reports
- Guy Sips
Materialise Medical segment continues to lead the way
Materialise indicated that - amidst the current macro-economic and geo-political turbulence - they managed to grow their 1Q25 revenue 4.3% y/y. Materialise's Medical segment continued to lead the way with 18.7% revenue growth y/y. Uncertain market conditions continued to weigh on its Materialise Manufacturing and Materialise Software segments. On the other hand, we welcome that Materialise significantly increased the deferred revenue carried on its balance sheet. Although overall 1Q25 profitabil...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Brunel withdraws item 15 from AGM agenda
Brunel withdraws item 15 from AGM agenda Brunel International N.V. has decided to withdraw item 15 (Proposal to adjust the remuneration of the Supervisory Board) from the agenda for the Annual General Meeting of Shareholders to be held on 15 May 2025. As a result, the remuneration of the Supervisory Board shall remain unchanged for the time being. Amsterdam, April 17, 2025 The Board of Directors Source: Brunel International NV
Brunel trekt punt 15 van de AVA agenda in
Brunel trekt punt 15 van de AVA agenda in Brunel International N.V. heeft besloten om punt 15 (Voorstel tot aanpassing van de remuneratie van de raad van commissarissen) van de agenda, voor de algemene vergadering van aandeelhouders van 15 mei 2025, in te trekken. Als gevolg hiervan zal de remuneratie van de raad van commissarissen vooralsnog ongewijzigd blijven. Amsterdam, 17 april 2025 De raad van bestuur Source: Brunel International NV
- Marc Zwartsenburg
- CEFA
Brunel International/Preview 1Q25 due 9 May/BUY
We keep our BUY rating on valuation grounds, but we also acknowledge we lack imminent catalysts for a re-rating as visibility is low due to uncertainties around the impact from tariffs on global economies while the European bazooka might be an upside risk but more for the medium-to-longer term. In the meantime, we expect a rather weak trading update on 1Q25 with further weakening revenue trends in NL and especially Germany along with some delays at projects in Global Businesses, which could lead...
Correction: GENERAL MEETING OF SHAREHOLDERS BRUNEL INTERNATIONAL N.V.
Correction: GENERAL MEETING OF SHAREHOLDERS BRUNEL INTERNATIONAL N.V. Shareholders and other persons entitled to attend the meetings of Brunel International N.V. (‘Company’) are invited to attend the General Meeting of Shareholders that will take place on Thursday 15 May 2025 at 2.30 p.m. (CEST) at B. Amsterdam, Building B.3 at Johan Huizingalaan 400, 1066 JS Amsterdam. Agenda: 1.Opening2.Report of the Board of Directors for the financial year 2024 (for discussion)3.Implementation of the remuneration policy (advisory vote)4.Discussion and adoption of the annual accounts for the financial y...
Correction: ALGEMENE VERGADERING VAN AANDEELHOUDERS BRUNEL INTERNATION...
Correction: ALGEMENE VERGADERING VAN AANDEELHOUDERS BRUNEL INTERNATIONAL N.V. Aandeelhouders en andere vergadergerechtigden van Brunel International N.V. (‘Vennootschap’) worden uitgenodigd tot het bijwonen van de algemene vergadering van aandeelhouders op donderdag 15 mei 2025 te 14:30 uur in Gebouw B.3 van B. Amsterdam aan de Johan Huizingalaan 400, 1066 JS Amsterdam. Agenda: 1.Opening2.Verslag van de raad van bestuur over het boekjaar 2024 (ter bespreking)3.Uitvoering van het bezoldigingsbeleid (ter adviserende stemming)4. Behandeling en vaststelling van de jaarrekening over het ...
GENERAL MEETING OF SHAREHOLDERS BRUNEL INTERNATIONAL N.V.
GENERAL MEETING OF SHAREHOLDERS BRUNEL INTERNATIONAL N.V. Shareholders and other persons entitled to attend the meetings of Brunel International N.V. (‘Company’) are invited to attend the General Meeting of Shareholders that will take place on Thursday 15 May 2025 at 2.30 p.m. (CEST) at B. Amsterdam, Building B.3 at Johan Huizingalaan 400, 1066 JS Amsterdam. Agenda: 1.Opening2.Report of the Board of Directors for the financial year 2024 (for discussion)3.Implementation of the remuneration policy (advisory vote)4. Discussion and adoption of the annual accounts for the financial year ...
ALGEMENE VERGADERING VAN AANDEELHOUDERS BRUNEL INTERNATIONAL N.V.
