reports
- 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 ...
- James Ratzer
Vodafone (Buy, £1.30, +20%) Q3 26 – The pricing vs. volume dynamic in...
Market reaction to Vodafone’s Q3 might be dominated by the weaker German broadband net adds figure, but we think the pricing trends look more encouraging and we see these as a reasonable set of results with all guidance reiterated.
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- Russell Waller
Tele2 (Buy, TP: SEK 170, +7%) Post Q4 25 model update
In this note, we update our model and thoughts following the Q4 results (HERE) incorporating conference call feedback, feedback following meeting the CEO/CFO, and compare our new estimates to guidance and consensus. We have trimmed EBITDA slightly for 26/27, but have lifted OpFCF due to the good CapEx discipline.
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- Russell Waller
Tele2 (Buy, TP: SEK 170, +7%) Q4 25: A lot of mixed messaging
Tele2 has reported a confusing set of results with lots of mixed messages. On the one hand, Q4 results were good, but 2026 EBITDAaL guidance is a but disappointing and at odds with current growth rates and looks beatable given likely Q1 growth rates.
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- 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
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
- ABGSC Telecom Operators Research
- Derek Laliberté
- Øystein Elton Lodgaard
- Simon Granath
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