reports
- ING Helpdesk
Benelux Morning Notes
Alfen: Preview - muddling through? Belgian telcos: Competition Authority investigation on Proximus/Orange Belgium MoU. Brunel International: 2Q25 below, 3Q25 outlook cut, cost savings protect FY25 estimates. Euronext: Another record set of results. Fugro: Sharper V-shape? GBL: Weak NAV performance, as expected. KBC Ancora: Cooperative CERA increasing its stake to 51.24%, using excess cash. UCB: Renewed US threats to cut drug prices. Umicore: 1H25 and guide broadly in-line, new S...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Dominic Rose
- Naresh Chouhan
UCB - Still Plenty of Upside – PT up to €270 (BUY, TP €270 [250], 8pgs...
We upgrade our 2026 Bimzelx sales to be €0.9bn higher than consensus with conservative assumptions & and are now 11% above consensus on 2026 group sales & 19% on EBITDA. We upgrade our already above-consensus ‘27 EBITDA by 5%. Using our proprietary product-by-product Contribution Analysis, we show that the gross margin is highly sensitive to Bimzelx growth. We analyse the galvokimig data, which looks very strong Vs Dupi. Whilst UCB pipeline readouts & Moonlake risk will dominate specialists’ tho...
- Jacob Mekhael
- Louis Boujard
- CFA
- Philippe Ourpatian
- Thomas Zlowodzki
V1S ARKEMA
LHN HOLCIM AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
AC ACCOR SA
VIE VEOLIA ENVIRONNEMENT SA
IPN IPSEN SA
RR. ROLLS-ROYCE HOLDINGS PLC
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
UBSN UBS GROUP AG
MT ARCELORMITTAL SA
ADP AEROPORTS DE PARIS SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
LI KLEPIERRE SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
ISP INTESA SANPAOLO S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
UCB UCB S.A.
01913 PRADA S.P.A.
BA. BAE SYSTEMS PLC
NEM NEMETSCHEK SE
ARCAD ARCADIS NV
EDW EDP RENOVAVEIS SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ABI BANCO SANTANDER S.A.
RIO ANHEUSER-BUSCH INBEV SA/NV
LDO RIO TINTO PLC
SNP LEONARDO SPA
ARGX PETROM S.A.
SHL ARGEN-X SE
ULA SIEMENS HEALTHINEERS AG
KBX UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
NEXI KNORR-BREMSE AG
FDJ NEXI S.P.A.
SHEL LA FRANCAISE DES JEUX SA
P911 SHELL PLC
DSFIR DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ARM KONINKLIJKE DSM N.V.
TEN ARM HOLDINGS PLC
SYENS TENARIS S.A.
AAL SYENSQO
ANGLO AMERICAN PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
V1S ARKEMA
LHN HOLCIM AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
AC ACCOR SA
VIE VEOLIA ENVIRONNEMENT SA
IPN IPSEN SA
RR. ROLLS-ROYCE HOLDINGS PLC
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
UBSN UBS GROUP AG
MT ARCELORMITTAL SA
ADP AEROPORTS DE PARIS SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
LI KLEPIERRE SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
KOMB KOMERCNI BANKA A.S.
ISP INTESA SANPAOLO S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
UCB UCB S.A.
01913 PRADA S.P.A.
BA. BAE SYSTEMS PLC
NEM NEMETSCHEK SE
ARCAD ARCADIS NV
EDW EDP RENOVAVEIS SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ABI BANCO SANTANDER S.A.
RIO ANHEUSER-BUSCH INBEV SA/NV
LDO RIO TINTO PLC
SNP LEONARDO SPA
ARGX PETROM S.A.
SHL ARGEN-X SE
ULA SIEMENS HEALTHINEERS AG
KBX UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
NEXI KNORR-BREMSE AG
FDJ NEXI S.P.A.
SHEL LA FRANCAISE DES JEUX SA
P911 SHELL PLC
DSFIR DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ARM KONINKLIJKE DSM N.V.
TEN ARM HOLDINGS PLC
SYENS TENARIS S.A.
AAL SYENSQO
ANGLO AMERICAN PLC
- Martijn Den Drijver
- Jacob Mekhael
UCB 1H25 earnings beat driven by Bimzelx, raises FY25 guidance
UCB's growth continues with 1H25 earnings increasing to € 3.49b, beating CSS expectations by approx. 8%. We note that Bimzelx performed significantly higher vs. expectations bringing in € 799m (CSS: € 615m) continuing its solid growth momentum. The company updated its FY25 guidance to revenue of at least € 7b based on a strong outlook for the remainder of the year. We reiterate our €214 TP and Accumulate.
- Kristof Samoy
Arcadis 1H25 results overall in line, growth decelerating in Resilienc...
