KBC Securities - BIOTALYS NV (BTLS) Morning Notes : BTLS BB

Report

KBC Securities

Guy Sips ...

Thomas Couvreur
Wim Lewi

Morning Notes : BTLS BB

: BTLS BB

26/01/2023 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 Couvreur

Wim Lewi

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Morning Notes : BAR BB, BTLS BB, PHIA NA

: BAR BB, BTLS BB, PHIA NA

February 10, 2026 February 10, 2026 1 EN

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Biotalys Model update after strategic refocus

We updated our model (New “Accumulate”, New € 5.1 TP) 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 they claim “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.)...

February 10, 2026 February 10, 2026 1 EN

KBC Securities

Biotalys Refocusing strategy on lead assets and cutting annual cash burn

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...

February 9, 2026 February 9, 2026 1 EN

DEME Saltchuk takes peer Great Lakes Dredge & Dock private for $1.2bn Cash

Saltchuk a privately held US group active in freight transport, marine services and energy distribution, has agreed to acquire Great Lakes Dredge & Dock Corp (GLDD), an US offshore energy and dredging contractor often viewed as a peer to DEME due to its similar infrastructure-focused marine activities. The deal values Great Lakes at $1.2bn equity and $1.5bn transaction value, with Saltchuk offering US$17.00 per share in cash—a 25% premium to the company's 90-day VWAP and above its all-time high share price. Great Lakes is one of the largest provider of dredging services in the US, operatin...

6h / 52m 6h / 52m 1 EN

Hilde Van Boxstael ... (+8)

Hilde Van Boxstael
Kristof Samoy
Lynn Hautekeete
Michiel Declercq
Thibault Leneeuw
Thomas Couvreur
Wim Hoste
Wim Lewi

Morning Notes : ABI BB, ADYEN NA, DSFIR NA, FAGR BB, FLOW NA, NEXTA BB, MONT BB, NN NA, ONTEX BB, SIP BB, WDP BB, NXFIL NA

: ABI BB, ADYEN NA, DSFIR NA, FAGR BB, FLOW NA, NEXTA BB, MONT BB, NN NA, ONTEX BB, SIP BB, WDP BB, NXFIL NA

7h / 46m 7h / 46m 1 EN

Wim Hoste

Wim Hoste

Ontex [FY25 EBITDA at low end of guidance, FY26 guidance of +10% EBITDA]

4Q adjusted EBITDA dropped by 32% while FY25 adjusted EBITDA landed at 175.6m, which is at the low end of the € 175-180m guidance given at the time of the profit warning in December. FY26 guidance calls for a 10% increase in adjusted EBITDA to c. € 193m which is about 2% below our and consensus forecasts. We remind that Ontex recently decided to accelerate its CEO transition plan with Mr Nielly, previously President of Ontex Europe, having been appointed as the new CEO already in the course of January. Ontex has launched a strategic review, which seems mainly directed to enhancing the company'...

7h / 56m 7h / 56m 1 EN

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Morning Notes : BTLS BB

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

DEME Saltchuk takes peer Great Lakes Dredge & Dock private for $1.2bn Cash

Morning Notes : ABI BB, ADYEN NA, DSFIR NA, FAGR BB, FLOW NA, NEXTA BB, MONT BB, NN NA, ONTEX BB, SIP BB, WDP BB, NXFIL NA

Ontex [FY25 EBITDA at low end of guidance, FY26 guidance of +10% EBITDA]

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