reports
- Wim Lewi
Warehouses De Pauw Conference call feedback, confident on execution
The tone in the call is cautious optimistic on the targets of the Blend27 program. The company stays focused on its 5 countries. In The Netherlands it is slow due to grid limitations. In France they have established a position and work on extending it. In Germany, prices and opportunities in the right regions have not occurred. Romania has just announced a development and acquired 400k sqm land. In Belgium, the Amazon €1bn will be spread over multiple investments and WDP is looking at the Audi a...
- Carole Braudeau
- Carole Braudeau
- Luis de Toledo Heras
- Thomas Zlowodzki
- Luis de Toledo Heras
- Thomas Zlowodzki
- Robert Jan Vos
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: 3Q may still support shares to CMD. Aedifica: €13m investment in the Netherlands. Basic-Fit: Strong 3Q25 results; beat on membership ingrowth, on track to reiterated FY25. BE Semiconductor Industries: 3Q25 Preview, order intake is key. IMCD: Acquisition of Dong Yang FT. RELX: Preview 9M25. Signify: 3Q25 preview, more back-end loaded. Staffing: Manpower 3Q25 in line on better revenue trend, 4Q25 outlook cautious. WDP: Results in line, guidance reconfirmed
- Lynn Hautekeete
Basic-Fit 3Q25 trading update: total members already ahead of FY25 CSS
This morning, Basic-Fit published its 3Q25 trading update, showing strong Q3 member growth of +218k vs +110k last year (+95% YoY), despite a -54% YoY decline in club openings. Total members reached 4.73m, already ahead of the FY25 CSS target of 4.64m and our 4.69m (street high). At this pace, 4.8m by year-end looks achievable (+50k in 4Q24). Revenue was in line at €1.034bn vs €1.024bn KBCSe (+16% YoY), but average revenue per member came in soft at €24.60 (-0.5% QoQ). While flattish yield in hig...
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Thibault Leneeuw
- Wim Lewi
- Roy Külter
- Steven Boumans
- Wim Lewi
Warehouses De Pauw 3Q25 results: solid results, “boring is good” in un...
EPRA EPS 9m25 came at our expectation of €1.15. EPRA EPS yoy growth of 5.2% is still impressive as its average share count increased by 3.3% YoY and the abolition of the Dutch FBI regime. The GRI also beat our expectations by 2.2% as investments accelerated and occupancy remained strong. WDP repeated its EPRA EPS25 outlook at €1.53, slightly below our 1.54 estimate. The “Blend27” strategy was also repeated with a guidance of 1.70 EPRA EPS by FY27. Current development pipeline stands at 434k sqm ...
Galapagos Announces Appointment of Fred Blakeslee as General Counsel
Galapagos Announces Appointment of Fred Blakeslee as General Counsel Mechelen, Belgium; October 16, 2025, 22:01 CET; Galapagos NV (Euronext & NASDAQ: GLPG) today announced the appointment of Mr. Fred Blakeslee as Executive Vice President and General Counsel effective October 16, 2025. Blakeslee is succeeding Ms. Valeria Cnossen, who will leave the Company after a short transition period. “We are very pleased to welcome Fred to the executive team,” said Henry Gosebruch, CEO of Galapagos. “He brings a unique combination of top-tier legal expertise, global business transaction experience, an...
Galapagos kondigt benoeming aan van Fred Blakeslee als General Counsel
Galapagos kondigt benoeming aan van Fred Blakeslee als General Counsel Mechelen, België; 16 oktober 2025, 22:01 CET; Galapagos NV (Euronext & NASDAQ: GLPG) heeft vandaag de benoeming bekendgemaakt van de heer Fred Blakeslee tot Executive Vice President en General Counsel met ingang van 16 oktober 2025. Blakeslee volgt mevrouw Valeria Cnossen op, die het bedrijf zal verlaten na een korte transitieperiode. “We zijn erg blij Fred te mogen verwelkomen in het managementteam,” aldus Henry Gosebruch, CEO van Galapagos. “Hij combineert juridische expertise op topniveau met ruime ervaring in inter...
IMCD to acquire Dong Yang FT to strengthen position in beauty and pers...
IMCD to acquire Dong Yang FT to strengthen position in beauty and personal care in South Korea Rotterdam, The Netherlands (16 October 2025) – IMCD N.V. ("IMCD" or "Company"), a global leading partner for the distribution and formulation of speciality chemicals and ingredients, has signed an agreement to acquire 100% of the shares in Dong Yang FT Corp. ("Dong Yang FT"). Founded in 2009 and based in Seoul, South Korea, Dong Yang FT is a distributor of high-quality cosmetic ingredients, working with cosmetic manufacturers across the beauty and personal care sector. With a team of 14 people an...
- Baptiste Salaville
- Roy Külter
- Steven Boumans
- Baptiste Salaville
- Jean-François Granjon
- Robert Jan Vos
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: 3Q25 preview - USD headwind to take centre stage. Basic-Fit: 3Q25 results preview, new consensus, we expect strong membership ingrowth. Fagron: 3Q25 growth hiccup in N America, strong organic performance in EMEA, Latam. Lotus Bakeries: UK VAT conflict for Näkd negatively impacts 2024 profitability. Ontex: 3Q25 preview: consensus implies a second profit warning for FY25F. Randstad: Preview 3Q25F results due 22 October; consensus released. Staffing: French revenue impro...
Moody's Ratings assigns provisional (P)A3 rating to Warehouses De Pauw...
Moody's Ratings (Moody's) has today assigned a provisional (P)A3 senior unsecured rating to the Euro Medium-Term Note (EMTN) programme proposed by Warehouses De Pauw NV/SA (WDP or the company, A3 stable). We expect to assign a definitive A3 rating to the €500 million green notes to be issued under t...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Wim Lewi
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