Morning Notes : ARCAD NA, BREB BB, COLR BB, HYL BB, IMMO BB, IMCD NA

: ARCAD NA, BREB BB, COLR BB, HYL BB, IMMO BB, IMCD NA

Morning Notes : AGN NA, CFEB BB, MELE BB, ARG FP

: AGN NA, CFEB BB, MELE BB, ARG FP

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

Benelux Morning Notes

Aalberts: Big step forward in disposal programme. Belfius: No sale of stake to private investors, no sell down of BNP Paribas stake either. CM.com: Bird withdraws takeover proposal. Recticel: Acquisition of a 76% stake in Miclar Group. Theon International: c.€150m rights issue

Recticel FIRST LOOK: Acquisition of Miclar Group, upgrade to Accumulat...

With the acquisition of a 76% stake in Miclar Group, Recticel further strengthens its insulated panels business, which today consists of the businesses acquired via Rex and Trimo. The deal value looks very reasonable at 5.7x EV/EBITDA24. We have updated our forecasts resulting in a 7% increase in our 2026 EBITDA estimate. Recticel still has significant firepower for additional acquisitions and we would expect the company to continue to hunt for mid-sized acquisitions that further enlarge positio...

Morning Notes : AALB NA, FLOB BB, RECT BB, DEME BB

: AALB NA, FLOB BB, RECT BB, DEME BB

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/19/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 19/11/2025

Benelux Morning Notes

Arcadis: US peer Aecom sets a new standard for EBITDA margin potential. Belgian telecoms: Orange Belgium price increases from January. CFE: Keeps outlook, materially lower QoQ net debt. Flow Traders: Market volumes improve in October. IMCD: Awaiting a recovery. Kinepolis: Launches retail bond issuance for €100-150m. NEPI Rockcastle: Sound operational performance continues. Universal Music Group: EU to warn on Downtown deal

Morning Notes : ABI BB, CFEB BB, HYL BB, KIN BB

: ABI BB, CFEB BB, HYL BB, KIN BB

CFE : Revenue remains weak, but FY25 outlook unchanged

Benelux Morning Notes

Belgian telcos: Digi negative view on fibre deals, ups stake in Belgium to 76.9%. CFE: Preview - navigating challenging end markets. Retail Estates: Conference call highlights

Benelux Morning Notes

ABN Amro: 3Q mixed, NIBC M&A good value for money. Adyen: CMD highlights – confident on long-term growth Belgian Telecoms: Digi Belgium raises €104.5m in capital, after €80m capital increase in July. CM.com: Raises €5m through private placement. Recticel: Peer Rockwool's 3Q25 trading update. Zabka: Potential bidder for Carrefour Romania. Events Calendar

Recticel/3Q25 postview: Early signs of recovery/BUY

We reiterate our BUY on Recticel and our €12 target price following Recticel's 3Q25 trading update. Recticel reported below-expectation sales in 3Q25 but reiterated its €55m Adj. EBITDA guidance for FY25F. Next to this comment, Recticel flagged that permits and mortgage demand have started to rebound in the UK and Europe, which may have an impact on 2026F already. A weak trading environment for Recticel Insulation Boards has put a drag on the group's profitability over the past three years, and ...

Benelux Morning Notes

AB InBev: The interim is back. Arcadis: Slow return to organic growth, FCF disappoints. Ayvens: Keeping its promise. dsm-firmenich: Waiting for Godot. D'Ieteren: Boyd prelim 3Q25, $1.3bn M&A deal, NYSE listing, $780m capital increase. Flow Traders: Down but not out. Ontex: FY25F guidance confirmed despite a modestly softer 3Q25. Recticel: Weak 3Q25 but comforting outlook. Shell plc: Solid story with cash continuing to come in strongly. TKH Group: Preview - subsea remains in foc...

Recticel FIRST LOOK: 3Q top line below expectations, FY guidance maint...

Recticel saw 3Q revenue decline by 1% which was below our and consensus forecasts. Recticel reiterated FY25 adjusted EBITDA guidance calling for c. 10% growth. The strategic growth projects in the US (Insulated Panels Plant) and Belgium (Recycling plant) are progressing according to plan. While we still believe in the strategic attractiveness of the insulation market and Recticel's offering, we deem short term valuation multiples are about fair so we maintain our Hold rating and € 11 target pric...

Morning Notes : ABI BB, ARCAD NA, ARGX BB, DSFIR NA, FLOW NA, INGA NA,...

: ABI BB, ARCAD NA, ARGX BB, DSFIR NA, FLOW NA, INGA NA, ONTEX BB, RECT BB

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 09/30/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 30/09/2025

CFE : Opportunity to cash in on Deep C - Vietnam