reports
- Jan Frederik Slijkerman
Proximus meets headwinds/Daughter Proximus Global reduces FY25 outlook
Proximus has lowered its FY25 outlook because Proximus Global encountered unexpected headwinds. Although Proximus performed relatively well in Belgium, domestic competition is another source of uncertainty. Notably, Proximus is making slow progress to roll out fibre in Belgium together with competitors. The Proximus notes offer limited value, in our view.
- Anthony Dick
- Emira Sagaama
- Margaux van Oerle
- Michael Foundoukidis
- Usama Tariq
SOP SOPRA STERIA GROUP SA
VAC PIERRE & VACANCES SA
NXI NEXITY SA CLASS A
BIO BB BIOTECH AG
POM PLASTIC OMNIUM SE
MERY MERCIALYS SA
ASY ASSYSTEM SA
BEN BENETEAU SA
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
ATE ALTEN SA
ACX ACERINOX SA
FR VALEO SE
BAMNB KONINKLIJKE BAM GROEP NV
FAE FAES FARMA S.A.
COFB COFINIMMO SA
SUN SULZER AG
TUB TUBACEX S.A.
HEIJM HEIJMANS N.V. CERT
MBWS
CTAC MARIE BRIZARD WINE & SPIRITS SA
PAL CTAC N.V.
CON PALFINGER AG
LIGHT CONZZETA AG
NVG SIGNIFY NV
WBD NAVIGATOR COMPANY SA
RENE WEBUILD S.P.A.
ROVI REDES ENERGETICAS NACIONAIS SA
COL LABORATORIOS FARMACEUTICOS ROVI S.A.
ALM INMOBILIARIA COLONIAL SOCIMI SA
TEC ALMIRALL SA
HOME TECHNIPFMC PLC
VOS NEINOR HOMES SA
2CRSI VOSSLOH AG
VK 2CRSI SA
WDP VALLOUREC SA
ALHG WAREHOUSES DE PAUW SCA
LOUIS HACHETTE GROUP
- Anthony Dick
- Emira Sagaama
- Margaux van Oerle
- Michael Foundoukidis
- Usama Tariq
SOP SOPRA STERIA GROUP SA
VAC PIERRE & VACANCES SA
NXI NEXITY SA CLASS A
BIO BB BIOTECH AG
POM PLASTIC OMNIUM SE
MERY MERCIALYS SA
ASY ASSYSTEM SA
BEN BENETEAU SA
ALTR ALTRI SGPS SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
FII LISI SA
LSS LECTRA SA
LNA LNA SANTE SA
GBT GUERBET SA
ATE ALTEN SA
ACX ACERINOX SA
FR VALEO SE
BAMNB KONINKLIJKE BAM GROEP NV
FAE FAES FARMA S.A.
COFB COFINIMMO SA
SUN SULZER AG
TUB TUBACEX S.A.
HEIJM HEIJMANS N.V. CERT
MBWS
CTAC MARIE BRIZARD WINE & SPIRITS SA
PAL CTAC N.V.
CON PALFINGER AG
LIGHT CONZZETA AG
NVG SIGNIFY NV
WBD NAVIGATOR COMPANY SA
RENE WEBUILD S.P.A.
ROVI REDES ENERGETICAS NACIONAIS SA
COL LABORATORIOS FARMACEUTICOS ROVI S.A.
ALM INMOBILIARIA COLONIAL SOCIMI SA
TEC ALMIRALL SA
HOME TECHNIPFMC PLC
VOS NEINOR HOMES SA
2CRSI VOSSLOH AG
VK 2CRSI SA
WDP VALLOUREC SA
ALHG WAREHOUSES DE PAUW SCA
LOUIS HACHETTE GROUP
- Russell Waller
Proximus (Neutral, TP: €12.5, +52%) Q2 25: Mixed results, guidance lif...
Proximus has reported a mixed set of results and has updated guidance accordingly: domestic guidance has been lifted, but Global guidance has been cut heavily, with the net effect being a small downgrade to Group EBITDA guidance.
- Guy Sips
Materialise Macro-economic uncertainty impacting business climate for ...
Although its Medical segment was demonstrating its resilience (nearly +17% y/y in 2Q25), Materialise's overall 2Q25 revenue decreased -5.8% y/y to € 64.8m impacted by increasing geo-political uncertainty and sustained macro-economic headwinds negatively impacted revenues in its Manufacturing and Software segments. Despite revenue pressure, Materialise was able to materially improve its operational profitability in 2Q25 q/q/ through structural and targeted cost control. Unfavourable FX-effects ...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Konrad Zomer
- Roy Külter
- Steven Boumans
- 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
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- ING Helpdesk
Benelux Morning Notes
Akzo Nobel: FX drives 2Q25 miss and FY guidance cut. dsm-firmenich: Givaudan 1H25 results. Exor: In talks over Iveco sale. Lotus Bakeries: Peer Lindt & Sprüngli 1H25 results. Proximus: CpaaS peer Sinch 2Q25 results hurt by FX. Signify: 2Q25 Preview, challenges ahead. Var Energi: Promising continuation of dividend. Vopak: Continued story. Wereldhave: Strong operational results, positive market tone, guidance raised. Events Calendar
- Jean Danjou
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TYRES NOKIAN RENKAAT OYJ
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
MBB MBB INDUSTRIES SE
01913 PRADA S.P.A.
RIEN RIETER HOLDING AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COFA COFACE SA
UMI UMICORE
- Jean Danjou
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
TYRES NOKIAN RENKAAT OYJ
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
MBB MBB INDUSTRIES SE
01913 PRADA S.P.A.
RIEN RIETER HOLDING AG
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COFA COFACE SA
UMI UMICORE
- Marc Zwartsenburg
- CEFA
ING Benelux Favourites/Weekly performance and valuation update
We update the performance of our ING Benelux Favourites list as well as all valuation and ranking tables for our coverage universe. Performance on the front page is dated from the 27 January 2025, while historical performance is included on the second page. The methodology for our favourites selection is based on a bottom-up approach with a focus on absolute performance with clear near-term triggers. It is a rolling list, ie, stocks can enter/exit whenever we think opportune. The ING Benelux Fav...
- Martijn Den Drijver
- ING Helpdesk
- David Vagman
- CFA
Proximus/Focus on FCF evolution beyond 2025/HOLD
We think the focus of the 2Q25 results and call will be a clarification of the vague organic FCF guidance beyond 2025. Proximus came up at 2Q24 with a double ‘tri yearly average FCF' guidance for 2025-2027 and 2028-2030, both surprisingly low. This led to significant pressure on the shares in 2H24. The 2025-2027 guidance is for “at least €200m per year”, then including €470m of disposals, so c.€100m of organic FCF per year. The 2028-2030 is for at least €300m. Based on Proximus' latest pre 2Q25 ...
- Marc Zwartsenburg
- CEFA
- Reg Watson
- CFA
Basic-Fit/Preview 1H25 – positive lead indicators for 2Q25/BUY
We reiterate our BUY rating but raise our target price from €30.0 to €31.5 while we also underline that BFIT remains on the ING Benelux Favourites list. We expect a strong set of 1H25 results driven by ongoing positive membership ingrowth supported by strong Google search trend data for Spain and France after an already strong 1Q25. We expect further support for the investments in the French 24/7 gym roll-out while we see potential upside to our FY26F estimates based on a change in the staffing ...
- 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
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