AEX stays close to home

Investor confidence improved thanks to strong economic data and as fears about the negative effects of AI faded into the background. On Tuesday and Wednesday, the AEX reached new record highs. And after Nvidia's strong results on Wednesday evening, it seemed as if the positive mood would continue. Unfortunately, sentiment shifted and the AEX closed lower on Thursday. The optimism surrounding technology and chip companies appears to be short-lived. Declines in the heavily weighted chip stocks caused the AEX to close with a loss.

Over the week, at the time of writing, the AEX index recorded a gain of approximately 0.5%, leaving the Amsterdam benchmark slightly behind the European Stoxx 600, which rose 0.6%. Within the index, RELX (+7.5%), Wolters Kluwer (+6.2%) and ArcelorMittal (+3%) were the strongest performers. On the downside were IMCD (-8%), CVC Capital (-4.2%) and UMG (-4.0%).

Positive results for Dutch companies

In recent days, many mid-cap companies have published their results. Looking at the results of a number of familiar names, these were mostly in line with expectations or better than expected. However, the outlook for the future painted a more mixed picture.

Wolters Kluwer reported results that were fully in line with expectations. Despite earlier concerns about increasing AI competition, the company emphasised that the impact of this is limited. Additional investments in AI should further strengthen Wolters Kluwer's market position. Investors responded positively to the figures: the share price rose by more than 2%.

Vopak posted strong results. The company also announced a substantial share buy-back programme and higher dividend payments. Profitability exceeded expectations and the strategic investment plans for 2030 remain intact. Investors rewarded the share with a nice price increase of more than 7%.

PostNL presented better-than-expected annual figures, helped by an exceptionally strong fourth quarter in which the festive season led to higher volumes and profitability. Despite a modest net loss for the year as a whole, the company managed to achieve its operational target. However, investors focused on the outlook for 2026 and the coming years. This proved somewhat disappointing, causing the share price to fall by more than 4%.

AMG saw profitability pick up in 2025, but remains cautious for 2026. A weaker fourth quarter and challenging markets for lithium and vanadium are weighing on the outlook. As a result, the shares fell more than 12%.

SBM Offshore struggled with lower turnover and margin pressure, but managed to exceed profit expectations. A strong order book and higher capital distributions underline that SBM Offshore's management is confident about the future. The stock market was reasonably satisfied with this and the share closed 1% higher.

Finally, Aalberts. This company had a somewhat more difficult year, due to declining demand, particularly in the semiconductor sector. As a result, both turnover and profits were under pressure. Nevertheless, the company managed to improve its cash flow and keep costs under control. Investors will receive a EUR 1.15 dividend and the company is also buying back its own shares. Aalberts expects some growth and better margins again next year, especially if market conditions improve. Investors responded positively to these improvements: the share price rose by almost 8%.

Earnings season draws to a close

The tsunami of corporate earnings reports is now clearly behind us. That does not mean there is nothing left on the agenda for next week. In the Netherlands, ASMI, Just Eat Takeaway, TKH Group and UMG are still to report. Internationally, Berkshire Hathaway, Adidas, Bayer, Broadcom, JD.COM and Merck, among others, are due to report. Investors will be particularly interested in the comments from Berkshire CEO Greg Abel, who took over from investment guru Warren Buffett on 1 January. On the macroeconomic front, attention will focus on the purchasing managers' index for industry, European inflation figures, the Federal Reserve's Beige Book and, on Friday, US job growth and unemployment figures.