reports
- Roy Külter
- Steven Boumans
BVI BUREAU VERITAS SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EVT EVOTEC SE
TNG TRANSGENE SA
ISS ISS A/S
ITRK INTERTEK GROUP PLC
BOSS HUGO BOSS AG
ACX ACERINOX SA
TRI TRIGANO SA
FAE FAES FARMA S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
MONT MONTEA SCA
BPOST BPOST SA
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
DGM DIAGNOSTIC MEDICAL SYSTEMS
RUI RUBIS SCA
DIGI DIGI COMMUNICATIONS NV
GEST GESTAMP AUTOMOCION S.A.
ALFEN ALFEN NV
HFG HELLOFRESH SE
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AG1 AUTO1 GROUP
SGSN SGS SA
SHA SCHAEFFLER AG
- Roy Külter
- Steven Boumans
BVI BUREAU VERITAS SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EVT EVOTEC SE
TNG TRANSGENE SA
ISS ISS A/S
ITRK INTERTEK GROUP PLC
BOSS HUGO BOSS AG
ACX ACERINOX SA
TRI TRIGANO SA
FAE FAES FARMA S.A.
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
MONT MONTEA SCA
BPOST BPOST SA
CPINV CARE PROPERTY INVEST SA
TWEKA TKH GROUP N.V. CERT
DGM DIAGNOSTIC MEDICAL SYSTEMS
RUI RUBIS SCA
DIGI DIGI COMMUNICATIONS NV
GEST GESTAMP AUTOMOCION S.A.
ALFEN ALFEN NV
HFG HELLOFRESH SE
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AG1 AUTO1 GROUP
SGSN SGS SA
SHA SCHAEFFLER AG
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Strong beat driven by one-offs Alfen: Bull bear fight continues bpost: 3Q25 results in line with INGF but miss vs consensus, FY25 outlook fine-tuned to top-end CM.com: Takeover offer from Bird Coca-Cola Europacific Partners: Refreshing D'Ieteren: Belron peer Driven Brands 3Q25 talks of lower Q4, choppiness in Collision and Direct Repair Exor: Ferrari reassures with strong 3Q25, improved guidance KPN: Strategy update reassures, largely in line, with solid cash returns expec...
KPN ROYAL KPN NV
WKL WOLTERS KLUWER NV
VNA VONOVIA SE
UCB UCB S.A.
DIE D'IETEREN SA
ROYAL VOPAK NV
MONT MONTEA SCA
BPOST BPOST SA
EXO EXOR N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ALFEN ALFEN NV
DSC1 DUTCH STAR C SHAR
UMG UNIVERSAL MUSIC GROUP NV
VAR VAR ENERGI ASA
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Alfen: Preview - kitchen sinking again? CM.com: New CFO appointed. Cofinimmo: Good results a touch better than forecasts, guidance reconfirmed, DEME Group: Wins strategic position in Brazil. D'Ieteren: State Farm TPA contract details emerge. Signify: 3Q25 results – guidance cut. Xior Student Housing: 5.4% LFL growth and full occupancy – operational trends solid.
- ING Helpdesk
Benelux Morning Notes
Ageas: Highlights ING Benelux Conference London. Alfen: Highlights from ING Benelux Conference London. Arcadis: Highlights ING Benelux Conference London. ASR: Highlights ING Benelux Conference London. BAM: Highlights ING Benelux Conference London. Basic-Fit: Highlights ING Benelux Conference London. CTP: Highlights from ING Benelux Conference London. DEME Group: Highlights ING Benelux Conference London. Fugro: Highlights ING Benelux Conference London. Heijmans: Highlights ING Bene...
SBMO SBM OFFSHORE NV
AGS AGEAS SA/NV
RAND RANDSTAD NV
PNL POSTNL NV
BAMNB KONINKLIJKE BAM GROEP NV
LOTB LOTUS BAKERIES NV
HEIJM HEIJMANS N.V. CERT
ARCAD
ARCADIS NV
ASRNL ROYAL VOPAK NV
TWEKA ASR NEDERLAND NV
ALFEN TKH GROUP N.V. CERT
FUR ALFEN NV
CTPNV FUGRO NV
DEME CTP NV
DEME GROUP NV
- Thymen Rundberg
- Tijs Hollestelle
Alfen/Near-term outlook remains clouded/HOLD
Alfen reported broadly in line 1H25 results and maintained its 2025 outlook but lowered its 2026 revenue growth and adjusted its EBITDA margin guidance. As a result, we cut our FY26F revenue estimate by c.4% and our FY26F EBITDA estimate by around 16%. Alfen's Smart Grid division reported rather weak production volumes in 2Q25 and a very low quarterly gross margin, which increased the overall risk profile of the company. The Smart Grid division has the most attractive fundamental characteristics...
- Roy Külter
- Steven Boumans
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBS STRATEC SE
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
GN GN STORE NORD A/S
01913 PRADA S.P.A.
IMPN IMPLENIA AG
POS PORR AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
NFN NFON AG
ALFEN ALFEN NV
SPAC 468 SPAC I SE
SUNN SUNRISE
SFZN SIEGFRIED HOLDING AG
- Roy Külter
- Steven Boumans
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SBS STRATEC SE
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
GN GN STORE NORD A/S
01913 PRADA S.P.A.
IMPN IMPLENIA AG
POS PORR AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
NFN NFON AG
ALFEN ALFEN NV
SPAC 468 SPAC I SE
SUNN SUNRISE
SFZN SIEGFRIED HOLDING AG
- ING Helpdesk
Benelux Morning Notes
AEGON: Addition of €200m to existing SBB, considering US domicile, results mixed. Alfen: 19% EBITDA cut, mid-point new 2026 guidance. Flow Traders: Positive volumes, negative volatility. Kinepolis: Strong profit beat on better operating leverage, higher ticket and ITS per visitor. Recticel: Peer Rockwool 2Q25 results. Tessenderlo: Solid 1H25 beat, guidance maintained. VGP: Strong results, more news on JVs to come
- Guy Sips
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: H1 2025 results, mid-term outlook lowered
Alfen published H1 2025 figures yesterday. Revenue came in at EUR211.5m (-13.9% YoY vs. EUR245.7m in H1 2024) mainly with challenging dynamics in EV charging and Energy Storage, while benefiting from favourable base effects in Smart Grids, which was impacted by moistening issues in Q2 2024. This wa
- 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...
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: new CEO to join in October
Yesterday, Alfen announced the appointment of Michael Colijn as CEO and chairman of the management board. This comes after Marco Roeleveld, former CEO and a key figure of Alfen since 1997, who led the IPO in 2018, announced he would retire by year-end for medical reasons. The appointment of Michael
- Emmanuel Matot
- Thomas Zlowodzki
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
ARG ARGAN SA
SMHN SUESS MICROTEC AG
BRAV BRAVIDA HOLDING AB
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALFEN ALFEN NV
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM STABILUS SE
AMS ARM HOLDINGS PLC
AMS-OSRAM AG
- Emmanuel Matot
- Thomas Zlowodzki
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ELG ELMOS SEMICONDUCTOR SE
ACX ACERINOX SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
ARG ARGAN SA
SMHN SUESS MICROTEC AG
BRAV BRAVIDA HOLDING AB
SAN BANCO SANTANDER S.A.
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
SAB BANCO DE SABADELL SA
ALFEN ALFEN NV
ALKAL KALRAY SA
JEN JENOPTIK AG
ARM STABILUS SE
AMS ARM HOLDINGS PLC
AMS-OSRAM AG
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