reports
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
Klaus Breitenbach
- Klaus Breitenbach
Manuel Martin ... (+3)
- Manuel Martin
- CEFA
- CREA
Manuel Martin ... (+3)
- Manuel Martin
- CEFA
- CREA
Research Team
- Research Team
WOOD Daily: NLBR SV; DIGI RO; DOC AV; PL Macro; PL Banks; MBR PW; CEZ ...
HEADLINES: • NLB Group: still cheap, despite the rally (stays BUY) • DIGI Communications: 2Q25 results – adjusted EBITDA down 1% yoy, 2% below our estimate NEGATIVE • DO & CO: 1Q FY26 results above our expectations POSITIVE • Poland macro: GDP growth steady in 2Q • Polish banks: tax on obligatory reserve remuneration may be announced in the coming weeks NEGATIVE • Mo-BRUK: consortium with MBR signs PLN 30m “eco bomb” contract POSITIVE • CEZ: E.ON negotiating, reportedly, with CEZ on the sale of ...
Maxime Kogge
- Maxime Kogge
Maxime Kogge
- Maxime Kogge
Research Team
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in July
EME Equity Market – July 2025 EME indices all in the green in July. The MSCI EM Europe Index advanced by 6.0% mom in EUR terms and 3.0% in USD terms. The Turkish ISE30 was, once again, the top performer, adding 7.9% mom in EUR terms, followed very closely by the Romanian BET, advancing 7.8% mom in EUR terms. The Greek ASE added 6.8% mom in EUR terms, while the Czech PX added 4.5% mom in EUR terms. The Hungarian BUX and Polish WIG20 added 3.6% and 3.0% mom, respectively, in EUR terms.
BRE
MBANK SA
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
INPST INPOST S.A.
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV CTP NV
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
BOROUGE BOROUGE
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
INPST INPOST S.A.
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV CTP NV
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
BOROUGE BOROUGE
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
Julian Dobrovolschi ... (+2)
- Julian Dobrovolschi
- Steven Boumans
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MBANK SA
AKE ARKEMA
LHN HOLCIM AG
LR LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
AC ACCOR SA
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
LI KLEPIERRE SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
EN BOUYGUES SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
GLE SOCIETE GENERALE S.A. CLASS A
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BLND BRITISH LAND COMPANY PLC
ITRK INTERTEK GROUP PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ACX ACERINOX SA
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
NEM NEMETSCHEK SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
AMS AMADEUS IT GROUP SA CLASS A
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ANDR ANDRITZ AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
WLN WORLDLINE SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
PIRC PIRELLI & C. S.P.A.
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
UMG UNIVERSAL MUSIC GROUP NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
DTG DAIMLER TRUCK
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
TEN TENARIS S.A.
AKE ARKEMA
LHN HOLCIM AG
LR LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
AC ACCOR SA
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
LI KLEPIERRE SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
EN BOUYGUES SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
GLE SOCIETE GENERALE S.A. CLASS A
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BLND BRITISH LAND COMPANY PLC
ITRK INTERTEK GROUP PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ACX ACERINOX SA
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
NEM NEMETSCHEK SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
AMS AMADEUS IT GROUP SA CLASS A
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ANDR ANDRITZ AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
WLN WORLDLINE SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
PIRC PIRELLI & C. S.P.A.
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
UMG UNIVERSAL MUSIC GROUP NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
DTG DAIMLER TRUCK
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
TEN TENARIS S.A.
Julian Dobrovolschi
- Julian Dobrovolschi
BRE
MBANK SA
AKE ARKEMA
LHN HOLCIM AG
LR LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
AC ACCOR SA
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EN BOUYGUES SA
GLE SOCIETE GENERALE S.A. CLASS A
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ITRK INTERTEK GROUP PLC
ACX ACERINOX SA
SAF SAFRAN S.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
NEM NEMETSCHEK SE
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AMS AMADEUS IT GROUP SA CLASS A
EVK EVONIK INDUSTRIES AG
ANDR ANDRITZ AG
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
CPR DAVIDE CAMPARI-MILANO N.V.
UMG UNIVERSAL MUSIC GROUP NV
DTG DAIMLER TRUCK
TEN TENARIS S.A.
