KBC Securities - BIOTALYS NV (BTLS) Biotalys FIRST LOOK: Good financial management; but focus could be on operational hiccups

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KBC Securities

Guy Sips ...

Thomas Vranken

Biotalys FIRST LOOK: Good financial management; but focus could be on operational hiccups

In FY24, Biotalys optimized its capital resources, achieving a significant reduction in operating expenses while strengthening its balance sheet through a successful private placement. Looking ahead, they plan to further advance their product portfolio and develop novel modes of action, as well as expand options to scale and produce their biobased solutions. So we saw in FY24 good financial management - runway reaching into May-26 - but focus could be on some operational hiccups.

19/03/2025 1 EN

Underlying

BIOTALYS NV

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BE0974386188 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Guy Sips

Thomas Vranken

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Morning Notes : BAR BB, BTLS BB, PHIA NA

: BAR BB, BTLS BB, PHIA NA

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We will update our model (from “Buy” to “under review”) after Biotalys plans a strategic refocus, concentrating resources on its top-priority biofungicide programs. Early-stage activities will be suspended and the organization downsized to cut costs while protecting long-term platform value. The shift prioritizes EVOCA NG, BioFun-6, and already partnered programs with the Gates Foundation and Syngenta. These measures aim to reduce cash burn by €20m through 2028 and strengthen commercialization readiness. Biotalys intends to cut 30 jobs (In 2025 Biotalys on average had 59 employees.), maintains...

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Wim Hoste

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Fugro FIRST LOOK: weak 4Q, comforting offshore wind comments, savings upped  /

FY Adj.EBIT landed at €90.9m, below our estimate (€96m) and above consensus (€84m). Resulting margin is at 4.9% (vs. our 5.2% E). Backlog for the next 12m stands at € 1396m (-5.7% comp y/y). Full year revenues were mainly derived from Oil&Gas (45%, -2% y/y) and Renewables (26%, -40% y/y). Leverage remains under control at 1.4x. As foreseen no quantitative guidance on 2026 was issued. Positive is that the savings ambition is revised to the upper end of the previous € 100-120m guidance whilst we also welcome the positive outlook comments on Offshore wind, although this is not yet reflected in th...

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Guy Sips ... (+7)

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Livio Luyten
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Morning Notes : ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

: ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

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Biotalys FIRST LOOK: Good financial management; but focus could be on operational hiccups

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : BAR BB, BTLS BB, PHIA NA

Biotalys Model update after strategic refocus

Biotalys Refocusing strategy on lead assets and cutting annual cash burn

Recticel Feedback conference call

Fugro FIRST LOOK: weak 4Q, comforting offshore wind comments, savings upped &#x07; &#x07;/

Morning Notes : ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

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Fugro FIRST LOOK: weak 4Q, comforting offshore wind comments, savings upped /