reports
- Tobias Fahrenholz
- Tobias Fahrenholz
- ING Helpdesk
Benelux Morning Notes
Euronext: Unsurprisingly strong quarter. Fagron: Somewhat softer 1Q26 expected, FY guidance maintained. Randstad: Preview 1Q26F results due 22 April; consensus released. Staffing: French staffing: February touch softer but March outlook better. Theon International: Teaming up with Rheinmetall
- Hilde Van Boxstael
- Livio Luyten
- Thibault Leneeuw
- Thomas Couvreur
- Robert Jan Vos
- Usama Tariq
- Thibault Leneeuw
Fagron Solid 1Q26 results, Strong Brands Performance
Fagron reported 1Q26 revenues 1% above CSS expectations. Organic revenue growth of 3.2% at CER was supported by all regions, driven in particular by DD growth in Latin America. Despite losing the GLP-1 tailwind, North America still delivered positive organic growth. The continued focus on Brands is clearly paying off, with 22.6% organic revenue growth at CER y/y. Acquisition integrations are progressing as planned. FY26 guidance for MDS to HSD organic revenue growth at CER is reiterated, Fagron ...
Fagron reports solid first-quarter revenue of €263 million, reflecting...
Fagron reports solid first-quarter revenue of €263 million, reflecting 10% topline growth Regulated informationNazareth (Belgium)/Rotterdam (The Netherlands), 9 April 2026 – 7:00 AM CET Fagron reports solid first-quarter revenue of €263 million, reflecting 10% topline growth Fagron, the leading global player in pharmaceutical compounding, today publishes its quarterly results for the period ending 31 March 2026. Key Highlights Revenue of €263.4 million, up 10.3% on a reported basis (15.0% at CER1), supported by incremental M&A contribution and outstanding performance in Latin AmericaOr...
Fagron rapporteert in het eerste kwartaal een solide omzet van € 263 m...
Fagron rapporteert in het eerste kwartaal een solide omzet van € 263 miljoen, met een omzetgroei van 10% Gereglementeerde informatieNazareth (België)/Rotterdam (Nederland), 9 april 2026 – 7:00 uur CET Fagron rapporteert in het eerste kwartaal een solide omzet van € 263 miljoen, met een omzetgroei van 10% Fagron, de toonaangevende wereldwijde speler in farmaceutische bereidingen, publiceert vandaag haar kwartaalresultaten voor de periode eindigend op 31 maart 2026. Belangrijkste hoogtepunten Omzet van € 263,4 miljoen, een stijging van 10,3% op basis van gerapporteerde cijfers (15,0% tege...
- Stijn Demeester
Fagron/Expect a softer 1Q26, reiteration of FY guidance/BUY
We update our estimates with our c.6% higher Adj. EBITDA estimates for 2026F-28F largely driven by recent M&A's. We expect Fagron's trading update on 9 April to point to a somewhat softer quarter, reflecting temporary headwinds in the North American compounding segment. However, Fagron should reiterate its FY26 guidance of mid- to high-single digit organic revenue growth as growth should spring back in 2H26 as GLP1 headwinds fade. We reiterate our BUY recommendation and €27 per share target pric...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update April 2026: Adding Fagron
The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continues unabated. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. KBC macro-econimists have hiked the inflation expectation for 2026 from 1.9% to 3.3%. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We continue our defensive stance in our Benelux Dyna...
FAGR FAGRON SA
WKL WOLTERS KLUWER NV
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
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
Aegon to propose extension of the term of Lard Friese as CEO
Aegon to propose extension of the term of Lard Friese as CEO Schiphol, April 1, 2026 - Aegon’s Board of Directors will propose to extend the term of Lard Friese as Executive Director of the Board of Directors and Chief Executive Officer at Aegon’s Annual General Meeting of Shareholders (AGM) on June 10, 2026. The proposed extension will run until 2030. His current term is set to expire at the AGM in 2028. Mr. Friese has served as CEO of Aegon since May 2020. David Herzog, Chairman of the Board of Directors, commented: “Lard’s leadership and vision are central to Aegon’s transformation. Th...
Fagron increases share capital through exercise subscription rights
Fagron increases share capital through exercise subscription rights Regulated informationNazareth (Belgium)/Rotterdam (The Netherlands), 31 March 2026 – 7PM CET Fagron increases share capital through exercise subscription rights Fagron announces that as a result of the exercise of subscription rights, 104,200 new shares have been issued on 31 March 2026. In accordance with the Belgian transparency legislation, Fagron notes that its total share capital currently amounts to € 507,462,601.84. The total number of shares with voting rights after the issue amounts to 73,773,104 which is also ...
