reports
- Jacob Mekhael
UCB FY25 results show another Bimzelx-driven CSS beat
UCB reported another CSS beat with FY25 revenue of € 7,741m coming in 1.7% above expectations driven by stellar performance from Bimzelx, which generated € 2,227m in sales, 5.8% above expectations. We note that adj. EBITDA and net profit also came in above CSS despite increased investments in sales and marketing. With head to head data for Bimzelx vs. Skyrizi in PsA now expected in 1H26, we continue to view UCB as an attractive name to own, and reiterate our € 284 TP and BUY rating.
dsm-firmenich cancels its shares following completion of its €1.08 bil...
dsm-firmenich cancels its shares following completion of its €1.08 billion share repurchase program Press Release dsm-firmenich cancels its shares following completion of its €1.08 billion share repurchase program Kaiseraugst (Switzerland), Maastricht (Netherlands), February 26 2026 dsm-firmenich, innovators in nutrition, health, and beauty, announces that following the completion of its €1.08 billion share buyback program in 2025, the company has cancelled 12,049,441 shares. As a result, the total number of issued shares has been reduced by approximately 4.5%, from 265,676,388 to 253,62...
- Kristof Samoy
- Livio Luyten
- Thomas Couvreur
- Wim Hoste
- Adrian Pehl
EO FAURECIA SA
ZIL2 ELRINGKLINGER AG
F3C SFC ENERGY AG
OERL OC OERLIKON CORPORATION AG
ELG ELMOS SEMICONDUCTOR SE
SOLB SOLVAY SA
NEX NEXANS SA
UTG UNITE GROUP PLC
INH INDUS HOLDING AG
WIE WIENERBERGER AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
VASTB VASTNED RETAIL BELGIUM NV
DOKA DORMAKABA HOLDING AG
ALR ALIOR BANK SA
GLPG GALAPAGOS NV
ALM ALMIRALL SA
MVC METROVACESA SA
THEON THEON INTERNATIONAL PLC
ORP ORPEA
EXENS EXOSENS
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- Adrian Pehl
EO FAURECIA SA
ZIL2 ELRINGKLINGER AG
F3C SFC ENERGY AG
OERL OC OERLIKON CORPORATION AG
ELG ELMOS SEMICONDUCTOR SE
SOLB SOLVAY SA
NEX NEXANS SA
UTG UNITE GROUP PLC
INH INDUS HOLDING AG
WIE WIENERBERGER AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
VASTB VASTNED RETAIL BELGIUM NV
DOKA DORMAKABA HOLDING AG
ALR ALIOR BANK SA
GLPG GALAPAGOS NV
ALM ALMIRALL SA
MVC METROVACESA SA
THEON THEON INTERNATIONAL PLC
ORP ORPEA
EXENS EXOSENS
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
- ING Helpdesk
Benelux Morning Notes
CFE: Preview: underlying 2026 margin to improve / DEME: Preview: strong 2025, eyes on 2026 outlook / JDE Peet's: Acquisition by KDP expected to close in 2Q26 / Solvay: 2025 ends with strong FCF; 2026F und. EBITDA guidance slightly below, supported by one-off / UCB: Peer Moonlake investor day / Vastned: Beat on bottom line with operational metrics accelerating, but outlook remains weak
- Mathijs Geerts Danau
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Martial Descoutures
- Martial Descoutures
- Mathijs Geerts Danau
Galapagos FY25 results hold no surprises
Galapagos reported FY25 results with a cash position of € 3bn (YE24: € 3,317.8m) and an updated outlook, where it expects to end FY26 with € 2,775 - € 2,850m in cash, and to incur costs of € 125-175m related to the winddown of the cell therapy business. Looking ahead, the company will focus its strategy on building a new pipeline through BD. € 37 TP and ACCUMULATE maintained.
Galapagos Reports Full Year 2025 Financial Results and Provides Fourth...
Galapagos Reports Full Year 2025 Financial Results and Provides Fourth Quarter Business Update Strategic reset positions Galapagos for long-term value creation Robust 2025 year-end cash and financial investments of €3.0 billion and ongoing collaboration with Gilead enable flexibility to execute on a business development-led growth strategy 2026 year-end cash expected to be in the range of €2.775 to €2.850 billion, with reduced cell therapy one-time restructuring cash costs of €25 million to an updated range of €125 to €175 million Management to host tomorrow, February 24, 2026, at 14:00 CE...
