ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/02/2026

ODDO : Monthly Jan’2026: Off to the races

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/02/2026

Lotus Bakeries Three Continents, One Momentum: Lotus Turns Up the Heat

We updated our model after Lotus Bakeries delivered in FY25 a 10% revenue increase to a very nice € 1,355m (KBCSe 1,355m, CSS 1,346m), driven by continued strong volume growth in 2H25 for both Lotus Biscoff (57% of branded revenues, +13% y/y) and Lotus Natural Foods (25% of branded, +17% y/y). Lotus Bakeries highlighted that the partnerships with Mondelez advanced strongly, contributing positively to the 2025 revenue. By the end of 2025, Biscoff production expanded to three continents. We welcome that the new production facility in Thailand delivered its first volumes into the Asia-Pacific re...

Morning Notes : BAR BB, BTLS BB, PHIA NA

: BAR BB, BTLS BB, PHIA NA

Barco Despite US headwinds more or less in line but order cycles shortening

FY2025 was more or less in line with our and CSS forecasts, demonstrating resilience amid global challenges and “setting up a foundation for future growth”. We maintain our prudence stance as -while FY2025 shows that Barco can return to sales and margin growth under difficult conditions- the year also exposed clear vulnerabilities—most notably in order intake, which fell 5% YoY (–2% at constant FX) and declined across several divisions and regions. The contraction in orders, combined with the steep drop in the orderbook (€492.8m vs. €563.7m), highlights a weakening forward demand environment t...