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: FAGR BB, IVA FP, SOF BB, ENRGY BB
: BREB BB, OPTI BB, EXM BB, SOLB BB, WDP BB, DEME BB, JDEP NA, ENRGY BB
This morning Arcadis reported numbers (as written in our FRN) which were at P&L level roughly inline with our forecasts but below consensus. FCF was weak at €80m down from €134m in 4Q25 linked to timing of billing milestones and issues linked with the implementation of Oracle at the 2023 IBI acquisition. Before opening we downgraded to Hold (from Accumulate) as the stock rallied considerably since the announcement of a €175m SBB early October. On top we saw no room for outperformance on our numbers which are arguably somewhat below consensus. Worries on the FCF generation, order intake and con...
Key takeaways from argenx 3Q25 earnings call summarised in this note.
Materialise announced its plans to pursue an additional listing of its ordinary shares on Euronext Brussels, to complement the existing Nasdaq listing. Materialise also launches a buyback program.
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