reports
- ING Helpdesk
Benelux Morning Notes
Belgian Telecoms: Orange Belgium and Proximus MoU on Fiber deployment and increased access to gigabit networks in Wallonia. Cofinimmo: Bottom line outperforming outlook. Elia: Solid start to the year, but with some help from accounting. Heijmans: Another leg up! Proximus: Better Domestic cannot hide Proximus Global double accident, MoU an incremental negative. Signify: 2Q25 Results, better growth, lower margins. WDP: No surprises, 2025 and 2027 targets reiterated. Events Calendar
Orange Belgium en Proximus ondertekenen een Memorandum of Understandin...
Orange Belgium en Proximus ondertekenen een Memorandum of Understanding (MoU) om de fiberuitrol en de toegang tot gigabitnetwerken in Wallonië uit te breiden PersberichtEmbargo tot 25 juli 2025 om 6.50 u. Gereglementeerde informatie – Voorwetenschap Orange Belgium en Proximus ondertekenen een Memorandum of Understanding (MoU) om de fiberuitrol en de toegang tot gigabitnetwerken in Wallonië uit te breiden Deze MoU weerspiegelt de gedeelde ambitie van beide operatoren om samen te werken aan de uitbreiding van de fiberuitrol en de toegang tot gigabitnetwerken in minder dichtbevolkte gebieden...
Orange Belgium and Proximus sign a Memorandum of Understanding to expa...
Orange Belgium and Proximus sign a Memorandum of Understanding to expand fiber deployment and increase access to gigabit networks in Wallonia Press releaseEmbargo until 25 July 2025 at 6:50 am Regulated information – Inside information Orange Belgium and Proximus sign a Memorandum of Understanding to expand fiber deployment and increase access to gigabit networks in Wallonia This Memorandum of Understanding formalizes the operators' shared commitment to join forces to expand fiber deployment and improving access to gigabit networks in less densely populated areas of Wallonia. The collabor...
Orange Belgium et Proximus signent un protocole d’accord (MoU) pour ét...
Orange Belgium et Proximus signent un protocole d’accord (MoU) pour étendre le déploiement de la fibre et l’accès aux réseaux gigabit en Wallonie Communiqué de presseEmbargo jusqu'au 25 juillet 2025 à 6h50 Information réglementée – informations confidentielles Orange Belgium et Proximus signent un protocole d’accord (MoU) pour étendre le déploiement de la fibre et l’accès aux réseaux gigabit en Wallonie Ce protocole d’accord concrétise la volonté commune des opérateurs d’unir leurs forces pour étendre le déploiement de la fibre et l’accès aux réseaux gigabit dans les zones wallonnes moins...
- James Ratzer
Vodafone (Buy, £1.20, +40%) Q1 26: Clearer evidence of value over volu...
Vodafone’s Q1 results do show some signs of improving revenue growth in Germany with a more disciplined approach to pricing. We think Vodafone still looks very attractively priced at the moment, but we believe a longer-term outlook from management would help to underpin more confidence in the investment case.
- ING Helpdesk
Benelux Morning Notes
Aalberts: Light 1H performance, lowers FY25 outlook. Acomo: Hot chocolate. BAM Group: Solid 1H25 performance. BE Semiconductor Industries: 2Q25 results, light at the end of the tunnel. Econocom: 1H25 REBITA in line, net profit hit by €18m loss on discontinued. Orange Belgium: Better 1H25, guidance increased but MSA hurt perception. RELX: 1H25 results – powering ahead. UCB: 1H25 Preview: focus on US expansion.
- Russell Waller
Orange Belgium (Neutral, TP: €19.2, +11%) H1 25 results: EBITDAaL guid...
OBEL has reported a good set of numbers, with EBITDAaL c+2% ahead of consensus, and 2025 EBITDAaL guidance has been effectively raised (synergies could account for the good EBITDAaL trends, but those have not been split out this period).
Solid commercial performance and EBITDAaL growth, despite a challengin...
Solid commercial performance and EBITDAaL growth, despite a challenging market environment Press releaseEmbargo until 24 July 2025 at 7:00 am Regulated information – Inside information Financial information for the first semester 2025 Solid commercial performance and EBITDAaL growth, despite a challenging market environment Mobile postpaid customer base +3.6% yoy Cable customer base +3.0% yoyH1 Revenues -1.5% change yoyH1 EBITDAaL +4.7% change yoy1 Operational Highlights Positive net adds despite increased competitive pressure and a sl...
Performance commerciale et croissance de l’EBITDAaL soutenues, en dépi...
Performance commerciale et croissance de l’EBITDAaL soutenues, en dépit d'un environnement de marché difficile Communiqué de presseEmbargo jusqu'au 24 juillet 2025 à 7h00 Information réglementée – informations confidentielles Information financière relative au premier semestre 2025 Performance commerciale et croissance de l’EBITDAaL soutenues, en dépit d'un environnement de marché difficile Base clients mobiles postpayés +3,6 % en glissement annuel Base clients câble +3,0 % en glissement annuelChiffre d’affaires en baisse de -1,5 % au S1 e...
