MaaT Pharma FY25 update confirms mid-2026 EMA decision timing for MaaT...

MaaT reported FY25 results which show increasing revenues from MaaT013's early access program (only billable in France) of € 4.5m (FY24: € 3.2m) in aGvHD. In addition, the company confirmed its cash runway guidance to August 2026, which funds the company beyond the expected EMA regulatory decision for MaaT013 in aGvHD expected in mid-2026. Pipeline wise, we note that a few timelines have shifted, with phase 2 data for MaaT013 + checkpoint inhibitors in metastatic melanoma now expected in 1H26 (v...

Morning Notes : AGFB BB, GLPG NA, IVA FP, UCB BB, WDP BB, MAAT FP, ONW...

: AGFB BB, GLPG NA, IVA FP, UCB BB, WDP BB, MAAT FP, ONWD BB

Agfa Model update after strong 4Q25 recovery, but structural headwinds...

We updated our model (€ 1.0 Target Price maintained) after Agfa delivered a clearly improved 4Q25, with adj. EBITDA up 28% y/y to € 39m and FCF of € 44m, bringing FY25 FCF to a positive € 35m. This late-year rebound partly masks a challenging FY25, which remained dominated by structural pressure in Radiology, the dilutive impact of the ongoing cloud transition in HealthCare IT, and rising uncertainty linked to silver price volatility. Agfa remains confident in the strategic direction of its “Gro...

Middle East - Iran turmoil/Impact assessment

In this ING equities impact assessment of the situation in the Middle East report, we focus on a selection of 11 companies which we cover and we expect to be impacted by the current situation in the Middle East following the war in Iran, which started on 28 February and has since spread further into the region. We found that every company in this report faces its own challenges in the short term, while we also discuss the longer-term strategic implications.

Benelux Morning Notes

dsm-firmenich: To 2027 and beyond. GBL: NAV a bit below INGF, dividend reset to stable, moving to reinvestment phase. Sif Group: Good 4Q25, solid FY26 outlook, uncertainty for short-term tender pipeline

Morning Notes : DIE BB, DSFIR NA, EVS BB, GBLB BB, NEXTA BB, DEME BB

: DIE BB, DSFIR NA, EVS BB, GBLB BB, NEXTA BB, DEME BB

Morning Notes : AGFB BB, BFIT NA, DIE BB, TINC BB, UCB BB, ARG FP

: AGFB BB, BFIT NA, DIE BB, TINC BB, UCB BB, ARG FP

Agfa FIRST LOOK-Good performance of Digital Printing Solutions &Health...

4Q25 (€29m EBIT (KBCSe € 14.2m, CSS € 15m) on €306m sales (KBCSe 319.4m, € CSS 315m) saw good profitability (9.5% REBIT margin vs our 4.5% and CSS 4.8%) as within DPC (Digital Print and Chemicals), the Specialty Films & Chemicals activities and Green Hydrogen Solutions growth engine posted revenue growth, with a very good 4Q performance of Zirfon.

GBL After delivering a solid recovery we expect momentum to moderate

GBL has reached our previous price target following its consistent performance since the Apr'25 Liberation Day low. Over this period, the discount compressed sharply from 45% to 22%, driven by visible strategy progress, growing recognition of unique private market access, and €335m share buybacks in FY25. The recent Rayner acquisition (€0.5bn for 45% co-control stake) marks the first clear execution of GBL's Nov'24 strategy to increase direct private asset exposure in priority sectors. It streng...

Benelux Morning Notes

Ageas: Upgrading net op. result FY26 target to >€1.5bn from €1.35bn in FY25 as M&A starts contributing / CFE: Strong 2H, flips to net cash and outlook better / Deceuninck: FY25 results in line with expectations, Türkiye a tad better / GBL: Exits Umicore fully / Vopak: Five-year SBB programme announced / Wolters Kluwer: 2025 roughly in line, good 2026 outlook

Morning Notes : AGS BB, DECB BB, GBLB BB, UMI BB, VPK NA, WKL NA

: AGS BB, DECB BB, GBLB BB, UMI BB, VPK NA, WKL NA

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/20/2026

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...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 20/02/2026

Umicore : FY 2025 results –Beat on full year sales (+0.8%) and adj EBI...

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...