ODDO : Monthly July’25: Earnings providing a reassuring picture

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/30/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 30/07/2025

Fugro First look: Weak 1H25 but strong rebound guided for 2H25

Consolidated 1H25 revenue landed at €905m discounting a 15.6% comparable decline. This compares to our revenue of €1016mE and company compiled CSS of €984m. Adjusted EBIT landed at €21m well below our (€75m) and CSS (€61m) estimates. Backlog bottoming out at € 1451m or flat (0.3%) at comparable basis. Ongoing restructuring should save €80-100m annually upon completion and (at the mid point) full year guidance calls for € 189m EBIT25. 2Q EBIT shows first signs of savings kicking in. Leverage well under control at 1.2x. Rating and TP unchanged.

X Fab Silicon Foundries EV Solid set of 2Q25 results, expecting this positive trend to continue in 2H25

X-Fab presented a solid set of 2Q25 results and expect this positive trend to continue in 2H25. We saw an above-average order intake for X-Fab's microsystems business. With the completion of its CapEx program, X-Fab claims it is ideally positioned to grow profitably together with its customers (mainly Melexis). Sufficient capacity is now available for its most popular technologies, suited to address the megatrends of our time, such as the electrification of everything. This will generate high demand in the long term despite a currently reduced visibility. 3Q25 revenue is expected to come in...

Sequana Medical Publishes alfapump case report in journal, US launch on track

Sequana announced the publication of a case report of a patient in the POSEIDON study that underwent a successful robotic hernia repair following control of their ascites with the alfapump. Looking ahead, the US commercial launch remains on track for this quarter. Should the company demonstrate initial commercial traction during the soft launch phase, this could trigger additional investor interest to fund the company into the broader launch, which is expected in 2Q26. We reiterate our € 5 TP and Buy rating.