reports
- Bruno Cavalier
- Ghada Ben Sedrine
- Nicolas David
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ACN ACCENTURE PLC CLASS A
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
INF INFOTEL SA
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
FAGR FAGRON SA
SWP SWORD GROUP SE
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
KER KERING SA
ATE ALTEN SA
CAP CAPGEMINI SE
01913 PRADA S.P.A.
SAVE SAVENCIA SA
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
GNFT GENFIT SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AGR AGRANA BETEILIGUNGS-AG
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
FUR FUGRO NV
HDF HYDROGENE DE FRANCE
ZGN ERMENEGILDO ZEGNA NV
STM STABILUS SE
IOS IONOS GROUP SE
ATO ATOS SE
TRIO TRIODOS BANK N.V.
- Bruno Cavalier
- Ghada Ben Sedrine
- Nicolas David
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ACN ACCENTURE PLC CLASS A
SSAB A SSAB AB CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
INF INFOTEL SA
ASY ASSYSTEM SA
EL ESSILORLUXOTTICA SA
FAGR FAGRON SA
SWP SWORD GROUP SE
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
KER KERING SA
ATE ALTEN SA
CAP CAPGEMINI SE
01913 PRADA S.P.A.
SAVE SAVENCIA SA
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
COK CANCOM SE
BC8 BECHTLE AG
ADN1 ADESSO AG
GNFT GENFIT SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
IDR INDRA SISTEMAS S.A. CLASS A
ECONT ECONOCOM GROUP SE CLASS D
REY REPLY S.P.A.
AGR AGRANA BETEILIGUNGS-AG
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
NA9 NAGARRO
FUR FUGRO NV
HDF HYDROGENE DE FRANCE
ZGN ERMENEGILDO ZEGNA NV
STM STABILUS SE
IOS IONOS GROUP SE
ATO ATOS SE
TRIO TRIODOS BANK N.V.
- Jean-François Granjon
- Louis Boujard
- CFA
- 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
- ING Helpdesk
- Guy Sips
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Alfen: CEO Marco Roeleveld to retire early
Yesterday, Alfen announced that CEO Marco Roeleveld will retire by year-end for medical reasons. Marco Roeleveld has been a key figure since 1997 and led Alfen’s IPO in 2018. The board has begun the search for his successor. This announcement comes after CCO Michelle Lesh stepped down in March 2025
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