Solide commerciële prestaties en groei van de EBITDAaL, ondanks een ui...
Solide commerciële prestaties en groei van de EBITDAaL, ondanks een uitdagend marktklimaat PersberichtEmbargo tot 24 juli 2025 om 7.00 u. Gereglementeerde informatie – Voorwetenschap Financiële informatie voor het eerste halfjaar van 2025 Solide commerciële prestaties en groei van de EBITDAaL, ondanks een uitdagend marktklimaat Aantal mobiele postpaidklanten +3,6% j-o-j Aantal kabelklanten +3,0% j-o-jOmzet H1 -1,5% j-o-jEBITDAaL H1 +4,7% j-o-j1 Operationele hoogtepunten Positieve netto toevoegingen ondanks de hogere concurrentiedruk en...
Orange Belgium announces a new Management Services Agreement with Oran...
Orange Belgium announces a new Management Services Agreement with Orange SA Press releaseBrussels, 24 July 2025 Regulated information – Inside information Orange Belgium announces a new Management Services Agreement with Orange SA Orange Belgium’s previous Strategic Partnership Agreement (“SPA”) with Orange SA expired on December 31, 2024. Under such previous SPA, a fixed management fee of EUR 5 million was charged by Orange SA to Orange Belgium in return for (1) access to the Orange Group sourcing programme, (2) specific know-how available within Orange SA and (3) access to Orange Grou...
Orange Belgium annonce une nouvelle Convention de Services de Gestion ...
Orange Belgium annonce une nouvelle Convention de Services de Gestion avec Orange SA Communiqué de presseBruxelles, le 24 juillet 2025Information réglementée – informations confidentielles Orange Belgium annonce une nouvelle Convention de Services de Gestion avec Orange SA La précédente convention de partenariat stratégique ("CPS") d'Orange Belgium avec Orange SA a expiré le 31 décembre 2024. En vertu de cette convention, Orange SA facturait à Orange Belgium une commission de gestion fixe de 5 millions d'euros en échange (1) de l'accès au programme d'approvisionnement du groupe Orange, ...
Orange Belgium kondigt een nieuwe Management dienstenovereenkomst met ...
Orange Belgium kondigt een nieuwe Management dienstenovereenkomst met Orange SA aan PersberichtBrussel, 24 juli 2025Gereglementeerde informatie – Voorwetenschap Orange Belgium kondigt een nieuwe Management Dienstenovereenkomst met Orange SA aan De vorige Strategische Partnerschapsovereenkomst ("SPA") van Orange Belgium met Orange SA liep af op 31 december 2024. Krachtens deze vorige SPA rekende Orange SA aan Orange Belgium een vaste beheersvergoeding van 5 miljoen EUR aan in ruil voor (1) toegang tot het sourcingprogramma van de Orange-groep, (2) specifieke knowhow beschikbaar binnen Or...
- Ben Rickett
- James Ratzer
- Russell Waller
EU Telecoms: Half-time 2025 Review Sector has outperformed: More sele...
The European Telecoms continues to outperform: up 17% YTD vs. the market up 10%. While this is great to see, adding to the 12pp outperformance in 2024 and supporting our investment thesis of improving regulation, it does mean the equity upside story from here is becoming more selective.
- Russell Waller
Tele2 (Neutral, TP: SEK 126, -7%) Q2 25: A strong beat and raise
Tele2 has reported a very good set of results, with a strong EBITDAaL beat (+6.2%) vs consensus and guidance has been lifted for FY25 too; vs the pre results consensus, the new guidance implies c.+3.7% upside for consensus FY25 EBITDAaL. Tele2 leading the way for cost efficiency and execution.
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Peer Albertsons 1Q25/26 results ASML: 2Q25 results; good update, focus on FY26 Barco: 1H25 results; margin uplift despite headwinds Belgian Telecoms: DIGI fixed internet launch in Wallonia Flow Traders: June global volume rises but volatility declines MoM NSI: Good operational results, cautious outlook Ontex: Sizeable profit warning calls for material consensus downgrade
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- Russell Waller
Elisa (Neutral, TP: €46, -1%) Q2 25: SR and EBITDA growth converge; h...
Elisa has reported a solid enough set of results, but both SR and EBITDA have missed consensus expectations very slightly, and although LFL SR trends are better at +3.2% y/y from +1.6% y/y, EBITDA is a touch slower at +3.4% y/y from +3.6% y/y. Headline growth rates are now though at the level of the mid-term guidance, (>4% 24-27 CAGR) supported by M&A.
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- ABGSC Telecom Operators Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
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