KBC cuts Aalberts to 'hold' as macro outlook calls for 'reality check'

** KBC Securities downgrades Dutch industrial engineering firm Aalberts AALB to "hold" from "accumulate", citing political instability in France and weak leading indicators

** The broker highlights the firm's significant exposure to struggling French and German markets, which account for around 40% of group revenues

** It cuts its 2026 organic topline growth estimate to 1.6% from 2.9%, noting that "risks to our revised assumptions remain skewed to the downside"

** KBC adds that a potential new share buy-back is unlikely before the full-year 2025 results and will depend on the timing and scale of future asset disposals

** Consequently, the broker lowers its PT by over 8% to EUR 33, reflecting a 6% cut to its 2026 adjusted EBITA forecast

** Shares in Aalberts fall 1.5% at 09:51 GMT