Geopolitical risk has resurfaced, but the nearterm impact on European listed real estate remains contained. Rising energydriven inflation and rates are driving greater dispersion and sharpening the focus on balancesheet quality, while MIPIM 2026 highlighted a pragmatic investor approach. In this report, we adjust target prices and refresh our top picks, removing CTP and adding Irish Residential REIT. Geopolitics and energy: duration matters more than headlines
Kendrion booked higher than expected revenue in 4Q25, up c.8% YoY. For the first time in a long time, management stated that the European economy is showing signs of improvement. EBITDA was in line with expectations, underscoring the positive effects of the strategic repositioning as a pure play industrial. The impact of the significant disposal programme was also visible in the balance sheet - Kendrion's leverage ratio ended 2025 at 0.8x, a material improvement on the 2.7x about a year ago. Alt...
Ackermans & van Haaren: Results capping already strong subsidiary reporting. DPS beat. Fagron: Acquisition of Pharmavit Europe, active in nutraceutical raw materials. Fugro: Patience please. Kendrion: Sees signs of improvement in EU economy. Proximus: 2026 dividend halved, 2028-30 targets a bit better on lower capex. Proximus: 4Q25 in line EBITDA on weaker sales, FCF up; 2026 guidance below on EBITDA. Recticel: Strong FY25 results, CEO transition seen as a negative
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