reports
- Michiel Declercq
PostNL CMD: Launches new financial targets for 2028
Today, PNL holds a CMD in the Netherlands where it launches its new strategy and financial targets for 2028. The strategy is based on ten strategic priorities to achieve four key goals, including a strong financial performance, improved customer experience, reduced CO2 emission and greater employee engagement. The new financial targets by 2028 include revenues above € 4.0bn (kbcse: € 3.54bn), a normalized EBIT above € 175m (kbcse: € 106m), FCF above € 75m (kbcse: € 51m) and annual capex of aroun...
- Jacob Mekhael
- Mathijs Geerts Danau
UCB Supportive Bimzelx datasets in HS and PsO at EADV 2025
UCB presented updated results for Bimzelx at EADV 2025, with 3-year data showing sustained and deepening responses in HS and 4-year sustained remission in PsO and potential to reduce risk of disease progression to PsA. We continue to view the datasets as supportive of Bimxelx' potential in those indications, and are reflected in the strong commercial uptake to date. We reiterate our € 214 TP and ACCUMULATE rating.
- Jacob Mekhael
- Mathijs Geerts Danau
MaaT Pharma 1H25 results confirm timelines, runway to end Feb 2026
MaaT reported 1H25 results with € 2.4m in revenues from the early access program (1H24: € 1.7m) for MaaT013 in aGvHD, which points to increased demand for the product ahead of a potential EU approval in 2H26. Pipeline timelines were reiterated and we look forward to the final data from the phase 3 trial for MaaT013 in aGvHD for confirmation of the initial survival data reported in January 2025 (54% at 1-year). Beyond aGvHD, data from the phase 2 trial of MaaT013 in combination with ICI in metast...
- Guy Sips
- Mathijs Geerts Danau
- Michiel Declercq
- Wim Hoste
- ING Helpdesk
DEME signs contract to reinforce the Lekdijk in the Netherlands
DEME signs contract to reinforce the Lekdijk in the Netherlands DEME has signed a contract for reinforcement of the Lekdijk in the Netherlands. For this project, DEME is working together with Heijmans and GMB in the Lekensemble consortium to reinforce the dike between Wijk bij Duurstede and Amerongen (WAM). Commissioned by Hoogheemraadschap De Stichtse Rijnlanden, this vital project is part of the Dutch Flood Protection Program and aims to safeguard hundreds of thousands of residents from high water. Attachment
DEME tekent contract voor versterking van de Lekdijk in Nederland
DEME tekent contract voor versterking van de Lekdijk in Nederland DEME heeft een contract getekend voor de versterking van de Lekdijk in Nederland. Voor dit project werkt DEME samen met Heijmans en GMB binnen het consortium Lekensemble om de dijk tussen Wijk bij Duurstede en Amerongen (WAM) te versterken. In opdracht van Hoogheemraadschap De Stichtse Rijnlanden maakt dit essentiële project deel uit van het Hoogwaterbeschermingsprogramma, met als doel honderdduizenden inwoners te beschermen tegen hoogwater. Bijlage
DEME launches liquidity program
DEME launches liquidity program DEME Group NV today announced the launch of a liquidity program designed to enhance the trading liquidity of its shares, reduce volatility, and improve overall market access and flexibility. The program will be managed by KBC Securities, acting as independent intermediary, and will be conducted in compliance with all applicable rules and regulations. The liquidity program will commence on September 15, 2025. “We are pleased to launch this program, which reflects our commitment to ensuring efficient trading conditions and supporting our shareholder base,” sa...
DEME lanceert liquiditeitsprogramma
DEME lanceert liquiditeitsprogramma DEME Group NV maakt vandaag bekend dat het een liquiditeitsprogramma lanceert om de verhandelbaarheid van zijn aandelen te verbeteren, en zo de volatiliteit te verminderen en de drempel naar een meer toegankelijke markt te verlagen. Het programma zal worden beheerd door KBC Securities, die optreedt als onafhankelijke tussenpersoon, en zal worden uitgevoerd in overeenstemming met alle toepasselijke regels en voorschriften. Het liquiditeitsprogramma gaat van start op 15 september 2025. “We zijn verheugd dit programma te lanceren met het oog op een meer ef...
