ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/24/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 24/02/2026

Almirall SA : Q4 EBITDA in line. DD EBITDA growth FY 2026 guidance ali...

ALMIRALL: MENSAJES DE LA CONFERENCE CALL RDOS. 4T’25 (ANÁLISIS BANCO S...

De la conference call de Rdos. 4T’25 destacamos:  Guidance’26e: De su guidance’26e de crecimiento en ventas entre el +9% y el +12%

ALMIRALL: 4Q'25 RESULTS AND CHANGE OF T.P. TO UNDER REVISION (ANÁLISIS...

4Q'25 vs. 4Q'24 Results Sales: € 287.4 M (+11.4% vs. +10.7% BS(e) and +10.3% consensus); EBITDA: € 52.2 M (+3.6% vs. +4.0% BS(e) and +4.8% consensus); EBIT: € 14.3 M (-4.7% vs. +2.7% BS(e) and +14.0% consensus); Net Profit: € 7.1 M (+3450.0% vs. +3447.5% BS(e) and +3650.0% consensus); FY2025 vs. FY2024 Results Sales: € 1.108 Bn (+12.4% vs. +12.3% BS(e) and +12.1% consensus); EBITDA: € 232.9 M (+20.9% vs. +21.0% BS(e) and +21.2% consensus); EBIT: € 81.7 M (+52.7% vs. +54.8% BS(e) and +57.9% conse...

ALMIRALL: RDOS. 4T’25 Y CAMBIO DE P.O. BAJO REVISIÓN (ANÁLISIS BANCO S...

Rdos. 4T'25 vs 4T'24: Ventas: 287,4 M euros (+11,4% vs +10,7% BS(e) y +10,3% consenso); EBITDA: 52,2 M euros (+3,6% vs +4,0% BS(e) y +4,8% consenso); EBIT: 14,3 M euros (-4,7% vs +2,7% BS(e) y +14,0% consenso); BDI: 7,1 M euros (+3450,0% vs +3447,5% BS(e) y +3650,0% consenso); Rdos. 2025 vs 2024: Ventas: 1.108 M euros (+12,4% vs +12,3% BS(e) y +12,1% consenso); EBITDA: 232,9 M euros (+20,9% vs +21,0% BS(e) y +21,2% consenso); EBIT: 81,7 M euros (+52,7% vs +54,8% BS(e) y +57,9% consenso); BDI: 46...

Morning Notes : AD NA, ARCAD NA, PNL NA, AZE BB

: AD NA, ARCAD NA, PNL NA, AZE BB

Arcadis Risk/Reward Not Yet Compelling in a Derating Sector

Arcadis surprised the market last week with weak FY results and disappointing 2026 guidance. We have overhauled our model and revisited our investment case. The repositioning of GBA Places announced after the IBI & DPS acquisitions in 2022 is not (yet) delivering the intended benefits, while the strategic shift toward large, higher margin projects is coinciding with slower and less predictable backlog conversion. With organic growth absent, the previously compelling deep discount valuation versu...

INFORME DIARIO 23 FEBRERO + RDOS. ESPAÑA Y EUROPA. IDEAS DESTACADAS Y ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, INDRA SISTEMAS, SECTOR ELÉCTRICO Y ENERGÍA. EUROPA: VINCI. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’25 que se publicarán en España y Europa en los próximos días. Tensión geopolítica en Irán en aumento Las bolsas europeas frenaron en la semana su avance, afectados en cierta medida, por el ...

IBERIAN DAILY 23 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: ALMIRALL, ELECTRICITY SECTOR, INDRA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’25 results to be released over the coming days in Spain. Geopolitical tension rising in Iran European stock markets halted their advance over the week, affected to some extent by the geopolitical noise regarding Iran and the US army’s preparation for a possible military incursi...

Benelux Morning Notes

Ahold Delhaize: Peer Walmart 4Q25/26 results. Arcadis: Main topics 4Q25/FY25 conference call. ASM: 4Q25 preview, FY26 should be strong. Brunel: 4Q25 result beats and trends stabilise; DACH back to growth in 1Q26; additional cost savings announced and special dividend. Cofinimmo: Beat on bottom line, strong investment outlook for 2026. IMCD: Another step in EMEA. Magnum Ice Cream Company: Peer Danone 4Q25 results. Recticel: Peer Kingspan FY25 results. Software sector: Cheaper code...

Arcadis Key take-aways analyst call

This morning Arcadis reported numbers (as written in a separate FRN) that were disappointing. Only the Resilience GBA and the cash collection process delivered in 4Q25. The sharp revenue revision for 2026 came as a cold surprise but the new CFO delivered on his cash collection commitment made late 2025. Together with the CEO nominee he outlaid a hands-on, pragmatic approach for a return to meaningful topline and margin growth. However this will be (again) back-end loaded in 2026 and mainly reali...

AT & S Austria Technologie & Systemtechnik AG: 1 director

A director at AT & S Austria Technologie & Systemtechnik AG sold 542 shares at 52.000EUR and the significance rating of the trade was 52/100. 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...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/19/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 19/02/2026

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 ...

Arcadis First look: Only Resilience & cash collection delivered in 4Q2...

Arcadis released a disappointing set. Only Resilience posted an inline performance. Growth in Places in 4Q was -13% while our scenario was counting on a stabilisation (o% y/y). 4Q Traction in Mobility did not materialise as expected. Company guides for a transitional 2026 with flat growth well below our and css est. . Thanks to strong cash collection FCF was a clear positive surprise. Analyst call at 2pm CET. We will adjust our 2026 numbers downwards to the issued guidance. Hold.

Morning Notes : ABI BB, AGN NA, ARCAD NA, BESI NA, ENX FP, GIMB BB, HY...

: ABI BB, AGN NA, ARCAD NA, BESI NA, ENX FP, GIMB BB, HYL BB, IBAB BB, KIN BB, MTLS US, VGP BB, AZE BB, ZEAL DC

Arcadis : Terrible Q4 growth and margin, strong FCF and order intake b...