ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 01/27/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 27/01/2026

Benelux Morning Notes

Adyen: New Platforms partnership in APAC / Dutch Pension Reform (Wtp): 1/3 transitioned (c.25 funds), 2027 challenging / IBA: Sale of a P1 system to MacKay Memorial Hospital in New Taipei City, Taiwan / KPN: 4Q25 preview / Offshore Wind: North Sea offshore wind pact to develop 300GW by 2050 / Vår Energi: RRR 2P 185% offsets slight pressure on expected production volumes 4Q

DSM-Firmenich Biting the ANH bullet

The long awaited divestment of ANH disappointed on deal value (EV € 2.2bn, including a potential earn-out of up to € 0.5bn), but creates a group with a much more comprehensive activity and earnings profile. We still appreciate dsm-firmenich for its broad portfolio and market leading positions in consumer-oriented businesses in Nutrition, Health and Beauty. We remind that we have already lowered our target price upon the ANH divestment announcement last week so we maintain our current € 82 target price and Accumulate rating.

Morning Notes : DSFIR NA, RET BB

: DSFIR NA, RET BB

Retail Estates 9m25/26 results, hit by Dutch Tax bill and Bankruptcies

NRI 9m25/26 amounts to €108.7m, +2.4% YoY vs. our expectation of €108.8m. The lfl growth amounted to 2.1%. EPRA EPS came in at €4.57, -2.97% YoY vs. €4.77 expected. The EPS was diluted by the stock dividend that raised €18m and added 2.2% to the share count (35% acceptance). The statement also mentions a 1.9m impact from the Dutch FBI abolition. We believe that the bankruptcies of Leen Bakker and Carpet Right also weighed on the operational results. Despite many bankruptcies, occupancy remained relatively stable at 97.79%, an improvement from last March at 97.26%. The debt ratio decreased to 4...