reports
- Guy Sips
- Hilde Van Boxstael
- Kristof Samoy
- Lynn Hautekeete
- Wim Lewi
- Kristof Samoy
Ekopak First look: 1H25 disappoints, cautious outlook, no update on Wa...
1H25 revenues landed at €21.7m considerably below our €36m estimate. Adj. EBITDA stands at €-3.8m compared to our €+3.5m forecast. Segment reporting has changed and company no longer reports WaaS and non-WaaS but now differentiates the numbers between project and recurring business. FY25 guidance was issued and cautiously calls for growth in turnover vs. 2024. The 2025 outlook does not include any projections for Waterkracht on which the company will issue a separate update when relevant. Compan...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Hoste
Recticel Conference call feedback & model update
Recticel has posted solid double digit top line growth in 1H25 with a flattish adj EBITDA margin. The € 27.7m adj EBITDA figure was c. 8% below our forecast and 7% below consensus. The fresh FY25 adjusted EBITDA guidance calls for c. 10% growth which was below our and consensus forecasts (of c. +24%). Positive is that building permit levels are starting to pick up in some geographies. The strategic growth projects in the US (Insulated Panels Plant) and Belgium (Recycling plant) are progressing a...
- ING Helpdesk
Benelux Morning Notes
Ackermans & van Haaren: A strong 1H25. Avantium: Nearly there. Eurocommercial Properties: Good results, positive effects of remerchandising. Recticel: Weak 1H25 calls for a 12% downgrade to consensus at Adj. EBITDA level. Sif Group: 2025 and 2026 guidance cuts. Staffing: Belgium - July Temp volume weaker at -3.5% YoY despite easier comps
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Wim Hoste
- Wim Lewi
- Wim Hoste
Recticel FIRST LOOK: 1H adj.EBITDA +10%, FY EBITDA growth guidance of ...
Recticel has posted solid double digit top line growth in 1H25 with a flattish adj EBITDA margin. The € 27.7m adj EBITDA figure was c. 8% below our forecast and 7% below consensus. The fresh FY25 adjusted EBITDA guidance calls for c. 10% growth which is below our and consensus forecasts (of c. +24%). Positive is that building permit levels are starting to pick up in some geographies. The strategic growth projects in the US (Insulated Panels Plant) and Belgium (Recycling plant) are progressing ac...
- Hilde Van Boxstael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Wim Lewi
- ING Helpdesk
- ING Helpdesk
Benelux Morning Notes
AEGON: Addition of €200m to existing SBB, considering US domicile, results mixed. Alfen: 19% EBITDA cut, mid-point new 2026 guidance. Flow Traders: Positive volumes, negative volatility. Kinepolis: Strong profit beat on better operating leverage, higher ticket and ITS per visitor. Recticel: Peer Rockwool 2Q25 results. Tessenderlo: Solid 1H25 beat, guidance maintained. VGP: Strong results, more news on JVs to come
- Jacob Mekhael
MaaT Pharma Secures € 37.5m tranched EIB financing
MaaT announced that it has secured a € 37.5m , 4-tranche financing from the European Investment Bank (EIB), which bears interest at 7%. In addition, MaaT will issue warrants to the EIB with each tranche. MaaT's previously communicated cash runway was into January 2026, which should now extend beyond that point following this additional funding, though we do note that disbursement of Tranches B to D is subject to operational and financing conditions, which we'd be keen to learn more about. All in...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Lynn Hautekeete
Immobel After the through, increase to Buy
Yesterday Immobel issued a trading update that gives comfort in the FY26 bond repayment of EUR 125.0m which was the biggest short term risk of the investment case. This triggered us to increase our TP from EUR 23.0 to EUR 28.0 with a BUY recommendation (prev. accumulate). The reasoning is explained in this new company note. We still don't think the dividend will come back in the next 2 years as the focus remains deleveraging. However, the share price reflected a dilutive capital raise which has ...
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
Ekopak appoints Jean-Baptiste De Cuyper as new CEO
Ekopak appoints Jean-Baptiste De Cuyper as new CEO Ekopak (EKOP:xbru), a company specialized in circular water solutions, announces the appointment of Jean-Baptiste De Cuyper as its new CEO. This appointment follows the earlier communication of May 12, 2025, in which the company announced its intention to appoint an external candidate for this key role. The appointment is part of Ekopak's broader efforts to strengthen its governance and management structure. Jean-Baptiste De Cuyper brings more than twenty years of international experience in the water, energy, and infrastructure sectors, t...
Ekopak benoemt Jean-Baptiste De Cuyper als nieuwe CEO
Ekopak benoemt Jean-Baptiste De Cuyper als nieuwe CEO Ekopak (EKOP:xbru), een onderneming gespecialiseerd in circulaire wateroplossingen, kondigt de benoeming aan van Jean-Baptiste De Cuyper als nieuwe CEO. Deze aanstelling volgt op de eerdere communicatie van 12 mei 2025 waarin het bedrijf haar intentie bekendmaakte om een externe kandidaat aan te stellen voor deze sleutelrol. De benoeming past binnen Ekopak’s bredere inspanningen om haar governance en managementstructuur te versterken. Jean-Baptiste De Cuyper brengt meer dan twintig jaar internationale ervaring met zich mee in de sectore...
- Jacob Mekhael
- Lynn Hautekeete
- Thomas Vranken
- Wim Hoste
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Michiel Declercq
- Jacob Mekhael
MaaT Pharma Partnership with Clinigen secures MaaT013's EU commerciali...
MaaT signed a licensing, distribution, and commercial supply agreement with Clinigen in Europe for Xervyteg (MaaT013, microbiome therapy, enema formulation) in aGvHD for a € 10.5m upfront, € 18m in milestones, and mid-thirties flat royalty on sales. We believe this deal serves as validation of MaaT013's potential, and see the partnership as a de-risking event for MaaT013's commercialisation in Europe, given Clinigen's experience commercialising in haemato-oncology, with 3 products currently on t...
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
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