reports
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Wim Hoste
Akzo Nobel Uninspiring 4Q & FY26 outlook, while Axalta merger can beco...
Akzo's 4Q25 results were roughly in line with previous quarters, with weak volumes and negative FX leading to a slight decline in adjusted EBITDA, despite sizeable efficiency improvement initiatives. 2026 is expected to bring more of the same, with Akzo forecasting flat volumes and an FY26 adjusted EBITDA that is guided to be up at least 2% (or at least 7% excluding negative FX and scope effects). With current efficiency improvement initiatives expected to have mostly run their course in 2027, t...
- Oliver Metzger
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
BVI BUREAU VERITAS SA
BN DANONE SA
BAER JULIUS BAER GRUPPE AG
FORTUM FORTUM OYJ
SRT3 SARTORIUS AG PREF
DEMANT DEMANT A/S
ITRK INTERTEK GROUP PLC
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
DIM SARTORIUS STEDIM BIOTECH SA
AKZA AKZO NOBEL N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
SHEL SHELL PLC
SGSN SGS SA
- Oliver Metzger
ETL EUTELSAT COMMUNICATIONS SA
SESGL SES SA FDR (CLASS A)
BVI BUREAU VERITAS SA
BN DANONE SA
BAER JULIUS BAER GRUPPE AG
FORTUM FORTUM OYJ
SRT3 SARTORIUS AG PREF
DEMANT DEMANT A/S
ITRK INTERTEK GROUP PLC
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
DIM SARTORIUS STEDIM BIOTECH SA
AKZA AKZO NOBEL N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
SHEL SHELL PLC
SGSN SGS SA
- ING Helpdesk
Benelux Morning Notes
Aalberts: Preview: Another quarter in no man's land? / Ahold Delhaize: Confirms the acquisition of Delfood / AGEAS: China – state to inject capital into insurers / AkzoNobel: Tepid 4Q25 results and FY26 outlook / D'Ieteren: Belgian car registrations down 19%, 65% of 2019 level, VW down only 5% / Xior Student Housing: Sound organic trends continue, two-year guidance revealed
- Guy Sips
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Stefano Toffano
- Wim Hoste
Akzo Nobel FIRST LOOK: 4Q EBITDA -4%, FY26 guidance slightly below exp...
4Q adjusted EBITDA dropped by 4% y/y and was in line with our forecast while being 2% below consensus. Akzo guides for a FY26 adj EBITDA at or above € 1.47bn, which is at the low end 2% below our forecast and 4% below consensus. The merger with Axalta is expected to close in late 2026 or early 2027. Taking into account the volatile track record and low structural growth, we maintain our Hold rating and € 65 target price.
- Nicolas David
FP TOTAL SE
SGE SAGE GROUP PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
G1A GEA GROUP AG
PUM PUMA SE
ROG ROCHE HOLDING LTD
SAND SANDVIK AB
ZAL ZALANDO SE
ENI ENI S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
ERA ERAMET SA
REP REPSOL SA
SPIE SPIE SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
AKZA AKZO NOBEL N.V.
HAG HENSOLDT AG
EPI A EPIROC AB
SHEL SHELL PLC
AAL ANGLO AMERICAN PLC
- Nicolas David
FP TOTAL SE
SGE SAGE GROUP PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
G1A GEA GROUP AG
PUM PUMA SE
ROG ROCHE HOLDING LTD
SAND SANDVIK AB
ZAL ZALANDO SE
ENI ENI S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
ERA ERAMET SA
REP REPSOL SA
SPIE SPIE SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
AKZA AKZO NOBEL N.V.
HAG HENSOLDT AG
EPI A EPIROC AB
SHEL SHELL PLC
AAL ANGLO AMERICAN PLC
- Stijn Demeester
AkzoNobel/4Q25 preview: no change in demand trends yet/HOLD
We adjust our estimates to reflect the divestment of AkzoNobel India and recent FX and demand trends, with a continuation of the muted demand backdrop seen YTD, specifically in the US coatings segment. We maintain our HOLD recommendation and target price at €65 per share.
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Mathijs Geerts Danau
- Michiel Declercq
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Wim Hoste
- Jacob Mekhael
Merus Petosemtamab phase 2 mCRC results show high response rates
Merus announced interim clinical data (29 July 2025 cutoff) from the ongoing phase 2 trial of petosemtamab (EGFR x LGR5 bispecific antibody) + standard of care FOLFOX/FOLFIRI (chemo) in 1L, 2L metastatic CRC (mCRC) and petosemtamab monotherapy in 3L+ mCRC. The results were presented at the AACR-NCI-EORTC, and confirm and build upon the responses reported from an initial dataset with a previous cut-off date (28 April 2025). We view the numbers as competitive vs. cetuximab (EGFR antibody) + FOLFOX...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Thomas Couvreur
Merus’ Interim Data on Petosemtamab in Metastatic Colorectal Cancer De...
Merus’ Interim Data on Petosemtamab in Metastatic Colorectal Cancer Demonstrates Monotherapy Activity and Robust Response Rate in Combination with FOLFOX/FOLFIRI with Well Tolerated Safety – 100% response rate in 1L left-sided mCRC (n=8, confirmed and unconfirmed) – 62% response rate in 2L left- and right-sided mCRC (n=13, confirmed and unconfirmed) UTRECHT, The Netherlands and CAMBRIDGE, Mass., Oct. 24, 2025 (GLOBE NEWSWIRE) -- (Nasdaq: MRUS) (Merus, the Company, we, or our), an oncology company developing innovative, full-length multispecific antibodies and antibody drug conjugates ...
- 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
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