ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/15/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 15/10/2025

Barco NV : A relatively unexciting quarter

Warehouses De Pauw Conference call feedback, confident on execution

The tone in the call is cautious optimistic on the targets of the Blend27 program. The company stays focused on its 5 countries. In The Netherlands it is slow due to grid limitations. In France they have established a position and work on extending it. In Germany, prices and opportunities in the right regions have not occurred. Romania has just announced a development and acquired 400k sqm land. In Belgium, the Amazon €1bn will be spread over multiple investments and WDP is looking at the Audi approx. 60Ha site in Vorst (BXL). WDP repeated it has enough auto-finance, stock dividend and CiK pot...

Basic-Fit 3Q25 trading update: total members already ahead of FY25 CSS

This morning, Basic-Fit published its 3Q25 trading update, showing strong Q3 member growth of +218k vs +110k last year (+95% YoY), despite a -54% YoY decline in club openings. Total members reached 4.73m, already ahead of the FY25 CSS target of 4.64m and our 4.69m (street high). At this pace, 4.8m by year-end looks achievable (+50k in 4Q24). Revenue was in line at €1.034bn vs €1.024bn KBCSe (+16% YoY), but average revenue per member came in soft at €24.60 (-0.5% QoQ). While flattish yield in high-ingrowth quarters (1Q/3Q) is seasonal, the drop may reflect either weaker premium uptake or higher...

Amoéba Obtaining market authorisation in US for its AXPERA biocontrol solution

We welcome Amoéba's first two biocontrol fungicides, AXPERA NOA and AXPERA GREEN, received approval from the US Environmental Protection Agency (US EPA) for the first crops targeted by Amoéba. Amoéba also indicated it is progressing in line with its strategic plan to begin marketing its biocontrol solution in Europe and the US in 2026. Amoéba announced that it has received regulatory approval from the US Environmental Protection Agency (EPA) to market in the US its biocontrol products AXPERA NOA and AXPERA GREEN, based on the lysate of Willaertia magna C2c Maky. We look forward to the com...