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Guy Sips ... (+8)
  • Guy Sips
  • Hilde Van Boxstael
  • Jacob Mekhael
  • Kristof Samoy
  • Livio Luyten
  • Mathijs Geerts Danau
  • Wim Hoste
  • Wim Lewi

Morning Notes : ARGX BB, BEKB BB, CRBN NA, CMBT BB, SEQUA BB, SOF BB, ...

: ARGX BB, BEKB BB, CRBN NA, CMBT BB, SEQUA BB, SOF BB, UCB BB, SHUR BB, CTPNV NA, DEME BB, SYENS BB

Jacob Mekhael
  • Jacob Mekhael

argenx FY25 results come with positive phase 3 ocular MG readout

argenx reported $4.2b (CSS: $ 4.13b) in FY25 global product net sales and operating income of $ 1.1b marking 2025 argenx first year of operating profitability. A major update is the positive ocular MG readout that will expand the MG patient population with 7K patients. This year we look forward to the myositis readout in 3Q26 and the empasiprubart readout in MMN in 4Q26. We reiterate our € 900 TP and BUY rating.

 PRESS RELEASE

argenx Reports Full Year 2025 Financial Results and Provides Fourth Qu...

argenx Reports Full Year 2025 Financial Results and Provides Fourth Quarter Business Update $1.3 billion in fourth quarter and $4.2 billion in full year global product net sales, representing 90% year‑over‑year growth Delivered $1.1 billion in operating income in 2025, marking first year of operating profitability VYVGART MG label expansion supported by positive ADAPT SERON and OCULUS results; PDUFA target action date of May 10, 2026 for anti‑AChR antibody‑negative (“seronegative”) gMG Management to host conference call today at 2:30 PM CET (8:30 AM ET) February 26, 2026 7:00 AM CET ...

Tijs Hollestelle
  • Tijs Hollestelle

CFE/An early-stage margin-over-volume winner?/BUY (previously Hold)

CFE released a solid set of FY25 results, partly helped by the earlier announced settlement on the problematic ZIN project. With this beefed up 2H25 operating performance, we consider CFE's 2026 outlook a major positive. CFE expects 2026 net profit to approach the 2025 level. We raise our FY26F EPS by 32% following company guidance and change our rating from Hold to BUY as the underlying operating performance is clearly improving. CFE adapted a margin-over-volume strategy a couple of years ago a...

 PRESS RELEASE

argenx Announces Positive Topline Results from Phase 3 ADAPT OCULUS Tr...

argenx Announces Positive Topline Results from Phase 3 ADAPT OCULUS Trial of VYVGART in Ocular Myasthenia Gravis Study met primary endpoint (p-value = 0.012)First registrational study to specifically evaluate a targeted treatment for patients living with ocular MG Results support planned Supplemental Biologics License Application (sBLA) submission to U.S. Food and Drug Administration (FDA) to expand label into oMG Regulated Information – Inside Information  February 26, 2026, 6:30 AM CET    Amsterdam, the Netherlands – argenx SE (Euronext & Nasdaq: ARGX), a global immunology company co...

ING Helpdesk
  • ING Helpdesk

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

Kristof Samoy
  • Kristof Samoy

CFE FY25: In line results, solid debt reduction, margin strength in Co...

Over FY25, revenues equalled €1042m (-12% YoY) but EBIT up sharply at €44.9m (+40.3% YoY). The net result stood at €33.5m (LY: €24m). As such, the posted net result exceeds guidance calling for 2025 net profit close to the 2024 level. The company proposed a gross dividend of €0.50ps (€0.4PS LY). The consolidated order book stood at €1633m (vs. €1646m LY and €1650m per 9m25). Thanks to strong OCF of €64m, net debt turned into a net cash position of €43.8M (€41.7m net debt LY) . For 2026, CFE expe...

Kristof Samoy ... (+4)
  • Kristof Samoy
  • Livio Luyten
  • Thomas Couvreur
  • Wim Hoste
 PRESS RELEASE

Ageas reports full-year 2025 results

Ageas reports full-year 2025 results Regulated information • Brussels, 25 February 2026 • 7:30am (CET) Ageas reports full-year 2025 results Strong performance in a transformational year for Ageas INFLOWS NETOPERATINGRESULT HOLDING FREE CASH FLOW GROSS DIVIDEND 2025EUR 19.6 billion EUR 1.65 billion EUR 774 million EUR 3.75+9% vs 2024 +33% vs 2024 +19% vs 2024 +7% vs 2024 A complete overview of the figures and comparison with previous year can be found on page 7 of this press release and on the Ageas website. Hans De Cuyper, CEO Ageas, comments: “2025 was a landmark year for Ageas - a yea...

 PRESS RELEASE

Ageas publie ses résultats pour l’exercice 2025

Ageas publie ses résultats pour l’exercice 2025 Informations réglementées • Bruxelles, le 25 février 2026 – 7h30 (CET) Ageas publie ses résultats pour l’exercice 2025Solide performance au cours d’une année de transformation ENCAISSEMENTS RÉSULTATOPÉRATIONNELNET HOLDINGFREE CASH FLOW DIVIDENDEBRUT2025EUR 19,6 milliards EUR 1,65 milliard EUR 774 millions EUR 3,75+9% vs 2024 +33% vs 2024 +19% vs 2024 +7% vs 2024 Un aperçu des chiffres et une comparaison avec l’année précédente sont disponibles à la page 8 de ce communiqué de presse et sur le site web d’Ageas. Hans De Cuyper, CEO d’Ageas, a d...

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