ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 01/12/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 01/12/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 12/01/2026

Morning Notes : AKZA NA, KIN BB, UCB BB, XIOR BB

: AKZA NA, KIN BB, UCB BB, XIOR BB

Xior FY25 Results in line, visibility improves with 4% EPS growth till FY27

On 11/12/25, Xior already gave a heads up on the FY26 expected EPRA EPS of €2.30 and 4% growth yoy. This morning, Xior also issued a FY27e EPRA EPS of €2.40. Xior has stabilised its business and enjoys better visibility. The reported EPRA EPS25 of €2.21 came in line with their guidance and our €2.22 expectation. Xior NRI rose 7.2%, while like-for-like growth remained high at 5.43%. LTV% also fell below 50% at 49.7%. Xior expects growth thanks to a mix of factors: new assets + lfl growth of >4% + scale economy. The cost of debt decreased slightly from 3.10% (FY24) to 3.06%. Capitalised intere...

UCB Model update ahead of FY25 results

Following the second guidance upgrade for FY25 (announced 5 December 2025), we update our UCB model ahead of FY25 results. UCB now expects revenue to exceed €7.6bn, representing +24% y/y (previously at least €7bn). The upgraded guidance reflects - next to the continued growth of Rystiggo, Zilbrysq, Fintepla and Evenity – strong performance of Bimzelx, including a strong momentum in hidradenitis suppurativa (HS) and a favourable payer mix in the US. Our model update increases Bimzelx FY25 sales to €2.128m (CSS €2,030m), while we tweak a few estimates for older products. All in all, we land at a...