reports
- Chaima Ferrandon
- Sven Edelfelt
HEIA HEINEKEN NV
EDEN EDENRED SA
IPN IPSEN SA
ENGI ENGIE SA.
BNP BNP PARIBAS SA CLASS A
ADS ADIDAS AG
FGR EIFFAGE SA
ULVR UNILEVER PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
OR L'OREAL SA
RAND RANDSTAD NV
GRF GRIFOLS S.A. CLASS A
ANA ACCIONA SA
GRF.P GRIFOLS S.A. PREF CLASS B
AKZA AKZO NOBEL N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
- Chaima Ferrandon
- Sven Edelfelt
HEIA HEINEKEN NV
EDEN EDENRED SA
IPN IPSEN SA
ENGI ENGIE SA.
BNP BNP PARIBAS SA CLASS A
ADS ADIDAS AG
FGR EIFFAGE SA
ULVR UNILEVER PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
OR L'OREAL SA
RAND RANDSTAD NV
GRF GRIFOLS S.A. CLASS A
ANA ACCIONA SA
GRF.P GRIFOLS S.A. PREF CLASS B
AKZA AKZO NOBEL N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
- Wim Hoste
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.
- ING Helpdesk
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
- Stefano Toffano
- Guy Sips
- Livio Luyten
- Thomas Couvreur
- Wim Hoste
- Robert Jan Vos
- Wim Hoste
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.
- Konrad Zomer
- Thomas Couvreur
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.
- Wim Hoste
Heineken FIRST LOOK: 3Q beer volume -4.3%, now guiding for low end of ...
3Q beer volume dropped by 4.3% which was in line with our and consensus forecasts. Heineken now guides towards the low end of the 4-8% organic operating profit (beia) growth range for FY25 which is no surprise. We still appreciate Heineken for the organic earnings growth potential in the coming year, supported by ongoing cost savings and payback from gradually increasing marketing spend, but acknowledge that the bumpier volume evolution makes the investment case a bit more difficult. We look for...
Heineken N.V. reports on 2025 third quarter trading
Heineken N.V. reports on 2025 third quarter trading Amsterdam, 22 October 2025 – Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) announces Staying the course while navigating a challenging quarter Key Quarterly Highlights Revenue €8,712 million for the quarter, €25,636 million year to date Net revenue (beia) organically down 0.3% for the quarter, up 1.3% year to date Beer volume organically down 4.3% for the quarter, down 2.3% year to date Premium beer volume organically down 2.2% for the quarter, up 0.4% year to date Heineken® volume down 0.6% for the quarter, up 2.7% yea...
Floridienne S.A.: 1 director
A director at Floridienne S.A. bought 60 shares at 615.000EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Thomas Couvreur
- Guy Sips
Floridienne Monoholding in Disguise
Floridienne is a holding with full private market exposure, ESG focus, and long-term family stewardship. Floridienne transformed over the past decade from a multi-asset to a de facto mono-holding. The main driver of this transformation is the superior performance of its crown jewel BioFirst, a global leader in biocontrol benefiting from the trend toward sustainability in agriculture. Floridienne's valuation and investment thesis depend on its continued success story. We reiterate our Accumulate ...
Heineken N.V. reports the progress of transactions under its current s...
Heineken N.V. reports the progress of transactions under its current share buyback programme Heineken N.V. reports the progress of transactions under its current share buyback programme Amsterdam, 20 October 2025 - Heineken N.V. (EURONEXT: HEIA; OTCQX: HEINY) hereby reports transaction details related to the first €750 million tranche of its €1.5 billion share buyback programme as communicated on 12 February 2025. From 13 October 2025 up to and including 17 October 2025 a total of 98,520 shares were repurchased on exchange at an average price of € 68.28. During the same period, 95,536...
- ING Helpdesk
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
- Wim Hoste
Heineken Preview: soft 3Q release expected
We lowered our forecasts for 3Q25 and the remainder of the year after signals of weak recent trading in a number of markets. Whilst Heineken did stick to its FY25 guidance range of 4-8% organic operating profit (beia) growth at the time of the 1H25 results release, we now expect FY25 organic operating profit (beia) growth to slightly fall short of that range at +3.6%. We still appreciate Heineken for the organic earnings growth potential in coming years (we expect c. 6% organic operating profit ...
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
HEINEKEN reshapes its global head office to unlock new opportunities
HEINEKEN reshapes its global head office to unlock new opportunities HEINEKEN reshapes its global head office to unlock new opportunities As part of its new EverGreen 2030 strategy HEINEKEN announces accelerated digital transformation and transition of roles Amsterdam, 14 October 2025 – HEINEKEN today announced the reshaping of its global head office as part of its new five-year strategy, EverGreen 2030. Building on EverGreen 2025, the next phase sharpens HEINEKEN’s ambition to lead in a dynamic beer market. The changes at the global head office are part of a series of initiatives de...
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