reports
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: Expect buoyed contribution from Private Banking. ASR: 1H: strong solvency, buyouts at 12% IRR. Deceuninck: Weak set of results, as expected following the change in CEO. EVS: Very weak 1H25, but guidance unchanged; convincing bolt-on deal in the US. IBA: IBA to install one P1 system at university campus in Heidelberg, Germany. NEPI Rockcastle: Robust performance, small upward revision to guidance
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
EVS Broadcast Equipment 1H25 below expectations, guidance maintained a...
Although 1H25 revenues (€91.8m) and EBIT (€14.8m) came in below our (€96.6m, €18.7m) and CSS (€100.2m, €20.0m) expectations, EVS remains cautiously optimistic for FY25 and reaffirms its previously announced guidance as the foundations laid in 1H25 will support a strong 2H25. We also welcome EVS' significant strategic acquisition of US based Telemetrics, specialised in robotic camera systems for live news and live content production. This acquisition not only broadens EVS product portfolio but al...
- ING Helpdesk
Benelux Morning Notes
Ascencio: Stable update CFE: Preview; margin over volume CVC Capital Partners: Moments of Realisation D'Ieteren: Belron North American peer Boyd points to positive 3Q25 inflection point in like for like growth Fastned: 1H25 results; disappointing charging volumes, cost pressure continues Greenyard: Results of second acceptance period concerning takeover bid and launching squeeze-out
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- ING Helpdesk
Benelux Morning Notes
Belgian telcos: Telenet small positive net adds, good financials, guidance up. Kinepolis: US Cinemark strong, 5% growth in US tickets, consumption per visitor. KPN: VodafoneZiggo 2Q25 very weak, guidance maintained. PostNL: 2Q25 beats underlying slightly; FY25 guidance reiterated, EU court appeal
Greenyard NV: 1 director
A director at Greenyard NV bought 27,914,598 shares at 7.400EUR and the significance rating of the trade was 100/100. 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 clea...
KPN completes € 250m share buyback
KPN completes € 250m share buyback Today, KPN announces the completion of its € 250m share buyback, which commenced on 25 February 2025 and was completed on 25 July 2025. In total, KPN has repurchased 62,465,117 ordinary shares at an average price of € 4.00 per share. The share buyback reflects KPN's commitment to structurally returning additional capital to its shareholders and was executed by an intermediary on behalf of KPN. KPN intends to cancel 61,465,117 of the repurchased shares to reduce its capital. The remaining 1,000,000 repurchased shares will be retained to cover employee shar...
- Jan Frederik Slijkerman
KPN on track for a strong FY25/Strong competition not denting its perf...
This morning, KPN presented good 2Q25 results, although the equity market seems to have been a bit disappointed by KPN's cash generation in 1H25. Nevertheless, we take it as a positive that KPN has raised its FY25 outlook and remain constructive on its notes. The KPN notes look somewhat attractive compared to some notes of Orange.
- Michiel Declercq
KPN Good commercial momentum, raises outlook following one off IPR tai...
KPN reported a good set of 2Q25 results, with adj. service revenues up 3.7% to € 1339m (kbcse: € 1325m, css: € 1329m). The strong performance was largely driven by B2B, as well a strong commercial momentum in broadband and mobile net adds. While the 6.4% adj. EBITDAal increase to € 670m came in comfortably above our expectations (kbcse: € 658m), we want to highlight that the Adj. EBITDAal was positively impacted by a € 9m tailwind related to IPR claims. These claims are expected to have an addit...
- Olfa Taamallah
- Yan Derocles
EQNR EQUINOR ASA
RNO RENAULT SA
KPN ROYAL KPN NV
TKA TELEKOM AUSTRIA AG
HO THALES SA
LONN LONZA GROUP AG
GLE SOCIETE GENERALE S.A. CLASS A
RAND RANDSTAD NV
ALO ALSTOM SA
ASM ASM INTERNATIONAL N.V.
GAS NATURGY ENERGY GROUP S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
UCG UNICREDIT S.P.A.
IBE IBERDROLA SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
VACN VAT GROUP AG
SAP SAP SE
BG BAWAG GROUP AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AM DASSAULT AVIATION
STMN STRAUMANN HOLDING AG
- Olfa Taamallah
- Yan Derocles
EQNR EQUINOR ASA
RNO RENAULT SA
KPN ROYAL KPN NV
TKA TELEKOM AUSTRIA AG
HO THALES SA
LONN LONZA GROUP AG
GLE SOCIETE GENERALE S.A. CLASS A
RAND RANDSTAD NV
ALO ALSTOM SA
ASM ASM INTERNATIONAL N.V.
GAS NATURGY ENERGY GROUP S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
UCG UNICREDIT S.P.A.
IBE IBERDROLA SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
VACN VAT GROUP AG
SAP SAP SE
BG BAWAG GROUP AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AM DASSAULT AVIATION
STMN STRAUMANN HOLDING AG
- Konrad Zomer
- Russell Waller
KPN (Neutral, TP: €4.0, -3%) Q2 25: Good results and guidance raise (...
KPN has reported a good set of results (+0.6% EBITDA beat ex the court case one-off) and has lifted FY25 EBITDA guidance (by €30m of which €25m is one-off related, so +0.2% underlying). In summary, Q2 is like Q1: weak B2C is offset by a good B2B result in terms of SR, and although B2B is lower margin, total EBITDA is being supported by cost out, such that EBITDA is as per guidance and expectations. Is this sustainable?
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ING Helpdesk
Benelux Morning Notes
ASM International: 2Q25 Results; Positive tone, weak orders. CM.com: 1H25 results; disappointing performance, guidance downgrade. Gimv: Gimv fuels Hemink's sustainable expansion. KPN: Solid 2Q25, guidance raised largely on €25m IPR claim benefit. Philips: 2Q25 Preview; improvement needed. Randstad: 2Q25 in line; outlook touch below; FX spoils the party but operational leverage story is unfolding. Sofina: Newsletter #16. Universal Music Group: EU opens in-depth investigation into Downtown ...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
KPN delivers a strong quarter; full-year 2025 outlook raised
KPN delivers a strong quarter; full-year 2025 outlook raised Continued Group service revenue growth (+3.7% y-on-y), driven by all segments Consumer service revenues increased 1.3% y-on-ySolid commercial momentum in Consumer broadband (+13k) and postpaid (+37k)Business service revenue growth continues at a high level (+5.7% y-on-y), driven by all divisionsAdj. EBITDA AL increased +6.4% y-on-y in Q2 2025, of which +1.4% IPR benefit and +1.0% Althio contributionH1 Free Cash Flow at € 309m, progressing according to planLeading the Dutch fiber market, now covering two-thirds of the NetherlandsFu...
KPN reports on progress of € 250m share buyback
KPN reports on progress of € 250m share buyback KPN has repurchased 1,533,000 KPN ordinary shares in the period from 14 July to 18 July 2025. The shares were repurchased at an average price of € 4.09 per share for a total consideration of € 6.3m. These repurchases are part of the € 250m share buyback started on 25 February 2025 and reflect KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased until 18 July 2025 is 57,170,738 for a total consideration of € 228.9m. Transaction details of the share buyback are availabl...
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 27 January 2025, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...
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