reports
- ING Helpdesk
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- 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...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Thomas Couvreur
- ING Helpdesk
- Hilde Van Boxstael
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Thomas Vranken
UCB FIRST LOOK: Fintepla scores Phase 3 win in third epileptic indicat...
UCB announced positive Phase 3 results for Fintepla in treating CDKL5 deficiency disorder (CDD), a rare and severe early-onset epileptic condition with limited treatment options. The randomized, placebo-controlled study in patients aged 1–35 met its primary and secondary endpoints, showing a significant reduction in countable motor seizures and a favourable safety profile. UCB plans to announce the full dataset at an upcoming conference and seek regulatory approval promptly. This marks Fintepla'...
- ING Helpdesk
- Dominic Rose
- Naresh Chouhan
UCB - Bimzelx Consensus for 2025 Too Low
We are 28% above cons. US Bimzelx sales for H125 with Bimzelx sales momentum being the most important factor for the UCB investment thesis. Unlike the early days for US obesity, this is one of the most complex dynamics we have contended with when forecasting sales. There are multiple unknowns that we have sought to model (net price per scrip, net avg. price by indication, 2024 volume, volume growth by payer & incremental discounts to unlock that volume growth). As a result of our analysis, we in...
- 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...
- 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...
- ING Helpdesk
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Michiel Declercq
- Thomas Vranken
- Wim Lewi
- 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
- Thomas Vranken
UCB FIRST LOOK: Expansion of US biologics manufacturing capacity
UCB has announced plans to build a new state-of-the-art biologics manufacturing facility in the US, which today accounts for 55% of its revenues. The investment, estimated at $ 2bn over 6–7 years, is expected to generate a $ 5bn economic impact, including 300 permanent and > 500 construction jobs. This move aligns UCB with other major pharma players expanding US operations and may help mitigate risks from potential US import tariffs on pharmaceuticals. Additionally, UCB will strengthen its partn...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
- Wim Lewi
- Thomas Vranken
UCB FIRS LOOK: Add'l Phase 3 data support dapirolizumab's potential in...
UCB and Biogen presented additional Phase 3 data showing that dapirolizumab pegol (DZP, anti-CD40L) significantly improves fatigue and disease activity in patients with moderate-to-severe systemic lupus erythematosus (SLE). Beyond the positive topline readout in Nov '24, DZP showed superior results over standard care in multiple fatigue and disease remission measures. Accumulate/€214 TP confirmed.
- Thomas Vranken
UCB 3-year PsA and axSpA data at EULAR 2025 confirm Bimzelx' efficacy
At EULAR 2025, UCB presented three-year data for Bimzelx, demonstrating sustained efficacy and inflammation control in psoriatic arthritis (PsA) and axial spondyloarthritis (axSpA). In PsA, both biologic-naïve (53.2%) and TNFa-refractory patients (55.2%) maintained strong ACR50 responses and showed high rates of joint and skin symptom resolution. In axSpA, patients with both radiographic and non-radiographic forms sustained ASAS40 responses and low disease activity. These results highlight Bimze...
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