ODDO : Dutch elections likely to be slightly positive for real estate ...

Materialise Medical offsetting headwind in Manufacturing segment

In addition to the positive net result and strong cash flow in 3Q25, we were pleased to note that Materialise's Medical Segment achieved a record quarterly revenue, growing over 10% y/y. This performance stands out against a backdrop of ongoing macroeconomic headwinds, which continued to weigh on its overall revenues—particularly within Manufacturing. Materialise highlighted it further implemented targeted cost control measures designed to protect its operational profitability without compromisi...

Morning Notes : ADYEN NA, AED BB, ASM NA, CRBN NA, HEIA NA, INGA NA, M...

: ADYEN NA, AED BB, ASM NA, CRBN NA, HEIA NA, INGA NA, MTLS US, MELE BB

Benelux Morning Notes

Aedifica and Cofinimmo: Update about the deal. BAM Group: Preview - you have this and you have that. Basic-Fit: Investor call highlights Clever Fit acquisition. dsm-firmenich: Symrise 3Q25 results. KPN: Odido reduces fibre prices for higher speeds, increases prices for lower speeds. KPN: In line EBITDAal on lower revenues, guidance reiterated. Philips: 3Q25 preview, strong 4Q25 needed. Sif Group: Preview - boosting factory output and profit. Vastned: Strong progress on synergies,...

Benelux Morning Notes

Alfen: Preview - kitchen sinking again? CM.com: New CFO appointed. Cofinimmo: Good results a touch better than forecasts, guidance reconfirmed, DEME Group: Wins strategic position in Brazil. D'Ieteren: State Farm TPA contract details emerge. Signify: 3Q25 results – guidance cut. Xior Student Housing: 5.4% LFL growth and full occupancy – operational trends solid.

Cofinimmo 3Q25 results: far ahead of minimum guidance but no increase

Cofinimmo reports higher than expected EPRA earnings on the back of lower interest charges and lower taxes. 75% of the EUR 100.0m divestment plan is completed and only EUR 66.0m investments, out of the EUR 170.0m guided. Despite Cofinimmo reporting EPRA results far ahead of its minimum EUR 6.20 guided, it does not increase its guidance. Important to note, is that the one-off costs related to the Aedifica merger (approx. EUR 3.0m in 3Q25 in other expenses) and the divestment of financial lease re...

Morning Notes : COFB BB, GLPG NA, HEIA NA, XIOR BB, DEME BB, ONWD BB

: COFB BB, GLPG NA, HEIA NA, XIOR BB, DEME BB, ONWD BB

Elia Group SANV: 1 director

A director at Elia Group SANV sold 1,000 shares at 108.500EUR and the significance rating of the trade was 51/100. 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...

Benelux Morning Notes

Ahold Delhaize: Preview 3Q25. Financials: US Regional Banks issue becomes 2nd headache to weather. Proximus: Government would have rejected Xavier Niel's proposal for co control

Warehouses De Pauw Conference call feedback, confident on execution

The tone in the call is cautious optimistic on the targets of the Blend27 program. The company stays focused on its 5 countries. In The Netherlands it is slow due to grid limitations. In France they have established a position and work on extending it. In Germany, prices and opportunities in the right regions have not occurred. Romania has just announced a development and acquired 400k sqm land. In Belgium, the Amazon €1bn will be spread over multiple investments and WDP is looking at the Audi a...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/17/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 17/10/2025

Benelux Morning Notes

ABN AMRO: 3Q may still support shares to CMD. Aedifica: €13m investment in the Netherlands. Basic-Fit: Strong 3Q25 results; beat on membership ingrowth, on track to reiterated FY25. BE Semiconductor Industries: 3Q25 Preview, order intake is key. IMCD: Acquisition of Dong Yang FT. RELX: Preview 9M25. Signify: 3Q25 preview, more back-end loaded. Staffing: Manpower 3Q25 in line on better revenue trend, 4Q25 outlook cautious. WDP: Results in line, guidance reconfirmed

Morning Notes : BFIT NA, GLPG NA, WDP BB, IMCD NA

: BFIT NA, GLPG NA, WDP BB, IMCD NA

WDP : Q3 2025 results: In line results, with a stabilization in occupa...

Warehouses De Pauw 3Q25 results: solid results, “boring is good” in un...

EPRA EPS 9m25 came at our expectation of €1.15. EPRA EPS yoy growth of 5.2% is still impressive as its average share count increased by 3.3% YoY and the abolition of the Dutch FBI regime. The GRI also beat our expectations by 2.2% as investments accelerated and occupancy remained strong. WDP repeated its EPRA EPS25 outlook at €1.53, slightly below our 1.54 estimate. The “Blend27” strategy was also repeated with a guidance of 1.70 EPRA EPS by FY27. Current development pipeline stands at 434k sqm ...

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

Benelux Morning Notes

Belgian telecoms: DAZN informs Pro League it has no deal with operators. CTP: €600m senior unsecured green bond at 3.625%. dsm-firmenich: Givaudan 9M25 IMS. TomTom: 3Q25 results – Defying weak auto market