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...
VodafoneZiggo, Telenet and Virgin Media O2 presented mixed results over 3Q25. Fortunately, KPIs are improving somewhat. Given the competitive end markets, our conviction to buy or sell the notes of any of the three companies remains low. Leverage remained stable QoQ. Nevertheless, we still see upside to the VMED and ZIGGO notes if either Vodafone or Telefonica were to acquire full ownership of their joint ventures or if the businesses where to IPO.
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