reports
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Kristof Samoy
NX Filtration Filtered Expectations: Growth Trickles Well Below Capaci...
Last December, filtration specialist NXFIL issued a profit warning—its fourth in a row. Following this week's FY25 release, we revised our model to reflect the disappointing top line and higher than expected cash burn. Despite favourable market conditions, a technological lead and sizeable commercial investments, the warning further eroded investor confidence. The company no longer provides quantified revenue guidance for the current year but continues to reiterate its ambitious medium term ob...
Hermès International: 2025 Full-Year Results
Hermès International: 2025 Full-Year Results Revenue exceeded the €16 billion threshold and operating income up 7% Paris, 12 February 2026 The group’s consolidated revenue amounted to €16 billion in 2025, up 9% at constant exchange rates and 5.5% at current exchange rates compared to 2024. Recurring operating income amounted to €6.6 billion (41% of sales), up 7%. Net profit (group share) reached €4.5 billion, up 5.5%, excluding the exceptional contribution on the profits of large companies in France, at the same pace as sales. In the fourth quarter, sales reac...
Hermès International : Résultats annuels 2025
Hermès International : Résultats annuels 2025 Le chiffre d’affaires franchit le seuil de 16 Mds€ et le résultat opérationnel est en hausse de 7 % Paris, le 12 février 2026 En 2025, le chiffre d’affaires consolidé du groupe s’élève à 16 Mds€, en croissance de 9 % à taux de change constants et de 5,5 % à taux de change courants par rapport à 2024. Le résultat opérationnel courant s’établit à 6,6 Mds€ (41 % des ventes), en hausse de 7 %. Le résultat net part du groupe atteint 4,5 Mds€ et progresse de 5,5 % hors contribution exceptionnelle sur les bénéfices d...
- 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
- Bruno Cavalier
- Jean Danjou
MT ARCELORMITTAL SA
DGE DIAGEO PLC
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
GLE SOCIETE GENERALE S.A. CLASS A
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
01913 PRADA S.P.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAB BANCO DE SABADELL SA
CPR DAVIDE CAMPARI-MILANO N.V.
VK VALLOUREC SA
STLA STELLANTIS N.V.
INPST INPOST S.A.
ZGN ERMENEGILDO ZEGNA NV
DSFIR KONINKLIJKE DSM N.V.
TEN TENARIS S.A.
- Bruno Cavalier
- Jean Danjou
MT ARCELORMITTAL SA
DGE DIAGEO PLC
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
GLE SOCIETE GENERALE S.A. CLASS A
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
01913 PRADA S.P.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAB BANCO DE SABADELL SA
CPR DAVIDE CAMPARI-MILANO N.V.
VK VALLOUREC SA
STLA STELLANTIS N.V.
INPST INPOST S.A.
ZGN ERMENEGILDO ZEGNA NV
DSFIR KONINKLIJKE DSM N.V.
TEN TENARIS S.A.
- Bruno Cavalier
- Jean Danjou
MT ARCELORMITTAL SA
DGE DIAGEO PLC
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
GLE SOCIETE GENERALE S.A. CLASS A
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
01913 PRADA S.P.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAB BANCO DE SABADELL SA
CPR DAVIDE CAMPARI-MILANO N.V.
VK VALLOUREC SA
STLA STELLANTIS N.V.
INPST INPOST S.A.
ZGN ERMENEGILDO ZEGNA NV
DSFIR KONINKLIJKE DSM N.V.
TEN TENARIS S.A.
- Bruno Cavalier
- Luis de Toledo Heras
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
GN GN STORE NORD A/S
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
ENG ENAGAS SA
NOD NORDIC SEMICONDUCTOR ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ALD ALD SA
UMI UMICORE
VK VALLOUREC SA
NXFIL NX FILTRATION HLDG BV
ZGN ERMENEGILDO ZEGNA NV
R3NK RENK GROUP AG
TEN TENARIS S.A.
CAN CANAL+
- Bruno Cavalier
- Luis de Toledo Heras
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
GN GN STORE NORD A/S
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
SAVE SAVENCIA SA
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
ENG ENAGAS SA
NOD NORDIC SEMICONDUCTOR ASA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ALD ALD SA
UMI UMICORE
VK VALLOUREC SA
NXFIL NX FILTRATION HLDG BV
ZGN ERMENEGILDO ZEGNA NV
R3NK RENK GROUP AG
TEN TENARIS S.A.
CAN CANAL+
- Usama Tariq
- Wim Gille
- Hilde Van Boxstael
- Kristof Samoy
- Wim Hoste
- Wim Lewi
- Jean Danjou
- Jean Danjou
- Bruno Cavalier
- Jean-François Granjon
- Martial Descoutures
IPN IPSEN SA
CRI CHARGEURS SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
BLC BASTIDE LE CONFORT MEDICAL SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
TIETO TIETOEVRY OYJ
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
FDR FLUIDRA S.A.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SSO SCATEC ASA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BIM BIOMERIEUX SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
MRX MISTER SPEX SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
EAPI EUROAPI
SHUR SHURGARD SELF STORAGE LIMITED
ORP ORPEA
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