Perfumes, eye wear and online food
Givaudan, Accelleron, Branicks, Van Lanschot Kempen, Fielmann, Delivery Hero, CA Immobilien, Ageas, Eurocash, SIF, UBM Development
Givaudan (GIVN Switzerland): A new strategy with familiar foundations
At its summer investor gathering, Givaudan set out its vision for 2030, and in many ways it felt like a continuation of the framework that has guided the company for more than a decade. The focus remains on steady, profitable growth and strong cash generation. Rather than unveiling a new direction, Givaudan is signaling that the same approach that has built its reputation as a steady compounder will continue to drive the business.
At the same time, the company announced a major leadership change: after twenty years at the helm, CEO Gilles Andrier will step down in March 2026, with Danone executive Christian Stammkoetter lined up as his successor.
The refreshed plan includes some new priorities. Localization will take on greater importance, with tailored solutions to better serve fast-growing markets in Asia and beyond. Givaudan is also setting its sights on categories like Beauty and Pet Food, where it sees potential to broaden its reach, supported by acquisitions and new service models.
Innovation remains central, with the company leaning on digital tools, AI, and biotechnology to create more premium and functional offerings. Specialized service teams for areas such as food service, private label, and pet food will bring a sharper focus to how Givaudan engages its customer base. These initiatives highlight how the group intends to evolve without straying too far from its core strengths.
Near-term growth is normalizing after an unusually strong period, reflecting tough comparisons and a tougher macroeconomic backdrop. But Givaudan continues to lean on long-term secular tailwinds in taste, scent, and wellness that should support its compounding model.
Accelleron (ACLN Switzerland): Growth momentum faces tariff pressure
Accelleron delivered decent half-year results, underscoring the consistency of its execution since listing. Sales of just over $600 million, while margins came in at the expected 25.5%. Profitability was slightly softer at the bottom line, but cash generation stood out as particularly strong, more than doubling from the year before.
Both main segments contributed to the growth story. Medium and low-speed turbochargers, the company’s largest business, benefited from strong demand in new builds and service agreements, helping lift market share. High-speed applications also performed well, driven increasingly by demand from prime power installations in the US.
Margins across both areas held up despite a shift in mix toward new builds, which typically come at lower profitability than aftermarket services. Management noted strong demand across the board, reinforcing confidence in the company’s market positioning.
The one area of caution came in the outlook, where Accelleron trimmed its margin guidance by a full percentage point to account for tariff headwinds. The company is actively responding by adjusting pricing, reworking supply chains, and driving efficiencies to protect competitiveness, particularly in the US market where growth is strongest.
The lowered guidance is a reminder of the pressures global manufacturers face in a shifting trade environment, even when demand fundamentals are robust. For Accelleron, the next phase of the story is about managing those external headwinds while continuing to grow steadily in the core businesses that underpin its resilient model.
Branicks (BRNK Germany): Grinding through balance sheet challenges
Branicks’ second quarter numbers came in broadly as expected, with flat rental income and fee revenue reflecting the impact of disposals, but funds from operations nudging higher thanks to lower interest costs. The company confirmed full-year guidance for FFO in the €40–55 million range, suggesting stability in the near term despite the headwinds it continues to face. On the surface, the quarter was uneventful, with results tracking forecasts and little in the way of surprises.
Beneath the surface, however, the balance sheet remains the key concern. Loan-to-value is still high at just over 61%, only slightly better than in the previous quarter. Management remains committed to bringing debt levels down and reshaping Branicks into a leaner asset manager, but progress will take time.
The refinancing of a €400 million bond due in 2026 is already looming large, and with transaction activity in the property market still subdued, deleveraging options remain limited. The company has set 2026 as the year it expects to return to net profitability, but that path depends heavily on market conditions improving.
The story of Branicks today is less about earnings momentum and more about financial resilience. Rental income is declining due to disposals, fee revenues are soft, and while cost savings and lower interest expenses are helping, the real test lies in repairing the balance sheet. Management is trying to buy time, aiming for stability until the market environment improves enough to support a broader recovery. For now, Branicks is keeping its head above water.
Van Lanschot Kempen (VLK Netherlands): Balancing softer earnings with steady client inflows
Van Lanschot Kempen’s first-half results were a but disappointing, with commission and interest income both coming in a little below market forecasts. Net profit slipped to €68 million, weighed down by softer trading activity in private banking and a quieter period for merchant banking deals. Interest income was also slightly weaker as clients demanded higher rates on savings, a reflection of the lower ECB rate backdrop. Expenses ticked higher, mainly because of additional client-facing hires.
Despite the earnings miss, client momentum remained encouraging. Private banking saw €2.7 billion of net inflows in the half, with €0.9 billion added in the second quarter across the Netherlands and Belgium. While a little shy of expectations, the inflow still represents healthy demand, underscoring Van Lanschot Kempen’s strong positioning in the wealth management market. Growing assets under management remains the bank’s most important long-term lever, and the continued inflows reinforce the sustainability of that strategy even in a slower revenue environment.
