reports
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Acomo: Cocoa-nuts. Cofinimmo: Strong operational start of the year. IMCD: Favourable start of the year. Randstad: Capital Markets Event 2025; rewriting the industry. Signify: Calm 1Q25 before tariff storm. Universal Music Group: EU to probe planned acquisition of Downtown Music. 1Q25 preview. WDP: Good investment, lighter LFL, guidance reconfirmed. Xior Student Housing: Strong organic trends continue. Events Calendar
- Stijn Demeester
- Stefano Toffano
- Thomas Zlowodzki
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
SDG SYNERGIE SA
SBS STRATEC SE
GYC GRAND CITY PROPERTIES SA
POM PLASTIC OMNIUM SE
SCR SCOR SE
SZG SALZGITTER AG
ITP INTERPARFUMS
AUB AUBAY SA
FNAC FNAC DARTY SA
VNA VONOVIA SE
VOE VOESTALPINE AG
ACX ACERINOX SA
MBB MBB INDUSTRIES SE
BB SOCIETE BIC SA
ERA ERAMET SA
ROS ROSENBAUER INTERNATIONAL AG
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
TEG TAG IMMOBILIEN AG
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LEG LEG IMMOBILIEN AG
PYT POLYTEC HOLDING
CSM CORBION NV
WLN WORLDLINE SA
COFA COFACE SA
GLPG GALAPAGOS NV
RIO RIO TINTO PLC
XFAB X-FAB SILICON FOUNDRIES SE
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
VRLA VERALLIA SAS
CPR DAVIDE CAMPARI-MILANO N.V.
FUR FUGRO NV
AZE AZELIS GROUP NV
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
- Carole Braudeau
GET GETLINK SE
BVI BUREAU VERITAS SA
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
ORA ORANGE SA
FNAC FNAC DARTY SA
KER KERING SA
BAYN BAYER AG
ERA ERAMET SA
WLN WORLDLINE SA
DHER DELIVERY HERO SE
VRLA VERALLIA SAS
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AZE AZELIS GROUP NV
SPM SAIPEM S.P.A.
- Stefano Toffano
- Thomas Zlowodzki
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
SDG SYNERGIE SA
SBS STRATEC SE
GYC GRAND CITY PROPERTIES SA
POM PLASTIC OMNIUM SE
SCR SCOR SE
SZG SALZGITTER AG
ITP INTERPARFUMS
AUB AUBAY SA
FNAC FNAC DARTY SA
VNA VONOVIA SE
VOE VOESTALPINE AG
ACX ACERINOX SA
MBB MBB INDUSTRIES SE
BB SOCIETE BIC SA
ERA ERAMET SA
ROS ROSENBAUER INTERNATIONAL AG
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
TEG TAG IMMOBILIEN AG
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LEG LEG IMMOBILIEN AG
PYT POLYTEC HOLDING
CSM CORBION NV
WLN WORLDLINE SA
COFA COFACE SA
GLPG GALAPAGOS NV
RIO RIO TINTO PLC
XFAB X-FAB SILICON FOUNDRIES SE
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
VRLA VERALLIA SAS
CPR DAVIDE CAMPARI-MILANO N.V.
FUR FUGRO NV
AZE AZELIS GROUP NV
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
- Carole Braudeau
GET GETLINK SE
BVI BUREAU VERITAS SA
AAL ANGLO AMERICAN PLC
BNP BNP PARIBAS SA CLASS A
ORA ORANGE SA
FNAC FNAC DARTY SA
KER KERING SA
BAYN BAYER AG
ERA ERAMET SA
WLN WORLDLINE SA
DHER DELIVERY HERO SE
VRLA VERALLIA SAS
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AZE AZELIS GROUP NV
SPM SAIPEM S.P.A.
