reports
- ING Helpdesk
- Dirk Verbiesen
- Quirijn Mulder
Arcadis/Let's see how 2H25 works out/HOLD
After contact with IR, we learned that 2Q25 has its challenges, mostly in line with 1Q. Idle time due to the ending of large contracts and ramping up of new ones was a factor and additionally, more markets encounter difficulties led by Mobility which suffers from a serious slowdown in the UK and Australia. Also, Places weakens. Resilience is doing better but not strong enough to compensate for the other GBAs. We fine-tune our estimates, expecting virtually no organic growth and no margin improve...
IBA – Transparency Notification - Denominator
IBA – Transparency Notification - Denominator June 30th, 2025 Publication made under article 15 of the law of May 2, 2007 relating to the disclosure of major holdings in issuers whose shares are admitted to trading on a regulated market and containing various provisions (Belgian Gazette 12.VI.2007) (hereinafter, the “Law”). Under this provision: « [...] the issuer publishes the total capital, the total number of securities conferring the right to vote and voting rights, as...
IBA – Notification de Transparence - Dénominateur
IBA – Notification de Transparence - Dénominateur 30 juin 2025 Publication effectuée en vertu de l’article 15 de la loi du 2 mai 2007 relative à la publicité des participations importantes dans des émetteurs dont les actions sont admises à la négociation sur un marché réglementé et portant des dispositions diverses (M.B. 12.VI.2007) (ci-après, la « Loi »). En vertu de cette disposition : « [...] l'émetteur publie le total du capital, le nombre total de titres conférant le droit de vote et de droits de vote, ainsi que, par catégorie, le nombre de titres conférant le droit de vote et de ...
- ING Helpdesk
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Wim Lewi
- Kristof Samoy
Arcadis Positioned for 2H25 growth
Arcadis executes on its strategic roadmap, supported by a resilient global platform, disciplined M&A integration, and exposure to structural growth markets. In this note, we take a closer look at Arcadis' water activities—an increasingly important growth engine within its Resilience GBA—and assess how recent developments position the company for topline acceleration in the second half of 2025. Despite macro uncertainty, Arcadis remains on track to deliver organic growth and margin expansion, und...
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Lewi
- Jacob Mekhael
Hyloris Agreement with Kuvatris could generate a priority review vouch...
Hyloris announced the signing of an R&D funding agreement of $ 2m (plus $ 1.6m equity investment) with Kuvatris to support the development and US approval of intravenous (IV) suramin to treat human African trypanosomiasis (HAT). Given the rare nature of HAT, the value of this program lies in its potential to secure a transferable PRV. Recent examples show PRVs being sold for $160m – Hyloris could get just over 50% of net proceeds, if successful. We see this as a creative deal to boost the compan...
- Guy Sips
- Michiel Declercq
- ING Helpdesk
- Dirk Verbiesen
- Marc Zwartsenburg
- CEFA
- Quirijn Mulder
- Tijs Hollestelle
Utilities and offshore wind supply chain sector/Mind the gaps
In this report we present our view on the long-term growth prospects for offshore wind in Europe, implications of the energy transition and the role of TSOs, such as Elia Group. We also focus on supply chain beneficiaries in our Benelux coverage. An increasing number of long-term framework contracts should provide improved risk-rewards to the supply chain, in our view. Furthermore, we take a deep dive into growth drivers and long-term financing for Elia Group, beyond the company's current financ...
Steri-Tek to boost sterilization capacity of its Texas-based center fi...
Steri-Tek to boost sterilization capacity of its Texas-based center fivefold with IBA’s X-ray irradiation system Louvain-la-Neuve, Belgium, June 18, 2025 – (Ion Beam Applications S.A., EURONEXT), the world leader in particle accelerator technology and electron beam and X-ray solutions for industrial advanced irradiation, announced today it has signed a contract with Steri-Tek, a growing irradiation services provider, to install a fully-integrated Be Wide X-ray Solution. IBA’s solution will be installed at Steri-Tek’s service center near Dallas-Fort Worth Metro Area, Texas, which was op...
Steri-Tek va quintupler la capacité de stérilisation de son centre au...
