Local Champions Mid Cap Conference Book 11.12.2025

This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 11 December 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | DEME | EVS | IBA | JENSEN GROUP | MATERIALISE | ONTEX | PROXIMUS | RECTICEL | XFAB

Barco/More modest improvement/BUY

We maintain our Buy rating, reflecting our continued confidence in Barco's positioning within its niche markets and the ongoing enhancements to its product lineup. However, after the company communicated more modest long-term growth and margin objectives at the CMD, we have reduced our forecasts and, as a result, lowered our target price to €16.0 (previously €17.5).

Morning Notes : BAR BB, BFIT NA, EXM BB, HYL BB, UCB BB, JDEP NA, MRUS...

: BAR BB, BFIT NA, EXM BB, HYL BB, UCB BB, JDEP NA, MRUS US

Barco Go deep, Go broad

"Go deep, Go broad" is a strategy that involves both expanding into new markets ("go broad") and strengthening your presence and offerings within existing markets ("go deep"). It's a two-pronged approach to growth, seen in business strategies like those used by Barco during its CMD, which seeks to scale a business by increasing the reach to go to the mid-segment while simultaneously expanding its hardware leadership in certain segments into software growth driven by an AI-powered transformation....

Benelux Morning Notes

Aalberts: 3Q in line, FY margin now low end of guidance. Acomo: Going from strength to strength. Ahold Delhaize: New $860m distribution centre for Food Lion. Azelis: Weak 3Q25 as broadly expected, CFO to step down. Barco: Press release ahead of CMD. BE Semiconductor Industries: 3Q25 Results – Delivered on order intake. Econocom: 3Q25 organic growth down to c.3.4%, full year growth guidance confirmed. Heineken: EverGreen 2030. Kinepolis: Weak 3Q25 as expected, with Netherlands at ...

Morning Notes : AALB NA, AD NA, BAR BB, BESI NA, HEIA NA, KIN BB, AZE ...

: AALB NA, AD NA, BAR BB, BESI NA, HEIA NA, KIN BB, AZE BB, SHUR BB, ONWD BB

Barco CMD titled “Eye on Tomorrow”

During today's CMD titled “Eye on Tomorrow” Barco will share its financial outlook, reconfirming its guidance for FY25, expecting a topline and EBITDA margin for FY25, above the level of FY24. Looking ahead to FY28, Barco targets to grow towards €1.1bn in sales (KBCSe € 1.11bn), 15% recurring revenues, and a 15% EBITDA margin (KBCSe 14.4%), supported by new product introductions, software-driven growth, and operational efficiency. Recall we are at respectively 14.0%, 15.8%, 14.0% FY28E EBITDA-ma...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/15/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 15/10/2025

Barco NV : A relatively unexciting quarter

Benelux Morning Notes

ABN AMRO: Pre-close 3Q: HAL inclusion. Ahold Delhaize: Peer Albertsons 2Q25/26 results. AMG: Lithium supply deal with Beijing Easpring. ASML: 3Q25 results supportive. Barco: 3Q25 trading update inline, surprise buyback. Belgian telcos: Start of the market test for cooperation agreement in Flanders. CM.com: Preview 3Q25 trading update. NSI: Vacancy increase as expected, marginal guidance update. Staffing sector: PageGroup 3Q25 trading update. Zabka: 3Q25 Preview - Like-for-Like(...

Morning Notes : ABI BB, ASML NA, BAR BB, OPTI BB, HEIA NA, IVA FP, PRO...

: ABI BB, ASML NA, BAR BB, OPTI BB, HEIA NA, IVA FP, PROX BB, SEQUA BB, MRUS US

Barco Strong Entertainment offsets weaker Healthcare and Enterprise in...

3Q saw again mixed dynamics with a strong Entertainment driven by global cinema replacement momentum. Healthcare benefited from Diagnostic Imaging in EMEA, while Surgical & Modality declined due to last year's bulk order comparison. Enterprise orders were affected by slower US infrastructure investment in Control Rooms and cautious Meeting Experience sell-out. Barco reiterated its outlook for FY25 topline and EBITDA margin growth. A new €30m SBB is announced. Hold and € 14 TP reiterated.

Benelux Morning Notes

Ageas: AG Real Estate looking to reduce exposure to Interparking, lower capital charges. Air France-KLM: 3Q25 a bit light? ASML: Preview 3Q25, riding the AI wave. Barco: Preview 3Q25, self-help offsets macro headwind. D'Ieteren: Belron starts to roll out static mobile recalibration. Euronext: September's seasonal recovery. Tessenderlo More focus on capital allocation and returns. TomTom: Preview 3Q25, Cost cutting offsets slow markets. Umicore: Gold inventory sale-and-lease-back

Benelux Morning Notes

Azelis: Highlights ING Benelux Conference London. Barco: Highlights ING Benelux Conference London. Kinepolis: Highlights ING Benelux Conference London. Melexis: Highlights ING Benelux Conference London. ABN AMRO: Dutch State reducing stake to 20%. ASML: x Mistral, a bet on A.I.. Kinepolis: Cineplex August 2025 box office revenue at 87% of 2019 level, down 27% YoY

Barco/Underlying improvement/BUY

We update our model for Barco following a good 1H25 update. In our view the structural underlying improvements should more than offset any short-term tariff impact. We also welcome the changed capital allocation strategy and would not be surprised to see another buyback in the future. We reiterate our BUY rating and slightly increase our target price from €17.0 to €17.5. The planned CMD on 23 October could act as a trigger for the stock.

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/16/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 16/07/2025

Barco NV : Positive shifts in the mix and good cost control

Benelux Morning Notes

Ahold Delhaize: Peer Albertsons 1Q25/26 results ASML: 2Q25 results; good update, focus on FY26 Barco: 1H25 results; margin uplift despite headwinds Belgian Telecoms: DIGI fixed internet launch in Wallonia Flow Traders: June global volume rises but volatility declines MoM NSI: Good operational results, cautious outlook Ontex: Sizeable profit warning calls for material consensus downgrade