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

Sequana Medical Reports 5 centres with alfapump implants since launch

Sequana announces progress in the commercial uptake of the alfapump. We estimate at least 8 implants across 5 hospitals since launch in 2H25. The soft-launch target was 70 implants by end of 1Q26. However, we view this target as challenging to reach. We therefore await FY25 results for greater visibility on definitive sales figures and launch metrics. We reiterate our BUY and € 2.7 TP.

Aalberts Good results & WC mgmt, higher DPS but lower SBB, no quantified outlook

FY25 release was a mixed bag. Over FY25 Aalberts' topline came in above our expectations organically declining by only -2.5% vs. our -3.8% expectation. Topline stood at €3091m compared to our €3064mE and consensus of €3073mE. Adjusted EBITA of €410m was in line with our €405mE and CSS of €403mE. Overall EBITA margin was in line with earlier guidance at 13.3% (vs. 13.1% CSS, 13.2% KBC). The FCF & NWC management was solid. Declared DPS of €1.15 exceeded expectations but the announced SBB of €75m comes in a tad below our €90m expectations. The issued outlook for ‘unquantified' improvements in org...

Corbion FIRST LOOK: FY25 EBITDA +27% organ., FY26 margin guidance of 17%

FY25 adj EBITDA increased by 27% organically and was close to our and consensus forecasts. FY26 guidance of a c. 100bps adj EBITDA margin improvement to around 17% is no surprise (KBCS 16.7%, CSS 16.9%). We remind that Corbion is conducting a strategic review on PLA which we believe will most likely result in an exit of Corbion, while still remaining the lactic acid supplier to the buyer. Biochemicals will be de-emphasized, which will put the growth focus on food preservation and formulation, algal oils and Biomedical Polymers/Pharma. We continue to appreciate Corbion for its market leadership...