The broader picture is one of balance: softer near-term income but continued growth in client relationships. Management reiterated its guidance for net interest income for the year, albeit likely at the lower end of the range, and remains focused on lifting profitability into 2026. With steady inflows and investment in client-facing teams, the bank is positioning itself for recurring growth, even if earnings in the near term face pressure from market conditions and rates.
Fielmann (FIE Germany): Steady growth and a long-term vision
Fielmann’s final half-year results confirmed what preliminary figures had already indicated — a solid performance across its European base and continued expansion in the US. Group sales rose more than 12% year on year, with organic growth of around 4%.
Germany, Austria, and Switzerland all delivered mid-single-digit gains, while Poland and Spain remained standouts with double-digit momentum. The US business, meanwhile, contributed €143 million in the first half, more than double the figure from a year earlier, highlighting the scale of its international ambitions.
Profitability moved in the right direction, with adjusted EBITDA climbing nearly 26% and margins expanding strongly in both Europe and the US. In Europe, margins are already close to the long-term target of 25%, while the US, though still trailing, showed marked improvement. This margin progression underlines the benefits of scale and efficiency, even as the company invests heavily in its overseas push. Guidance for the year was confirmed, pointing to around €2.5 billion in sales and an EBITDA margin of roughly 24%.
Beyond the short term, management reiterated its 2030 ambitions: sales of €4 billion and €1 billion of revenue in the US, implying very aggressive expansion stateside. Achieving that will require both significant acquisitions and further margin improvement in the US, where profitability remains below European levels.
Delivery Hero (DHER Germany): Strong quarter tempered by currency headwinds
Delivery Hero’s second quarter showed the strength of its platform, with revenues and earnings comfortably topping expectations, but the company tempered that performance by cutting its full-year outlook due to currency effects.
Segment revenues rose 26% year on year at constant currencies, well above consensus, driven by strong showings in Europe and MENA. Gross merchandise value came in on target, with Europe and MENA again the growth leaders, while Asia remained weak but improved sequentially. Integrated Verticals also grew sharply, highlighting how the company is diversifying revenue beyond delivery.
Adjusted EBITDA for the first half reached €411 million, about 7% ahead of consensus, showing that operating leverage is improving even as the group continues to scale. However, the full-year guidance was lowered, with EBITDA now expected between €900–940 million versus a previous range above €975 million. Free cash flow guidance was also cut, underscoring the impact of adverse currency moves and a more mixed geographic backdrop. Management stressed that underlying demand remains solid and reiterated that margins should improve as scale builds further.
The story of Delivery Hero in mid-2025 is one of progress tempered by external forces. Operationally, the platform is growing, efficiencies are flowing through, and key markets are performing. But with currencies eroding part of that progress, management is recalibrating expectations.
The result is a company that is delivering solid top-line and earnings growth, but with near-term headwinds that remind investors of the complexities of managing a truly global footprint.
CA Immobilien (CAI Austria): Rental resilience offset by valuation pressures
CA Immo’s second quarter results showed resilience in rental operations, supported by higher like-for-like rents, improved occupancy, and lower vacancy costs. Net rental income rose more than 3% year on year to €51.7 million, with occupancy improving to nearly 94%. Funds from operations also inched higher, though the growth rate slowed versus the first quarter, when results were flattered by one-off income. Rental margins, however, remained very strong, showing the benefits of disciplined cost management and portfolio quality.
The drag came from valuations, where the company recorded a negative revaluation result of €14 million in the first half. Gains in Germany, where yields compressed slightly, were offset by sharp markdowns in Central and Eastern Europe, particularly in the Czech Republic and Hungary. These valuation pressures remain the main challenge, as they weigh on book value and highlight the divergence between the German portfolio and more volatile regional markets.
Even so, CA Immo continued to actively recycle capital, completing disposals worth nearly €500 million year-to-date, often at premiums to book value, underscoring management’s ability to generate liquidity and reposition the portfolio.
With a strong cash position, stable leverage, and solid rental income, CA Immo remains well positioned to weather valuation headwinds. Management guided for full-year FFO above €104 million, though disposals could affect the reported number. The core message is clear: operational performance is sound, Germany is holding up well, and once CEE valuations stabilize, the company should regain upward momentum.
For now, CA Immo remains a story of a high-quality landlord whose steady rental results are overshadowed by market-driven valuation swings.
Ageas (AGS Belgium): A solid half year, but China FX tempers guidance
Ageas delivered a headline profit beat in the first half of 2025, though the surprise was mainly down to a one-off tax benefit in China rather than underlying business strength. Net profit landed at €743 million, above forecasts, with Asia contributing most of the uplift thanks to an unusually low tax rate on life operations. Stripping that out, results were broadly in line, with Belgium steady, Continental Europe delivering a bit better than expected, and reinsurance close to forecasts. Non-life performance also improved slightly, with Belgium once again the bright spot thanks to a very strong combined ratio.
