ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/16/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 16/02/2026

DEME Group : Offshore tailwind is back

Arcadis Key take-aways analyst call

This morning Arcadis reported numbers (as written in a separate FRN) that were disappointing. Only the Resilience GBA and the cash collection process delivered in 4Q25. The sharp revenue revision for 2026 came as a cold surprise but the new CFO delivered on his cash collection commitment made late 2025. Together with the CEO nominee he outlaid a hands-on, pragmatic approach for a return to meaningful topline and margin growth. However this will be (again) back-end loaded in 2026 and mainly realised in 2027. Further restructurings (and non-operating costs) and investments in high growth areas w...

VGP FY25 results come a bit short, a new JV partner compensates

VGP reported FY25 net profit of EUR €290.4m vs. €373.6m expected, mainly due to non-EPRA financial costs in the JV. The recurrent earnings also came up short with €139m vs. our estimated €180m, mainly on €30m lower realized gains and €22m higher interest costs. Unrealized gains were strong at €183.0m vs. €185.2m expected. This indicates that the FV uplift is related to sound development activity. The NTA per share rose 9.1%. New leases signed amounted to €56.9m. FY25 completions at 494k sqm vs. 614k expected. The pipeline now amounts to 1052k sqm, above our estimate of 976k sqm. Pre-let amount...

Materialise FIRST LOOK : 4Q25 results

We will update our model as Materialise expects FY26 to grow to a range of €273m to €283m (KBCSe € 282.5m). Materialise will continue investing in its Materialise Medical and Software segments while maintaining disciplined cost control and optimization, in particular in its Materialise Manufacturing segment and in its overhead. As a result, Materialise expects its FY26 Adj EBIT to reach € 10m to € 12m (KBCSe € 14.5m). FY25 revenue remained stable at € 267.6m (KBCSe € 269.3m), fuelled by strong y/y 15.4% growth in its Materialise Medical segment which was offset by lower revenues in its Mate...