reports
- ING Helpdesk
Benelux Morning Notes
AEGON: Uneventful results, US weaker, underlying OCG in line / Air France-KLM: Productivity gains starting to filter through / Arcadis: Weak revenues and EBITA, but strong NWC / Ascencio: Results in line, no concerns on Carrefour Belgium exposure / Azelis: Persisting softness in 4Q25, continued focus on costs and cash / BAM Group: Solid 2H25 results, 2026 outlook in line / Belgian telecoms: Telenet improved net adds, to relist as part of Ziggo in 2027, Liberty to sell half of its 66% Wyre stake ...
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
BAMNB KONINKLIJKE BAM GROEP NV
AF AIR FRANCE-KLM SA
GIMB GIMV NV
ARCAD ARCADIS NV
ASC ASCENCIO SCA
VGP VGP NV
KIN KINEPOLIS GROUP NV
OBEL ORANGE BELGIUM SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AZE AZELIS GROUP NV
AGN AEGON N.V.
MICC MAGNUM ICE CREAM COMPANY N.V. (THE)
Tele2 AB: 1 director
A director at Tele2 AB bought 414,798 shares at 186.612SEK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
- 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.
- Benoit Valleaux
- Steven Gould
AKE ARKEMA
INFINEON INFINEON TECHNOLOGIES AG
EQNR EQUINOR ASA
BT.A BT GROUP PLC
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
DEMANT DEMANT A/S
RHM RHEINMETALL AG
CPG COMPASS GROUP PLC
LXS LANXESS AG
DSV DSV PANALPINA A/S
RAND RANDSTAD NV
SDF K+S AG
BAS BASF SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
RAA RATIONAL AG
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SPSN SWISS PRIME SITE AG
EVK EVONIK INDUSTRIES AG
ASSA B ASSA ABLOY AB CLASS B
SAN BANCO SANTANDER S.A.
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
FPE3 FUCHS PETROLUB SE
SHEL SHELL PLC
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
VIRI VIRIDIEN
QGEN QIAGEN N.V.
AAL ANGLO AMERICAN PLC
- Benoit Valleaux
- Steven Gould
AKE ARKEMA
INFINEON INFINEON TECHNOLOGIES AG
EQNR EQUINOR ASA
BT.A BT GROUP PLC
WCH WACKER CHEMIE AG
MT ARCELORMITTAL SA
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
DEMANT DEMANT A/S
RHM RHEINMETALL AG
CPG COMPASS GROUP PLC
LXS LANXESS AG
DSV DSV PANALPINA A/S
RAND RANDSTAD NV
SDF K+S AG
BAS BASF SE
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
SY1 SYMRISE AG
P2F PETROFAC LIMITED
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
ROYAL VOPAK NV
RAA RATIONAL AG
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SPSN SWISS PRIME SITE AG
EVK EVONIK INDUSTRIES AG
ASSA B ASSA ABLOY AB CLASS B
SAN BANCO SANTANDER S.A.
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
VWS VESTAS WIND SYSTEMS
UMG UNIVERSAL MUSIC GROUP NV
FPE3 FUCHS PETROLUB SE
SHEL SHELL PLC
DEME DEME GROUP NV
SPM SAIPEM S.P.A.
DSFIR KONINKLIJKE DSM N.V.
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
VIRI VIRIDIEN
QGEN QIAGEN N.V.
- Stephane Beyazian
- Stephane Beyazian
- Chris Hoare
- Chris Hoare
Global EM Telcos & Towers – Strong start – NSR GEM Top-10 February ‘26...
Our portfolio of Top Picks has started 2026 strongly, up 6% ytd already. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
- 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.
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