reports
- ING Helpdesk
Benelux Morning Notes
ASR: Better results, strong solvency, SBB below though; new CEO, new CMD on 1 Dec / IMCD: Weak 4Q25 / Kinepolis: Bankruptcy of Belga Films, the oldest film distribution business, along with its eight-screen cinema complex in Brussels; 2H25 preview / Proximus: CpaaS peer Sinch 4Q25 results a bit light of consensus, stock down 14%
- Mathijs Geerts Danau
Inventiva FIRST LOOK: preliminary FY25 results hold no surprises
Inventiva reported preliminary FY25 results which hold no surprises, and confirmed its cash-runway guidance, which following the € 149m capital raise announced in November 2025, extends the company's runway to middle of 1Q27. This provides funding beyond the expected topline results from the phase 3 (NATiV3) trial of lanifibranor in MASH which are expected in 2H26. We reiterate our Buy rating and € 7 TP.
- Guy Sips
- Mathijs Geerts Danau
- Wim Hoste
Inventiva reports preliminary 2025¹ fiscal year financial results
Inventiva reports preliminary 2025¹ fiscal year financial results Cash and cash equivalents at €99.3 million, and €131.6 million in short-term deposits2 as of December 31, 2025Revenues of €4.5 million in 2025Completed a U.S. registered public offering for gross proceeds of approximately $172.5 million (€149 million3)Cash runway expected until the middle of the first quarter of 20274 Daix (France), New York City (New York, United States), February 17, 2026 – (Euronext Paris and Nasdaq: IVA) ("Inventiva" or the "Company"), a clinical-stage biopharmaceutical company focused on the developmen...
Inventiva publie ses résultats financiers préliminaires pour l’exercic...
Inventiva publie ses résultats financiers préliminaires pour l’exercice 2025¹ Trésorerie et équivalents de trésorerie à 99,3 millions d’euros, et 131,6 millions d’euros en dépôts à court terme2 au 31 décembre 2025Chiffre d’affaires de 4,5 millions d’euros en 2025Réalisation d’une offre au public aux États-Unis pour un produit brut total d’environ 172,5 millions de dollars (149 millions d’euros)3Horizon de trésorerie prévue jusqu’au milieu du premier trimestre 20274 Daix (France), New York City (New York, Etats-Unis), le 17 février 2026 – (Euronext Paris and Nasdaq :IVA) (« Inventiva » ou ...
- ING Helpdesk
Benelux Morning Notes
Aedifica: Results slightly better, guidance for the combined entity to come in Sept. CM.com: 4Q25 results – no turning point yet. D'Ieteren: Allstate reports bumper 4Q25, touts premium cuts, consensus prudent. Heijmans: Construction cool cat. Proximus: CPaaS peer Twilio 4Q25 results better than expected. Talabat: 4Q25 results, doubling down on investments. Theon International: Preview – a busy year it was.
- ING Helpdesk
Benelux Morning Notes
Aedifica: c.€29m new developments in Germany and Finland / GBL: €0.5bn equity investment in Rayner, an ophthalmic MedTech specialist / NN Group: Is consensus running ahead of a capital update with FY25 results? / Philips: Supportive update ahead of CMD / Proximus: Route Mobile 3Q26 shows lower revenues, better profitability / Staffing sector: French staffing: December better but January outlook weaker but perhaps better than number of temp outlook indicates / VAR Energi: Strong CMD target 400kpd...
- ING Helpdesk
- Hilde Van Boxstael
- Kristof Samoy
- Wim Hoste
- Wim Lewi
- ING Helpdesk
Benelux Morning Notes
Adyen: Preview 2H25. Aperam: In-line 4Q25, upbeat medium-term outlook balances short-term consensus risk. Ayvens: Fast Car (UCS normalisation). Barco: 4Q25 preview, mixed performance. Lotus Bakeries: Another beat on every line. Orange Belgium: 2H25 EBITDAal beat on lower sales, much better 2026 guidance. Philips: CMD & 4Q25 preview, execution is key. RELX: FY25 preview. Universal Music Group: Peer Warner Music 4% revenue and 11% OIBDA beat
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB
After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by a...
