reports
- Jerôme Bodin
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
PSM PROSIEBENSAT.1 MEDIA SE
HOT HOCHTIEF AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SIX2 SIXT SE
WIE WIENERBERGER AG
CWC CEWE STIFTUNG & CO KGAA
SEM SEMPERIT HOLDING AG
COK CANCOM SE
DLG DE'LONGHI S.P.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
PYT POLYTEC HOLDING
FYB FORMYCON AG
DUE DURR AG
DMP DERMAPHARM HOLDING SE
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
UPG UNIFIEDPOST GROUP
AERO MONTANA AEROSPACE AG
MRX MISTER SPEX SE
FORSE FORSEE POWER SA
DEME DEME GROUP NV
R3NK RENK GROUP AG
AQ AQUILA PART PROD COM
- Jerôme Bodin
ZIL2 ELRINGKLINGER AG
SBMO SBM OFFSHORE NV
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
PSM PROSIEBENSAT.1 MEDIA SE
HOT HOCHTIEF AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SIX2 SIXT SE
WIE WIENERBERGER AG
CWC CEWE STIFTUNG & CO KGAA
SEM SEMPERIT HOLDING AG
COK CANCOM SE
DLG DE'LONGHI S.P.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
PYT POLYTEC HOLDING
FYB FORMYCON AG
DUE DURR AG
DMP DERMAPHARM HOLDING SE
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
UPG UNIFIEDPOST GROUP
AERO MONTANA AEROSPACE AG
MRX MISTER SPEX SE
FORSE FORSEE POWER SA
SPAC 468 SPAC I SE
DEME DEME GROUP NV
R3NK RENK GROUP AG
AQ AQUILA PART PROD COM
- ING Helpdesk
Benelux Morning Notes
AEGON: 3Q in line, UK weak, all eyes on CMD in December. DEME Group: Going into 2026 with a stable order book. D'Ieteren: North America Beron peer Boyd confirms positive l/l in 3Q25, further improvement in 4Q25. KBC: 3Q above, increase in FY25 guidance across the board, first SRT is sizeable. Ontex: Peer Essity acquires Edgewell's Feminine Care activity. SBM Offshore: Progression in markets and earnings. Zabka: CVC and PG sell 100m shares via ABB
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Mathijs Geerts Danau
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Guy Sips
DEME Although 3Q was weaker y/y another record year is taking shape
As 3Q25 turnover was € 980.9m (-9% y/y also impacted by a strong comparison base), 9M25 turnover surpassed €3bn, still a 3% y/y increase. Although y/y all segments had lower revenues in 3Q (-6% for Dredging & Intra, -12.7% for Offshore Energy, -16.3% for Environmental), DEME indicated that the YtD performance is fuelled by a double-digit YtD growth in the Offshore Energy segment which more than offset softer topline results in other segments compared to strong prior year revenues. Given this 9...
Trading update Q3 2025: another record year taking shape
Trading update Q3 2025: another record year taking shape Highlights third quarter 2025 Group nine-month turnover surpassed 3 billion euros, a 3% increase year-over-yearOrder book is 7.5 billion euros, compared to 7.1 billion euros last yearManagement reiterates its expectations that full-year turnover will be at least in line with 2024 and forecasts a strong year-over-year EBITDA improvement, with the EBITDA margin in the range of 20% to 22%DEME took delivery of its new offshore installation vessel Norse Wind in October, completed on schedule, and set to commence operations in the first ha...
Trading update Q3 2025: een nieuw recordjaar krijgt vorm
Trading update Q3 2025: een nieuw recordjaar krijgt vorm Hoogtepunten derde kwartaal 2025 De groepsomzet over negen maanden overschreed 3 miljard euro, een stijging met 3% jaar over jaarHet orderboek bedroeg 7,5 miljard euro, tegenover 7,1 miljard euro vorig jaarHet management bevestigt opnieuw zijn verwachting dat de omzet voor het volledige jaar minstens in lijn zal liggen met 2024 en verwacht een sterke verbetering van de EBITDA, met de EBITDA-marge in de range van 20% tot 22%DEME’s nieuwe offshore installatieschip Norse Wind werd volgens planning in oktober opgeleverd, en zal in de eer...