AKE ARKEMA
LHN HOLCIM AG
LR LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
AC ACCOR SA
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EN BOUYGUES SA
GLE SOCIETE GENERALE S.A. CLASS A
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ITRK INTERTEK GROUP PLC
ACX ACERINOX SA
SAF SAFRAN S.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
NEM NEMETSCHEK SE
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AMS AMADEUS IT GROUP SA CLASS A
EVK EVONIK INDUSTRIES AG
ANDR ANDRITZ AG
WLN WORLDLINE SA
CLNX CELLNEX TELECOM S.A.
RACE FERRARI NV
PIRC PIRELLI & C. S.P.A.
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
CPR DAVIDE CAMPARI-MILANO N.V.
UMG UNIVERSAL MUSIC GROUP NV
DTG DAIMLER TRUCK
TEN TENARIS S.A.
Jerôme Bodin ... (+2)
- Jerôme Bodin
- Steven Boumans
CEC
CECONOMY AG
APAML APERAM SA
LI KLEPIERRE SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
F3C SFC ENERGY AG
MERY MERCIALYS SA
DEC JCDECAUX SA
INEA FONCIERE INEA
VIV VIVENDI SE
WHA WERELDHAVE N.V.
SRP SRP GROUPE SA
PSM PROSIEBENSAT.1 MEDIA SE
BLND BRITISH LAND COMPANY PLC
MRN MERSEN SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ACX ACERINOX SA
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOC SUBSEA 7 S.A.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
COK CANCOM SE
VASTB VASTNED RETAIL BELGIUM NV
DLG DE'LONGHI S.P.A.
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
BRNL BRUNEL INTERNATIONAL N.V.
GCO GRUPO CATALANA OCCIDENTE S.A.
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
WLN WORLDLINE SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
UMI UMICORE
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
NEXI NEXI S.P.A.
CLA CLARANOVA SE
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
SHUR SHURGARD SELF STORAGE LIMITED
PLNW PLANISWARE
VIRI VIRIDIEN
AMS AMS-OSRAM AG
APAML APERAM SA
LI KLEPIERRE SA
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
F3C SFC ENERGY AG
MERY MERCIALYS SA
DEC JCDECAUX SA
INEA FONCIERE INEA
VIV VIVENDI SE
WHA WERELDHAVE N.V.
SRP SRP GROUPE SA
PSM PROSIEBENSAT.1 MEDIA SE
BLND BRITISH LAND COMPANY PLC
MRN MERSEN SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ACX ACERINOX SA
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
SOC SUBSEA 7 S.A.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
COK CANCOM SE
VASTB VASTNED RETAIL BELGIUM NV
DLG DE'LONGHI S.P.A.
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
BRNL BRUNEL INTERNATIONAL N.V.
GCO GRUPO CATALANA OCCIDENTE S.A.
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
WLN WORLDLINE SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
XFAB X-FAB SILICON FOUNDRIES SE
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
UMI UMICORE
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
NEXI NEXI S.P.A.
CLA CLARANOVA SE
WDP WAREHOUSES DE PAUW SCA
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
SHUR SHURGARD SELF STORAGE LIMITED
PLNW PLANISWARE
VIRI VIRIDIEN
AMS AMS-OSRAM AG
Jerôme Bodin
- Jerôme Bodin
CEC
CECONOMY AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
F3C SFC ENERGY AG
DEC JCDECAUX SA
VIV VIVENDI SE
SRP SRP GROUPE SA
PSM PROSIEBENSAT.1 MEDIA SE
MRN MERSEN SA
ACX ACERINOX SA
SOC SUBSEA 7 S.A.
COK CANCOM SE
DLG DE'LONGHI S.P.A.
BRNL BRUNEL INTERNATIONAL N.V.
GCO GRUPO CATALANA OCCIDENTE S.A.
WLN WORLDLINE SA
TRE TECNICAS REUNIDAS SA
XFAB X-FAB SILICON FOUNDRIES SE
UMI UMICORE
NEXI NEXI S.P.A.
