reports
- Lynn Hautekeete
Qrf 1Q26 trading update: no surprises
QRF reports in line with our and market expectations. No major events took place in 1Q26. On an EPRA results basis the results are 100% in line with our expectations. There has been a fair value uplift of approx. 1%, fully driven by NRI growth as the cap rate stayed flat. Something we expect for most REITs at 1Q26 reporting due to the ongoing Iran war. The occupancy is flat at 98,12%. EPS recovery after the CASA bankruptcy is going as expected and will be further supported by the newly signed te...
- Hilde Van Boxstael
- Livio Luyten
- Thomas Couvreur
- Wim Lewi
- Livio Luyten
Texaf Solid start of the year with +4.4% revenue growth
In 1Q26, TEXAF delivered a solid start to the year with group revenue up +4.4% despite an unstable geopolitical environment in the DRC whose operational impact remained limited so far. Real estate, the core driver, held steady at €7.7m thanks to rent indexation that offset a modest seasonal dip in occupancy. The quarry segment rebounded strongly with revenue up +49% to €1.1m after a weak comparable period. Digital continued to build momentum with service revenues +22% to €0.3m and high occupancy...
- Wim Lewi
Xior 1Q26 results, Like-for-like growth persists
Xior reported a resilient 1Q26 with 5% like-for-like growth. Net rental income grew 11% and EPRA net profit came in line with our estimate of €20.3m, up 4.6% YoY. Also LTV% came down 0.3% to 49.5%. Xior has stabilised its business and enjoys better visibility with no refinancing needs over the next 18 months. The cost of debt decreased slightly from 3.06% (FY25) to 3.05%. The asset disposal program has largely terminated and Xior looks set to gradually develop (or partly spin off) its landbank p...
- Wim Hoste
Belysse Soft Europe and strong US in 1Q, adjusted EBITDA up
1Q26 revenue declined by 3% organically and came in 5.6% below our expectations, with the US remarkably strong and Europe still very weak. 1Q adjusted EBITDA was up y/y which is positive. Belysse does not give a precise FY26 guidance and we have left our FY26 adjusted EBITDA forecasts unchanged for now, while incorporating a slightly lower top line forecast. Valuation continues to look attractive and prompts us to reiterate our Accumulate rating and € 1.5 target price.
- Wim Lewi
Warehouses De Pauw 1Q26 results, no Hormuz impact, but steady course
1Q26 EPRA EPS of €0.38 came slightly above our expectation of €0.37. Like-for-like growth amounted to 1.7%, down from 2.3% as some frictional vacancy offset the indexation and rent reversion. However, occupancy remained relatively stable at 97.3% vs. 97.7% at FY25-end. Current development pipeline remains on track at 430k sqm of which 80% is pre-let with an expected NOI yield of 7.3%. The high pre-let level makes WDP a solid investment in current uncertain macro-economic times. WDP repeated its ...
- Wim Hoste
Cementir Holding All resolutions approved at the Shareholders' Meeting
All resolutions including the dividend and Board member reappointments were approved at the Shareholders' Meeting. We remind that Cementir recently guided for FY 26 Recurring EBITDA to be slightly up, despite severe winter conditions in ao Nordics & Baltics at the start of the year. Cementir's diversified footprint with some key regional strongholds like Denmark and Belgium along with a deeply vertically integrated model in those regions allows to realize solid profitability, as witnessed by the...
- Kristof Samoy
Fugro Costs controlled, challenging NWC dynamics, unchanged cautious o...
Adjusted 1Q26 EBIT landed at €-2m in line with our €4m estimate. No company compiled consensus was available. Costs were well controlled and capex scaled back considerably. Unfortunately the NWC dynamics were substandard. So far the ME conflict did not have a large direct impact but award conversion is said to be slower than usual. BL dynamics in APAC and the large (most profitable) European division remain a source of concern. While the actual 1Q26 numbers imply a ‘manageable' 2Q26 our first as...
