Hyloris reported FY25 results with a cash position of € 13.8m (YE24: € 23.6m), and revenue of € 7.2m (FY24: € 8.5m), driven by increased royalties but offset by lower milestone payments. Hyloris is yet to receive income related to commercialisation of Maxigesic IV in the US as the launch has been paused and restarted. The company did not provide specific cash runway guidance, but believes it has funding for development and strategic growth. € 6 TP and Hold maintained.
Geopolitical risk has resurfaced, but the nearterm impact on European listed real estate remains contained. Rising energydriven inflation and rates are driving greater dispersion and sharpening the focus on balancesheet quality, while MIPIM 2026 highlighted a pragmatic investor approach. In this report, we adjust target prices and refresh our top picks, removing CTP and adding Irish Residential REIT. Geopolitics and energy: duration matters more than headlines
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