reports
- Ana Arjona-Martinez
- Chaima Ferrandon
- Emmanuel Matot
- Sven Edelfelt
DG VINCI SA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
GFC GECINA SA
NOVN NOVARTIS AG
FGR EIFFAGE SA
RF EURAZEO SA
FRE FRESENIUS SE & CO. KGAA
CAP CAPGEMINI SE
SY1 SYMRISE AG
BC8 BECHTLE AG
PGHN PARTNERS GROUP HOLDING AG
IBE IBERDROLA SA
TKO TIKEHAU CAPITAL SCA
SIGN SIG COMBIBLOC GROUP LTD
EQT EQT AB
ANTIN ANTIN INFRASTRUCTURE PARTNERS
CVC CVC CAPITAL PARTNERS PLC
AAL ANGLO AMERICAN PLC
- Ana Arjona-Martinez
- Chaima Ferrandon
- Emmanuel Matot
- Sven Edelfelt
DG VINCI SA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
GFC GECINA SA
NOVN NOVARTIS AG
FGR EIFFAGE SA
RF EURAZEO SA
FRE FRESENIUS SE & CO. KGAA
CAP CAPGEMINI SE
SY1 SYMRISE AG
BC8 BECHTLE AG
PGHN PARTNERS GROUP HOLDING AG
IBE IBERDROLA SA
TKO TIKEHAU CAPITAL SCA
SIGN SIG COMBIBLOC GROUP LTD
EQT EQT AB
ANTIN ANTIN INFRASTRUCTURE PARTNERS
CVC CVC CAPITAL PARTNERS PLC
AAL ANGLO AMERICAN PLC
- ING Helpdesk
Benelux Morning Notes
Aedifica and Cofinimmo: Update about the deal. BAM Group: Preview - you have this and you have that. Basic-Fit: Investor call highlights Clever Fit acquisition. dsm-firmenich: Symrise 3Q25 results. KPN: Odido reduces fibre prices for higher speeds, increases prices for lower speeds. KPN: In line EBITDAal on lower revenues, guidance reiterated. Philips: 3Q25 preview, strong 4Q25 needed. Sif Group: Preview - boosting factory output and profit. Vastned: Strong progress on synergies,...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Konrad Zomer
- Jacob Mekhael
Autolus Aucatzyl phase 1 maintains SLE responses with longer follow up
Autolus announced that follow-up data from the ongoing phase 1 (CARLYSLE) dose confirmation trial of Aucatzyl (obe-cel, CD19 CAR-T) in severe refractory systemic lupus erythematosus (srSLE), will be presented during a poster session at the American College of Rheumatology Convergence 2025. The updated results demonstrate durability of outcomes observed in the initial readout (presented April 2025) over a longer follow up period as evidenced by the absence of new disease activity, no other lupus ...
- Jacob Mekhael
Hyloris Signs agreement with Orion for Tranexamic Acid RTU in Europe
Hyloris announced that it has entered into an exclusive license and supply agreement with Orion for Tranexamic Acid Intravenous Premix RTU (TXA RTU) in major European markets. This follows a previously announced agreement with Avenacy in the US, though we note this product, being a generic, is non-core for the company, as Hyloris' main focus is on reformulation and repurposing via the 505(b)(2) pathway. The company has not disclosed specific figures under the agreement, however it will be eligib...
- Jacob Mekhael
- Michiel Declercq
- Thomas Couvreur
- Lynn Hautekeete
Basic-Fit Strategic transformation of the business model
In this note we zoom further on the EUR 160m acquisition of Clever Fit announced yesterday. During the analyst call the management referred to the CMD of 21/04/2026 for most operational questions on the deal, which limits visibility in the next 5 months at increased leverage. Basic-Fit is executing a strategic transformation in its business model, shifting toward a franchise-led expansion as its club owned model on the current balance sheet limits the full growth potential. We revised our FY25/2...
KPN maintains commercial momentum; on track to reach FY outlook
KPN maintains commercial momentum; on track to reach FY outlook Group service revenue growth (+1.7% y-on-y in Q3 2025), driven by all segmentsConsumer service revenues grew 1.1% y-on-y, supported by continued solid broadband (+11k) and postpaid (+47k) net addsBusiness service revenues increased 1.4% y-on-y, driven by SME and LCEContinued Wholesale service revenue growth (+5.2% y-on-y), mainly driven by sponsored roamingAdj. EBITDA AL +4.4% y-on-y in Q3 2025, of which +2.6% IPR benefit, +1.1% Althio and -1.7% holiday provision effectYTD FCF generation at € 606m, or +12% y-on-yLeading the Dut...