CLA CLARANOVA SE
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
FUR FUGRO NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
PLNW PLANISWARE
VIRI VIRIDIEN
AMS AMS-OSRAM AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
F3C SFC ENERGY AG
DEC JCDECAUX SA
VIV VIVENDI SE
SRP SRP GROUPE SA
PSM PROSIEBENSAT.1 MEDIA SE
MRN MERSEN SA
ACX ACERINOX SA
SOC SUBSEA 7 S.A.
COK CANCOM SE
DLG DE'LONGHI S.P.A.
BRNL BRUNEL INTERNATIONAL N.V.
GCO GRUPO CATALANA OCCIDENTE S.A.
WLN WORLDLINE SA
TRE TECNICAS REUNIDAS SA
XFAB X-FAB SILICON FOUNDRIES SE
UMI UMICORE
NEXI NEXI S.P.A.
CLA CLARANOVA SE
TE TECHNIP ENERGIES NV
AERO MONTANA AEROSPACE AG
FUR FUGRO NV
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
PLNW PLANISWARE
VIRI VIRIDIEN
AMS AMS-OSRAM AG
Jerôme Bodin
- Jerôme Bodin
SESGL
SES SA FDR (CLASS A)
CLN CLARIANT AG
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MF WENDEL SE
INF INFOTEL SA
DEC JCDECAUX SA
FAGR FAGRON SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
NEX NEXANS SA
ERA ERAMET SA
ELIS ELIS SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
MELE MELEXIS NV
CSM CORBION NV
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TKO TIKEHAU CAPITAL SCA
DUFN DUFRY AG
ALD ALD SA
MEDCL MEDINCELL SA
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
HGEA HGEARS AG
AZE AZELIS GROUP NV
IVG IVECO GROUP
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
ORP ORPEA
PLNW PLANISWARE
EXENS EXOSENS
LOCAL SOLOCAL GROUP
HBX HBX GROUP INTERNATIONAL PLC
CLN CLARIANT AG
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MF WENDEL SE
INF INFOTEL SA
DEC JCDECAUX SA
FAGR FAGRON SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
NEX NEXANS SA
ERA ERAMET SA
ELIS ELIS SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
MELE MELEXIS NV
CSM CORBION NV
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TKO TIKEHAU CAPITAL SCA
DUFN DUFRY AG
ALD ALD SA
MEDCL MEDINCELL SA
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
HGEA HGEARS AG
AZE AZELIS GROUP NV
IVG IVECO GROUP
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
ORP ORPEA
PLNW PLANISWARE
EXENS EXOSENS
LOCAL SOLOCAL GROUP
HBX HBX GROUP INTERNATIONAL PLC
Jerôme Bodin
- Jerôme Bodin
SESGL
SES SA FDR (CLASS A)
CLN CLARIANT AG
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MF WENDEL SE
INF INFOTEL SA
DEC JCDECAUX SA
FAGR FAGRON SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
NEX NEXANS SA
ERA ERAMET SA
ELIS ELIS SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
MELE MELEXIS NV
CSM CORBION NV
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TKO TIKEHAU CAPITAL SCA
DUFN DUFRY AG
ALD ALD SA
MEDCL MEDINCELL SA
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
HGEA HGEARS AG
AZE AZELIS GROUP NV
IVG IVECO GROUP
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
ORP ORPEA
PLNW PLANISWARE
EXENS EXOSENS
LOCAL SOLOCAL GROUP
HBX HBX GROUP INTERNATIONAL PLC
CLN CLARIANT AG
BEKB BEKAERT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MF WENDEL SE
INF INFOTEL SA
DEC JCDECAUX SA
FAGR FAGRON SA
NTG NETGEM SA
MRN MERSEN SA
MTU MANITOU BF SA
ELG ELMOS SEMICONDUCTOR SE
BB SOCIETE BIC SA
NEX NEXANS SA
ERA ERAMET SA
ELIS ELIS SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
MELE MELEXIS NV
CSM CORBION NV
SPIE SPIE SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TKO TIKEHAU CAPITAL SCA
DUFN DUFRY AG
ALD ALD SA
MEDCL MEDINCELL SA
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
ALHRS HYDROGEN REFUELING SOLUTIONS
HGEA HGEARS AG
AZE AZELIS GROUP NV
IVG IVECO GROUP
