A week of considerable differences

At the time of writing (Friday morning), the AEX index is trading at around 985 points. This represents a loss of around 1.5% for the week. IMCD (+10.2%) tops the list of stocks with gains in the AEX index this week, closely followed by ArcelorMittal (+10.1%) and KPN (+8.6%). The stocks with the biggest declines are RELX (-17.7%), Wolters Kluwer (-15.6%) and CVC Capital (-13.6%).

AkzoNobel, among others, opened its books this week. The paint company is currently operating under difficult market conditions, and its fourth-quarter financial results were therefore somewhat disappointing. Turnover and profit were slightly lower than expected, although the EBITDA margin improved somewhat compared to last year. The company indicated that 2026 will also be a difficult year, although it is aiming for higher profits. AkzoNobel reported no news about the merger with Axalta announced in November, which is expected to be completed at the end of this year or early next year.

This week, we also saw software companies and data suppliers under pressure. Within the AEX index, the share prices of RELX and Wolters Kluwer were particularly affected. The launch of a new legal AI application by Anthropic raised doubts among investors about its impact on the revenue model of RELX and Wolters Kluwer.

Despite a decline in revenue, TomTom managed to achieve a positive operating profit. This is clearly better than the loss realised in the previous year. The improvement was partly due to the progress the company made in cost control. However, the outlook for 2026 remains challenging. TomTom expects the decline in revenue to continue in 2026, although the company does anticipate a further improvement in operating profit. The order book is developing positively, which should ensure growth in 2027.

ArcelorMittal and Shell also reported their figures this week. ArcelorMittal ended 2025 on a solid note. For the current year, the steel group anticipates a slight increase in demand for steel and expects to improve production and sales in all regions compared to 2025. ArcelorMittal intends to increase its dividend and will also continue to buy back its own shares.

There were few surprises at Shell, after the company had already provided a preliminary update in January. Operating profit for the fourth quarter fell sharply compared to the third quarter. Profit also declined for the whole of 2025. Lower energy prices played a major role in this. However, Shell did increase its dividend and is sticking to its planned share buy-back programme for the time being, whereas other energy companies have already scaled back theirs slightly.

Next week, a large number of companies will also be opening their books. Philips, Ahold Delhaize, Heineken, Randstad, Adyen, DSM-Firmenich, NN Group, RELX and Unilever, among others, will be providing insight into their results.