1H25 net revs were flat (-0.1% organically) at €1937m (vs. our €1960m and css of €1957m). Operating EBITA landed at €215m below our €222m but inline with css of €215m. Sequentially the backlog fell slightly over 2Q to €976m (still +2.6% organically ytd), with 2Q book-to-bill ratio of 1.0x (vs. 1.1x in 1Q25). Overall results were in line but both revenue and order intake dynamics at Resilience are somewhat subdue, in spite of the solid margin performance of the GBA. Mobility remains on track for ...
- ING Helpdesk
Benelux Morning Notes
AB InBev: 2Q25 results. Air France-KLM: Nice beat, let's see how FY25 finishes. AMG: Uptrend continues in 2Q25 with 23% EBITDA beat and guidance up to +US$200m. Aperam: Slight 2Q25 EBITDA beat, 3Q25 seen down QoQ. Arcadis: EBITA margin held up well in 2Q25, order intake mixed. Ayvens: 2Q25 results. Azelis: Soft but largely in-line 2Q25 with EMEA offsetting weaker APAC. Bekaert: 1H25 miss and lowered outlook to result in c.5% consensus downside. Corbion: Taking it to the wire. dsm...
APAML APERAM SA
FAGR FAGRON SA
UCB UCB S.A.
AF AIR FRANCE-KLM SA
ARCAD ARCADIS NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ONTEX ONTEX GROUP N.V.
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ALD ALD SA
AZE AZELIS GROUP NV
SHEL SHELL PLC
FLOW FLOW TRADERS LTD
DSFIR KONINKLIJKE DSM N.V.
SYENS SYENSQO
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
NOMINATION OF THOMAS SPITZ AS CHIEF EXECUTIVE OFFICER
NOMINATION OF THOMAS SPITZ AS CHIEF EXECUTIVE OFFICER NOMINATION OF THOMAS SPITZ AS CHIEF EXECUTIVE OFFICER Amsterdam, the Netherlands - Flow Traders Ltd. (Euronext: FLOW) announces the nomination of Thomas Spitz as Chief Executive Officer and Executive Director of the Board. Thomas Spitz will join Flow Traders on 1 September 2025 and is nominated as Chief Executive Officer and Executive Director of the Board, subject to regulatory and shareholder approval. In his role as Chief Executive Officer, Thomas will be responsible for executing Flow Traders’ strategic agenda, which includes th...
Flow Traders 2Q 2025 Results
Flow Traders 2Q 2025 Results Flow Traders 2Q 2025 Results Amsterdam, the Netherlands - Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 2Q 2025 results. Highlights Flow Traders recorded Net Trading Income of €143.4m and Total Income of €143.9m in 2Q25, an increase of 80% and 89% when compared to €79.5m and €76.2m in 2Q24, respectively.Flow Traders’ ETP Value Traded increased by 42% in 2Q25 to €492bn from €347bn in 2Q24.Fixed Operating Expenses were €49.8m in the quarter, an increase of 15% when compared to the €43.1m in 2Q24, due mostly to increased Employee and Other expenses....
Arcadis Q2 and Half Year 2025 Results: Strong margin, well positioned ...
Arcadis Q2 and Half Year 2025 Results: Strong margin, well positioned for growth PRESS RELEASE Arcadis Second Quarter and Half Year Results 2025 Strong margin, well positioned for growth KEY HIGHLIGHTS Net revenues were €1,937 million: stable year-on-year on an organic basisIncreased Key Client order intake further improving backlog quality (3% ytd organic growth) Strong operating EBITA margin of 11.3% in the quarter, with substantial strategic investments to accelerate future growth and further cost efficienciesIntegration of recently acquired WSP Rail and KUA Data Centers unlocking new...
ASM announces completion of share buyback program
ASM announces completion of share buyback program Almere, The NetherlandsJuly 28, 2025, 5:45 p.m. CET ASM International N.V. (Euronext Amsterdam: ASM) today announces that its €150 million share buyback program 2025 has been completed. On February 25, 2025, ASM announced the authorization of a new share buyback program of up to €150 million. The program started on April 30, 2025, and was completed on July 25, 2025. In total, we repurchased 322,533 shares at an average price of €465.07, under the 2025 program. This share buyback program was executed by a third party. ASM has the intention...
- Ghada Ben Sedrine
- Nicolas David
- ING Helpdesk
Benelux Morning Notes
Aalberts: Light 1H performance, lowers FY25 outlook. Acomo: Hot chocolate. BAM Group: Solid 1H25 performance. BE Semiconductor Industries: 2Q25 results, light at the end of the tunnel. Econocom: 1H25 REBITA in line, net profit hit by €18m loss on discontinued. Orange Belgium: Better 1H25, guidance increased but MSA hurt perception. RELX: 1H25 results – powering ahead. UCB: 1H25 Preview: focus on US expansion.
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