reports
- ING Helpdesk
Benelux Morning Notes
Adyen: Preview 2H25. Aperam: In-line 4Q25, upbeat medium-term outlook balances short-term consensus risk. Ayvens: Fast Car (UCS normalisation). Barco: 4Q25 preview, mixed performance. Lotus Bakeries: Another beat on every line. Orange Belgium: 2H25 EBITDAal beat on lower sales, much better 2026 guidance. Philips: CMD & 4Q25 preview, execution is key. RELX: FY25 preview. Universal Music Group: Peer Warner Music 4% revenue and 11% OIBDA beat
- ING Helpdesk
Benelux Morning Notes
Adyen: New Platforms partnership in APAC / Dutch Pension Reform (Wtp): 1/3 transitioned (c.25 funds), 2027 challenging / IBA: Sale of a P1 system to MacKay Memorial Hospital in New Taipei City, Taiwan / KPN: 4Q25 preview / Offshore Wind: North Sea offshore wind pact to develop 300GW by 2050 / Vår Energi: RRR 2P 185% offsets slight pressure on expected production volumes 4Q
dLocal to Report Fourth Quarter 2025 Financial Results
dLocal to Report Fourth Quarter 2025 Financial Results MONTEVIDEO, Uruguay, Jan. 26, 2026 (GLOBE NEWSWIRE) -- DLocal Limited (NASDAQ: DLO, “dLocal” or the “Company”), a leading financial technology company powering payments across emerging markets, intends to release financial results for its fourth fiscal quarter ended December 31, 2025 on March 18, 2026 after market close. The Company will host a conference call and video webcast on March 18, 2026 at 5:00 p.m. Eastern Time. Please to pre-register for the conference call and obtain your dial in number and passcode. The live conference...
dLocal completes transition to a majority independent Board with appoi...
dLocal completes transition to a majority independent Board with appointments of Paco Ybarra and Nelson Mattos MONTEVIDEO, Uruguay, Dec. 23, 2025 (GLOBE NEWSWIRE) -- dLocal Limited (“dLocal”, the “company”, “we”, “us”, and “our”) (NASDAQ:DLO), a leading financial technology company powering payments across emerging markets, today announced it has completed the transition to a nine-person, majority independent Board of Directors, now comprising five independent members. Following through on the governance update shared in August during its second quarter earnings presentation, dLocal has ...
- Marc Hesselink
- CFA
- Thymen Rundberg
Adyen/Built for growth/BUY
We remain positive on the Adyen investment case. Its recent CMD underpinned solid growth guidance for the years ahead, and we believe the company's strong foundation, its in-house built end-to-end payment platform, positions it well for further market share gains and long-term growth drivers like agentic commerce. We keep our target price of €1,850 unchanged and reiterate our BUY rating.
- Emira Sagaama
- Rok Stibric
- Emira Sagaama
- Rok Stibric
- Cor Kluis
dLocal Reports 2025 Third Quarter Financial Results
dLocal Reports 2025 Third Quarter Financial Results Record-setting quarter, one more example of our strong growth and continued diversification.TPV at record high of US$10.4 billion, growing nearly 60% year-over-year, the 4th straight quarter above 50% year-over-year. Revenue up +52% year-over-year reaching US$282 million for the quarter.Gross profit surpassed US$100 million for the first time, reaching US$103 million, up +32% year-over-year.Adjusted EBITDA up +37% year-over-year, representing 69% of gross profit as we continue our margin discipline.Net income growth at 93% year-over-year. ...
- ING Helpdesk
Benelux Morning Notes
ABN Amro: 3Q mixed, NIBC M&A good value for money. Adyen: CMD highlights – confident on long-term growth Belgian Telecoms: Digi Belgium raises €104.5m in capital, after €80m capital increase in July. CM.com: Raises €5m through private placement. Recticel: Peer Rockwool's 3Q25 trading update. Zabka: Potential bidder for Carrefour Romania. Events Calendar
- Olfa Taamallah
- Yan Derocles
CEZ CEZ AS
UTDI UNITED INTERNET AG
G ASSICURAZIONI GENERALI S.P.A.