- Stefano Toffano
- ING Helpdesk
Benelux Morning Notes
Allfunds Group plc: 1Q25 Preview. Azelis: 1Q25 EBITA miss on tariff uncertainty, €20m self-help to support margins. Exor: Announces oversubscribed €1bn SBB tender offer, strike at VWAP +2%. Flow Traders: Mike drop. Fugro: 1Q25 as expected but outlook a question mark. IMCD: Breaking with tradition: CEO gone within 15 months. Kinepolis: Weak 1Q25, offset by a strong 2Q25 start. KPN: Small 1Q25 EBITDAal beat, guidance reiterated. Randstad: Capital Markets Event. RELX: 1Q25 trading...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Chaima Ferrandon
- Sven Edelfelt
LR LEGRAND
BN DANONE SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
VOLV B VOLVO AB CLASS B
FGR EIFFAGE SA
ABB ABB LTD.
RXL REXEL SA
KBC KBC GROUP N.V.
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
BAYN BAYER AG
SUN SULZER AG
DOKA DORMAKABA HOLDING AG
ASSA B ASSA ABLOY AB CLASS B
ANDR ANDRITZ AG
SAP SAP SE
SIE SIEMENS AG
VOS VOSSLOH AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
AKZA AKZO NOBEL N.V.
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ATCO A ATLAS COPCO AB
- Benoit Valleaux
- Steven Gould
AXA AXA
LR LEGRAND
BN DANONE SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
VOLV B VOLVO AB CLASS B
FGR EIFFAGE SA
ABB ABB LTD.
RXL REXEL SA
KBC KBC GROUP N.V.
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
BAYN BAYER AG
SUN SULZER AG
DOKA DORMAKABA HOLDING AG
ASSA B ASSA ABLOY AB CLASS B
ANDR ANDRITZ AG
SAP SAP SE
SIE SIEMENS AG
VOS VOSSLOH AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
AKZA AKZO NOBEL N.V.
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ATCO A ATLAS COPCO AB
- Stefano Toffano
- ING Helpdesk
Benelux Morning Notes
AkzoNobel: 3% beat on 1Q25 Adj. EBITDA, FY25 guidance maintained at +€1.55bn. BE Semiconductor Industries: 1Q25 results - extending the downcycle. Corbion: Apogee. Just Eat Takeaway.com: 1Q25 Trading Update - no impact on the bid. Kinepolis: 1Q25 preview. KPN: 1Q25 preview. Randstad: Strong 9% high quality beat on 1Q25, 2Q25 outlook looks a touch below. Vår Energi: Fine start of the year, more to come. Vopak: Reasonable start, cashflow developing nicely.
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Hoste
Akzo Nobel FIRST LOOK: 1Q adj EBITDA -2%, FY guidance of € 1.55bn EBIT...
Akzo's 1Q adjusted EBITDA decreased by 2% and came in c. 3% below our forecast and c. 3% above consensus. FY25 adj EBITDA guidance of above €1555m is maintained and calls for at least 5% growth, whilst most of the predicted growth comes from self help measures. Taking into account the volatile track record and low structural growth, we maintain our Hold rating and € 65 TP.
- ING Helpdesk
- Ahmed Ben Salem
- Baptiste Lebacq
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
ALFOC FOCUS HOME INTERACTIVE SA
NK IMERYS SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
ATO ATOS SE
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
EVT EVOTEC SE
FGA FIGEAC AERO SA
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
GOE GROUPE GORGE SA
GLO GL EVENTS SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
ICAD ICADE SA
SUN SULZER AG
NDA AURUBIS AG
SLIGR SLIGRO FOOD GROUP N.V.
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SAX STROEER SE & CO. KGAA
CON CONZZETA AG
11B 11 BIT STUDIOS S.A.
SIFG SIF HOLDING NV
RIO RIO TINTO PLC
MAU ETABLISSEMENTS MAUREL & PROM SA
FTG111 FLATEXDEGIRO AG
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
NSI NSI N.V.
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
FAST FASTNED
WINE PURCARI WINERIES PCL
OVH OVH GROUPE
ALVGO VOGO SA
MFEA MEDIASET NV
PLX PLUXEE NV
ORP ORPEA
- Carole Braudeau
- Carole Braudeau
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