Quarterly figures dominate AEX
This week, the Damrak was dominated by a flood of quarterly figures. The results largely confirmed investors' positive outlook. At the time of writing on Friday morning, the AEX index and the STOXX Europe 600 Index were virtually unchanged at 979 and 574 points respectively.
KPN: Growth in fibre optic and mobile customers
KPN achieved revenue growth of 2.5% to EUR 1.46 billion in the third quarter. EBITDA rose by 4.4% to EUR 672 million. The telecom company was successful in the consumer market, with an increase of 11,000 broadband customers and 47,000 mobile customers. Despite strong competition, KPN continues to invest in fibre optics and network capacity, with an 11% increase in investments. Free cash flow grew by 67% to EUR 298 million. For 2025, KPN expects EBITDA of more than EUR 2.63 billion and service revenue growth of approximately 3%. The share rose by 0.5% on Tuesday, the day the figures were published.
ASM International: Higher margins, lower orders
ASM International (ASMI) reported quarterly revenue of EUR 800 million, up 8% on last year. The gross margin was 51.9%, above the expected 48.9%, partly due to strong sales in China. EBIT came in at EUR 243 million, well above the predicted EUR 211 million. Net profit was also higher at EUR 384 million, due to a currency gain. The number of new orders was disappointing at EUR 637 million, 11% lower than expected due to lower demand from China. ASMI expects a decline in sales in the fourth quarter, but a recovery in orders in the future. The share price subsequently fell by almost 2%.
Adyen: Strong quarterly growth
Payment company Adyen achieved revenue growth of 23% thanks to higher income from digital transactions and more customers opting for the Unified Commerce approach. The company forecasts revenue growth of approximately 21% for the whole of 2025 and expects annual growth of approximately 20-25% from 2026 onwards. On 11 November, Adyen will present its plans for the future, including possible expansions into new countries and technologies such as AI. The share rose by 5% on Wednesday.
DSM-Firmenich: Pressure from vitamin prices
DSM-Firmenich posted modest organic revenue growth of 2% in the third quarter, despite challenges such as exchange rate fluctuations and lower vitamin prices. Total revenue fell by 5% to EUR 3.07 billion, while adjusted EBITDA remained stable at EUR 540 million. The company lowered its profit forecast for 2025 to EUR 2.3 billion. DSM aims to complete the sale of its animal nutrition business in the fourth quarter. The share lost 2% on Thursday.
Shell: Strong performance despite lower profits
Shell reported adjusted net profit of USD 5.4 billion for the third quarter. Although this is 10% lower than last year, it is 7% above expectations. Cash flow amounted to USD 12.2 billion, a decrease of 17%, but higher than predicted. The company is maintaining a quarterly dividend of USD 0.358 per share and will continue to buy back shares worth USD 14 billion per year. Shell invested USD 4.9 billion in the past quarter and is targeting an investment level of between USD 20-22 billion for 2025. The share closed virtually unchanged on Thursday.
ING: Profits exceed expectations
ING Group's third-quarter results were better than expected, with a net profit of EUR 1.79 billion, partly due to higher trading income and one-off gains. The CET1 ratio (solvency indicator) rose to 13.4%, above the (increased) target of 13%. ING announced a capital distribution of EUR 1.6 billion, including a share buyback and a special dividend in January 2026. The share price rose by 6% on Thursday.
Outlook
Next week, investors can once again look forward to a lot of company figures. These include PostNL, Alfen, Philips, Ahold Delhaize, Vopak, Wolters Kluwer, Air France-KLM, ArcelorMittal, BAM, Brunel and SIF Holding. The Central Bureau of Statistics will publish retail sales figures, confidence figures for the manufacturing industry and consumer spending in the Netherlands.