Benelux (AO) | Refreshing the Benelux Selected List

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Benelux (AO) | Refreshing the Benelux Selected List

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Release date: 21 May 2026

Karel Zoete

Head of Netherlands Equity Research

+31 20 563 2370

kzoete@keplercheuvreux.comBenelux

All Caps

Refreshing the Benelux Selected List

Key points:

Following a promising beginning to the year for the Benelux Selected List, which achieved an Alpha of 2%, we are implementing

several strategic changes.

Recently, we decided to remove SMB Offshore from our list, as the stock has more than doubled in value since it was included in

April 2025. Additionally, we are also removing KBC Group and Corbion, although we still see potential for growth in both of these

companies. In the banking sector, we have chosen to favor ING due to its stronger growth prospects and the presence of more

immediate catalysts.

We are welcoming a new entrant, Adyen, which has experienced a significant decline in valuation. Following a robust Q1 update,

we believe that the risk-reward profile is now disproportionately favorable. Furthermore, we are adding Argenx to our list, as its

Vyvgart franchise continues to demonstrate impressive growth (with sales increasing by 90% year-over-year to US$4.2 billion in

the fiscal year 2025), and we anticipate several concrete catalysts ahead.

2% outperformance in 2026YTD, 94% since 2014

Since its inception, the Benelux Selected list has significantly outperformed the local AEX and BEL20 indices by over 94%,

achieving an impressive absolute return of 333% when excluding dividends.

As of the year-to-date 2026, the list has generated an alpha of 2% in comparison to the weighted Benelux index. While the AEX and

BEL20 indices have increased by 7% YTD, the Benelux Selected list has recorded an increase of c. 9% (excluding dividends).