Galapagos rapporteert resultaten over het gehele jaar 2025 en geeft ee...
Galapagos rapporteert resultaten over het gehele jaar 2025 en geeft een business update over het vierde kwartaal Strategische heroriëntatie positioneert Galapagos voor waardecreatie op lange termijn Sterke positie van €3,0 miljard aan kasmiddelen en financiële investeringen eind 2025 en de blijvende samenwerking met Gilead bieden flexibiliteit om een groeistrategie te realiseren die wordt gedreven door business development De kaspositie eind 2026 wordt verwacht tussen €2,775 tot €2,850 miljard, met een verlaging van de eenmalige cash herstructureringskosten voor celtherapie met €25 miljoen ...
- Ahmed Ben Salem
- Baptiste Lebacq
- Marc Lavaud
- Usama Tariq
NK IMERYS SA
GTT GAZTRANSPORT & TECHNIGAZ SA
ISS ISS A/S
NEX NEXANS SA
BIG BIGBEN INTERACTIVE SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
ROYAL VOPAK NV
BRNL BRUNEL INTERNATIONAL N.V.
NVG NAVIGATOR COMPANY SA
FACC FACC AG
COFA COFACE SA
MAU ETABLISSEMENTS MAUREL & PROM SA
JST JOST WERKE AG
UMI UMICORE
INS INSTONE REAL ESTATE GROUP AG
ALHG LOUIS HACHETTE GROUP
SFZN SIEGFRIED HOLDING AG
- Wim Hoste
Umicore Feedback FY25 results conference call
Below are the highlights from the conference call. We remind that FY25 adjusted EBITDA increased by 11% to 847m, slightly above the high end of the 790-840m guidance range (in line with KBCS estimate, 1% above consensus). The company did not give a precise guidance on FY26 although sounded cautious on developments in the EV industry. The strong metal price environment will partly be offset by lower hedging levels for 2026 and maintenance, while new longer term hedges generate additional earnings...
- Ahmed Ben Salem
- Baptiste Lebacq
- Marc Lavaud
- Usama Tariq
NK IMERYS SA
GTT GAZTRANSPORT & TECHNIGAZ SA
ISS ISS A/S
NEX NEXANS SA
BIG BIGBEN INTERACTIVE SA
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
ROYAL VOPAK NV
BRNL BRUNEL INTERNATIONAL N.V.
NVG NAVIGATOR COMPANY SA
FACC FACC AG
COFA COFACE SA
MAU ETABLISSEMENTS MAUREL & PROM SA
JST JOST WERKE AG
UMI UMICORE
INS INSTONE REAL ESTATE GROUP AG
ALHG LOUIS HACHETTE GROUP
SFZN SIEGFRIED HOLDING AG
- Martijn Den Drijver
- Usama Tariq
- Roy Külter
- Steven Boumans
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Peer Walmart 4Q25/26 results. Arcadis: Main topics 4Q25/FY25 conference call. ASM: 4Q25 preview, FY26 should be strong. Brunel: 4Q25 result beats and trends stabilise; DACH back to growth in 1Q26; additional cost savings announced and special dividend. Cofinimmo: Beat on bottom line, strong investment outlook for 2026. IMCD: Another step in EMEA. Magnum Ice Cream Company: Peer Danone 4Q25 results. Recticel: Peer Kingspan FY25 results. Software sector: Cheaper code...
- Hilde Van Boxstael
- Lynn Hautekeete
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Cofinimmo FY25 results above expectations, guidance below
Cofinimmo reports recurring EPRA EPS +1,1% above our estimates and 4,0% above its guidance. The earnings beat is driven by higher like-for-like rental income at +2,9%. The EPRA EPS outlook of FY26 is below our estimates at € 6,35 vs € 6,39 KBCSe. The guided debt ratio at YE26 is 340 bps higher than our expectations at 44,0% due to only € 110,0m guided asset disposals and higher than expected investments at € 310,0m which will mainly impact FY27/28 rental income. In the medium term, the focus sho...
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