Corbion Feedback 3Q results conference call

Below are the key highlights from the 3Q results conference call. 3Q top line was a bit weaker than expected whilst 3Q adjusted EBITDA increased by 11% organically and was in line with our and consensus expectations. Corbion still expects organic EBITDA growth of over 25% which translates into c. € 207m when taking into account the expected negative $ effect (KBCS & CSS € 206m). We continue to appreciate Corbion for its market leadership in lactic acid and growth opportunities within the existin...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/29/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/29/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 29/10/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 29/10/2025

Adyen NV : Q3 net revenue growth better than expected at +23% cc

Aedifica Solid 3Q25 results, all eyes on the BCA

Aedifica reports EPRA earnings 1.3% ahead of our expectations and increases its EPRA EPS guidance by 1.8% to EUR 5.10 per share (excl. transaction costs merger). The key driver behind the outperformance is the rental income. YTD Aedifica has divested EUR 125.0m assets (mainly exit from Sweden). It has replenished the pipeline with EUR 163.0m investments: EUR 105m developments + EUR 58m acquisitions. The pipeline is committed at 6.5% YoC. Q3 had the biggest fair value uplift to date (0.35% and 0....

Materialise Medical offsetting headwind in Manufacturing segment

In addition to the positive net result and strong cash flow in 3Q25, we were pleased to note that Materialise's Medical Segment achieved a record quarterly revenue, growing over 10% y/y. This performance stands out against a backdrop of ongoing macroeconomic headwinds, which continued to weigh on its overall revenues—particularly within Manufacturing. Materialise highlighted it further implemented targeted cost control measures designed to protect its operational profitability without compromisi...

Melexis : Q3 2025 slightly above expectations, Q4 2025 guidance in lin...

Benelux Morning Notes

Adyen: 3Q25 results – solid net revenue, FY25 guidance reiterated. Aedifica: Guidance raised, positive tenant trends and good portfolio valuation. Ageas: China Taiping Life 3Q25 Solvency much lower, remains solid. Allfunds Group PLC: Strong flows. ASM International: 3Q25 results - disappointing orders, much better margins. Corbion: Iron wills and nerves of steel. Lotus Bakeries: peer Mondelez 3Q25 results. Melexis: 3Q25 results, ongoing gross margin pressure. Staffing: Dutch figs...

Melexis : Q3 2025 slightly above expectations, Q4 2025 guidance in lin...

Corbion N.V. : Sales below estimates, but EBITDA in line in Q3; Outloo...

Morning Notes : ADYEN NA, AED BB, ASM NA, CRBN NA, HEIA NA, INGA NA, M...

: ADYEN NA, AED BB, ASM NA, CRBN NA, HEIA NA, INGA NA, MTLS US, MELE BB

Aedifica SA : Q3 2025 results: Increased FY2025 EPS outlook by 2%; Cof...

Heineken EverGreen 2030 is evolution, no revolution

Last week Heineken presented its EverGreen 2030 strategy and financial ambitions. Heineken targets a mid single digit organic net revenue growth with operating profit (beia) growing ahead, ao supported by € 400-500m annual gross savings. We believe these ambitions are not materially different from the EverGreen 2025 targets (4-8% operating profit beia growth) and were already incorporated in our forecasts, which we finetuned without making major changes. Overall we bank on a net revenue CAGR of ...

ASM International Strong 3Q25 results, weak order intake and 4Q25 outl...

ASMi revenues were above expectations driven by advanced logic/foundry demand. Gross profit margin benefited from a favorable product mix, supported by China. This combined with lower SG&A cost resulted in a better than expected adj. EBIT. However, order intake and 4Q25 outlook disappoint. FY25 guidance of approximately 10% y/y growth at CER is unchanged although we expect FY25 estimates to decrease with 1-2%. We expected large headwinds for ASMi from China in the short term. However, in the lon...

ASM International N.V : Clearly the low point for orders, with the pos...

Corbion FIRST LOOK: 3Q EBITDA in line despite weak top line, FY guidan...

3Q top line was a bit weaker than expected whilst 3Q adjusted EBITDA increased by 11% organically and was in line with our and consensus expectations. Corbion still expects organic EBITDA growth of over 25% which translates into c. €207m when taking into account the expected negative $ effect (KBCS & CSS €206m). We continue to appreciate Corbion for its market leadership in lactic acid and growth opportunities within the existing portfolio (food adjacencies, omega-3) whilst looking ahead to the ...

Melexis 3Q25 EBIT margin rose due to ongoing fixed cost control

After a good set of 3Q25 results with gross profit margin a little below our and CSS forecasts but EBIT margin nicely above expectations due to ongoing fixed cost control. We feel comfortable with our € 78 TP and Accumulate rating as for FY25, Melexis expects sales to be in the range of € 840 to € 845m (KBCSe € 839m, CSS € 842.3m). So Melexis expects 4Q25 sales in the range of € 215 to 220m (KBCSe € 216.2m, CSS € 218.6m). Melexis is also guiding for FY25 a gross profit margin around 39% (KBCSe 3...