Amsterdam, Netherlands – The AEX index experienced a volatile trading session Thursday, despite an overall upward trend, as investors reacted to a mixed bag of corporate earnings reports. The index closed 1.5% higher at 1010.54 points, reaching its highest level since January 15th, but individual stock performance varied significantly.
Shares of semiconductor equipment manufacturer Besi fell sharply, down 4.6% in early trading, despite reporting a 43% increase in new orders in the fourth quarter of 2025, totaling over 250 million euros. The company’s revenue also grew by 8.5% year-over-year, and net profit reached nearly 43 million euros. However, investors reacted negatively to the results, even as KBC Securities recently increased its price target for the stock.
Insurance company Aegon also saw its stock price decline, falling 4.5% following the release of its earnings. While the company’s operational profit increased by 11% in the second half of 2025, reaching 858 million euros – exceeding market expectations – the market reacted unfavorably. Aegon plans to relocate its headquarters to the United States in 2028 and adopt the name of its primary subsidiary, Transamerica.
In contrast, RELX, a data analytics and risk management company, was a standout performer, rising 2.7% on the AEX. This increase occurred despite a reduction in holdings by AEGON ASSET MANAGEMENT UK Plc, which sold 9,969 shares of RELX in the second quarter, decreasing its stake by 3.5%, according to a recent SEC filing.
Air France-KLM also experienced gains, rising over 4% as the airline reported higher revenue and profits due to increased passenger numbers. However, the profit margin for KLM remained lower than the rest of the group.
Arcadis, an engineering and consulting firm, suffered the most significant losses of the day, plummeting over 16% after reporting lower-than-expected results for 2025. The company’s fourth-quarter revenue decreased by 2.9% year-over-year, reaching 887 million euros.
IMCD, a distributor of specialty chemicals, was the largest decliner among the main funds, falling 4.7% due to disappointing 2025 results. The stock initially dropped more than 10% upon opening.
ArcelorMittal was the largest gainer on the AEX, contributing to the overall positive close of the index.