HEI HEIDELBERGCEMENT AG
PSPN PSP SWISS PROPERTY AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
REY REPLY S.P.A.
SHL SIEMENS HEALTHINEERS AG
DRI 1&1 DRILLISCH AG
ADYEN ADYEN NV
HAG HENSOLDT AG
IOS IONOS GROUP SE
- Olfa Taamallah
- Yan Derocles
CEZ CEZ AS
UTDI UNITED INTERNET AG
G ASSICURAZIONI GENERALI S.P.A.
HEI HEIDELBERGCEMENT AG
PSPN PSP SWISS PROPERTY AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
REY REPLY S.P.A.
SHL SIEMENS HEALTHINEERS AG
DRI 1&1 DRILLISCH AG
ADYEN ADYEN NV
HAG HENSOLDT AG
IOS IONOS GROUP SE
- Cor Kluis
- Hilde Van Boxstael
- Mathijs Geerts Danau
- Thibault Leneeuw
- Thomas Couvreur
- ING Helpdesk
Benelux Morning Notes
Adyen: CMD press release; strong growth for the years ahead. Heijmans: Nice bolt-on! Kendrion: Hitting a 15.5% EBITDA margin in 3Q25. Staffing Sector: French staffing: September trend weaker but October outlook slightly better despite tougher comps. TKH Group: Weak 3Q EBITA, keeps FY outlook
- ING Helpdesk
Benelux Morning Notes
Adyen: Preview Investor Day Aperam: In line 3Q25 EBITDA, soft 4Q25 guidance balanced by optimism on EU trade action and FCF beat Brunel: 3Q25 beats; outlook FY25 in line but trend NL and cash position weaker CM.com: Rejects Bird's offer Euronext: Records, beats, buybacks and upgrades GBL: 3Q25 a bit light Kinepolis: Canadian peer Cineplex 3Q25 Results and October 2025 Box office revenue NEPI Rockcastle: COO appointed as new CEO Proximus: Major cut to Global 2026 EBITDA, in line 3Q, 2025 FCF guid...
- Louis Boujard
- CFA
- Philippe Ourpatian
- Roy Külter
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
EDEN EDENRED SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
CARL B CARLSBERG A/S CLASS B
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
AMP AMPLIFON S.P.A.
REP REPSOL SA
COFB COFINIMMO SA
NDA AURUBIS AG
ANA ACCIONA SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
DWS DWS GROUP GMBH & CO. KGAA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
NSI NSI N.V.
ADYEN ADYEN NV
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
VUL VULCAN ENERGY RESOURCES
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
H2O HIDROELECTRICA S.A.
TEN TENARIS S.A.
AAL ANGLO AMERICAN PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
- Roy Külter
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
EDEN EDENRED SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
CARL B CARLSBERG A/S CLASS B
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
AMP AMPLIFON S.P.A.
REP REPSOL SA
COFB COFINIMMO SA
NDA AURUBIS AG
ANA ACCIONA SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
DWS DWS GROUP GMBH & CO. KGAA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
NSI NSI N.V.
ADYEN ADYEN NV
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
VUL VULCAN ENERGY RESOURCES
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
H2O HIDROELECTRICA S.A.
TEN TENARIS S.A.
AAL ANGLO AMERICAN PLC
- Cor Kluis
- Margaux van Oerle
- Oliver Metzger
- Wim Gille
DB1 DEUTSCHE BOERSE AG
BN DANONE SA
BNP BNP PARIBAS SA CLASS A
ADS ADIDAS AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
OMV OMV AG
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
ELE ENDESA S.A.
NXT NEXT PLC
BAS BASF SE
CAP CAPGEMINI SE
SY1 SYMRISE AG
SPL SANTANDER BANK POLSKA SA
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
IBE IBERDROLA SA
SNP PETROM S.A.
STM STMICROELECTRONICS NV
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
8TRA TRATON SE
STMN STRAUMANN HOLDING AG
FER FERROVIAL SA
AENA AENA S.M.E. SA
TKMS TKMS AG & CO. KGAA
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