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ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

CFE: Preview: underlying 2026 margin to improve / DEME: Preview: strong 2025, eyes on 2026 outlook / JDE Peet's: Acquisition by KDP expected to close in 2Q26 / Solvay: 2025 ends with strong FCF; 2026F und. EBITDA guidance slightly below, supported by one-off / UCB: Peer Moonlake investor day / Vastned: Beat on bottom line with operational metrics accelerating, but outlook remains weak

Mathijs Geerts Danau ... (+4)
  • Mathijs Geerts Danau
  • Michiel Declercq
  • Thibault Leneeuw
  • Wim Hoste
Wim Hoste
  • Wim Hoste

Solvay FIRST LOOK: 4Q25 soft but in line with consensus, cautious FY26...

4Q uEBITDA dropped by c. 30% organ. and was in line with CSS and c. 5% below our forecast. FY26 uEBITDA guidance of € 770-850m represents a 4-13% y/y decline and is at midpoint c. 2% below consensus and 7% below our forecast. The dividend policy (stable to increasing from a € 2.43 base) looks increasingly generous as the FY26 FCF will not be enough to service the dividend and will hence push up leverage from the current 1.8x. Despite the attractive dividend yield (c 9%), the tough market conditi...

Stefano Toffano
  • Stefano Toffano
 PRESS RELEASE

Solvay fourth quarter and full year 2025 results

Solvay fourth quarter and full year 2025 results Press release                         Regulated information published on February 24, 2026, at 7:00 a.m. CET Strong free cash flow delivery in 2025 in a challenging environment Highlights Underlying net sales for the full year 2025 were €4.3 billion, -6.5% organically versus 2024. Soda ash seaborne and Coatis markets were weaker in 2025 while Peroxides and bicarbonate grew year-on-year. Underlying EBITDA was €881 million (-13.4% organically versus 2024), maintaining a strong underlying EBITDA margin of 20.7% despite challenges. Strategic t...

 PRESS RELEASE

Solvay : résultats du quatrième trimestre et de l’année 2025

Solvay : résultats du quatrième trimestre et de l’année 2025 Communiqué de presse                          Information réglementée publiée le 24 février 2026 à 7h00 CET Forte génération de cash dans un environnement difficile Faits marquants Le chiffre d'affaires net sous-jacent pour l’ensemble de l’année 2025 s’élève à €4,3 milliards, en baisse de ‑6,5% en organique par rapport à 2024. Les marchés export du carbonate de soude et de Coatis ont été plus faibles en 2025, tandis que les peroxydes et le bicarbonate ont progressé d’une année sur l’autre. L’EBITDA sous-jacent ressort à €881 mi...

 PRESS RELEASE

Solvay 2025 vierde kwartaal en jaarresultaten

Solvay 2025 vierde kwartaal en jaarresultaten Persbericht                         Gereglementeerde informatie, gepubliceerd op 24 februari 2026, om 7u00 CET Sterke vrije kasstroomgeneratie in een uitdagende omgeving Hoogtepunten De onderliggende netto-omzet voor het volledige jaar 2025 bedroeg €4,3 miljard, ‑6,5% organisch versus 2024. De overzeese Soda ash markt en de Coatis markt waren zwakker in 2025 terwijl Peroxides en bicarbonaat groeiden jaar-op-jaar. Onderliggende EBITDA bedroeg €881 miljoen (‑13,4% organisch versus 2024), met behoud van een sterke onderliggende EBITDA‑marge van ...

 PRESS RELEASE

Melexis: update on the share buy-back program

Melexis: update on the share buy-back program Press release - Regulated Information Ieper, Belgium – 23 February 2026, 17.45 hrs CET Melexis reports the purchase of 21,500 Melexis shares on Euronext Brussels in the period from 16 February 2026 to 20 February 2026, related to the share buy-back program announced on 10 December 2025. Trade dateTotal shares purchasedAverage price (€)Min price (€)Max price (€)Buyback amount (€)16/2/20264,50056.1355.8056.55252,56717/2/20264,50056.0254.9056.55252,10118/2/20264,00058.4257.0559.45233,68119/2/20264,50057.8957.5058.65260,49520/2/20264,00057.4056....

 PRESS RELEASE

Melexis: update over het aandeleninkoopprogramma

Melexis: update over het aandeleninkoopprogramma Persbericht - Gereglementeerde informatie Ieper, België – 23 februari 2025, 17.45 uur CET Melexis meldt de aankoop van 21.500 Melexis-aandelen op Euronext Brussel in de periode van 16 februari 2026 tot 20 februari 2026, in het kader van het inkoopprogramma aangekondigd op 10 december 2025. InkoopdatumAantal verworven aandelenGemiddelde prijs (€)Laagste prijs (€)Hoogste prijs (€)Aankoop bedrag (€)16/2/20264.50056,1355,8056,55252.56717/2/20264.50056,0254,9056,55252.10118/2/20264.00058,4257,0559,45233.68119/2/20264.50057,8957,5058,65260.4952...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ahold Delhaize: Peer Walmart 4Q25/26 results. Arcadis: Main topics 4Q25/FY25 conference call. ASM: 4Q25 preview, FY26 should be strong. Brunel: 4Q25 result beats and trends stabilise; DACH back to growth in 1Q26; additional cost savings announced and special dividend. Cofinimmo: Beat on bottom line, strong investment outlook for 2026. IMCD: Another step in EMEA. Magnum Ice Cream Company: Peer Danone 4Q25 results. Recticel: Peer Kingspan FY25 results. Software sector: Cheaper code...

 PRESS RELEASE

Brunel Q4 2025 results: Stabilising performance with increased efficie...

Brunel Q4 2025 results: Stabilising performance with increased efficiency Amsterdam, 20 February 2026 – Brunel International N.V. (Brunel; BRNL), a global specialist delivering customised project and workforce solutions to drive sustainable industry transformations through technology and talent, today announced its fourth quarter and full year results. Q4 2025 Key points Revenue of EUR 300.4 million, down 10% year-on-year (down 4% organically).Gross profit of EUR 52.8 million, down 15% year-on-year (down 11% organically).Underlying EBIT of EUR 11.6 million, demonstrating stabilisation com...

ING Helpdesk
  • 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 ...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

ASR: Better results, strong solvency, SBB below though; new CEO, new CMD on 1 Dec / IMCD: Weak 4Q25 / Kinepolis: Bankruptcy of Belga Films, the oldest film distribution business, along with its eight-screen cinema complex in Brussels; 2H25 preview / Proximus: CpaaS peer Sinch 4Q25 results a bit light of consensus, stock down 14%

 PRESS RELEASE

Participation notifications by The Goldman Sachs Group

Participation notifications by The Goldman Sachs Group Press release                                                                  Regulated information  Brussels, February 17, 2026, 17:45 CET  In line with Belgian transparency legislation (Law of May 2, 2007), The Goldman Sachs Group, Inc recently sent to Solvay the following transparency notifications. Here is a summary of the notifications:  Date on which the threshold is crossedVoting rights after the transactionEquivalent financial instruments after the transactionTotalFebruary 6, 20260.23%7.59%7.83%February 11, 20260.28%7.34%7.62...

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