ALGEMENE VERGADERING VAN AANDEELHOUDERS BRUNEL INTERNATIONAL N.V. Aandeelhouders en andere vergadergerechtigden van Brunel International N.V. (‘Vennootschap’) worden uitgenodigd tot het bijwonen van de algemene vergadering van aandeelhouders op donderdag 15 mei 2025 te 14:30 uur in Gebouw B.3 van B. Amsterdam aan de Johan Huizingalaan 400, 1066 JS Amsterdam. Agenda: 1.Opening2.Verslag van de raad van bestuur over het boekjaar 2024 (ter bespreking)3.Uitvoering van het bezoldigingsbeleid (ter adviserende stemming)4. Behandeling en vaststelling van de jaarrekeni...
- Bruno Cavalier
- Jerôme Bodin
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
POM PLASTIC OMNIUM SE
EL ESSILORLUXOTTICA SA
VIV VIVENDI SE
BRBY BURBERRY GROUP PLC
GBT GUERBET SA
KER KERING SA
01913 PRADA S.P.A.
LPP LPP S.A.
FDR FLUIDRA S.A.
MONC MONCLER SPA
BRNL BRUNEL INTERNATIONAL N.V.
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MAU ETABLISSEMENTS MAUREL & PROM SA
ATRY ATRYS HEALTH
HGEA HGEARS AG
- Konrad Zomer
- Bruno Cavalier
- Emmanuel Matot
- Louis Boujard
- CFA
- Marc Lavaud
- Roy Külter
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
EO FAURECIA SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
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GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ITP INTERPARFUMS
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INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ACX ACERINOX SA
XIOR XIOR STUDENT HOUSING N.V.
G24 SCOUT24 AG
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
01913 PRADA S.P.A.
FAE FAES FARMA S.A.
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
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LPP LPP S.A.
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
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MONT MONTEA SCA
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CARM CARMILA SAS
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CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
FLU FLUGHAFEN WIEN AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
TLGO TALGO SA
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LAND LAND SECURITIES GROUP PLC
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ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
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SHUR SHURGARD SELF STORAGE LIMITED
EXENS EXOSENS
CO CASINO GUICHARD-PERRACHON
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- Bruno Cavalier
- Marc Lavaud
- Roy Külter
- Steven Boumans
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LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
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RMS HERMES INTERNATIONAL SCA
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GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ALV ALLIANZ SE
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
TEP TELEPERFORMANCE SE
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
BCP BANCO COMERCIAL PORTUGUES S.A.
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
ACKB ACKERMANS & VAN HAAREN NV
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
LPP LPP S.A.
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
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CARM CARMILA SAS
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VGP VGP NV
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CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
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ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
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ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
Materialise Growth will not (yet) materialise in 2025
We have adjusted our FY25 projections, reducing FY25E sales from €291m to €277m, as Materialise expects the challenging macroeconomic conditions to continue throughout FY25, particularly affecting the European industrial sector. This will impact the performance of our Materialise Manufacturing segment. Consequently, following the FY24 results, we have lowered our Target Price to $8.2 (previously $10) while maintaining our Accumulate rating.
- Usama Tariq
GTT GAZTRANSPORT & TECHNIGAZ SA
LEI LEIFHEIT AG
POM PLASTIC OMNIUM SE
ISS ISS A/S
ATE ALTEN SA
COR CORTICEIRA AMORIM SGPS SA
ROS ROSENBAUER INTERNATIONAL AG
HEIJM HEIJMANS N.V. CERT
MBWS
KRN MARIE BRIZARD WINE & SPIRITS SA
KENDR KRONES AG
BRNL KENDRION NV
TWEKA BRUNEL INTERNATIONAL N.V.
POSR TKH GROUP N.V. CERT
COFA POZAVAROVALNICA SAVA
TKO COFACE SA
NKT TIKEHAU CAPITAL SCA
HFG NKT A/S
TMV HELLOFRESH SE
CABKA TEAMVIEWER AG
FLOW CABKA N.V.
FLOW TRADERS LTD
- Rok Stibric
GTT GAZTRANSPORT & TECHNIGAZ SA
LEI LEIFHEIT AG
POM PLASTIC OMNIUM SE
ISS ISS A/S
ATE ALTEN SA
COR CORTICEIRA AMORIM SGPS SA
HEIJM HEIJMANS N.V. CERT
MBWS
KRN MARIE BRIZARD WINE & SPIRITS SA
KENDR KRONES AG
BRNL KENDRION NV
TWEKA BRUNEL INTERNATIONAL N.V.
POSR TKH GROUP N.V. CERT
COFA POZAVAROVALNICA SAVA
TKO COFACE SA
HFG TIKEHAU CAPITAL SCA
TMV HELLOFRESH SE
FLOW TEAMVIEWER AG
FLOW TRADERS LTD
- Konrad Zomer
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Walmart 4Q25 results. Brunel: 4Q24 results: EBIT beats slightly on lower opex; outlook in line; strong cash position. Cofinimmo: FY24 DPS confirmed, FY25 cut as expected. Heijmans: Beats on every single line item. Kinepolis: 2H24 analyst meeting feedback. Recticel: Kingspan FY24 results
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