Akzo Nobel Feedback 3Q results conference call

Below are the highlights of the 3Q25 results conference call. 3Q adjusted EBITDA dropped by 2% y/y and was in line with consensus whilst being 2% below our forecast. Akzo adjusted FY25 adj EBITDA guidance from ‘above €1.48bn' to ‘around €1.48bn' which seems in line with our and consensus forecasts. FY performance is still to be supported by € 170m targeted gross savings. Taking into account the volatile track record and low structural growth, we maintain our Hold rating and €65 TP.

Benelux Morning Notes

AkzoNobel: 3Q25 in-line, FY guidance trimmed, €300m provision for Ichthys court case. Gimv: ImCheck Therapeutics checked out. Heineken: 3Q25 trading update; outlook FY25 slightly lowered. KPN: Ziggo 2Gbits internet roll out for c.7m homes by end 2025, full Netherlands by 2026. Randstad: 3Q25 result beats 5%; outlook 4Q25 also beats; strong OPEX performance

AkzoNobel : Q3 25 results. No material changes (except for the € 300m ...

Morning Notes : AKZA NA, FLOB BB, GIMB BB, HEIA NA, RAND NA

: AKZA NA, FLOB BB, GIMB BB, HEIA NA, RAND NA

Akzo Nobel FIRST LOOK: 3Q adj. EBITDA -2%, FY EBITDA guidance slightly...

3Q adjusted EBITDA dropped by 2% y/y and was in line with consensus whilst being 2% below our forecast. Akzo adjusted FY25 adj EBITDA guidance from ‘above € 1.48bn' to ‘around € 1.48bn' which seems in line with our and consensus forecasts. FY performance is still to be supported by € 170m targeted gross savings. Taking into account the volatile track record and low structural growth, we maintain our Hold rating and € 65 TP.

Randstad : A decent performance on both revenues and margins

Randstad Strong cost control compensates for weak top-line

Randstad has managed to maintain a solid bottom-line thanks to again very strong cost control. The top-line is still struggling, with a gross margin of 18.4% being the lowest level since 2016. Outlook isn't seeing volume improvements in October, with costs expected to increase in 4Q. We lowered our FY25-FY28 estimates, resulting in a new TP of €40.5. We reiterate our Accumulate rating.

Credit Morning 10/17/2025

US regional banks and market nervousness|BBVA : Failure of the takeover bid for Banco Sabadell|

Morning Crédit 17/10/2025

Banques régionales américaines et nervosité des marchés|BBVA : Echec de l’OPA sur Banco Sabadell|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/17/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 17/10/2025

Basic-Fit N.V. : Solid membership growth and sales of € 357m in Q3; ou...

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

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...

Morning Notes : BFIT NA, GLPG NA, WDP BB, IMCD NA

: BFIT NA, GLPG NA, WDP BB, IMCD NA

Azelis/3Q25 preview and model update/BUY

We update our model ahead of Azelis' 3Q25 results on 23 October. We trim our 2025F-27F Adj. EBITDA estimates by c.5% to reflect ongoing weakness in several of Azelis' end-markets, predominantly driven by trade uncertainty. We maintain our BUY but lower our target price from €21 to €19 per share.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/14/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 14/10/2025

Randstad : Cautiously optimistic on Q3

AkzoNobel/3Q25 preview and model update/HOLD

Ahead of AkzoNobel's 3Q25 results, we update our model and trim our 2025F-27F Adj. EBITDA estimates by c.2.5% to reflect slightly softer volume development in 2H25, and mark-to-market of FX. We reiterate our HOLD and €65 per share target price.