reports
- Robert Jan Vos
- Usama Tariq
- Roy Külter
- Steven Boumans
OUT1V OUTOKUMPU OYJ
TYRES NOKIAN RENKAAT OYJ
FAGR FAGRON SA
LSS LECTRA SA
ERA ERAMET SA
KWS KWS SAAT SE & CO KGAA
TIETO TIETOEVRY OYJ
DOC DO & CO AKTIENGESELLSCHAFT
COK CANCOM SE
MONT MONTEA SCA
KENDR KENDRION NV
ONTEX ONTEX GROUP N.V.
FLU FLUGHAFEN WIEN AG
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
CLA CLARANOVA SE
AERO MONTANA AEROSPACE AG
VT5 VT5 ACQUISITION COMPANY AG
FLOW FLOW TRADERS LTD
- Roy Külter
- Steven Boumans
OUT1V OUTOKUMPU OYJ
TYRES NOKIAN RENKAAT OYJ
FAGR FAGRON SA
LSS LECTRA SA
ERA ERAMET SA
KWS KWS SAAT SE & CO KGAA
TIETO TIETOEVRY OYJ
DOC DO & CO AKTIENGESELLSCHAFT
COK CANCOM SE
MONT MONTEA SCA
KENDR KENDRION NV
ONTEX ONTEX GROUP N.V.
FLU FLUGHAFEN WIEN AG
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
CLA CLARANOVA SE
AERO MONTANA AEROSPACE AG
VT5 VT5 ACQUISITION COMPANY AG
FLOW FLOW TRADERS LTD
- ING Helpdesk
Benelux Morning Notes
Company comments AB InBev: Little to disappoint Adyen: 2H25 results – mixed results, soft guidance CVC Capital Partners: Executing well dsm-firmenich: Messy results Fagron: Beat on all lines, confident FY26 outlook to drive c.5% consensus EBITDA upgrade Flow Traders: EMEA saves the day KBC: Good results, opening up “jaws” further to 2028 Kinepolis: Canadian peer Cineplex 4Q25 results below consensus, January 2026 box office revenue up MICC: FX headwind leads to a 50bp margin miss in FY25 Montea:...
ULVR UNILEVER PLC
KBC KBC GROUP N.V.
FAGR FAGRON SA
MONT MONTEA SCA
ONTEX ONTEX GROUP N.V.
KIN KINEPOLIS GROUP NV
NN NN GROUP N.V.
ABI ANHEUSER-BUSCH INBEV SA/NV
ADYEN ADYEN NV
WDP WAREHOUSES DE PAUW SCA
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
CVC CVC CAPITAL PARTNERS PLC
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Thibault Leneeuw
Fagron Solid FY25 Performance with Broad Based Momentum
Fagron delivered a solid FY25 performance, with revenue coming in 1% above CSS expectations, mainly supported by betterthanexpected growth in North America. REBITDA reached €193m, coming in 1.6% above CSS expectations, as all regions reported slightly higher margins than anticipated. Regionally, EMEA posted the strongest overall growth, driven by acquisitions, while North America and LatAm delivered DD organic growth at CER. For FY26, Fagron expects M to HSD organic growth at CER and a modest im...
- Ghada Ben Sedrine
- Nicolas Thorez
- Ghada Ben Sedrine
- Nicolas Thorez
Fagron continues its outstanding performance in FY 2025 with 9.2% topl...
Fagron continues its outstanding performance in FY 2025 with 9.2% topline growth and 10.9% increase in REBITDA Regulated informationNazareth (Belgium)/Rotterdam (The Netherlands), 12 February 2026 – 7AM CET Fagron continues its outstanding performance in FY 2025 with 9.2% topline growth and 10.9% increase in REBITDA Fagron, the leading global player in pharmaceutical compounding, today publishes its full year results for the period ending 31 December 2025. Key Highlights Strong revenue growth with 9.2% reported growth (12.9% at CER1) to reach €952.2 million, ahead of guidance and supp...
Fagron behoudt uitstekende prestaties in boekjaar 2025 met 9,2% omzetg...
