Real Asset Conference feedback 17-18 March 2026

This document contains the summary of the group meetings of our Real Asset Conference last week 17-18 March 2026.

ODDO : Champagne in Cannes, Spreads on the Screen: Post-MIPIM Views on AI, Iran and balance-sheet risk

Geopolitical risk has resurfaced, but the nearterm impact on European listed real estate remains contained. Rising energydriven inflation and rates are driving greater dispersion and sharpening the focus on balancesheet quality, while MIPIM 2026 highlighted a pragmatic investor approach. In this report, we adjust target prices and refresh our top picks, removing CTP and adding Irish Residential REIT. Geopolitics and energy: duration matters more than headlines

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/23/2026

Tessenderlo Feedback FY25 results conference call

Below are the highlights of the FY25 results conference call. Tessenderlo's FY25 adjusted EBITDA increased by 8.5% to 288.1m, which was 3% below our forecast and 6% below consensus. FY26 guidance calls for adjusted EBITDA in line with 2025 which is also below our and consensus forecasts. Despite the difficult macro economic environment, we remind that the company is generating sizeable FCF which was until recently used to regularly buy back own shares. We consider valuation to be attractive enough from maintaining our Accumulate rating with target price maintained at € 28.

Hyloris FY25 results hold no major surprises

Hyloris reported FY25 results with a cash position of € 13.8m (YE24: € 23.6m), and revenue of € 7.2m (FY24: € 8.5m), driven by increased royalties but offset by lower milestone payments. Hyloris is yet to receive income related to commercialisation of Maxigesic IV in the US as the launch has been paused and restarted. The company did not provide specific cash runway guidance, but believes it has funding for development and strategic growth. € 6 TP and Hold maintained.

Tessenderlo FIRST LOOK: FY25 EBITDA and FY26 guidance slight miss

Tessenderlo's FY25 adjusted EBITDA increased by 8.5% to 288.1m, which was 3% below our forecast and 6% below consensus. FY26 guidance calls for adjusted EBITDA in line with 2025 which is also below our and consensus forecasts. Despite the difficult macro economic environment, we remind that the company is using its solid balance sheet and FCF to regularly buy back own shares. We consider valuation to be attractive enough from maintaining our Accumulate rating with target price maintained at € 28.