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Kristof Samoy
  • Kristof Samoy

CMB.Tech Unscheduled 3Q25 trading update released

This morning CMB.TECH issued an update which went unnoticed due to technical issues. We presume the release has to do with the ongoing fixed income investor meetings to refinance (half of) the $1.4bn bridge loan taken out to acquire the stake in Golden Ocean. The update was limited to the publication of TCE rates and confirmed the rumoured sale of the VLCC Dalma (°2007) which resulted in a handsome $27m capital gain. The attractive rate fixtures in the 4Q25 more than make up for the shortfall in...

Wim Hoste
  • 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 ...

Hilde Van Boxstael ... (+4)
  • Hilde Van Boxstael
  • Kristof Samoy
  • Lynn Hautekeete
  • Wim Lewi
 PRESS RELEASE

PRESS RELEASE: CMB.TECH NV announces fixed income investor meetings

PRESS RELEASE: CMB.TECH NV announces fixed income investor meetings Antwerp, Oct. 20, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) (“CMB.TECH”) has mandated Danske Bank, DNB Carnegie, Nordea Bank and Pareto Securities to arrange a series of fixed income investor meetings commencing today, October 20, 2025.   Following the investor meetings a USD denominated five-year senior unsecured bond issue may follow, subject to inter alia market conditions. The proceeds from the potential bond issue will be used for general corporate purp...

 PRESS RELEASE

PRESS RELEASE: CMB.TECH trading update

PRESS RELEASE: CMB.TECH trading update Antwerp, Oct. 20, 2025 (GLOBE NEWSWIRE) -- CMB.TECH NV (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) (“CMB.TECH”) provides a market update. During Q3 and Q4 to date, CMB.TECH has continued its fleet rejuvenation strategy with the sale of two older vessels and the delivery of five newbuild vessels.   Fleet update  Deliveries  CMB.TECH took delivery of 5 newbuilding vessels in Q3 and Q4 to date:   Eco-Newcastlemaxes: Mineral Slovensko and Mineral Slovenija  Chemical tanker: Bochem Santos  CTV: Windcat 58  ...

Kristof Samoy
  • Kristof Samoy

CMB.Tech IMO Postpones Vote on Adoption of Net Zero Framework

On Friday afternoon, news broke—confirming earlier speculation on Thursday—that the IMO has postponed the vote on adopting the Net-Zero Framework by one year. The delay followed intense lobbying against the measures, led by the US and Saudi Arabia. In Friday's vote, 57 countries supported the delay (including the US, China, Panama, and Liberia), while 49 opposed (including most EU member states). The path forward for shipping emissions regulation remains unclear, with renegotiation potentially r...

Thijs Berkelder
  • Thijs Berkelder

Elia Group : High voltage growth path back on track

Seeing that the construction of the Belgian energy island is now progressing well, that the new CEO is acting stricter on cost control, that the demand for new bonds of Elia Transmission Belgium and 50Hertz has remained high at attractive yields, that the German regulator is expected to improve the regulatory rates framework for the next regulatory period, and that the investment fits perfectly in Europe’s ambitions to become less dependent on Russia, we today reiterate our Outperform recommenda...

ING Helpdesk
  • 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

Jacob Mekhael ... (+4)
  • Jacob Mekhael
  • Kristof Samoy
  • Thomas Couvreur
  • Wim Lewi
ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Belgian telcos: Digi launches new mobile offer at €7 per month with 30GB D'Ieteren: Belgium Sept car registration, Febiac cuts 2025 outlook to 405-410k new cars Dutch insurance: Achmea Sixth Steet JV done, new entrant for buyouts for ASR and NN Heijmans: I'm a steamroller baby Prosus: Just Eat Takeaway offer unconditional WDP: €22m investment in Romania

Guy Sips ... (+8)
  • Guy Sips
  • Kristof Samoy
  • Livio Luyten
  • Michiel Declercq
  • Thibault Leneeuw
  • Thomas Couvreur
  • Wim Hoste
  • Wim Lewi

Dynamic Top Pick List Update October: Removing VGP – Adding Shurgard a...

In this October update of our Dynamic Top Pick List we are removing VGP while adding Shurgard and Wolters Kluwer. Since its recent inclusion in our Dynamic Top Pick List in July-25, VGPs share rose by 10.6%. While we still believe there is significant upside to the share price, we don't see short term catalysts. In fact, the macro picture remains cloudy with the jury still out on the impact of tariffs and the erratic US policy shifts. Also, we are a bit concerned that competition in Western Eur...

Michiel Declercq
  • Michiel Declercq
Michiel Declercq
  • Michiel Declercq

D'Ieteren All eyes on Belron in 2H25

Following the publication of D'Ieteren's 1H25 results, we have slightly adjusted our estimates to the downside and currently bank on an FY25 adj. PBT (gs) of € 935m (prev. € 946m). Adjusting for constant exchange rates, our estimates imply a 2.8% growth on a comparable basis, or in line with the group's guidance (slight increase). While our new estimates reflect lower margin assumptions for Belron and TVH Parts, this effect is partially offset by lower financing costs at Belron on the back of fa...

Daimler Truck : Sustainability Weekly 8 - 12 September 2025

Last week, we published a report in which we propose ideas on the theme of sustainable sovereignty. Technip Energies signed an agreement to acquire the Advanced Materials & Catalysts business of Ecovyst Inc, a global leader in specialty catalysts and advanced materials. The IEA is expected to reintroduce its slow transition scenario, ‘Current Policies’, in its next World Energy Outlook, probably under pressure from the Trump administration. German Chancellor Merz has hinted at a slowdown in the ...

Daimler Truck : Sustainability Weekly 8 – 12 septembre 2025

La semaine passée, nous avons publié une étude où nous proposons des idées pour la thématique de la souveraineté durable. Technip a signé un accord en vue d'acquérir l'activité Advanced Materials & Catalysts d'Ecovyst Inc, leader mondial des catalyseurs spéciaux et des matériaux avancés. L'AIE devrait réintroduire son scénario de transition lente « Current Policies » dans son prochain World Energy Outlook, probablement sous la pression de l'administration Trump. Le chancelier allemand Merz a lai...

Guy Sips ... (+5)
  • Guy Sips
  • Hilde Van Boxstael
  • Kristof Samoy
  • Lynn Hautekeete
  • Wim Lewi
Kristof Samoy
  • Kristof Samoy

CMB.Tech Unique & future proof industrial shipping platform

Late August CMB.TECH completed the merger with Golden Ocean which created one of the world's largest diversified listed maritime groups predominantly exposed to dry bulk (56% of GAV) and crude tankers (26% of GAV). Considering the ageing global tanker & bulker fleet, the group boosts an attractive low average vessel age and -thanks to its ongoing NB programme- still has room for further asset disposals while the future-proof vessels hold interesting optionality for low carbon fuel adoption. The ...

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