reports
- Roy Külter
- Steven Boumans
G1A GEA GROUP AG
CBK COMMERZBANK AG
CEZ CEZ AS
AFX CARL ZEISS MEDITEC AG
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
MRK MERCK KGAA
G ASSICURAZIONI GENERALI S.P.A.
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
CRG CRH PLC
LEG LEG IMMOBILIEN AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
DRI 1&1 DRILLISCH AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
ENR SIEMENS ENERGY AG
CTPNV CTP NV
H2O HIDROELECTRICA S.A.
UN0 UNIPER SE
- Roy Külter
- Steven Boumans
G1A GEA GROUP AG
CBK COMMERZBANK AG
CEZ CEZ AS
AFX CARL ZEISS MEDITEC AG
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
MRK MERCK KGAA
G ASSICURAZIONI GENERALI S.P.A.
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
CRG CRH PLC
LEG LEG IMMOBILIEN AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
DRI 1&1 DRILLISCH AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
ENR SIEMENS ENERGY AG
CTPNV CTP NV
H2O HIDROELECTRICA S.A.
UN0 UNIPER SE
- Robert Jan Vos
- Michiel Declercq
Ahold Delhaize 2Q25: Solid results with price investments paying off, ...
Ahold Delhaize reported a solid set of 2Q25 results, with comparable sales growth of 3.4% in the US (css: +3.1%) and +4.9% in the EU (css: +3.8%) exceeding expectations. While group margins contracted by 20bps to 4.0%, this was well anticipated on the back of ongoing price investments in the US and the dilutive impact from the consolidation of Profi in the EU. As such, the underlying group EBIT of € 917m came in slightly ahead of expectations (css: € 908m, css: € 905m). Following the solid 2Q25,...
- Benoit Valleaux
- Steven Gould
SN. SMITH & NEPHEW PLC
CON CONTINENTAL AKTIENGESELLSCHAFT
INFINEON INFINEON TECHNOLOGIES AG
EBS ERSTE GROUP BANK AG
BEI BEIERSDORF AG
VNA VONOVIA SE
ZAL ZALANDO SE
FRE FRESENIUS SE & CO. KGAA
BAYN BAYER AG
RAA RATIONAL AG
TIT TELECOM ITALIA S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ENR SIEMENS ENERGY AG
NOVO B NOVO NORDISK A/S
QGEN QIAGEN N.V.
- Benoit Valleaux
- Steven Gould
SN. SMITH & NEPHEW PLC
CON CONTINENTAL AKTIENGESELLSCHAFT
INFINEON INFINEON TECHNOLOGIES AG
EBS ERSTE GROUP BANK AG
BEI BEIERSDORF AG
VNA VONOVIA SE
ZAL ZALANDO SE
FRE FRESENIUS SE & CO. KGAA
BAYN BAYER AG
RAA RATIONAL AG
TIT TELECOM ITALIA S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ENR SIEMENS ENERGY AG
NOVO B NOVO NORDISK A/S
QGEN QIAGEN N.V.
