reports
- Guy Sips
Materialise FIRST LOOK : 4Q25 results
We will update our model as Materialise expects FY26 to grow to a range of €273m to €283m (KBCSe € 282.5m). Materialise will continue investing in its Materialise Medical and Software segments while maintaining disciplined cost control and optimization, in particular in its Materialise Manufacturing segment and in its overhead. As a result, Materialise expects its FY26 Adj EBIT to reach € 10m to € 12m (KBCSe € 14.5m). FY25 revenue remained stable at € 267.6m (KBCSe € 269.3m), fuelled by stron...
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Aegon reports second half year 2025 results
Aegon reports second half year 2025 results Schiphol, February 19, 2026 - Please click to access all 2H 2025 results related documents 2H 2025 Financial highlights Net result of EUR 375 million, a decrease compared with EUR 741 million in the second half of 2024, as growth in the operating result is offset by non-operating items and other charges. Full-year 2025 net result of EUR 980 million, up 45% compared with 2024 Operating result of EUR 858 million, up 11% compared with the second half of 2024 driven by an increase across all business units, reflecting commercial momentum and favor...
- 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 28 January 2026, 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...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- ING Helpdesk
Benelux Morning Notes
ABN Amro: Miss but strong capital, good set of results / Ahold Delhaize: Strong 4Q25 but no major surprise on FY26 adj. EPS guidance / Alfen: No recovery yet and another transitional year / BAM Group: Preview: 2026 outlook the key item / Econocom: Better REBITA, net debt, but EBIT below, much lower net profit, dividend halved, 2026-28 guidance postponed to “medium term” / Exor: Ferrari 4Q25 and 2026 guidance beat / Gecina: Results and guidance in line, DPS set to grow over 2026-30 / Heineken: No...
- Arancha Pineiro
AHOLD DELHAIZE: RDOS. 4T'25 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'25 vs 4T'24: Ventas: 23.490 M euros (+0,9% vs +0,8% BS(e) y +0,4% consenso); EBIT: 994,0 M euros (+3,8% vs -4,3% BS(e) y -4,2% consenso); BDI: 577,0 M euros (+51,8% vs +55,3% BS(e) y +57,4% consenso); Rdos. 2025 vs 2024: Ventas: 92.352 M euros (+3,4% vs +3,3% BS(e) y +3,2% consenso); EBIT: 3.734 M euros (+3,5% vs +1,4% BS(e) y +1,4% consenso); BDI: 2.263 M euros (+28,3% vs +29,0% BS(e) y +29,5% consenso).
- Guy Sips
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Research Department
INFORME DIARIO 11 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENDESA, INDRA, SANTANDER, SECTOR SEGUROS, TELEFÓNICA. EUROPA: AHOLD DELHAIZE, BAYER. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. El Ibex mantiene los 18.100 puntos Ligeras caídas en los mercados en una jornada de transición a la espera de l...
ABN AMRO posts net profit of EUR 410 million in Q4 2025
ABN AMRO posts net profit of EUR 410 million in Q4 2025 ABN AMRO posts net profit of EUR 410 million in Q4 2025 11 February 2026 Key messages Q4 net profit of EUR 410 million brought full-year return on equity to 8.7% New mortgage production continued at a fast pace in Q4 Employee numbers decreased by about 1,500 FTEs in 2025 as part of right‑sizing the cost base Credit quality remained solid, with cost of risk at 11 basis points in Q4 CET1 ratio rose to 15.4%, driven by RWA and portfolio optimisation Additional EUR 500 million capital distribution; final dividend proposed of EUR 0.70 p...
