reports
Rexel extended its presence within ARGAN’s portfolio
Rexel extended its presence within ARGAN’s portfolio Press release – Neuilly-sur-Seine, Tuesday, February 10, 2026 – 5.45 pm REXEL strengthens its presence in the Roissy-en-Brie (77) ARGAN warehouse and brings its leased area to 27,000 sq.m ARGAN announced the leasing of an additional 9,000 sq.m at its logistics site in Roissy-en-Brie (77), bringing the total leased area to 27,000 sq.m. Located in the eastern inner ring of the Paris region, the site will be occupied by Rexel, a specialist in the distribution of electrical equipment. Source: ARGAN Already a long-standing tenant at the s...
Rexel renforce son implantation auprès d'ARGAN
Rexel renforce son implantation auprès d'ARGAN Communiqué de presse – Neuilly-sur-Seine, mardi 10 février 2026 - 17h45 REXEL renforce son implantation dans l'entrepôt ARGAN de Roissy-en-Brie (77) et porte sa surface louée à 27 000 m² ARGAN annonce la relocation de 9 000 m² supplémentaires sur son site logistique de Roissy-en-Brie (77) pour les porter à 27 000 m², situé en première couronne Est de l’Île-de-France, au profit de Rexel, spécialiste de la distribution de matériel électrique. Source ARGAN Déjà locataire historique du site, Rexel renforce ainsi sa présence à Roissy-en-Brie en...
- Guy Sips
- Michiel Declercq
- Guy Sips
Biotalys Model update after strategic refocus
We updated our model (New “Accumulate”, New € 5.1 TP) after Biotalys plans a strategic refocus, concentrating resources on its top-priority biofungicide programs. Early-stage activities will be suspended and the organization downsized to cut costs while they claim “protecting long-term platform value”. The shift prioritizes Evoca NG, BioFun-6, and already partnered programs with the Gates Foundation and Syngenta. These measures aim to reduce cash burn by €20m through 2028 and strengthen commerci...
- Guy Sips
Biotalys Refocusing strategy on lead assets and cutting annual cash bu...
We will update our model (from “Buy” to “under review”) after Biotalys plans a strategic refocus, concentrating resources on its top-priority biofungicide programs. Early-stage activities will be suspended and the organization downsized to cut costs while protecting long-term platform value. The shift prioritizes EVOCA NG, BioFun-6, and already partnered programs with the Gates Foundation and Syngenta. These measures aim to reduce cash burn by €20m through 2028 and strengthen commercialization r...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB
After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
CSM CORBION NV
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
WDP WAREHOUSES DE PAUW SCA
AZE AZELIS GROUP NV
DEME DEME GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
- ING Helpdesk
Benelux Morning Notes
Flow Traders: Preview 4Q25 / Kinepolis: January reassures with US box office revenue up 14% YoY, France visitors up 15% YoY / Lotus Bakeries: Peer Mondelez 4Q25 results / MICC: Peer Mondelez 4Q25 results / RELX / Wolters Kluwer: Anthropic moves into Legal / Signify: Analyst lunch highlights / TomTom: 4Q25 results, bridging a gap / UCB: Evenity sales exceeded US$2.1bn in FY25 as per Amgen
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Presents supportive three-year Bimzelx data in HS at EHSF
UCB announced that three-year data from the BE HEARD trials for Bimzelx in moderate to severe HS will be presented at the Conference of the European Hidradenitis Suppurativa Foundation EHSF, being held 4–6 February in Malta. The data show high rates of total HS resolution at 3 years, high rates of improvement from moderate or severe HS to mild disease, as well as strong draining tunnel resolution. This continues to highlight Bimzelx' benefit in this patient group, which we believe will further d...
- Guy Sips
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Model update ahead of FY25 results
Following the second guidance upgrade for FY25 (announced 5 December 2025), we update our UCB model ahead of FY25 results. UCB now expects revenue to exceed €7.6bn, representing +24% y/y (previously at least €7bn). The upgraded guidance reflects - next to the continued growth of Rystiggo, Zilbrysq, Fintepla and Evenity – strong performance of Bimzelx, including a strong momentum in hidradenitis suppurativa (HS) and a favourable payer mix in the US. Our model update increases Bimzelx FY25 sales t...
- Bruno Cavalier
- Jean-François Granjon
- Martial Descoutures
IPN IPSEN SA
CRI CHARGEURS SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
BLC BASTIDE LE CONFORT MEDICAL SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
TIETO TIETOEVRY OYJ
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
FDR FLUIDRA S.A.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SSO SCATEC ASA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BIM BIOMERIEUX SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
MRX MISTER SPEX SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
EAPI EUROAPI
SHUR SHURGARD SELF STORAGE LIMITED
ORP ORPEA
- Florent Laroche-Joubert
- Roy Külter
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Bruno Cavalier
- Roy Külter
- Steven Boumans
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
KORI KORIAN SA
MERY MERCIALYS SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
BLC BASTIDE LE CONFORT MEDICAL SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
GBT GUERBET SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
SAN SANOFI
FRE FRESENIUS SE & CO. KGAA
CAP CAPGEMINI SE
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
IRES IRISH RESIDENTIAL PROPERTIES REIT PLC
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
BIM BIOMERIEUX SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
EAPI EUROAPI
SHUR SHURGARD SELF STORAGE LIMITED
ORP ORPEA
ALIV SDB AUTOLIV INC.
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Kygevvi receives positive CHMP opinion in ultra-rare disease TK2d
Friday during trading hours, UCB announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion recommending the granting of marketing authorisation under exceptional circumstances for Kygevvi (doxecitine and doxribtimine) for the treatment of pediatric and adult patients with genetically confirmed thymidine kinase 2 deficiency (TK2d) with an age of symptom onset on or before 12 years. Following the positive CHMP opinion...
- Ghada Ben Sedrine
- Nicolas David
- Ghada Ben Sedrine
- Nicolas David
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Conditional approval for the acquisition of Delfood / Bekaert: Acquires Bridgestone's €80m tyre cord business in China and Thailand / KPN: In-line Q4, 2026 guidance, cash returns / NSI: Results in line, further vacancy weighing on 2026 and cautious tone on new developments / UCB: Cimzia included in Medicare's price negotiations for 2028
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