Morning Notes : AED BB, ASRNL NA, BAR BB, COFB BB, UMI BB, IMCD NA, ZEAL DC

: AED BB, ASRNL NA, BAR BB, COFB BB, UMI BB, IMCD NA, ZEAL DC

Barco Key question ahead: Is the order slowdown temporary?

Barco's FY25 results were broadly in line with market expectations, demonstrating the company's ability to grow sales and margins despite a challenging macro environment. However, the performance also revealed vulnerabilities—most notably a significant decline in order intake and a sharp reduction in the order book, both of which signal weakening forward demand and warrant close attention. Cinema was the strongest division, while Healthcare underperformed. EBITDA slightly exceeded expectations, primarily due to cost savings rather than operational leverage, as gross margins came in below fore...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/10/2026

VGP FY25 results come a bit short, a new JV partner compensates

VGP reported FY25 net profit of EUR €290.4m vs. €373.6m expected, mainly due to non-EPRA financial costs in the JV. The recurrent earnings also came up short with €139m vs. our estimated €180m, mainly on €30m lower realized gains and €22m higher interest costs. Unrealized gains were strong at €183.0m vs. €185.2m expected. This indicates that the FV uplift is related to sound development activity. The NTA per share rose 9.1%. New leases signed amounted to €56.9m. FY25 completions at 494k sqm vs. 614k expected. The pipeline now amounts to 1052k sqm, above our estimate of 976k sqm. Pre-let amount...

Materialise FIRST LOOK : 4Q25 results

We will update our model as Materialise expects FY26 to grow to a range of €273m to €283m (KBCSe € 282.5m). Materialise will continue investing in its Materialise Medical and Software segments while maintaining disciplined cost control and optimization, in particular in its Materialise Manufacturing segment and in its overhead. As a result, Materialise expects its FY26 Adj EBIT to reach € 10m to € 12m (KBCSe € 14.5m). FY25 revenue remained stable at € 267.6m (KBCSe € 269.3m), fuelled by strong y/y 15.4% growth in its Materialise Medical segment which was offset by lower revenues in its Mate...

Zealand Pharma FY25 results: Looking forward to petrelintide phase 2 data

Zealand reported FY25 results, ending the year with cash of DKK 15,109m (YE24: DKK 9,022m), reinforcing the strong balance sheet. OPEX increased to DKK 2,101m (FY24: 1,324m) driven by increased R&D spending related to the ongoing petrelintide phase 2 trials. For FY26, Zealand guides OPEX of DKK 2,700-3,300m, due to continued investment in the petrelintide franchise. We look forward to the read-out of the petrelintide phase 2 trial in obesity expected in 1Q26, which could confirm petrelintide's potential to produce GLP-1-like weight loss with improved tolerability. We reiterate our DKK 960 TP a...