EVS EVS BROADCAST EQUIPMENT SA
UCB UCB S.A.
DIE D'IETEREN SA
SOF SOFINA SA
IBAB ION BEAM APPLICATIONS SA
ROYAL VOPAK NV
AED AEDIFICA SA
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
Inventiva to Present at the Guggenheim Emerging Outlook: Biotech Summi...
Inventiva to Present at the Guggenheim Emerging Outlook: Biotech Summit 2026 Daix (France), New York (United States), February 4, 2025 – (Euronext Paris and NASDAQ: ) (“Inventiva” or the “Company”), a clinical-stage biopharmaceutical company focused on the development of oral therapies for the treatment of metabolic dysfunction-associated steatohepatitis (“MASH”), today announced that CEO Andrew Obenshain has been invited to participate in a fireside chat at the upcoming Guggenheim Emerging Outlook: Biotech Summit 2026. The conference is being held February 11-12, 2026 at the Lotte New Yor...
Inventiva présentera au Guggenheim Emerging Outlook : Biotech Summit 2...
Inventiva présentera au Guggenheim Emerging Outlook : Biotech Summit 2026 Daix (France), New York (États-Unis), le 4 février 2026 – Inventiva (Euronext Paris et Nasdaq : IVA) (« Inventiva » ou la « Société »), société biopharmaceutique spécialisée dans le développement de thérapies orales pour le traitement de la stéatohépatite associée à un dysfonctionnement métabolique (« MASH »), a annoncé aujourd’hui que son Directeur général, Andrew Obenshain, a été invité à participer à un « fireside chat » lors du prochain Guggenheim Emerging Outlook: Biotech Summit 2026. La conférence se tiendra le...
- ING Helpdesk
Benelux Morning Notes
Flow Traders: Preview 4Q25 / Kinepolis: January reassures with US box office revenue up 14% YoY, France visitors up 15% YoY / Lotus Bakeries: Peer Mondelez 4Q25 results / MICC: Peer Mondelez 4Q25 results / RELX / Wolters Kluwer: Anthropic moves into Legal / Signify: Analyst lunch highlights / TomTom: 4Q25 results, bridging a gap / UCB: Evenity sales exceeded US$2.1bn in FY25 as per Amgen
- Guy Sips
- Jacob Mekhael
- Mathijs Geerts Danau
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Presents supportive three-year Bimzelx data in HS at EHSF
UCB announced that three-year data from the BE HEARD trials for Bimzelx in moderate to severe HS will be presented at the Conference of the European Hidradenitis Suppurativa Foundation EHSF, being held 4–6 February in Malta. The data show high rates of total HS resolution at 3 years, high rates of improvement from moderate or severe HS to mild disease, as well as strong draining tunnel resolution. This continues to highlight Bimzelx' benefit in this patient group, which we believe will further d...
- Guy Sips
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Model update ahead of FY25 results
Following the second guidance upgrade for FY25 (announced 5 December 2025), we update our UCB model ahead of FY25 results. UCB now expects revenue to exceed €7.6bn, representing +24% y/y (previously at least €7bn). The upgraded guidance reflects - next to the continued growth of Rystiggo, Zilbrysq, Fintepla and Evenity – strong performance of Bimzelx, including a strong momentum in hidradenitis suppurativa (HS) and a favourable payer mix in the US. Our model update increases Bimzelx FY25 sales t...
- Hilde Van Boxstael
- Jacob Mekhael
- Wim Hoste
- Wim Lewi
- Jacob Mekhael
UCB Kygevvi receives positive CHMP opinion in ultra-rare disease TK2d
Friday during trading hours, UCB announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) adopted a positive opinion recommending the granting of marketing authorisation under exceptional circumstances for Kygevvi (doxecitine and doxribtimine) for the treatment of pediatric and adult patients with genetically confirmed thymidine kinase 2 deficiency (TK2d) with an age of symptom onset on or before 12 years. Following the positive CHMP opinion...
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