ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/13/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 13/11/2025

Benelux Morning Notes

AEGON: 3Q in line, UK weak, all eyes on CMD in December. DEME Group: Going into 2026 with a stable order book. D'Ieteren: North America Beron peer Boyd confirms positive l/l in 3Q25, further improvement in 4Q25. KBC: 3Q above, increase in FY25 guidance across the board, first SRT is sizeable. Ontex: Peer Essity acquires Edgewell's Feminine Care activity. SBM Offshore: Progression in markets and earnings. Zabka: CVC and PG sell 100m shares via ABB

Inventiva Launches capital increase for gross proceeds of € 108m

Inventiva announced the launch of a capital increase by way of underwritten public offering of ADSs in the US. The company intends to raise € 108m and will use the proceeds to fund the continuation of the phase 3 trial, and prepare for commercialization and an outcomes trial. We view this raise as a positive and reiterate our BUY rating and € 8 TP.

mdxhealth 3Q25 results continue adj. EBITDA profitability, guidance maintained

Yesterday evening mdxhealth reported 3Q25 results. The company had $ 27.4m in revenue up 18% y/y, with a gross margin of 65.2% representing a 4% improvement. OPEX was essentially flat leading to a second quarter of adj. EBITDA profitability of $ 1m. The company reiterated its FY25 revenue guidance and reported that it will fully focus on integrating the ExoDx acquisition into the business in the 4Q25. Therefore, it will postpone Germline and re-evaluate the opportunity in 2026. We reiterate our BUY rating and $ 4.2 TP.

Zealand Pharma Uneventful 3Q25 results, upcoming CMD in December 2025

Zealand reported 3Q25 results and provides a business update which are in line with expectations. We note that dapiglutide development has been paused but that most important timelines have been reiterated. For the remainder or this year we do not expect big readouts, but look forward to the CMD in December. DKK 1,120 TP and BUY rating reiterated.