- Michiel Declercq
Sipef The rerating has materialised
Sipef reported a solid 1Q26 update, with the 7.3% increase in CPO production keeping the group on track for its 470kt target. Together with elevated CPO prices following the conflict in the Middle East, the group now expects the recurring net result (gs) to be broadly in line with last year. While the prospects for Sipef remain very strong, we highlight that the sector has already rerated significantly over the past year. We increase our TP from € 88.0 to € 100.0ps but lower our rating from Buy ...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
Inventiva Appoints new CFO, CLO and CPO
Inventiva announced 3 new members of its leadership team: Axel-Sven Malkomes as Chief Financial Officer, Susan Coles as Chief Legal Officer, and Pamela Herbster as Chief People Officer. Malkomes has >30 years of experience in life sciences and healthcare including recently co-leading an acquisition during his role as CFO of Cardior. Both Coles and Herbster also have significant industry experience, where they have been involved in business development agreements through their previous roles e.g....
- Wim Hoste
Heineken FIRST LOOK: Slight beat on 1Q top line trends, FY guidance ma...
1Q organic volume and revenue trends were slightly better than our and consensus forecasts while Heineken reiterated FY26 guidance calling for a 2-6% growth in operating profit (beia). We still appreciate Heineken for the sizeable self-help initiatives which should support organic earnings growth in the coming years, but acknowledge that the bumpier volume evolution of the past few years makes the investment case a bit less predictable and hence also less appealing. We maintain our Accumulate ra...
- Lynn Hautekeete
Basic-Fit Feedback CMD
In this note we present our assessment of the two-day Capital Markets Day and update our model to reflect the €307m convertible bond issuance and the €10.0m increase in underlying EBITDA guidance communicated at the 1Q26 results. We view the EBITDA uplift as conservative. The convertible results in approximately €2.0/share dilution, including our updated treatment of the waiver amount related to the first convertible bond. Despite the extensive CMD, limited guidance was provided on the franchise...
- Wim Hoste
Titan Titan America launches an Innovation Hub in South Florida
Titan America launches an Innovation Hub in South Florida to accelerate Next-Generation construction. We remind that Titan presented its Forward 2029 Strategic plan in November 2025, and which targets to grow EBITDA by 62% to € 1bn by 2029 on a combination of organic growth initiatives and M&A in regions where the company has an established footprint and acquisitions offer sizeable synergies potential. Overall, TITAN is seeking growth in the coming years in both its core heavy materials business...
- Wim Hoste
Akzo Nobel FIRST LOOK: 1Q adj EBITDA -3%, FY guidance maintained
1Q adjusted EBITDA decreased by 3% to € 345m which was 6% better than our forecast and 7% above consensus. Akzo still guides for a FY26 adj EBITDA improvement in constant currencies of € 100m . The merger with Axalta is still expected to close in late 2026 or early 2027. Whilst we appreciate the synergies potential from the intended merger, taking into account the volatile track record and low structural growth, we maintain our Hold rating and € 63 TP.
- Kristof Samoy
- Lynn Hautekeete
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Kristof Samoy
Vopak First look: Solid 1Q26 performance, EBITDA26 outlook maintained
Vopak reported better than expected 1Q26 numbers with proportional EBITDA of €295m vs. our €276m and consensus of €286m. So far the company foresees no material financial impact at group level stemming from the Iran conflict. The proportional EBITDA and free operating CF outlook for 2026 were maintained. Occupancy rates held up well at 91% vs. 92% last quarter. 1Q26 update confirms our appraisal of Vopak as an attractively priced, defensive grower. We reiterate our Buy rating and €56 TP.
- Wim Hoste
Recticel FIRST LOOK: 1Q sales +6%, good start of 2Q supported by pre-b...
1Q26 revenue increased by 6.1%, which was in line with our and consensus forecasts and driven by recent acquisitions. Recticel mentions a clear acceleration in volumes and order books, although this seems partly driven by customers that are pre-buying in the light of significant price increases on the back of the situation in the Middle East. Recticel does not provide a FY guidance at this stage. We believe Recticel still has significant firepower for additional acquisitions and we would expect ...
- Wim Hoste
Corbion Soft 1Q but FY guidance maintained
1Q26 adj EBITDA decreased by 20% organically, impacted by a higher comparable base and phasing (as previously guided for). Despite the softer than expected 1Q, FY26 guidance of a c. 100bps adj EBITDA margin improvement to around 17% is maintained (KBCS 16.8%, CSS 16.7%). The divestment process for the PLA JV stake is still ongoing. We remind that the late 2025 strategy update revealed also that Biochemicals will be de-emphasized, which will put the growth focus on food preservation and formulati...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.