Fagron behoudt uitstekende prestaties in boekjaar 2025 met 9,2% omzetgroei en een stijging van de REBITDA met 10,9% Gereglementeerde informatie Nazareth (België)/Rotterdam (Nederland), 12 februari 2026 – 7:00 AM CET Fagron behoudt uitstekende prestaties in boekjaar 2025 met 9,2% omzetgroei en een stijging van de REBITDA met 10,9% Fagron, de toonaangevende wereldwijde speler in farmaceutische bereidingen, publiceert vandaag haar jaarresultaten voor de periode eindigend op 31 december 2025. Belangrijkste hoogtepunten Sterke omzetgroei met een gerapporteerde stijging van 9,2% (12,9% tege...
- Jerôme Bodin
CEC CECONOMY AG
BVI BUREAU VERITAS SA
MF WENDEL SE
SZG SALZGITTER AG
DEC JCDECAUX SA
TYRES NOKIAN RENKAAT OYJ
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
PIG HAULOTTE GROUP SA
VOE VOESTALPINE AG
CIE CIE AUTOMOTIVE S.A.
BRNL BRUNEL INTERNATIONAL N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
COFA COFACE SA
ECONT ECONOCOM GROUP SE CLASS D
ALFEN ALFEN NV
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
AQ AQUILA PART PROD COM
AMS AMS-OSRAM AG
- Jerôme Bodin
CEC CECONOMY AG
BVI BUREAU VERITAS SA
MF WENDEL SE
SZG SALZGITTER AG
DEC JCDECAUX SA
TYRES NOKIAN RENKAAT OYJ
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
PIG HAULOTTE GROUP SA
VOE VOESTALPINE AG
CIE CIE AUTOMOTIVE S.A.
BRNL BRUNEL INTERNATIONAL N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
COFA COFACE SA
ECONT ECONOCOM GROUP SE CLASS D
ALFEN ALFEN NV
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
AQ AQUILA PART PROD COM
AMS AMS-OSRAM AG
- ING Helpdesk
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...
- Ghada Ben Sedrine
- Nicolas Thorez
- Ghada Ben Sedrine
- Nicolas Thorez
- Stijn Demeester
Fagron/Compounding organic growth and accretive M&A/BUY
We raise our target price for Fagron from €25.5 to €27.0 ahead of its FY25 results on 12 February. We reiterate our BUY recommendation as the shares continue to offer a compelling combination of organic growth (2018-25F CAGR 8%, 2025-30F target HSD% to LDD%) and active and accretive M&A, in our view.
- Felix Fischer
- Filipe Botelho
- Haidje Rustau
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Russell Waller
Orange Belgium (Neutral, TP: €21.6, +12%) H2 25 results: Numbers beat...
OBEL has reported a good set of numbers, with EBITDAaL c+3% ahead of consensus and 2026 EBITDAaL guidance is better than consensus expectations. There is evidence of a Digi impact in MSR and ARPU, but KPIs are OK, suggesting that OBEL is protecting share over ARPU - OBEL has c30% of revs from mobile only, which are vulnerable to Digi in our view.
- Aurelien Sivignon
- Thomas Zlowodzki
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
APAML APERAM SA
PHA PHARMAGEST INTERACTIVE SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GBT GUERBET SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SAVE SAVENCIA SA
LIGHT SIGNIFY NV
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ALD ALD SA
OBEL ORANGE BELGIUM SA
NVM NOVEM GROUP SA
AF AIR FRANCE - KLM
- Aurelien Sivignon
- Thomas Zlowodzki
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
APAML APERAM SA
PHA PHARMAGEST INTERACTIVE SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
NRG NRJ GROUP SA
LNA LNA SANTE SA
GBT GUERBET SA
WIZZ WIZZ AIR HOLDINGS PLC
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SAVE SAVENCIA SA
LIGHT SIGNIFY NV
XFAB X-FAB SILICON FOUNDRIES SE
DUFN DUFRY AG
ALD ALD SA
OBEL ORANGE BELGIUM SA
NVM NOVEM GROUP SA
AF AIR FRANCE - KLM
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