ABN AMRO rapporteert nettowinst van EUR 410 miljoen in Q4 2025
ABN AMRO rapporteert nettowinst van EUR 410 miljoen in Q4 2025 ABN AMRO rapporteert nettowinst van EUR 410 miljoen in Q4 2025 11 februari 2026 Nettowinst in Q4 van EUR 410 miljoen bracht het rendement op eigen vermogen over het hele jaar op 8,7%Nieuwe hypotheekproductie zette in Q4 in hoog tempo doorAantal medewerkers daalde in 2025 met ongeveer 1.500 fte’s als onderdeel van het optimaliseren van de kostenbasisKredietkwaliteit bleef solide, met risicokosten van 11 basispunten in Q4CET1-ratio steeg naar 15,4%, gedreven door optimalisatie van RWA en kredietportfolio’sAanvullende kapitaa...
- Suvi Platerink Kosonen
European banks/Larger banks lead in the non-bank sector
The substantial growth in non-bank assets has outpaced that of bank assets globally. Larger European banks are very much involved in this sector. In addition to the growth potential, this involvement comes with potential risks should the sector see a more substantial weakening.
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB
After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Jean-François Granjon
- Louis Boujard
- CFA
SESGL SES SA FDR (CLASS A)
BVI BUREAU VERITAS SA
ITRK INTERTEK GROUP PLC
NOEJ NORMA GROUP SE
XIOR XIOR STUDENT HOUSING N.V.
KRN KRONES AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
CSM CORBION NV
WAVE WAVESTONE SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ZGN ERMENEGILDO ZEGNA NV
LHYFE LHYFE S.A.
VT5 VT5 ACQUISITION COMPANY AG
SGSN SGS SA
4X0 STEYR MOTORS AG
- Jean-François Granjon
- Louis Boujard
- CFA
SESGL SES SA FDR (CLASS A)
BVI BUREAU VERITAS SA
ITRK INTERTEK GROUP PLC
NOEJ NORMA GROUP SE
XIOR XIOR STUDENT HOUSING N.V.
KRN KRONES AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
CSM CORBION NV
WAVE WAVESTONE SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ZGN ERMENEGILDO ZEGNA NV
LHYFE LHYFE S.A.
VT5 VT5 ACQUISITION COMPANY AG
SGSN SGS SA
4X0 STEYR MOTORS AG
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview: Another quarter in no man's land? / Ahold Delhaize: Confirms the acquisition of Delfood / AGEAS: China – state to inject capital into insurers / AkzoNobel: Tepid 4Q25 results and FY26 outlook / D'Ieteren: Belgian car registrations down 19%, 65% of 2019 level, VW down only 5% / Xior Student Housing: Sound organic trends continue, two-year guidance revealed
- Robert Jan Vos
ABN AMRO appoints Michiel Lap as Chair and nominates Jean-Pierre Musti...
ABN AMRO appoints Michiel Lap as Chair and nominates Jean-Pierre Mustier as new member of its Supervisory Board ABN AMRO appoints Michiel Lap as Chair and nominates Jean-Pierre Mustier as new member of its Supervisory Board 29 January 2026 Today, ABN AMRO announces that its Supervisory Board will appoint Michiel Lap as Chair of the Supervisory Board of ABN AMRO Bank N.V. with effect from the closure of the Annual General Meeting on 22 April 2026. Michiel Lap will succeed Tom de Swaan, who will retire as Chair after almost eight years. Furthermore, ABN AMRO is pleased to announce the nomin...
ABN AMRO benoemt Michiel Lap als voorzitter en draagt Jean-Pierre Must...
ABN AMRO benoemt Michiel Lap als voorzitter en draagt Jean-Pierre Mustier voor als nieuw lid van de Raad van Commissarissen ABN AMRO benoemt Michiel Lap als voorzitter en draagt Jean-Pierre Mustier voor als nieuw lid van de Raad van Commissarissen 29 januari 2026 Vandaag maakt ABN AMRO bekend dat de Raad van Commissarissen Michiel Lap benoemt als voorzitter van de Raad van Commissarissen van ABN AMRO Bank N.V., met ingang van het einde van de Algemene Vergadering op 22 april 2026. Michiel Lap volgt Tom de Swaan op, die na bijna acht jaar terugtreedt als voorzitter. Daarnaast kondigt ABN A...
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