ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/02/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/04/2026

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...

Proximus : Lower targets but the same risks

Proximus/Global business performance remains a challenge

Proximus continues to show a solid domestic performance. The Global division, however, continues to encounter headwinds with the story, for now, developing from an opportunity into a problem. Domestic competition remains a source of uncertainty, although near-term revenue visibility remains high. It is too early to expect a turnaround, while Proximus' notes offer limited value, in our view.

Benelux Morning Notes

AEGON: Extension of CEO mandate to 2030 to see through move to the US; Colruyt: Plans to divest its stake in GEOxyz; dsm-firmenich: Shooting the breeze with de Vreeze; Lotus Bakeries: Annual report 2025 publication; Unilever plc: The dance is over;

Benelux Morning Notes

Ageas: Completion of 10% stake in Taiping Pension. Colruyt: Potential management buy-out for Carrefour Belgium

Morning Notes : BAR BB, ELI BB, PROX BB, RET BB, DEME BB

: BAR BB, ELI BB, PROX BB, RET BB, DEME BB

Proximus Dividend reset, value intact

At the end of February, Proximus presented its new 2026–2028 ambitions during a CMD. While the FCF outlook surprised positively, driven by lower capex spending, this was overshadowed by a dividend cut from €0.60 per share to €0.30 per share, with a gradual recovery to €0.50 per share by 2028. Although the dividend cut was unexpected, we had previously flagged that the dividend was not covered by free cash flow. As we view the dividend cut as a logical step that does not impact our valuation, we ...

Floridienne S.A.: 1 director

A director at Floridienne S.A. sold 1,218 shares at 65.324EUR and the significance rating of the trade was 55/100. 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...

Dynamic Top Pick List Update March 2026: Removing Aedifica – Adding Pr...

The tariff war between US and China has eased, but with the Iran conflict and an erratic Trump, uncertainty will continue into 2027. Energy prices have gone ballistic, with gas prices doubling in Europe and has hit the cyclical stocks hard. The highly anticipated AI productivity gains also will have to transpire sooner or later or a US market correction becomes unavoidable. While the macro-economic impact has been limited so far, a prolonged uncertain situation will result in economic damage. We...

Coffee, Croissants & Credit/Engie, Proximus, SES, Heimstaden Bostad, V...

Utilities - Engie raises €3bn of new equity to partially finance UK Power Networks

Benelux Morning Notes

EVS: Strong 2H25 but for lower cash position, order intake in line, 2026 guidance in line. Proximus: CMD feedback. Staffing: Belgium January Temp volume weaker at -4.8% YoY but on tougher comps. TKH Group: Preview: Connectivity profitability and progress on disposal programme

Morning Notes : COLR BB, EVS BB, EKOP BB, CTPNV NA, SYENS BB

: COLR BB, EVS BB, EKOP BB, CTPNV NA, SYENS BB

Benelux Morning Notes

Ackermans & van Haaren: Results capping already strong subsidiary reporting. DPS beat. Fagron: Acquisition of Pharmavit Europe, active in nutraceutical raw materials. Fugro: Patience please. Kendrion: Sees signs of improvement in EU economy. Proximus: 2026 dividend halved, 2028-30 targets a bit better on lower capex. Proximus: 4Q25 in line EBITDA on weaker sales, FCF up; 2026 guidance below on EBITDA. Recticel: Strong FY25 results, CEO transition seen as a negative

Morning Notes : ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, R...

: ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

Proximus (Neutral, TP: €8.3, +0%) Q4 25 and CMD Quick Take: Dividend ...

Proximus is holding a CMD in Brussels today that we are attending. Ahead of that, it has put out a release with FY26, FY28 guidance, and some long-term (FY30) capex and FCF estimates too. We don’t have all the detail yet, but we outline our initial thoughts in this report, and some commentary on the Q4 results too.

Proximus Targeting € 400m FCF by 2030, dividend cut in FY26

Proximus reported solid 4Q25 results, with the underlying EBITDA of € 437m broadly in line with expectations (kbcse: € 433m, css: € 434m) while the FY25 organic FCF of € 130m came in slightly ahead (kbcse: € 107m, css: € 102m). Although the outlook 2026 was broadly in line, we welcome the lower capex spending of between € 1.20- € 1.25bn (kbcse: € 1.30bn, css: € 1.29bn), resulting in a better than expected FCF guidance for 2026 of up to € 100m (kbcse: € 39m, css: € 24m). By 2030, the group expect...

Proximus/Not your normal Telco yet, FCF lower for longer/HOLD

Benelux Morning Notes

AEGON: Uneventful results, US weaker, underlying OCG in line / Air France-KLM: Productivity gains starting to filter through / Arcadis: Weak revenues and EBITA, but strong NWC / Ascencio: Results in line, no concerns on Carrefour Belgium exposure / Azelis: Persisting softness in 4Q25, continued focus on costs and cash / BAM Group: Solid 2H25 results, 2026 outlook in line / Belgian telecoms: Telenet improved net adds, to relist as part of Ziggo in 2027, Liberty to sell half of its 66% Wyre stake ...