina: Results and guidance in line, DPS set to grow over 2026-30 / Heineken: No...

Morning Notes : ABN NA, AD NA, HEIA NA, LOTB BB, RAND NA, ALFEN NA, PH...

: ABN NA, AD NA, HEIA NA, LOTB BB, RAND NA, ALFEN NA, PHVS US

Ahold Delhaize N.V. : Underlying operating profit much stronger than f...

Benelux Morning Notes

Ahold Delhaize: Serbia regulation to be litigated at international level. CM.com: Preview FY25. dsm-firmenich: At last! Exor: Stellantis shares fall sharply on €22bn turnaround plan, writeoff. Euronext: 2026 starting strong. Proximus: €275m impairment at Proximus Global

Benelux Morning Notes

ArcelorMittal: Modest 4Q25 EBITDA beat and upbeat 2026F outlook / KBC Group: BNP Paribas good results in Belgium, increasing outlook, notably reducing C/I ratio / Recticel: Peer Rockwool's 4Q25 results SBM Offshore: Early purchase of ONE Guyana FPSO by Exxon Mobil / Shell: Keeping SBB at $3.5bn / Sligro: FY25 net profit in line with expectations, SBB announced / Universal Music Group: YouTube ads revenue +9% YoY in 4Q25 and Sony Music up by 13% YoY / Wereldhave: Wereldhave Belgium FY25 results a...

Benelux Morning Notes

Aalberts: Preview: Another quarter in no man's land? / Ahold Delhaize: Confirms the acquisition of Delfood / AGEAS: China – state to inject capital into insurers / AkzoNobel: Tepid 4Q25 results and FY26 outlook / D'Ieteren: Belgian car registrations down 19%, 65% of 2019 level, VW down only 5% / Xior Student Housing: Sound organic trends continue, two-year guidance revealed

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 01/28/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 28/01/2026

Benelux Morning Notes

Ahold Delhaize: Conditional approval for the acquisition of Delfood / Bekaert: Acquires Bridgestone's €80m tyre cord business in China and Thailand / KPN: In-line Q4, 2026 guidance, cash returns / NSI: Results in line, further vacancy weighing on 2026 and cautious tone on new developments / UCB: Cimzia included in Medicare's price negotiations for 2028

Ahold Delhaize N.V. : TP cut to € 39 from € 41 ahead of 2025 results; ...

Benelux Morning Notes

Ahold Delhaize: 4Q25 consensus release. Basic-Fit: Trading update FY25 and outlook FY26; both beat ING estimates. CVC Capital Partners plc: It's a Marathon

Ahold Delhaize/4Q25 preview/HOLD

We reiterate our HOLD rating on Ahold Delhaize and reduce our target price from €35 to €34 as we lower our profitability estimates by 0.4% for 2025F and 2.8% for 2026F at EPS level. While we continue to like Ahold Delhaize's strong Free Cash Flow generation and generous cash return to shareholders, we remain cautious on the evolution of the group's operating profit, especially in the United States where the company has to compete more heavily on prices. This, combined with a more cautious view o...

Benelux Morning Notes

Ahold Delhaize: 4Q25 preview / KBC: 4Q pre-close highlights strength building up in numbers / OCI: Dutch court blocks Orascom merger, names two independent directors at OCI.

Recticel/Acquisition of Miclar Group/BUY

We reiterate our BUY rating on Recticel and increase our target price from €12.0 to €13.5, following the acquisition of a 76% stake in Miclar Group. We view this as a very appealing acquisition for Recticel with Miclar having a materially higher Adj. EBITDA margin than the group at 19.8%. Furthermore, we view the multiple paid at 4.4x EV/EBITDA 2024 as undemanding, which should lead to material value creation in the upcoming years. At €13.5, Recticel would trade at 10.9/9.2x EV/EBITDA 2026/27F, ...

Benelux Morning Notes

ABN AMRO: Pre-close 4Q: positive read, but with recent CMD, no surprises on guidance / Ahold Delhaize: New US distribution centre to be leased from Blackstone / Kinepolis: Peer Cineplex December 2025 box office revenue at 89% of 2019 level, up 3% YoY / Randstad: Preview 4Q25F results due 11 February; consensus released / Staffing sector: Hays' 2Q26 trading update; miss vs consensus / Zabka: Peer Biedronka FY25 sales.

Koninklijke Ahold Delhaize N.V.: 1 director

A director at Koninklijke Ahold Delhaize N.V. sold 58,000 shares at 34.380EUR and the significance rating of the trade was 70/100. 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 directors over the last t...

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

Local Champions Mid Cap Conference Book 11.12.2025

This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 11 December 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | DEME | EVS | IBA | JENSEN GROUP | MATERIALISE | ONTEX | PROXIMUS | RECTICEL | XFAB