ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/22/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 22/07/2025

Benelux Morning Notes

Akzo Nobel: FX drives 2Q25 miss and FY guidance cut. dsm-firmenich: Givaudan 1H25 results. Exor: In talks over Iveco sale. Lotus Bakeries: Peer Lindt & Sprüngli 1H25 results. Proximus: CpaaS peer Sinch 2Q25 results hurt by FX. Signify: 2Q25 Preview, challenges ahead. Var Energi: Promising continuation of dividend. Vopak: Continued story. Wereldhave: Strong operational results, positive market tone, guidance raised. Events Calendar

Autolus Aucatzyl gains EC approval in r/r adult ALL

Autolus announced that the European Commission (EC) has granted marketing authorization for Aucatzyl (obe-cel, CD19 CAR-T) for the treatment of adults aged 26+ years with r/r B-ALL. Autolus will now evaluate market entry opportunities in the EU, which we expect to take place on a country-by-country basis – the company has previously indicated that the initial focus in the EU will be on Germany. More broadly, the US commercial launch in r/r adult ALL began in early 2025, and the first quarter of sales demonstrated solid uptake (1Q25 $ 9 m with $ 4.7m in deferred revenue vs. KBCSe $ 5 m). With 2...

Akzo Nobel FIRST LOOK: 2Q adj EBITDA -2%, FY EBITDA guidance lowered by c. 5%

2Q adjusted EBITDA dropped by 2% y/y and came in about 2% below our and consensus forecasts. Akzo lowered FY25 adj EBITDA guidance by c. 5% (from ‘above € 1.55bn' to ‘above € 1.48bn'), attributing the reduction to FX changes. The new guidance calls for an adj EBITDA that would be at least flat, with performance supported by € 170m targeted gross savings. Taking into account the volatile track record and low structural growth, we maintain our Hold rating and € 65 target price.