- ING Helpdesk
Benelux Morning Notes
Ageas: Highlights ING Benelux Conference London. Alfen: Highlights from ING Benelux Conference London. Arcadis: Highlights ING Benelux Conference London. ASR: Highlights ING Benelux Conference London. BAM: Highlights ING Benelux Conference London. Basic-Fit: Highlights ING Benelux Conference London. CTP: Highlights from ING Benelux Conference London. DEME Group: Highlights ING Benelux Conference London. Fugro: Highlights ING Benelux Conference London. Heijmans: Highlights ING Bene...
SBMO SBM OFFSHORE NV
AGS AGEAS SA/NV
RAND RANDSTAD NV
PNL POSTNL NV
BAMNB KONINKLIJKE BAM GROEP NV
LOTB LOTUS BAKERIES NV
HEIJM HEIJMANS N.V. CERT
ARCAD
ARCADIS NV
ASRNL ROYAL VOPAK NV
TWEKA ASR NEDERLAND NV
ALFEN TKH GROUP N.V. CERT
FUR ALFEN NV
CTPNV FUGRO NV
DEME CTP NV
DEME GROUP NV
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Wim Lewi
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update September: Adding AB InBev and Exor
In this September update we added 2 stocks to the KBC Securities Dynamic Top Pick List : We added AB InBev after the share price weakened post-2Q results. ABI's 2Q volumes fell 1.9% organically, below expectations, mainly due to a 9% drop in Brazil where a price hike led to temporary market share loss. However, strong revenue per hl growth (+4.9%) drove a 6.5% organic EBITDA increase, with 1H growth at +7.2%, near the top of FY guidance (+4–8%). AB InBev, the world's largest brewer, generates ...
Share buyback program completed
Share buyback program completed DEME Group NV announces that the share buyback program, which commenced on April 22, 2025, was completed on September 1, 2025. The program involved the buyback of 40,000 shares for a total amount of 5,345,737 million euros. The average purchase price was 133.64 euros per share.All details related to the acquisition of own shares by DEME Group NV can be found on . Attachment
Programma inkoop eigen aandelen voltooid
Programma inkoop eigen aandelen voltooid DEME Group NV kondigt aan dat het aandeleninkoopprogramma, zoals aangekondigd op 22 april 2025, werd afgerond op 1 september 2025. Het programma omvatte de inkoop van 40.000 aandelen voor een totaalbedrag van 5.345.737 miljoen euro. De gemiddelde aankoopprijs was 133,64 euro per aandeel. Alle details over de inkoop van eigen aandelen door DEME Group NV zijn beschikbaar op . Bijlage
- Dominic Rose
- Naresh Chouhan
UCB - Quantifying the MoonLake Risk
UCB is our highest conviction BUY despite the imminent HS Phase 3 readout from MoonLake. We show the NPV downside is likely MSD, that ~40% of Bim sales are unaffected by sonelokimab & that UCB will out-muscle MoonLake across many domains. Our analysis of the HS data shows that background antibiotic use will need to be considered & that the drugs look very similar. However, UCB’s ~$5bn rebate wall, the >€1bn higher M&S spend than Moonlake & the L-T safety data all protect Bim’, as will the psoria...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Jacob Mekhael
UCB PREVIEW: Upcoming phase 3 data from Bimzelx competitor in HS
Upcoming phase 3 data from Bimzelx competitor, sonelokimab (IL17A/F nanobody), in HS is expected in September. In this note, we preview the readout and outline a few potential scenarios, highlighting the potential upside/downside for UCB's stock. While the stock may take a hit if sonelokimab shows a numerical difference on the primary endpoint, this will depend on the extent of the delta, and we see more limited downside if the numerical difference is on the smaller end, particularly in the cont...
UCB SA: 1 director
A director at UCB SA bought 143 shares at 199.570EUR and the significance rating of the trade was 53/100. 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 ...
- Jacob Mekhael
UCB To present on epilepsy portfolio at the International Epilepsy Con...
UCB will present 26 abstracts from its epilepsy portfolio at the International Epilepsy Congress (IEC) in Lisbon, being held 30 August – 3 September. As well as qualitative and caregiver studies, the presentations will include a combined open label extension study of 412 DS and LGS patients who took part in Fintepla (fenfluramine) studies, and shows no new or unexpected safety signals with long-term sustained benefit, which we view as supportive of Fintepla's benefit in this patient population. ...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Wim Hoste
- Wim Lewi
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