FLOW FLOW TRADERS LTD
AF AIR FRANCE - KLM
ORP ORPEA
PLNW PLANISWARE
EXENS EXOSENS
LOCAL SOLOCAL GROUP
HBX HBX GROUP INTERNATIONAL PLC
Emna Ben Bdira ... (+2)
- Emna Ben Bdira
- Maxime Kogge
Emna Ben Bdira ... (+2)
- Emna Ben Bdira
- Maxime Kogge
Julian Dobrovolschi
- Julian Dobrovolschi
ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
AB InBev: 2Q25 results. Air France-KLM: Nice beat, let's see how FY25 finishes. AMG: Uptrend continues in 2Q25 with 23% EBITDA beat and guidance up to +US$200m. Aperam: Slight 2Q25 EBITDA beat, 3Q25 seen down QoQ. Arcadis: EBITA margin held up well in 2Q25, order intake mixed. Ayvens: 2Q25 results. Azelis: Soft but largely in-line 2Q25 with EMEA offsetting weaker APAC. Bekaert: 1H25 miss and lowered outlook to result in c.5% consensus downside. Corbion: Taking it to the wire. dsm...
BEKB
BEKAERT SA
APAML APERAM SA
FAGR FAGRON SA
UCB UCB S.A.
AF AIR FRANCE-KLM SA
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ONTEX ONTEX GROUP N.V.
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ALD ALD SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
APAML APERAM SA
FAGR FAGRON SA
UCB UCB S.A.
AF AIR FRANCE-KLM SA
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ONTEX ONTEX GROUP N.V.
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ALD ALD SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
Hilde Van Boxstael ... (+7)
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Farid Bitari ... (+2)
- Farid Bitari
- Nicolas David
SGE
SAGE GROUP PLC
AI AIR LIQUIDE SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
ADS ADIDAS AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
FGR EIFFAGE SA
DAI DAIMLER AG
SZG SALZGITTER AG
AMUN AMUNDI SA
WKL WOLTERS KLUWER NV
OR L'OREAL SA
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
GRF GRIFOLS S.A. CLASS A
ELE ENDESA S.A.
BAS BASF SE
ERA ERAMET SA
CAP CAPGEMINI SE
SY1 SYMRISE AG
AMP AMPLIFON S.P.A.
SPL SANTANDER BANK POLSKA SA
BA. BAE SYSTEMS PLC
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EDW EDP RENOVAVEIS SA
KGX KION GROUP AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
INX IMCD N.V.
GRF.P GRIFOLS S.A. PREF CLASS B
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
SHL SIEMENS HEALTHINEERS AG
SIK SIKA AG
JDEP JDE PEET'S NV
VUL VULCAN ENERGY RESOURCES
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
FER FERROVIAL SA
H2O HIDROELECTRICA S.A.
NOVO B NOVO NORDISK A/S
CVC CVC CAPITAL PARTNERS PLC
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
AI AIR LIQUIDE SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
ADS ADIDAS AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
FGR EIFFAGE SA
DAI DAIMLER AG
SZG SALZGITTER AG
AMUN AMUNDI SA
WKL WOLTERS KLUWER NV
OR L'OREAL SA
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
GRF GRIFOLS S.A. CLASS A
ELE ENDESA S.A.
BAS BASF SE
ERA ERAMET SA
CAP CAPGEMINI SE
SY1 SYMRISE AG
AMP AMPLIFON S.P.A.
SPL SANTANDER BANK POLSKA SA
BA. BAE SYSTEMS PLC
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EDW EDP RENOVAVEIS SA
KGX KION GROUP AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
INX IMCD N.V.
GRF.P GRIFOLS S.A. PREF CLASS B
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
SHL SIEMENS HEALTHINEERS AG
SIK SIKA AG
JDEP JDE PEET'S NV
VUL VULCAN ENERGY RESOURCES
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
FER FERROVIAL SA
H2O HIDROELECTRICA S.A.
NOVO B NOVO NORDISK A/S
CVC CVC CAPITAL PARTNERS PLC
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
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