Belgian investment group Ackermans & van Haaren (AVH) has raised its profit outlook for 2026 after a stronger-than-expected first half, driven by solid performances across its core holdings and a rebound in its Growth Capital unit. The company now expects net profit growth of more than 10% for 2026, up from its previous guidance.
The Antwerp-based group reported first-half net profit of €339.6 million, a 24% increase compared with the same period last year. The beat was broad-based, with contributions from its port, real estate, and energy-related businesses, as well as a recovery in its private equity arm.
Why the guidance change matters
AVH's decision to lift its 2026 target is notable because it signals management confidence that the momentum from the first half will continue. The company's portfolio spans a range of sectors, including dredging and marine services (DEME), banking (Bank Delen), and real estate, which gives it a diversified earnings base.
The upgrade also highlights a gap between the company's own expectations and what analysts had been modeling. Berenberg, a German investment bank, noted that consensus forecasts for AVH's 2026 net profit growth were sitting at around 2% before the announcement. With the company now guiding to more than 10% growth, Berenberg expects analyst estimates to be revised upward by roughly 8 percentage points as models catch up.
Berenberg maintained its buy rating on the stock, suggesting the bank sees further upside. For everyday investors, a buy rating from a major bank is a signal that the shares may be undervalued relative to the company's prospects, though it is not a guarantee of future returns.
What this means for investors
For investors, the key takeaway is that AVH is performing better than the market had expected. The company's ability to raise guidance suggests that its underlying businesses are generating strong cash flows and that management is optimistic about the coming quarters.
However, it's important to remember that guidance is just an estimate. Companies can miss their targets if economic conditions deteriorate or if one of their holdings hits a rough patch. AVH's portfolio is tied to global trade, construction, and financial markets, all of which can be volatile.
Investors should also consider that AVH is a holding company, meaning its value is derived from the performance of its subsidiaries. While diversification can reduce risk, it also means that a downturn in any one sector could weigh on the overall result.
Broader context
AVH's upbeat update comes at a time when many European companies are navigating slower economic growth and higher interest rates. The fact that AVH is raising its outlook could be seen as a positive sign for the broader Belgian and European investment landscape.
Other companies have also recently adjusted their profit forecasts. For instance, SAIC lifted its profit forecast after a strong quarter, while InPost beat Q2 forecasts but trimmed its 2026 outlook on pricing pressures in Poland. These mixed signals highlight the uneven nature of the current earnings environment.
For investors, the key is to focus on companies with strong fundamentals and clear catalysts. AVH's raised guidance is a positive catalyst, but it's always wise to look at the full picture, including valuation and the health of the underlying businesses.
Looking ahead
Investors will be watching AVH's second-half performance closely to see if the company can deliver on its upgraded target. The company's ability to sustain growth will depend on continued strength in its core holdings and the success of its Growth Capital investments.
Berenberg's expectation that consensus estimates will move higher suggests that the market may still be underpricing AVH's potential. If the company continues to beat expectations, the stock could see further upside.
For now, the message from AVH is clear: the company is confident in its ability to grow profits at a double-digit pace, and that confidence is backed by a strong first-half performance.