Fagron verhoogt kapitaal door uitoefening van inschrijvingsrechten
Fagron verhoogt kapitaal door uitoefening van inschrijvingsrechten Gereglementeerde informatieNazareth (België)/Rotterdam (Nederland), 31 maart 2026 – 19:00u. CET Fagron verhoogt kapitaal door uitoefening van inschrijvingsrechten Fagron maakt bekend dat er op 31 maart 2026 104.200 nieuwe aandelen zijn uitgegeven als gevolg van de uitoefening van inschrijvingsrechten. Overeenkomstig de Belgische transparantiewetgeving deelt Fagron mee dat haar maatschappelijk kapitaal na de uitgifte € 507.462.601,84 bedraagt. Het totaal aantal stemrechtverlenende effecten na de uitgifte bedraagt 73.773.1...
- Jacob Mekhael
Galapagos Signs agreement with Gilead on T-cell Engager in autoimmune ...
Galapagos announced that, following Gilead entering into a definitive agreement to acquire Ouro Medicines for $1,675m in cash consideration, and up to $500m in contingent milestone payments, Galapagos and Gilead have now entered into a binding agreement to collaborate on advancing gamgertamig (BCMAxCD3 T cell engager) in autoimmune diseases. This agreement comes after the companies announced their advanced discussions on the collaboration last week. Economically, Galapagos is effectively co-fina...
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Lewi
Galapagos en Gilead gaan definitieve overeenkomst aan over samenwerkin...
Galapagos en Gilead gaan definitieve overeenkomst aan over samenwerking om een first-in-class T-cel-engagerprogramma voor auto-immuunziekten verder te ontwikkelen De nieuwe samenwerkingsstructuur levert aanzienlijk verbeterde financiële voorwaarden en flexibiliteit voor Galapagos op Na deze transactie blijft de Vennootschap over het grootste deel van haar liquide middelen beschikken voor bijkomende strategische transacties en andere prioriteiten van kapitaalallocatie Kans om met gamgertamig een potentieel first-in-class & best-in-class T-cell-engager in auto-immuunziekten te ontwikkelen ...
Galapagos and Gilead Enter into Binding Agreement to Collaborate on Ad...
Galapagos and Gilead Enter into Binding Agreement to Collaborate on Advancing First in Class T Cell Engager Program for Autoimmune Diseases New collaboration structure achieves meaningfully improved financial terms and flexibility for Galapagos Following this transaction, the Company will continue to have a majority of its cash remaining for additional strategic transactions and other capital allocation priorities Opportunity to develop a potential first-in-class & best-in-class T cell engager in autoimmune diseases with gamgertamig Management to host conference call today, March 31, 20...
- Marc Hesselink
- CFA
- Thymen Rundberg
Barco/Blurred image/HOLD (previously Buy)
Barco continues to face weak demand in Healthcare and Enterprise, while we believe that Entertainment momentum is likely to fade as tariffs, a weak USD and fallout from the Iran conflict soften performance. The sizeable VerVent Audio acquisition, prioritised over buybacks, limits capital allocation flexibility. Although we believe the valuation at 11x PER 2027F is undemanding, the lack of a sustainable return to growth caps near-term upside. We reduce our target price to €10 per share (from €16)...
- Bruno Cavalier
- Luis de Toledo Heras
- Thomas Zlowodzki
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
PHA PHARMAGEST INTERACTIVE SA
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
01913 PRADA S.P.A.
AIXA AIXTRON SE
MLP MLP SE
PAT PATRIZIA AG
MONC MONCLER SPA
ENG ENAGAS SA
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TCH TECHNICOLOR SA
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
DIA DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA
- Bruno Cavalier
- Luis de Toledo Heras
- Thomas Zlowodzki
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
PHA PHARMAGEST INTERACTIVE SA
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
VETO VETOQUINOL SA
KER KERING SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
01913 PRADA S.P.A.
AIXA AIXTRON SE
MLP MLP SE
PAT PATRIZIA AG
MONC MONCLER SPA
ENG ENAGAS SA
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TCH TECHNICOLOR SA
ZGN ERMENEGILDO ZEGNA NV
DIA DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA
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