Basic-Fit N.V. : Acquisition of franchise platform Clever Fit

Credit Morning 10/27/2025

IQ: EBITDA still down on a y/y basis, but some positive FCF generation seen during the quarter|

Morning Crédit 27/10/2025

IQ: EBITDA still down on a y/y basis, but some positive FCF generation seen during the quarter|

Basic-Fit EUR 175m acquisition of Clever Fit

Basic-Fit has announced the acquisition of Clever Fit, a leading fitness operator in the DACH region (Germany, Austria, Switzerland) with 493 clubs (454 franchise+39 owned) across 6 countries. The franchise model breaks with traditional club owned strategy of Basic-Fit as it will explore this model in existing markets (France/Spain). The transaction value is EUR 160m+15m earnout spread out over 3 years. This values Clever fit at 11.0X EV/EBITDA (excl. earnout) while Basic-Fit currently trades at...

Benelux Morning Notes

Allfunds Group PLC: 3Q25 Preview. Ahold Delhaize: Amazon to invest €1.4bn in the Netherlands. ASM International: 3Q25 preview – derisked estimates. Basic-Fit: Acquires low-cost franchise operator Clever Fit; now Germany market leader. JDE Peet's: Ad hoc progress update. Lotus Bakeries: Product recall for waffles in Belgium. Melexis: 3Q25 preview, slow cyclical recovery

Hyloris HY-094 license and distribution agreement in China

Hyloris announced that an exclusive license and distribution agreement has been signed with Grand Life Sciences Group for HY-094 in iron deficiency in China. While specific financial numbers were not disclosed, Hyloris and partner AFT will share the eligible upfront, milestones, and royalties. We view this China deal as a good start, but note that the country represents a small fraction (approx. $ 150m by 2033) of the global iron IV market, expected to reach $ 7.4b by 2033, and look forward to a...

Merus Petosemtamab phase 2 mCRC results show high response rates

Merus announced interim clinical data (29 July 2025 cutoff) from the ongoing phase 2 trial of petosemtamab (EGFR x LGR5 bispecific antibody) + standard of care FOLFOX/FOLFIRI (chemo) in 1L, 2L metastatic CRC (mCRC) and petosemtamab monotherapy in 3L+ mCRC. The results were presented at the AACR-NCI-EORTC, and confirm and build upon the responses reported from an initial dataset with a previous cut-off date (28 April 2025). We view the numbers as competitive vs. cetuximab (EGFR antibody) + FOLFOX...

UCB Supportive 3-year data for Bimzelx in PsA and axSpA at ACR 2025

UCB announced new 3-year data for Bimzelx in adults with active psoriatic arthritis (PsA) and axial spondyloarthritis (axSpA) at ACR 2025. The results show sustained responses in both patient groups, and appear competitive vs. other biologics e.g. Cosentyx in cross-trial comparison. Overall supportive data that should maintain Bimzelx' commercial momentum. ACCUMULATE maintained.

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....

UCB SA: 1 director

A director at UCB SA bought 70 shares at 250.000EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing C...

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...

Morning Notes : AGFB BB, EXM BB, FLOB BB, GLPG NA, GIMB BB, AUTL US

: AGFB BB, EXM BB, FLOB BB, GLPG NA, GIMB BB, AUTL US

UCB - Slowing Bimzelx Momentum - D/G to Hold ( TP EUR 250 [270], 14pgs...

For access to the full note, please contact Naresh Chouhan ( )

Credit Morning 10/17/2025

US regional banks and market nervousness|BBVA : Failure of the takeover bid for Banco Sabadell|

Morning Crédit 17/10/2025

Banques régionales américaines et nervosité des marchés|BBVA : Echec de l’OPA sur Banco Sabadell|