- ING Helpdesk
Benelux Morning Notes
ABN AMRO: Better bottom line, mixed underlying, strong capital, SBB €250m. Ahold Delhaize: 2Q25 profitability beat thanks to insurance results. Coca-Cola Europacific Partners PLC: Fizzing along nicely. Kinepolis: July 2025 box office in US/Canada and France down, on strong comps. Vonovia: Good results, 5.6% guidance increase. UCB: Evenity continues to surprise to the upside. Zabka: Another miss on Adj. Net Income in 2Q25
- Robert Jan Vos
- Jacob Mekhael
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Thomas Couvreur
- Arancha Pineiro
AHOLD DELHAIZE: RDOS. 2T’25 (ANÁLISIS BANCO SABADELL)
Rdos. 2T'25 vs 2T'24: Ventas: 23.092 M euros (+3,3% vs +2,8% BS(e) y +2,7% consenso); EBIT: 917,0 M euros (-1,7% vs -2,9% BS(e) y -2,7% consenso); BDI: 548,0 M euros (+9,8% vs +14,4% BS(e) y +14,2% consenso). Rdos. 1S'25 vs 1S'24: Ventas: 46.368 M euros (+5,2% vs +4,9% BS(e) y +4,9% consenso); EBIT: 1.807 M euros (+0,7% vs +0,1% BS(e) y +0,2% consenso);
- ING Helpdesk
Benelux Morning Notes
Aalberts: First hydronic flow control takeover in US; Ahold Delhaize: Preview 2Q25; EVS: Wins 2026 world cup contract Big Event Rental; Exor: A tad more Philips; Via Transportation reviving IPO plans; Heijmans: 1H25 preview; looks to be on track; KPN: 2Q25 preview; Montea: €24m acquisition in Dutch logistics hotspot; Ontex: Peer Essity 2Q25 results; RELX: 1H25 preview; Sligro: Weak 1H25 calls for 7.5% downgrade to consensus at EBITDA level; Events Calendar
- 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
- Roy Külter
- Thomas Zlowodzki
DGE DIAGEO PLC
G1A GEA GROUP AG
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
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
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
ASRNL ASR NEDERLAND NV
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.
DKG DEUTSCHE KONSUM REIT-AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
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
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
DTG DAIMLER TRUCK
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- Roy Külter
- Thomas Zlowodzki
DGE DIAGEO PLC
G1A GEA GROUP AG
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
RCO REMY COINTREAU SA
FLY SOCIETE FONCIERE LYONNAISE SA
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
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
ASRNL ASR NEDERLAND NV
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.
DKG DEUTSCHE KONSUM REIT-AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
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
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
DTG DAIMLER TRUCK
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: 2Q25 pre-close call feedback. Azelis: Attractive acquisition in personal care Italy. Econocom: Two UK/Ireland AV acquisitions disclosed. Staffing: Better French volumes in May even with easier comps, June outlook sluggish. Staffing: Dutch figs Period 6 volume and revenues weaker on tougher comps. UCB: Trump threatens a 200% tariff on pharmaceutical products
- Robert Jan Vos
- ING Helpdesk
- Wim Lewi
Dollar Weakness The impact on our Benelux Coverage
In general, a weaker USD has a negative impact on Benelux stocks, particularly for companies with significant exports to the US. In this note we selected a list of companies with high US export exposure and we examine the potential impact on FY25 earninings. On top of the weak dollar, rising trade tensions or the introduction of tariffs further harm Benelux exporters. As the dollar depreciates against the euro, European goods become costlier for American consumers. At the same time, revenues ear...
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SIP SIPEF GROUP
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
ROYAL VOPAK NV
AALB AALBERTS N.V.
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
BAR BARCO NV
FUR FUGRO NV
DSFIR KONINKLIJKE DSM N.V.
AGN AEGON N.V.
SYENS SYENSQO
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
Benelux Local Champions Feedback document
Below our feedback notes written at the occasion of our annual Benelux Local Champions Conference that took place on 27 May 2025 at our historic building at Grand Place Brussels. This event offered the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR: ACKERMANS & VAN HAAREN | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMICORE
- Bruno Cavalier
- Wim Gille
BEKB BEKAERT SA
DGE DIAGEO PLC
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
BFIT BASIC-FIT NV
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
SBMO SBM OFFSHORE NV
UNIQA INSURANCE GROUP AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
LPE LAURENT-PERRIER SA
KER KERING SA
RAND RANDSTAD NV
SOLB SOLVAY SA
01913 PRADA S.P.A.
ARCAD ARCADIS NV
SLIGR SLIGRO FOOD GROUP N.V.
MONC MONCLER SPA
LIGHT SIGNIFY NV
TWEKA TKH GROUP N.V. CERT
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
CSM CORBION NV
INX IMCD N.V.
TRP TERAPLAST
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALFEN ALFEN NV
TOM2 TOMTOM NV
DSC1 DUTCH STAR C SHAR
CPR DAVIDE CAMPARI-MILANO N.V.
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