Benelux Morning Notes

Ahold Delhaize: Strong beat driven by one-offs Alfen: Bull bear fight continues bpost: 3Q25 results in line with INGF but miss vs consensus, FY25 outlook fine-tuned to top-end CM.com: Takeover offer from Bird Coca-Cola Europacific Partners: Refreshing D'Ieteren: Belron peer Driven Brands 3Q25 talks of lower Q4, choppiness in Collision and Direct Repair Exor: Ferrari reassures with strong 3Q25, improved guidance KPN: Strategy update reassures, largely in line, with solid cash returns expec...

Morning Notes : KIN BB, ONTEX BB, UCB BB, UMI BB, DEME BB

: KIN BB, ONTEX BB, UCB BB, UMI BB, DEME BB

UCB Secures FDA approval for Kygevvi in ultra-rare disease TK2d

UCB announced that Kygevvi (doxecitine and doxribtimine) has been granted approval by the US FDA in adults and paediatric patients living with thymidine kinase 2 deficiency (TK2d), with an age of symptom onset on or before 12 years. The approval comes in line with the company's guidance of a decision before YE25, making it the first and only approved treatment in this setting. Note that TK2d is an ultra-rare genetic mitochondrial disease with no approved therapies, and has a prevalence of 1.64 p...

Benelux Morning Notes

Azelis: Appointment of Boris Cambon-Lalanne as group CFO. Belgian Telecoms: Price increase on most of the non-commercialised products and Scarlet trio. D'Ieteren: Belgian October car registrations down 7%, VW down 20%. Kendrion: Results preview; launching share buyback programme. Kinepolis: Acquires US movie theatre chain Emagine Entertainment for US$105m. Kinepolis: October box office in US/Canada and France attendance drop again. Ontex: Branded activity now fully divested. Philip...

Benelux Morning Notes

GBL: €1.7bn of GBL Capital assets sold at 9% discount; PostNL: 3Q25 results miss due to more negative mix Parcels; FY25 outlook reiterated but challenging; UCB: Bimzelx's prescription data confusion

Morning Notes : GBLB BB, PNL NA, UCB BB, AZE BB, IMCD NA

: GBLB BB, PNL NA, UCB BB, AZE BB, IMCD NA

UCB TRx noise aside, fundamentals remain strong

UCB's Bimzelx is well-positioned with strong 3-year data in HS and competitive performance across PsO, PsA, and axSpA, supporting our peak sales estimate of €5.9b by 2030. Despite premium forward P/E multiples, UCB's projected EPS CAGR (2025–2029), being >3x that of peers, means UCB continues to be an attractive name to own. Earlier in the pipeline, our deep dive into the atopic dermatitis (AD) landscape shows that phase 2a data for galovokimig is promising, with plans to advance to phase 2b. Ac...

Benelux Morning Notes

AB InBev: The interim is back. Arcadis: Slow return to organic growth, FCF disappoints. Ayvens: Keeping its promise. dsm-firmenich: Waiting for Godot. D'Ieteren: Boyd prelim 3Q25, $1.3bn M&A deal, NYSE listing, $780m capital increase. Flow Traders: Down but not out. Ontex: FY25F guidance confirmed despite a modestly softer 3Q25. Recticel: Weak 3Q25 but comforting outlook. Shell plc: Solid story with cash continuing to come in strongly. TKH Group: Preview - subsea remains in foc...

Coffee, Croissants & Credit/Fortum, LEG Immo, WP Carey, American Tower...

Utilities - Fortum: 9M25 weak performance

How much WFE is required to produce a 1 GW datacenter?

As a follow up to our cheat sheet summarizing the cost structure of a 1GW datacenter, we estimate today on a single slide WFE required to produce semiconductors for a 1 GW datacenter, with our usual important caveat: WFE spending is driven by the growth of production capacity. In other words, one spends once on WFE to build a 1GW datacenter many times over.

UCB Supportive 3-year data for Bimzelx in PsA and axSpA at ACR 2025

UCB announced new 3-year data for Bimzelx in adults with active psoriatic arthritis (PsA) and axial spondyloarthritis (axSpA) at ACR 2025. The results show sustained responses in both patient groups, and appear competitive vs. other biologics e.g. Cosentyx in cross-trial comparison. Overall supportive data that should maintain Bimzelx' commercial momentum. ACCUMULATE maintained.

Morning Notes : BAR BB, BFIT NA, EXM BB, HYL BB, UCB BB, JDEP NA, MRUS...

: BAR BB, BFIT NA, EXM BB, HYL BB, UCB BB, JDEP NA, MRUS US

UCB SA: 1 director

A director at UCB SA bought 70 shares at 250.000EUR 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 the last two years clearly showing C...

AI spending, Auto Cycle, Semicap in 2026, and more, our Weekly wrap-up...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 4 names we followed last week, follow the link below.

UCB - Slowing Bimzelx Momentum - D/G to Hold ( TP EUR 250 [270], 14pgs...

For access to the full note, please contact Naresh Chouhan ( )

ASML 3Q25: 2026 outlook uncertain. Maintain cautious view. Neutral, €8...

ASML reported 3Q25.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/16/2025