KBC Securities - Global Graphics S.A. (GLOG) Hybrid Software Group Strong 3Q update; record sales in Enterprise Software increased margins

Report

KBC Securities

Thomas Couvreur

Hybrid Software Group Strong 3Q update; record sales in Enterprise Software & increased margins

Hybrid Software Group published their limited 3Q trading update. After a tough 1H25, the company has turned the page with a significant uptick in sales and, more importantly, very strong margins. At these levels HYSG is well on track to beat our FY operating & net result estimates. We keep our TP on €5.0 for now and comfortably reiterate our Buy recommendation.

23/10/2025 1 EN

Underlying

Global Graphics S.A.

Global Graphics is a French-based holding company. Co. provides open documents and print solutions and provides high-performance software components to the commercial and digital print markets and for electronic document software applications. Co. is active in four principal market segments: Graphic arts and commercial print; Office printing; Software applications; and End-user products for electronic document creation and manipulation. Co. operates in four geographical areas: Continental Europe (including France), the U.K., North America (U.S.A. and Canada) and Asia (notably Japan). Co.'s customers include OEMs, system integrators, software developers and resellers.

See profile

GB00BYN5BY03 Euronext Brussels France

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

See profile

Analysts

Thomas Couvreur

Other Reports on these Companies

KBC Securities

Hybrid Software Group Tough comps continue, but positive outlook for 2H25.

1H25 is seeing tough comps from a large Printing Software contract signing in 1Q24 and the uptick in business in 2Q24 triggered by the Drupa trading fair. The gap to our estimates seen in 1Q25 continues in todays half-year results. Management is confident on the sales pipeline going forward, with comps significantly more benign in 2H25. We expect the second half of the year to be much stronger for Hybrid Software Group, reiterating out Buy recommendation.

July 24, 2025 July 24, 2025 1 EN

KBC Securities

Hybrid Software Group 1Q25 trading update: Weak Printing Software revenues define the quarter

Printing Software saw a tough reference period with a large 5-year contract signed in 1Q24. However a 55% revenue decline is significantly worse than we expected. Printing Software revenues are lumpy, so potential for a catch up in the remainder of the year. In the other segments strong Printhead Solutions compensates for slightly weaker Enterprise Software. Management remains positive on 2025, highlighting healthy sales funnels across all segments.

May 1, 2025 May 1, 2025 1 EN

Heineken Feedback CMD

Below are the key highlights from yesterday's CMD. We remind that Heineken announced EverGreen 2030 financial ambitions including a mid single digit organic net revenue growth with operating profit (beia) growing ahead, ao supported by € 400-500m annual gross savings. We believe these ambitions are not materially different from the EverGreen 2025 targets (4-8% operating profit beia growth) and are also incorporated in our forecasts, which bank on a net revenue CAGR of about 4% and an operating profit (beia) CAGR of about 6% between 2026-2030, whilst 2025 is shaping up much more as a transition...

12h / 47m 12h / 47m 1 EN

Jacob Mekhael

Jacob Mekhael

Onward Medical Raises € 50.85m gross proceeds in private placement

Onward announced the placement of 11.3m new ordinary shares in a private placement by way of an accelerated bookbuild offering at an issue price of € 4.5 per share (approx. 12.5% discount to closing price prior to deal announcement) resulting in gross proceeds of € 50.85m. Onwards cash runway is extended through at least end of 2026 (previously 1H26), assuming no drawdown of the company's debt facility with Runway Growth. The transaction was supported by existing and new, long-only and sector specialist investors including Ottobock, Invus, and ASR Global Impact Equity Fund. We update our model...

13h / 13m 13h / 13m 1 EN

Lynn Hautekeete

Lynn Hautekeete

Cofinimmo 3Q25 results: far ahead of minimum guidance but no increase

Cofinimmo reports higher than expected EPRA earnings on the back of lower interest charges and lower taxes. 75% of the EUR 100.0m divestment plan is completed and only EUR 66.0m investments, out of the EUR 170.0m guided. Despite Cofinimmo reporting EPRA results far ahead of its minimum EUR 6.20 guided, it does not increase its guidance. Important to note, is that the one-off costs related to the Aedifica merger (approx. EUR 3.0m in 3Q25 in other expenses) and the divestment of financial lease receivables (approx. 3.0m in 3Q25 in financial income) are not part of the EPRA earnings figures. Oper...

13h / 16m 13h / 16m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Hybrid Software Group Strong 3Q update; record sales in Enterprise Software & increased margins

We are a financial services provider for several types of professional clients, each with distinct needs.

Hybrid Software Group Tough comps continue, but positive outlook for 2H25.

Hybrid Software Group 1Q25 trading update: Weak Printing Software revenues define the quarter

Heineken Feedback CMD

Onward Medical Raises € 50.85m gross proceeds in private placement

Cofinimmo 3Q25 results: far ahead of minimum guidance but no increase

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe