reports
- Wim Hoste
Belysse Weak 3Q revenue performance
3Q25 revenue dropped by 10.9%, which was below our forecast of about -1%. Both Europe and US saw revenue decline by double digits, although the drop in the US was only mid single digits when excluding FX effects. 3Q25 adjusted EBITDA was not disclosed but was said to be down y/y, which is not surprising given the weak top line momentum. We have lowered our FY25 and FY26 adjusted EBITDA forecasts by respectively 10% and 8%. Despite the disappointing top line momentum, valuation continues to look ...
IBA opens the world of science and technology to secondary school girl...
IBA opens the world of science and technology to secondary school girls Its Innovat’her event brought together female students to explore careers in STEM Louvain-la-Neuve, Belgium, October 17, 2025 - IBA (Ion Beam Applications S.A., EURONEXT), the world leader in particle accelerator technology, hosted the Innovat’her event yesterday, aimed at girls in their fifth and sixth years of secondary school. The goal was to introduce them to scientific and technical careers, which remain underrepresented in the academic choices of female students. The event welcomed 25 students, invited by IBA co...
IBA ouvre la voie des sciences et des technologies aux jeunes filles d...
IBA ouvre la voie des sciences et des technologies aux jeunes filles du secondaire L’événement Innovat’her a réuni des étudiantes pour leur faire découvrir les carrières dans les STIM Louvain-la-Neuve, Belgique, le 17 octobre 2025 - IBA (Ion Beam Applications S.A., EURONEXT), le leader mondial de la technologie des accélérateurs de particules, a organisé hier l’événement Innovat’her, destiné aux jeunes filles de 5ème et 6ème secondaire. L’objectif était de leur faire découvrir les métiers scientifiques et techniques, sous-représentés parmi les choix d’orientation des étudiantes. L’événeme...
- ING Helpdesk
Benelux Morning Notes
Ageas: AG Real Estate looking to reduce exposure to Interparking, lower capital charges. Air France-KLM: 3Q25 a bit light? ASML: Preview 3Q25, riding the AI wave. Barco: Preview 3Q25, self-help offsets macro headwind. D'Ieteren: Belron starts to roll out static mobile recalibration. Euronext: September's seasonal recovery. Tessenderlo More focus on capital allocation and returns. TomTom: Preview 3Q25, Cost cutting offsets slow markets. Umicore: Gold inventory sale-and-lease-back
- Wim Hoste
Tessenderlo Feedback Analyst & Asset Manager Day
Tessenderlo reiterated FY25 guidance at the occasion of its Investor event yesterday. We note that Luc Tack expressed his desire to become more strict in allocating capex, whilst in terms of activity portfolio there are no sacred cows and management asks themselves whether they are still the best owner of their businesses. The deal with Darling Ingredients on gelatin & collagen is progressing with deal closing probable in 2H26. We continue to appreciate Tessenderlo for its healthy FCF generation...
- Kristof Samoy
- Wim Hoste
- Hilde Van Boxstael
- Livio Luyten
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
IBA – Transparency Notification
IBA – Transparency Notification (Article 14, paragraph 1 of the law of 2 May 2007 on the disclosure of major holdings) Louvain-la-Neuve (Belgium), 22 September 2025, 06:00 PM Summary of the notification IBA (Ion Beam Applications S.A - EURONEXT - Reuters IBAB.BR - Bloomberg IBAB.BB), the world leader in particle accelerator technology, announces that it has to issue a transparency notification, in accordance with Article 14, al. 1 of the Transparency Law of May 2, 2007 on disclosure of major holdings, further to a notification dated Tuesday 16 September 2025 and received on Thursday ...
IBA SA – NOTIFICATION TRANSPARENCE
IBA SA – NOTIFICATION TRANSPARENCE (Article 14, alinéa 1er de la loi du 2 mai 2007 relative à la publicité des participations importantes) Louvain-la-Neuve (Belgique), le 22 septembre 2025, 18h00 Résumé de la notification IBA (Ion Beam Applications S.A. - EURONEXT - Reuters IBAB.BR - Bloomberg IBAB.BB), le leader mondial de la technologie d’accélération de particules, annonce devoir effectuer une notification en matière de transparence conformément à l'article 14, alinéa 1er de la loi du 2 mai 2007 relative à la publicité des participations importantes (« loi transparence »), à la sui...
