ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 17/02/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/17/2026

Alfen : Fancy top-down trends not reflected in bottom-up performance

Alfen/Another transitional year/HOLD

Alfen reported broadly in line 4Q25 results but lowered its FY26 outlook. There is no tangible evidence of a pending volume-driven recovery in the 4Q25 performance of the Smart Grid and the EV Charging division. We increase our FY26 revenue estimate by 0.5% to the mid-point of Alfen's new revenue guidance and cut our FY26F adjusted EBITDA estimate by 6% to €26.1m. This reflects an adjusted EBITDA margin of 5.7%, slightly ahead of the company's mid-point guidance aiming for 5.5%. Management execu...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/11/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/02/2026

Benelux Morning Notes

ABN Amro: Miss but strong capital, good set of results / Ahold Delhaize: Strong 4Q25 but no major surprise on FY26 adj. EPS guidance / Alfen: No recovery yet and another transitional year / BAM Group: Preview: 2026 outlook the key item / Econocom: Better REBITA, net debt, but EBIT below, much lower net profit, dividend halved, 2026-28 guidance postponed to “medium term” / Exor: Ferrari 4Q25 and 2026 guidance beat / Gecina: Results and guidance in line, DPS set to grow over 2026-30 / Heineken: No...

Morning Notes : ABN NA, AD NA, HEIA NA, LOTB BB, RAND NA, ALFEN NA, PH...

: ABN NA, AD NA, HEIA NA, LOTB BB, RAND NA, ALFEN NA, PHVS US

Alfen : 2026, another transformative year…

Benelux Morning Notes

Aedifica and Cofinimmo: Exchange offer to start tomorrow / Alfen: Preview: new year, new chances / BAM Group: Nice add-on in the Dutch housing market / dsm-firmenich: Givaudan 2026 guidance read-across / Heijmans: Preview: 2025F was the cat's meow / Melexis: 4Q25 preview, towards a cyclical recovery / TomTom: Preview 4Q25, look beyond 2026 / Van Lanschot Kempen: Small UK Fiduciary mandate, second of the month though

Morning Notes : OPTI BB, SOF BB, WDP BB, MAAT FP

: OPTI BB, SOF BB, WDP BB, MAAT FP

MaaT Pharma Randomises first patient in MaaT033 phase 2 trial in NSCLC

MaaT announced that the first patient has been randomised in the investigator sponsored multicenter phase 2 (IMMUNOLIFE) trial evaluating MaaT033 (microbiome therapy, oral capsule) in combination with cemiplimab (anti PD-1 antibody) in patients with advanced non-small cell lung cancer (NSCLC) who have developed resistance to PD-1/PD-L1 blockade following antibiotic (ATB) exposure and who present ATB-induced gut dysbiosis. Primary results after 1-year follow-up post-treatment could be expected in...

Morning Notes : ASM NA, MAAT FP

: ASM NA, MAAT FP

MaaT Pharma Final Xervyteg phase 3 data confirm strong survival outcom...

MaaT reported the final results from the phase 3 (ARES) trial of Xervyteg (MaaT013, microbiome therapy, enema formulation) in aGvHD at the American Society of Hematology (ASH) conference, being held 6-9 December 2025. The final OS results from the phase 3 (ARES) trial of MaaT013 coming in at 54% at 1 year confirm the previously reported 54% probability of survival that was shared with the topline readout in January 2025. We believe this brings a significant benefit vs. the 15% 1-year OS reported...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/28/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 28/11/2025

Alfen : Working hard to get back in growth shape

Morning Notes : AGFB BB, AKZA NA, GBLB BB, UMI BB, MAAT FP

: AGFB BB, AKZA NA, GBLB BB, UMI BB, MAAT FP

MaaT Pharma Model update post € 9.1m capital raise

MaaT announced the completion of a capital raise of € 9.1m (at a 9% discount to closing price prior to deal announcement), and expects to use the net proceeds of € 8.7m to fund Xervyteg commercialisation preparation in Europe, advance MaaT033 development, and prepare for a pivotal US study of Xervyteg in 2026. This capital raise unlocks a € 6m EIB tranche, extending the company's cash runway to August 2026. Upon anticipated EU approval of Xervyteg in mid-2026, MaaT is eligible to receive a € 12m...

MaaT Pharma Launches capital increase for gross proceeds of € 9m &#x07...

MaaT announced the launch of a capital increase through a private placement with qualified investors and retail investors. The company intends to raise € 9m, the funds will extend the runway to summer 2026 (previously February 2026). MaaT plans to use the proceeds to fund the company's development and commercialization of Xervyteg. Trading will be suspended until at least November 14 after market close. We view this raise as a positive and reiterate our BUY rating and € 17 TP.