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- ING Helpdesk
Benelux Morning Notes
Aedifica: c.€29m new developments in Germany and Finland / GBL: €0.5bn equity investment in Rayner, an ophthalmic MedTech specialist / NN Group: Is consensus running ahead of a capital update with FY25 results? / Philips: Supportive update ahead of CMD / Proximus: Route Mobile 3Q26 shows lower revenues, better profitability / Staffing sector: French staffing: December better but January outlook weaker but perhaps better than number of temp outlook indicates / VAR Energi: Strong CMD target 400kpd...
- ING Helpdesk
- Hilde Van Boxstael
- Kristof Samoy
- Wim Hoste
- Wim Lewi
- 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
- ING Helpdesk
Benelux Morning Notes
Adyen: Preview 2H25. Aperam: In-line 4Q25, upbeat medium-term outlook balances short-term consensus risk. Ayvens: Fast Car (UCS normalisation). Barco: 4Q25 preview, mixed performance. Lotus Bakeries: Another beat on every line. Orange Belgium: 2H25 EBITDAal beat on lower sales, much better 2026 guidance. Philips: CMD & 4Q25 preview, execution is key. RELX: FY25 preview. Universal Music Group: Peer Warner Music 4% revenue and 11% OIBDA beat
- Konrad Zomer
Solid EBITDAaL growth slightly exceeding the 2025 guidance, supported ...
Solid EBITDAaL growth slightly exceeding the 2025 guidance, supported by sustained commercial performance, synergies and efficiencies Press releaseEmbargo until 6 February 2026 at 7:00 am Regulated information – Inside information Financial information for the second semester and full year 2025 Solid EBITDAaL growth slightly exceeding the 2025 guidance, supported by sustained commercial performance, synergies and efficiencies Mobile postpaid customer base +2.5% yoy / Cable customer base +1.8% yoyH2 Revenues -1.5% yoy / FY 2025 Revenues -1.5% yoyH2 EBITDAaL +3.4% yoy / FY 2025 EBITDAaL +...
Solide EBITDAaL-groei die de prognose voor 2025 licht overschrijdt, on...
Solide EBITDAaL-groei die de prognose voor 2025 licht overschrijdt, ondersteund door stabiele commerciële prestaties, synergiën en efficiëntiewinst PersberichtEmbargo tot 6 februari 2026 om 7.00 u. Gereglementeerde informatie – Voorwetenschap Financiële informatie voor het tweede halfjaar en het volledige jaar 2025 Solide EBITDAaL-groei die de prognose voor 2025 licht overschrijdt, ondersteund door stabiele commerciële prestaties, synergiën en efficiëntiewinst Aantal mobiele postpaidklanten +2.5% j-o-j / Aantal kabelklanten +1.8% j-o-jOmzet in H2 -1,5% j-o-j / Omzet 2025 -1,5% j-o-jEBITD...
Croissance solide de l'EBITDAaL légèrement supérieure aux prévisions p...
Croissance solide de l'EBITDAaL légèrement supérieure aux prévisions pour 2025, supportée par des performances commerciales soutenues, des synergies et des gains d'efficacité Communiqué de presseEmbargo jusqu'au 6 février 2026 à 7h00 Information réglementée – informations confidentielles Information financière relative au second semestre et à l'exercice 2025 Croissance solide de l'EBITDAaL légèrement supérieure aux prévisions pour 2025, supportée par des performances commerciales soutenues, des synergies et des gains d'efficacité Base clients mobiles postpayés +2.5% / Base clients câble ...
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Aedifica and Cofinimmo: Belgian Competition Authority approves the deal / AEGON: Sale of UK picking up early momentum / Allfunds Group PLC: Of Bourse they agreed / Ontex: Peer Essity 4Q25 results / Telecoms: Digital Networks Act take-aways / WDP: Catena to raise c.€255m via an ABB with WDP participating pro-rata for c.€26m
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
Colruyt: Guidance reiterated despite weaker-than-expected 1H25/26. Dutch Pension Buyouts: Regulator DNB's view, c.€7bn so far, insurers at 15% market share now. OCI: Dutch investor association VEB and other shareholders take legal action to block Orascom merger. Proximus: CFO Mark Reid to leave Proximus by end of January 2026. Staffing Sector: US temp volume YoY declined vs October; NFP jobs beat expectations. Var Energy: Boosting production bodes well for years to come. Events Calendar
- Guy Sips
- Michiel Declercq
- ING Helpdesk
Benelux Morning Notes
Belgian Telecoms: DIGI Belgium CEO Interview: ‘We are running a marathon, not a sprint' IBA: IBA to install a Rhodotron in East China. Ontex: Another quarter, another profit warning. Theon International: Backlog visibility indeed. Xior: 2026 outlook positive but with no major surprise. Events Calendar
- Guy Sips
- Michiel Declercq
- Wim Hoste
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
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