IBA – TRANSPARENCY NOTIFICATION
IBA – TRANSPARENCY NOTIFICATION (Article 14, paragraph 1 of the law of 2 May 2007 on the disclosure of major holdings) Louvain-la-Neuve, Belgium, September 10, 2025 06:00 PM Summary of the notification IBA (Ion Beam Applications), the world’s leading provider of proton therapy solutions for the treatment of cancer, announces that it has to issue a transparency notification, in accordance with Article 14, al. 1 of the Transparency Law of May 2, 2007 on disclosure of major holdings, further to the notification received on September 3, 2025. In its notification, Marcel Jo Maschmeyer ind...
IBA SA – NOTIFICATION TRANSPARENCE
IBA SA – NOTIFICATION TRANSPARENCE (article 14, alinéa 1er de la loi du 2 mai 2007 relative à la publicité des participations importantes) Louvain-la-Neuve, Belgique, le 10 septembre 2025, 18:00 Résumé de la notification IBA (Ion Beam Applications SA), le premier fournisseur mondial de solutions de protonthérapie pour le traitement du cancer, annonce devoir effectuer une notification en matière de transparence conformément à l'article 14, alinéa 1er de la loi du 2 mai 2007 relative à la publicité des participations importantes (« loi transparence »), à la suite d’une notification reçu...
- Wim Hoste
Belysse 1H adjusted EBITDA down on Europe but market bottoming out?
1H adjusted EBITDA dropped by c. 20% which was below our expectations. Belysse. The decline is entirely due to Europe, as the US business held up very well and even increased adjusted EBITDA y/y, on stable volumes and higher unitary margins. After the weaker than expected 1H performance, we have lowered our FY25/26 adjusted EBITDA forecasts by c. 9%. Nevertheless, European volumes appear to be bottoming out and any volume rebound might have a significant positive effect on margins. Valuation con...
- Michiel Declercq
IBA 1H25 Conference call feedback & model update
IBA reported good 1H25 results, with revenues up 40% to € 304.9m (kbcse: € 274.6m) driven by strong backlog conversion in PT as well as OA. However, as most of the conversion relates to legacy lower margin contracts in Spain and China, the gross profit increase of +27% to € 90.0m (kbcse: € 93.4m) and REBIT of € 10.6m (kbcse: € 10.3m) were broadly in line with our estimates. However net cash significantly deteriorated on the back of WC investments, as anticipated. We are pleased to see IBA reiter...
- ING Helpdesk
REVISED VERSION - Benelux Morning Notes - updated to include IBA news
CFE: 1H results a bit light, FY outlook maintained. CMB.TECH: VLCC reasonable, pressure on Dry Bulk rates. dsm-firmenich: Givaudan CMD; Strategy 2030. Gimv: Investing in specialised healthcare services in the Netherlands. IBA: More sales but at lower margin
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
IBA reports strong Half Year 2025 results, transforming towards a more...
IBA reports strong Half Year 2025 results, transforming towards a more profitable business Read the entire half year 2025 results press release Louvain-la-Neuve, Belgium, 28 August 2025 - IBA (Ion Beam Applications S.A), the world leader in particle accelerator technology, today announces its consolidated results for the first half of 2025. High revenue growth and improved profitability in H1 driven by accelerated backlog conversion Net sales rose 40% vs. H1 2024, to EUR 304.9 million, with IBA Clinical and IBA Technologies increasing by 47% and 30% respectively thanks to well-exec...
IBA réalise des résultats solides au premier semestre 2025, évoluant v...
IBA réalise des résultats solides au premier semestre 2025, évoluant vers une plus haute profitabilité pour lire l'intégralité du communiqué de presse des résultats du premier semestre 2025 Louvain-La-Neuve, Belgique, 28 août 2025 - IBA (Ion Beam Applications S.A.), le leader mondial de la technologie d’accélération de particules, annonce ce jour ses résultats consolidés du premier semestre (S1) 2025. Forte croissance du chiffre d'affaires et amélioration de la rentabilité au S1, grâce à l'accélération de la conversion du carnet de commandes Chiffre d'affaires net en augmentation de ...
- Wim Hoste
Tessenderlo Feedback 1H results conference call
Below are the highlights from the conference call. Tessenderlo's 1H results positively surprised, with adj EBITDA up 8% y/y to 163.4m, which was 19% better than our forecast and 12% above consensus. The company reiterated its broad FY25 guidance range, with consensus currently at the midpoint of the range whilst KBCS estimates are at the low end of the guidance range (and will be upped somewhat). The company is using its solid balance sheet and FCF to buy back own shares. We consider valuation t...
- 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
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
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