Autolus Therapeutics Presents Clinical Data Updates at the American Co...
Autolus Therapeutics Presents Clinical Data Updates at the American College of Rheumatology Convergence 2025 Data from the Phase 1 CARLYSLE study in severe refractory systemic lupus erythematosus (srSLE) suggests obe-cel is well tolerated with no ICANS or high-grade CRS; 50 million cell dose selected for Phase 2 pivotal studyPreliminary efficacy data demonstrate achievement of definition of remission in SLE (DORIS) in 83% of patients and complete renal response (CRR) in 50% of patients; all responses and remissions are ongoing with no evidence of disease activity at a median follow-up of 8....
- Robert Jan Vos
- Carole Braudeau
- Carole Braudeau
- Lynn Hautekeete
Basic-Fit EUR 175m acquisition of Clever Fit
Basic-Fit has announced the acquisition of Clever Fit, a leading fitness operator in the DACH region (Germany, Austria, Switzerland) with 493 clubs (454 franchise+39 owned) across 6 countries. The franchise model breaks with traditional club owned strategy of Basic-Fit as it will explore this model in existing markets (France/Spain). The transaction value is EUR 160m+15m earnout spread out over 3 years. This values Clever fit at 11.0X EV/EBITDA (excl. earnout) while Basic-Fit currently trades at...
- ING Helpdesk
Benelux Morning Notes
Allfunds Group PLC: 3Q25 Preview. Ahold Delhaize: Amazon to invest €1.4bn in the Netherlands. ASM International: 3Q25 preview – derisked estimates. Basic-Fit: Acquires low-cost franchise operator Clever Fit; now Germany market leader. JDE Peet's: Ad hoc progress update. Lotus Bakeries: Product recall for waffles in Belgium. Melexis: 3Q25 preview, slow cyclical recovery
- Jacob Mekhael
Hyloris HY-094 license and distribution agreement in China
Hyloris announced that an exclusive license and distribution agreement has been signed with Grand Life Sciences Group for HY-094 in iron deficiency in China. While specific financial numbers were not disclosed, Hyloris and partner AFT will share the eligible upfront, milestones, and royalties. We view this China deal as a good start, but note that the country represents a small fraction (approx. $ 150m by 2033) of the global iron IV market, expected to reach $ 7.4b by 2033, and look forward to a...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Thomas Couvreur
- Emira Sagaama
- Maissa Keskes
- Stephane Houri
AKRBF AKER BP ASA
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
BVI BUREAU VERITAS SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
RMS HERMES INTERNATIONAL SCA
LONN LONZA GROUP AG
SW SODEXO SA
EN BOUYGUES SA
RXL REXEL SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
NOKIA NOKIA OYJ
BEI BEIERSDORF AG
PKO PKO BANK POLSKI S.A.
KER KERING SA
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SPL SANTANDER BANK POLSKA SA
REP REPSOL SA
MIL BANK MILLENNIUM SA
ARCAD ARCADIS NV
UCG UNICREDIT S.P.A.
ALR ALIOR BANK SA
SAP SAP SE
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Emira Sagaama
- Maissa Keskes
- Stephane Houri
AKRBF AKER BP ASA
REL RELX PLC
FP TOTAL SE
HEIA HEINEKEN NV
IPN IPSEN SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
BVI BUREAU VERITAS SA
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
MTX MTU AERO ENGINES AG
ORA ORANGE SA
HO THALES SA
RMS HERMES INTERNATIONAL SCA
LONN LONZA GROUP AG
SW SODEXO SA
EN BOUYGUES SA
RXL REXEL SA
NOKIA NOKIA OYJ
BEI BEIERSDORF AG
PKO PKO BANK POLSKI S.A.
KER KERING SA
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SPL SANTANDER BANK POLSKA SA
REP REPSOL SA
MIL BANK MILLENNIUM SA
ARCAD ARCADIS NV
UCG UNICREDIT S.P.A.
ALR ALIOR BANK SA
SAP SAP SE
BP. BP P.L.C.
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
MRNA MODERNA INC.
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
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