reports
- Ahmed Ben Salem
- Baptiste Lebacq
TEMN TEMENOS AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
OSE OSE IMMUNOTHERAPEUTICS SA
HCO HIGHCO SA
GLO GL EVENTS SA
ENI ENI S.P.A.
BAMNB KONINKLIJKE BAM GROEP NV
REP REPSOL SA
SIX2 SIXT SE
SLIGR SLIGRO FOOD GROUP N.V.
FDR FLUIDRA S.A.
MAU ETABLISSEMENTS MAUREL & PROM SA
FTG111 FLATEXDEGIRO AG
BP. BP P.L.C.
PWG PRODWAYS GROUP SA
THEP THERMADOR HOLDING SA
FAST FASTNED
ALHRS HYDROGEN REFUELING SOLUTIONS
SHEL SHELL PLC
CAN CANAL+
- Ahmed Ben Salem
- Baptiste Lebacq
TEMN TEMENOS AG
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
OSE OSE IMMUNOTHERAPEUTICS SA
HCO HIGHCO SA
GLO GL EVENTS SA
ENI ENI S.P.A.
BAMNB KONINKLIJKE BAM GROEP NV
REP REPSOL SA
SIX2 SIXT SE
SLIGR SLIGRO FOOD GROUP N.V.
FDR FLUIDRA S.A.
MAU ETABLISSEMENTS MAUREL & PROM SA
FTG111 FLATEXDEGIRO AG
BP. BP P.L.C.
PWG PRODWAYS GROUP SA
THEP THERMADOR HOLDING SA
FAST FASTNED
ALHRS HYDROGEN REFUELING SOLUTIONS
SHEL SHELL PLC
CAN CANAL+
- ING Helpdesk
Benelux Morning Notes
DEME Group: First Havfram vessel ready. Fastned: 3Q25 trading update – new stations boost growth, organic lags BEV penetration. NN Group & ASR: Pension reform on track for 1st tranche move from DB to DC in Jan 26. Sligro: Another weak trading update, but FY25 guidance reiterated. Talabat: Surprise CEO departure
- Guy Sips
- Hilde Van Boxstael
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- ING Helpdesk
- Hilde Van Boxstael
- Livio Luyten
- Wim Lewi
- 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...
- Marc Hesselink
- CFA
- Thymen Rundberg
Fastned/Discharged momentum/HOLD
In our view Fastned reported disappointing 1H25 results. We mainly make downward adjustments to our charging volume estimates for the coming years. We increase our pricing estimates beyond 2025, partially offsetting lower volumes. We slightly increase our long-term (post 2030) estimates, resulting in our DCF-driven target price of €20 (unchanged), and we reiterate our HOLD rating.
- 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
- Olfa Taamallah
- Yan Derocles
LXS LANXESS AG
GLB GLANBIA PLC
FTON FEINTOOL INTERNATIONAL HOLDING AG
ADN1 ADESSO AG
SQN SWISSQUOTE GROUP HOLDING AG
SAX STROEER SE & CO. KGAA
PYT POLYTEC HOLDING
POST OSTERREICHISCHE POST AG
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
HFG HELLOFRESH SE
FAST FASTNED
AERO MONTANA AEROSPACE AG
SHUR SHURGARD SELF STORAGE LIMITED
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Olfa Taamallah
- Yan Derocles
LXS LANXESS AG
GLB GLANBIA PLC
FTON FEINTOOL INTERNATIONAL HOLDING AG
ADN1 ADESSO AG
SAX STROEER SE & CO. KGAA
PYT POLYTEC HOLDING
POST OSTERREICHISCHE POST AG
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
HFG HELLOFRESH SE
FAST FASTNED
AERO MONTANA AEROSPACE AG
SHUR SHURGARD SELF STORAGE LIMITED
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Thijs Berkelder
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Fastned: H1 results, GM recovery, roll-out acceleration expected in H2
This morning, Fastned published its H1 2025 key metrics and number of operating stations. H1 sales came in at EUR54.3m (+44% YoY), implying revenue of EUR26.3m in Q2 2025 (-9% vs cons. at EUR28.9m) and pointing to an annual run-rate of at least EUR108m (vs cons. at EUR130.8m for FY25 and STFe EUR13
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