The outlook, however, was nudged lower. Management trimmed second-half profit guidance, acknowledging that the sharp depreciation of the Chinese yuan against the euro is eating into reported results.
Given how much of Ageas’s earnings are tied to China, the translation effect is material, and it also showed up in a lower contractual service margin for life insurance. Competition in UK non-life may also have weighed, but currency moves remain the dominant factor. The group’s solvency ratios stayed robust, coming in broadly in line with expectations, underlining financial stability despite the FX headwind.
Ageas also inched up its medium-term cash generation and shareholder return targets, reflecting the strength of the existing book and incremental benefits from partnerships such as the new quota share arrangement with Triglav.
Still, the overall story remains one of steadiness: the core franchise is resilient, Asia is critical, and currency swings will continue to dictate short-term earnings momentum.
Eurocash (EUR Poland): Cost discipline cushions a weak retail market
Eurocash’s second quarter results reflected the difficulties of operating in a slowing Polish retail market. Revenues slipped slightly year on year, dragged down by weaker wholesale and retail sales as poor weather hit beer consumption and higher excise taxes weighed on alcohol and tobacco volumes. Despite the top-line weakness, EBITDA came in slightly ahead of market expectations, as management’s tight control of margins and costs offset some of the pressure.
Wholesale, in particular, held up relatively well, with improved profitability despite declining volumes. The retail segment was more problematic. Sales contracted, and profitability took a hit from the closure of underperforming Delikatesy Centrum stores, which created one-off costs in the quarter. Margins declined as a result, though the restructuring should lead to a leaner, stronger store base over time.
Meanwhile, Eurocash’s newer businesses provided a glimmer of optimism. Online grocery platform Frisco continued to grow rapidly, while liquor retailer Duży Ben also expanded, helping the projects segment reach EBITDA breakeven for the first time.
The structural challenge, however, remains market share. While the total grocery market in Poland is still growing, Eurocash’s relevant wholesale segment shrank, with discounters taking more of the growth. That shift is squeezing Eurocash’s positioning, leaving its share of the overall market gradually eroding.
A strategic update is due in November, and investors will be watching closely to see how management intends to adapt to an increasingly discount-driven landscape.
SIF (SIFG Netherlands): Delays weigh heavily on production ramp-up
SIF’s first half numbers were disappointing across the board, with adjusted EBITDA halving year on year and production volumes coming in well below expectations. Revenues managed to grow modestly, but margins collapsed as the company struggled to ramp up output at its new facility. Net results swung into a loss of more than €25 million, highlighting the severity of the growing pains. While debt levels remain manageable, thanks in part to working capital measures, the underlying operational weakness is clear.
The main issue is that the ramp-up of production is taking much longer than anticipated. Management admitted that training new staff, stabilizing equipment, and implementing industrial processes at the new plant requires significantly more time.
Instead of reaching planned output levels by the third quarter of 2025, the company now expects the ramp-up to stretch into the first half of 2026 — a delay of six to nine months compared with the original plan. That timing shift forces a reset of expectations for both 2025 and 2026.
As a result, SIF cut its EBITDA guidance for this year by half, and even the 2026 outlook was lowered by around a quarter. Management insists that the long-term annualized run-rate target of €160 million in EBITDA remains achievable once operations stabilize, but for now the market is likely to take a “show me” stance.
The next few quarters will be critical, as investors wait for proof that production bottlenecks can be resolved and profitability rebuilt.
UBM Development (UBS Austria): Residential strength offsets office weakness
UBM Development’s second quarter offered signs of improvement, with sales boosted by a doubling of apartment transactions compared with last year. Strong demand for residential units in Austria, Germany, and the Czech Republic drove revenues up nearly 40%, roughly in line with expectations. The better sales and contributions from equity-accounted projects helped swing earnings before tax back into positive territory, a notable turnaround from last year’s loss. Net profit remained slightly negative after hybrid costs, but the improvement was clear.
The office portfolio, however, remains a drag. Key projects like LeopoldQuartier and TimberPioneer continue to see limited leasing progress, and management provided no fresh updates on their commercialization. That lack of traction highlights the difficulty of selling or leasing office space in a market where demand remains weak.
Meanwhile, the company’s liquidity position improved to €167 million, and with upcoming bond maturities manageable, refinancing risks look under control. Half of its promissory notes have already been refinanced, offering additional comfort on the balance sheet.
Looking forward, UBM expects to return to profitability in the second half, helped by continued strength in residential. The bigger challenge remains achieving a sustainable recovery in offices, particularly with higher interest costs coming through as debt is rolled over.
For now, the company has bought itself breathing room with better liquidity and stronger residential sales, but the office side of the portfolio will need to improve before a broader recovery takes hold.
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