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.

Morning Notes : HOMI BB, HYL BB, IVA FP, NEXTA BB, RET BB, MAAT FP

: HOMI BB, HYL BB, IVA FP, NEXTA BB, RET BB, MAAT FP

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/05/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/11/2025

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 : AD NA, BPOST BB, CPINV BB, GIMB BB, KPN NA, MONT BB, V...

: AD NA, BPOST BB, CPINV BB, GIMB BB, KPN NA, MONT BB, VPK NA, WDP BB, WKL NA, ALFEN NA

Alfen : Cost control prevents worst case

MaaT Pharma Uneventful 3Q25 cash and revenues

MaaT reported uneventful 3Q25 cash and revenues, where its cash and cash equivalents came in at € 22.4m, providing the company with a cash runway until the end of February 2026. We note that continued growth in revenues from MaaT013's early access program (only billable in France) is a positive sign ahead of its potential EMA approval expected mid-2026. MaaT did not provide a pipeline update, though it has previously guided for results from the investigator initiated phase 2a (PICASSO) trial of ...

ASH abstracts: Autolus, Galapagos, MaaT

The abstracts for presentations at the American Society of Haematology conference (ASH, 6-9 December) became available yesterday during the day (HERE). While we may have to wait until the actual conference for the latest datasets, here in this note are some key takeaways for our coverage including updates from Autolus (new data for Aucatzyl in paediatric ALL, real world data in adult ALL, amongst others), Galapagos (additional CAR-T data in r/r MCL and r/r DLBCL) and MaaT (longer follow up from ...

Benelux Morning Notes

Alfen: Preview - kitchen sinking again? CM.com: New CFO appointed. Cofinimmo: Good results a touch better than forecasts, guidance reconfirmed, DEME Group: Wins strategic position in Brazil. D'Ieteren: State Farm TPA contract details emerge. Signify: 3Q25 results – guidance cut. Xior Student Housing: 5.4% LFL growth and full occupancy – operational trends solid.