KBC Securities - ONWARD MEDICAL NV (ONWD) Onward Medical € 20m raised through ABO and public offering

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KBC Securities

Thomas Vranken

Onward Medical € 20m raised through ABO and public offering

Onward has successfully raised € 20m through an accelerated bookbuild offering and public offering of 4.44m new shares at € 4.50 p.s., representing a 16.6% discount vs. 30-day VWAP. The additional cash could fund the company into mid-2025, beyond the expected FDA approval and commercial launch for ARCEX. We adjust our TP to € 9.3 (from € 10), and reiterate a Buy rating.

21/03/2024 1 EN

Underlying

ONWARD MEDICAL NV

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NL0015000HT4 Euronext Brussels Netherlands

Provider

KBC Securities

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

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Analysts

Thomas Vranken

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KBC Securities

Morning Notes : AKZA NA, ELI BB, MELE BB, UCB BB, ONWD BB

: AKZA NA, ELI BB, MELE BB, UCB BB, ONWD BB

February 4, 2026 February 4, 2026 1 EN

KBC Securities

Onward Medical Announces enrolment of first participant in Empower BP trial

Onward announces enrolment of the first participant in the Empower BP trial. The trial evaluates the ARC-IM system to address blood pressure instability in SCI patients. We note that Onward plans an interim analysis of the efficacy results in 2H26, which could accelerate timelines if fewer total patients are required. Short-term, we look forward to the FY25 results to gain a view on the ARC-EX commercial launch (9M25: 70 devices sold). We reiterate our € 8.9 TP and BUY rating.

February 4, 2026 February 4, 2026 1 EN

GlobeNewsWire

ONWARD Medical Announces First Participant Enrolled in Global Pivotal Study Evaluating ARC-IM System to Address Blood Pressure Instability After Spinal Cord Injury

ONWARD Medical Announces First Participant Enrolled in Global Pivotal Study Evaluating ARC-IM System to Address Blood Pressure Instability After Spinal Cord Injury Empower BP is a landmark global pivotal study evaluating the safety and effectiveness of the implantable ARC-IM® System to address blood pressure instability after spinal cord injury (SCI)Blood pressure instability is a key unmet need after SCI, with a significant impact on cardiovascular health and quality of lifeThe first participant was enrolled at Craig Hospital in Denver, Colorado, USA EINDHOVEN, the Netherlands, Feb. 04, ...

February 4, 2026 February 4, 2026 1 EN

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...

2h / 48m 2h / 48m 1 EN

Wim Hoste

Wim Hoste

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...

5h / 5m 5h / 5m 1 EN

Guy Sips ... (+7)

Guy Sips
Hilde Van Boxstael
Livio Luyten
Mathijs Geerts Danau
Michiel Declercq
Wim Hoste
Wim Lewi

Morning Notes : ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

: ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

5h / 7m 5h / 7m 1 EN

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Onward Medical € 20m raised through ABO and public offering

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

Morning Notes : AKZA NA, ELI BB, MELE BB, UCB BB, ONWD BB

Onward Medical Announces enrolment of first participant in Empower BP trial

ONWARD Medical Announces First Participant Enrolled in Global Pivotal Study Evaluating ARC-IM System to Address Blood Pressure Instability After Spinal Cord Injury

Recticel Feedback conference call

Fugro FIRST LOOK: weak 4Q, comforting offshore wind comments, savings upped &#x07; &#x07;/

Morning Notes : ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

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