Morning Notes : ABI BB, ADYEN NA, DSFIR NA, FAGR BB, FLOW NA, NEXTA BB, MONT BB, NN NA, ONTEX BB, SIP BB, WDP BB, NXFIL NA

: ABI BB, ADYEN NA, DSFIR NA, FAGR BB, FLOW NA, NEXTA BB, MONT BB, NN NA, ONTEX BB, SIP BB, WDP BB, NXFIL NA

NX Filtration Filtered Expectations: Growth Trickles Well Below Capacity

Last December, filtration specialist NXFIL issued a profit warning—its fourth in a row. Following this week's FY25 release, we revised our model to reflect the disappointing top line and higher than expected cash burn. Despite favourable market conditions, a technological lead and sizeable commercial investments, the warning further eroded investor confidence. The company no longer provides quantified revenue guidance for the current year but continues to reiterate its ambitious medium term objectives: average topline growth of 50% while maintaining gross margins. Our model now assumes these...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/02/2026

Qrf Model update: rental income above expectations, TP increase

QRF reports results above our estimates on higher than expected rental growth, +2,4% like-for-like, + 5,1% YoY. The negative earnings growth (- 6,96%) from the CASA bankruptcy had a € 0,09 EPRA EPS impact. Excluding this impact, EPRA EPS would have grown by 2,2%. The outlook of € 0,84 DPS remains unchanged in line with our expectations. Most impressive are the fair value gains on the recently acquired assets: + €8,4m on Feest and Cultuur Paleis and +€ 4,01 on the City 25 portfolio coming from development gains, ERV growth and even cap rate compression. With these figures QRF demonstrates its e...

Recticel Feedback conference call

Below are the highlights of the conference call. FY25 adjusted EBITDA increased by 12.5% and was in line with our forecasts while being 4% above consensus. Although expecting continued volume growth in 2026, Recticel does not provide a guidance at this stage, citing ao input cost volatility. CEO Jan Vergote will become Executive Chairman, while the current CEO of Recticel's Insulation Boards division, Stefaan Debusschere, will become new group CEO. Recticel still has significant firepower for additional acquisitions and we would expect the company to continue to hunt for mid-sized acquisitions...

Fugro FIRST LOOK: weak 4Q, comforting offshore wind comments, savings upped  /

FY Adj.EBIT landed at €90.9m, below our estimate (€96m) and above consensus (€84m). Resulting margin is at 4.9% (vs. our 5.2% E). Backlog for the next 12m stands at € 1396m (-5.7% comp y/y). Full year revenues were mainly derived from Oil&Gas (45%, -2% y/y) and Renewables (26%, -40% y/y). Leverage remains under control at 1.4x. As foreseen no quantitative guidance on 2026 was issued. Positive is that the savings ambition is revised to the upper end of the previous € 100-120m guidance whilst we also welcome the positive outlook comments on Offshore wind, although this is not yet reflected in th...