Benelux Morning Notes

Allfunds Group PLC: Ready to Spring forward. Basic-Fit: 1H25 ahead of INGF, membership ingrowth, outlook reiterated, FCF a bit light. Lotus Bakeries: Preview 1H25. NN Group & ASR: Dutch Pension Reform not an issue at 29 October Dutch elections. Philips: 2Q25 results, much lower tariff impact. Proximus: New BICS CEO and Global CRO laid off. Vastned: Good results, EPRA EPS guidance up by 2.5%. Zabka: 2Q25 Preview

MaaT Pharma Secures € 37.5m tranched EIB financing

MaaT announced that it has secured a € 37.5m , 4-tranche financing from the European Investment Bank (EIB), which bears interest at 7%. In addition, MaaT will issue warrants to the EIB with each tranche. MaaT's previously communicated cash runway was into January 2026, which should now extend beyond that point following this additional funding, though we do note that disbursement of Tranches B to D is subject to operational and financing conditions, which we'd be keen to learn more about. All in...

Morning Notes : AALB NA, HNK1 NA, HKHHF NA, RETb BB, AZEb BB, MATPF FP

: AALB NA, HNK1 NA, HKHHF NA, RETb BB, AZEb BB, MATPF FP

Atenor SA: 1 director

A director at Atenor SA bought 9,223 shares at 2.810EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/08/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 08/07/2025

NN Group : Solvency 2 ratio to rise to 202% by end-1H25 and 203% end 2...

NN Group NV: 2 directors

Two Directors at NN Group NV sold 8,706 shares at between 56.280EUR and 56.290EUR. The significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last ...

Morning Notes : AED BB, AKZA NA, MAAT FP

: AED BB, AKZA NA, MAAT FP

MaaT Pharma Partnership with Clinigen secures MaaT013's EU commerciali...

MaaT signed a licensing, distribution, and commercial supply agreement with Clinigen in Europe for Xervyteg (MaaT013, microbiome therapy, enema formulation) in aGvHD for a € 10.5m upfront, € 18m in milestones, and mid-thirties flat royalty on sales. We believe this deal serves as validation of MaaT013's potential, and see the partnership as a de-risking event for MaaT013's commercialisation in Europe, given Clinigen's experience commercialising in haemato-oncology, with 3 products currently on t...

Roularta Media Group Nv: 2 directors

Two Directors at Roularta Media Group Nv sold/sold after exercising options 14,472 shares at 15.500EUR. The significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's dir...

Morning Notes : VPK NA, MAAT FP, ZEAL DC

: VPK NA, MAAT FP, ZEAL DC

MaaT Pharma Business update highlights upcoming priorities, final ARES...

MaaT provides a business update, which reiterated the company's progress with respect to its pipeline, and following the previously announced EU regulatory submission for MaaT013 in aGvHD, the company continues to search for a commercialisation partner in Europe ahead of a potential approval in 2H26. Timeline for MaaT013 US trial launch shifts to 2026 (from 4Q25) to focus resources on the European opportunity. Looking ahead, data updates for MaaT013 in aGvHD (final results incl. 12-month OS), as...

Roularta Koinon acquires 91.17% and reopens public offering

Koinon acquires 91.17% of Roularta Media Group and reopens public offering. We suspended our coverage on 14 March 2025 related to our involvement in the transaction.

NN Group/Japan: regulatory order lifted after two years…/BUY

It's official: after more than two years, NN is emerging from the “business improvement order” imposed by the Japanese regulator FSA, which is now deemed “no longer required”. However, the damage has been done. Other (Japanese) peers have claimed top positions in the niche COLI market, making it challenging for NN to reclaim its position after such a long period. At the CMD, Japan OCG is projected to grow at 10% CAGR to 2028. After two setbacks in this market though, one in 2019 (tax) and anothe...

MaaT Pharma Updated MaaT013 aGvHD EAP data at EHA shows consistent out...

MaaT reported updated early access program (EAP) results for MaaT013 (microbiome therapy, enema formulation) in aGvHD at EHA, being held 12-15 June. The data, which was previously shared in the abstract last month, shows that the response rates and overall survival observed in the steroid refractory and ruxulitinib resistant subset of patients (n=70) are in line with what was observed in the phase 3 ARES trial. In our view, this points to the consistency of outcomes with MaaT013 in this patient ...

Morning Notes : AGFB BB, BPOST BB, GLPG NA, PROX BB, UCB BB, MAAT FP

: AGFB BB, BPOST BB, GLPG NA, PROX BB, UCB BB, MAAT FP

Benelux Morning Notes

Ageas: Reinsurance partnership with TRIGLAV, taking QS on Italian motor direct insurance Belgian Telecoms: Digi introduces a new mobile subscription at €3. Kinepolis: Box office in US/Canada up 76% YoY while France visitors were down 25%. NN Group & ASR: Dutch coalition collapse not affecting Dutch Pension Reform. SBM Offshore: Farewell Aseng after 13.5 years of service. Events Calendar

MaaT Pharma Completes EU regulatory submission for MaaT013 in aGvHD

MaaT announced the submission of the Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for its lead drug candidate MaaT013 (microbiome therapy, enema formulation) in aGvHD under the brand name Xervyteg. Potential approval could be granted in 2H26, and MaaT is actively exploring strategic partnerships to commercialise MaaT013 in Europe. We believe the solid phase 3 results and good uptake in the early access program will be supportive of MaaT013's commercial launch ...

Morning Notes : AED BB, BPOSTb BB, FLOB BB, MAAT FP, PHVS US

: AED BB, BPOSTb BB, FLOB BB, MAAT FP, PHVS US