reports
- Thymen Rundberg
- Tijs Hollestelle
Alfen/Another transitional year/HOLD
Alfen reported broadly in line 4Q25 results but lowered its FY26 outlook. There is no tangible evidence of a pending volume-driven recovery in the 4Q25 performance of the Smart Grid and the EV Charging division. We increase our FY26 revenue estimate by 0.5% to the mid-point of Alfen's new revenue guidance and cut our FY26F adjusted EBITDA estimate by 6% to €26.1m. This reflects an adjusted EBITDA margin of 5.7%, slightly ahead of the company's mid-point guidance aiming for 5.5%. Management execu...
- Jerôme Bodin
CEC CECONOMY AG
BVI BUREAU VERITAS SA
MF WENDEL SE
SZG SALZGITTER AG
DEC JCDECAUX SA
TYRES NOKIAN RENKAAT OYJ
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
PIG HAULOTTE GROUP SA
VOE VOESTALPINE AG
CIE CIE AUTOMOTIVE S.A.
BRNL BRUNEL INTERNATIONAL N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
COFA COFACE SA
ECONT ECONOCOM GROUP SE CLASS D
ALFEN ALFEN NV
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
AQ AQUILA PART PROD COM
AMS AMS-OSRAM AG
- Jerôme Bodin
CEC CECONOMY AG
BVI BUREAU VERITAS SA
MF WENDEL SE
SZG SALZGITTER AG
DEC JCDECAUX SA
TYRES NOKIAN RENKAAT OYJ
ASY ASSYSTEM SA
GXI GERRESHEIMER AG
PIG HAULOTTE GROUP SA
VOE VOESTALPINE AG
CIE CIE AUTOMOTIVE S.A.
BRNL BRUNEL INTERNATIONAL N.V.
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
COFA COFACE SA
ECONT ECONOCOM GROUP SE CLASS D
ALFEN ALFEN NV
TUI TUI AG
NCH2 THYSSENKRUPP NUCERA AG & CO.
SCHOTT PHARMA AG
AQ AQUILA PART PROD COM
AMS AMS-OSRAM AG
- 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...
- Guy Sips
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- ING Helpdesk
Benelux Morning Notes
Aedifica and Cofinimmo: Exchange offer to start tomorrow / Alfen: Preview: new year, new chances / BAM Group: Nice add-on in the Dutch housing market / dsm-firmenich: Givaudan 2026 guidance read-across / Heijmans: Preview: 2025F was the cat's meow / Melexis: 4Q25 preview, towards a cyclical recovery / TomTom: Preview 4Q25, look beyond 2026 / Van Lanschot Kempen: Small UK Fiduciary mandate, second of the month though
- Julian Dobrovolschi
- Julian Dobrovolschi
- 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.
- 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
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