AI concerns weigh on the AEX
It was another volatile week for the stock market. The sting at the end of the week, as concerns grew about the prospects for AI-related companies. On Friday morning, the AEX index was down 1.6% for the week, mainly due to share price declines at ASML, ASM International, BESI and Shell.
Many other AEX stocks, however, posted solid gains. The Stoxx Europe 50 Index fell 0.8%, while the Stoxx Europe 600 Index was unchanged.
Investors in Amsterdam followed economic and political developments in the US, including the midterm elections, while also digesting a series of quarterly results and trading updates. Five AEX companies reported results: Philips on Tuesday, Ahold Delhaize, DSM-Firmenich and Wolters Kluwer on Wednesday, and ArcelorMittal on Thursday. Market reactions varied considerably. Below, we take a closer look at the results.
Philips: strong orders and legal progress
Philips closed 4.8% higher on Tuesday. Comparable sales grew by around 3% in the third quarter compared with 2025. The adjusted EBITA margin improved by 70 basis points to 13% (EBITDA: earnings before interest, taxes, depreciation and repayments). Order intake rose by 8%, partly driven by pent-up demand and mainly thanks to ‘Diagnosis & Treatment’. Philips also took an important step in the US case concerning sleep apnoea devices. The company set aside EUR 288 million for an agreement in principle with the US Department of Justice. This brings the long-running issue closer to an resolution and provides more room for further development, including in AI. On Friday morning, the stock is up 11.1% compared with a week earlier.
Ahold Delhaize: relief despite cyber headwinds
Ahold Delhaize closed 6.6% higher on Wednesday and is up 3.8% for the week on Friday morning. Sales rose by 1.9% in the third quarter. Online sales grew by around 8.2%, mainly driven by the US. However, the October cyber incident created headwinds: the group expects to lose up to EUR 250 million in sales in the fourth quarter. The forecasts for earnings per share growth and free cash flow in 2026 have been lowered, the latter from EUR 2.3 billion to EUR 2.1 billion. The market impact was limited: investors had initially expected the cyber incident to have more serious consequences.
DSM-Firmenich: higher expectations, share price recovery
DSM-Firmenich reported comparable sales growth of 5% in the third quarter on Wednesday. Adjusted EBITDA rose by 8% compared with the same period in 2025. The group raised its sales growth forecast for full-year 2026 from 2%–4% to around 5%. The EBITDA margin increased from the previous quarter to 20.4%. Despite the positive figures, investors initially responded cautiously. After a sharp drop at the opening, the stock recovered and closed 1.6% higher (weekly return: +3.3%). Wolters Kluwer: cloud growth lifts the share price Wolters Kluwer reported figures for the first nine months of 2026 on Wednesday. Revenue grew organically by 6% compared with the same period last year. Recurring cloud software revenue rose by 15%. Adjusted operating profit increased by 10% at constant exchange rates. The group maintained its full-year outlook and continues to focus on AI innovation. The stock closed 6.7% higher on Wednesday (weekly return: +3.0%).
ArcelorMittal: stronger EBITDA, but an operating loss
ArcelorMittal rounded off the series of results on Thursday. EBITDA rose by 34% year on year in the third quarter to USD 2.0 billion. EBITDA per tonne of steel improved from USD 111 to USD 155. ArcelorMittal benefited, among other things, from tighter European trade measures, which restrict steel imports and support the European market. European flat steel shipments increased compared with the previous quarter, contrary to the usual seasonal pattern. Nevertheless, the group posted an operating loss of USD 131 million, compared with a profit of USD 544 million a year earlier. This decline was linked to the suspension of operations at ArcelorMittal Kryvyi Rih in Ukraine. Total steel shipments fell from 13.6 million tonnes in the third quarter of 2025 to 13.0 million tonnes. On Friday morning, the stock is up 4.3% for the week.
Looking ahead: fewer results, inflation in focus
After a busy earnings week, the corporate calendar will be quieter: ABN AMRO and SBM Offshore will publish quarterly updates next week. On Tuesday, investors will also be watching US inflation figures and new Chinese trade data.