Steri-Tek va quintupler la capacité de stérilisation de son centre au Texas avec un système d’irradiation par rayons X d’IBA Louvain-la-Neuve, Belgique, le 18 juin 2025 - IBA (Ion Beam Applications S.A.), le leader mondial des technologies d’accélération de particules et des solutions de pointe d'irradiation industrielle par faisceau d'électrons et rayons X, annonce aujourd'hui avoir signé un contrat avec Steri-Tek, un fournisseur de services d'irradiation en pleine croissance, pour installer une solution d’irradiation par rayons X, Be Wide, entièrement intégrée. La solution d'IBA sera ...
Procès-verbal de l'Assemblée Générale Ordinaire d'IBA et résultats des...
Procès-verbal de l'Assemblée Générale Ordinaire d'IBA et résultats des votes Information réglementée Assemblée Générale Ordinaire du 11 juin 2025 Belgique, le 16 juin 2025 (17h50) – Ion Beam Applications SA (« IBA ») annonce que l’ensemble des résolutions proposées à ses actionnaires lors de l’Assemblée Générale Ordinaire tenue le 11 juin dernier ont été adoptées à l’unanimité. Parmi celles-ci figurent notamment : L’approbation des comptes annuels pour l’exercice clôturé le 31 décembre 2024 ;L’approbation de la proposition de dividende de 0,24 EUR par action. Calendrier rel...
- Wim Lewi
Dollar Weakness The impact on our Benelux Coverage
In general, a weaker USD has a negative impact on Benelux stocks, particularly for companies with significant exports to the US. In this note we selected a list of companies with high US export exposure and we examine the potential impact on FY25 earninings. On top of the weak dollar, rising trade tensions or the introduction of tariffs further harm Benelux exporters. As the dollar depreciates against the euro, European goods become costlier for American consumers. At the same time, revenues ear...
EVS EVS BROADCAST EQUIPMENT SA
SOLB SOLVAY SA
UCB UCB S.A.
DIE D'IETEREN SA
SIP SIPEF GROUP
SOF SOFINA SA
ASM ASM INTERNATIONAL N.V.
ARCAD ARCADIS NV
ROYAL VOPAK NV
AALB AALBERTS N.V.
MELE MELEXIS NV
KIN KINEPOLIS GROUP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ASML ASML HOLDING NV
ARGX ARGEN-X SE
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ADYEN ADYEN NV
BAR BARCO NV
FUR FUGRO NV
DSFIR KONINKLIJKE DSM N.V.
AGN AEGON N.V.
SYENS SYENSQO
- Guy Sips
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
Benelux Local Champions Feedback document
Below our feedback notes written at the occasion of our annual Benelux Local Champions Conference that took place on 27 May 2025 at our historic building at Grand Place Brussels. This event offered the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR: ACKERMANS & VAN HAAREN | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMICORE
- Guy Sips
- Jacob Mekhael
- Livio Luyten
- Lynn Hautekeete
- Thomas Vranken
- Wim Lewi
- Jacob Mekhael
Hyloris FDA approval for Tranexamic Acid Intravenous Premix RTU
Hyloris announced that its partner Avenacy received FDA approval for its ANDA (generic NDA) of Tranexamic Acid Intravenous Premix Ready-to-Use (RTU), with launch planned for 2H25. This product, approved through the generic ANDA pathway, is non-core for the company, as Hyloris' main focus is on the more valuable reformulation and repurposing 505(b)(2) pathway. Sales of intravenous tranexamic acid reached $ 29.1m in the 12 months up to March 2025, and we estimate Hyloris could receive approx. $ 2m...
World's Leading Institutions and IBA launch Proton Therapy Academy to ...
World's Leading Institutions and IBA launch Proton Therapy Academy to shape the future of cancer care New global education initiative unveiled at 2025 PTCOG Annual Conference Louvain-la-Neuve, Belgium, 4 June 2025 - IBA (Ion Beam Applications SA), the world leader in particle accelerator technology and the world’s leading provider of proton therapy solutions for the treatment of cancer, today announces the launch of Proton Therapy Academy, a new global training and education initiative developed in partnership with prominent institutions in the field of proton therapy. The Academy has be...
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