- Bruno Cavalier
- Thijs Berkelder
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
ALCLS CELLECTIS SA
KER KERING SA
01913 PRADA S.P.A.
KRN KRONES AG
MLP MLP SE
CCC CCC SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
ZGN ERMENEGILDO ZEGNA NV
DEME DEME GROUP NV
STM STABILUS SE
- Bruno Cavalier
- Thijs Berkelder
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
ALCLS CELLECTIS SA
KER KERING SA
01913 PRADA S.P.A.
KRN KRONES AG
MLP MLP SE
CCC CCC SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
ZGN ERMENEGILDO ZEGNA NV
DEME DEME GROUP NV
STM STABILUS SE
- Marc Zwartsenburg
- CEFA
- Thijs Berkelder
DEME Group : Playing chess on multiple tables, it’s all about the next...
Benefitting from an almost perfect project delivery in offshore wind, especially in the US, DEME in our view should be able to improve its 2025 EBITDA to a new record level of € 881m (= 21% margin). Although its orderbook for 2026 in H1 still was screening weaker than a year ago, the early delivery and contracting of the high margin Havfram vessels (€ 900m acquisition) makes us confident that DEME also in 2026 should be able to exceed the € 800m EBITDA level. As such, we today upgrading to Outp...
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update November: Removing Xior; Adding Aedifica
The tariff war has eased, but with Trump, uncertainty has become a guarantee. While the macro-economic impact has been limited so far, the prolonged situation could still result in significant and long-lasting economic damage. We are maintaining a defensive stance in our Benelux Dynamic Top Pick List. The Federal Reserve (FED) has started its easing cycle, but the final amount of interest rate cuts is uncertain. The European Central Bank (ECB) has now largely completed its interest rate cutting ...
- Guy Sips
- Jacob Mekhael
- Wim Hoste
DEME, Aspiravi and Qair realign ownership in ScotWind project
DEME, Aspiravi and Qair realign ownership in ScotWind project DEME announced today that an ownership realignment has taken place among the shareholders in the ScotWind project. As a result, DEME Concessions and Aspiravi International have become joint owners of the Bowdun Offshore Wind Farm. This strategic realignment is designed to streamline operations and leverage the strengths of the partners in their respective areas of expertise. Attachment
DEME, Aspiravi en Qair herschikken aandelen in ScotWind-project
DEME, Aspiravi en Qair herschikken aandelen in ScotWind-project DEME maakt vandaag bekend dat er een herschikking van aandelen heeft plaatsgevonden onder de aandeelhouders van het ScotWind-project. Als gevolg hiervan zijn DEME Concessions en Aspiravi International gezamenlijk eigenaars geworden van Bowdun Offshore Wind Farm. Deze strategische herpositionering is bedoeld om de activiteiten te stroomlijnen en optimaal gebruik te maken van de sterktes van de partners binnen hun expertisedomeinen. Bijlage
- Ahmed Ben Salem
- Bruno Cavalier
- Steven Boumans
- Thomas Zlowodzki
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALLIX WALLIX GROUP SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
SCR SCOR SE
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
PNL POSTNL NV
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
TUB TUBACEX S.A.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
CFT COMPAGNIE FINANCIERE TRADITION
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
GCO GRUPO CATALANA OCCIDENTE S.A.
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.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
UNI UNICAJA BANCO S.A.
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN 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
FPE3 FUCHS PETROLUB SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN 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
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Bruno Cavalier
- Farid Bitari
- Nicolas David
- Steven Boumans
- Thomas Zlowodzki
SGE SAGE GROUP PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
ORA ORANGE SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
ISP INTESA SANPAOLO S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
MAP MAPFRE SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK 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.
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN 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
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Guy Sips
Biotalys EPA issues proposed registration decision for Evoca
We increased our Target Price for Biotalys to € 7.5 (was €6.1) while maintaining our Buy rating after Biotalys announced that the US EPA (Environmental Protection Agency) has issued its proposed registration decision to approve its first biofungicide, Evoca. The EPA will now initiate the final phase in its regulatory review, allowing stakeholders such as growers and industry associations 15 days to provide feedback before finalizing its regulatory decision. The EPA has also posted a final rule e...
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