Middle East - Iran turmoil/Impact assessment

In this ING equities impact assessment of the situation in the Middle East report, we focus on a selection of 11 companies which we cover and we expect to be impacted by the current situation in the Middle East following the war in Iran, which started on 28 February and has since spread further into the region. We found that every company in this report faces its own challenges in the short term, while we also discuss the longer-term strategic implications.

Benelux Morning Notes

D'Ieteren: Boyd 4Q25 and conference call confirm gradual improvement in claims. Fugro: FY26 has its own challenges. Van Lanschot Kempen: Investment Strategies outflows may lead to a partnership. Vonovia: Better FY25 results, simplified dividend policy, LTV down to 40% by 2028. Zabka: Peer Biedronka FY25 results

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/06/2026

Morning Notes : HAL NA, UCB BB, DEME BB, AUTL US, JDEP NA

: HAL NA, UCB BB, DEME BB, AUTL US, JDEP NA

Autolus FY25 in line with expectations, phase 1 Aucatzyl data in MS by YE26

Autolus reported FY25 results in line with expectations with Aucatzyl sales amounting to $ 74.3m, in line with CSS. Management re-iterated FY26 guidance of $ 120-$ 135m in Aucatzyl sales (includes US and UK revenue), which we think is within reach (KBCSe FY26: $ 146.5m) given the strong initial demand and positive real world experience as demonstrated by the ROCCA dataset. In the pipeline, phase 1 data for Aucatzyl in progressive MS by YE26 could provide upside and pique interest from potential partners given the size of the commercial opportunity. With a cash position of $300.7m, the company ...

UCB New Bimzelx data in HS and PsO at AAD 2026

UCB presented updated data for Bimzelx in hidradenitis suppurativa (HS) and psoriasis (PsO) at the AAD conference, held 27–31 March. In HS, data showing better outcomes in patients with lower disease duration and severity makes the case for earlier treatment with Bimzelx, further supporting the drug's continued commercial uptake. In PsO, we're encouraged to see high rates of complete skin clearance up to 4 years in patients that stopped and re-started treatment, which should help UCB capture re-treatment demand and support long-term patient retention. These long-term data support continued con...