Benelux Morning Notes

Ageas: Reinsurance partnership with TRIGLAV, taking QS on Italian motor direct insurance Belgian Telecoms: Digi introduces a new mobile subscription at €3. Kinepolis: Box office in US/Canada up 76% YoY while France visitors were down 25%. NN Group & ASR: Dutch coalition collapse not affecting Dutch Pension Reform. SBM Offshore: Farewell Aseng after 13.5 years of service. Events Calendar

Benelux Tech update/Our favourites: ASM, Barco, BESI, RELX

We refresh our Benelux Tech coverage following the 1Q25 reporting season. In this note we downgrade Just Eat Takeaway from Buy to HOLD as we believe the takeover offer is fair. Most companies reported largely in line results and, across the board we make relatively modest changes to our estimates. Our highest conviction longs in the Benelux Tech universe are ASM International, Barco, BE Semiconductor Industries and RELX. Our biggest increase in target price is for Prosus which saw strong perfor...

Benelux Local Champions Feedback document

Below our feedback notes written at the occasion of our annual Benelux Local Champions Conference that took place on 27 May 2025 at our historic building at Grand Place Brussels. This event offered the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR: ACKERMANS & VAN HAAREN | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMICORE

Benelux Morning Notes

ABN AMRO: Launch of BUUT neobank. Aedifica: €47m investment in Finland. bpost: 2025 CMD event feedback - Rethink the Possible. Reshape the Future. Sofina: Scalable investment

Morning Notes : AED BB, BARb BB, HYLb BB, SOF BB, TINC BB, MRUS US

: AED BB, BARb BB, HYLb BB, SOF BB, TINC BB, MRUS US

Benelux Morning Notes

Aedifica and Cofinimmo: Agreement reached to create Europe's leading Healthcare REIT. bpost: CMD press release; #Reshape 2029. D'Ieteren: Belgian new car registrations down 11.7% in May, VW down 13.5% Fugro: Meeting with CEO & IR; 2Q25 also has its challenges. UCB: Peer Moonlake held takeover talks with US Merck, FT reports

bpost Launches new 2024-2027 ambitions

Today, bpost launched its “Reshape 2029” strategy. This will be followed by a CMD in Brussels later today. Over the next years, bpost's intends to reposition itself as a logistics leader that also provides postal services. The transformation should result in group revenues exceeding € 5.0bn by 2027 (kbcse: € 4.8bn), with the adj. EBIT expected to progressively recover above € 275m (kbcse: € 208m). Growth is mainly expected to come from its 3PL business. While the outlook comes in comfortably abo...

MaaT Pharma Completes EU regulatory submission for MaaT013 in aGvHD

MaaT announced the submission of the Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for its lead drug candidate MaaT013 (microbiome therapy, enema formulation) in aGvHD under the brand name Xervyteg. Potential approval could be granted in 2H26, and MaaT is actively exploring strategic partnerships to commercialise MaaT013 in Europe. We believe the solid phase 3 results and good uptake in the early access program will be supportive of MaaT013's commercial launch ...

Morning Notes : AED BB, BPOSTb BB, FLOB BB, MAAT FP, PHVS US

: AED BB, BPOSTb BB, FLOB BB, MAAT FP, PHVS US

Benelux Morning Notes

NN Group: CMD, solid targets, SBB unchanged. Staffing: Belgium April Temp volume weaker at -5.1% YoY (was -3.2%), comps easier

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/26/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/26/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 26/05/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 26/05/2025

Morning Notes : AKZA NA, EVS BB, RET BB, BTLS BB, AUTL US

: AKZA NA, EVS BB, RET BB, BTLS BB, AUTL US

ODDO : Feedback Benelux Conference 2025

On Wednesday 21 May we hosted our 30th ABN AMRO – ODDO BHF Benelux Forum at ABN AMRO’s headquarters. The forum was attended by 21 listed companies (almost all C-level attendance) and around 70 investors. We hosted roughly 300 meetings overall.

Morning Notes : AKZA NA, SMAR BB, MRUS US

: AKZA NA, SMAR BB, MRUS US

Benelux Local Champions 27 May 2025

This conference book is your guide to our annual Benelux Local Champions Conference set to take place on Tuesday, 27 May 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR. ACKERMANS & VAN HAAREN | AGEAS | AHOLD DELHAIZE | AKZONOBEL | ARCADIS | AZELIS | CORBION | GBL | KBC GROUP | LOTUS BAKERIES | MELEXIS | PROXIMUS | SOFINA | UMIC...

bpost/Surprisingly positive Last Mile; upgrade coming?/HOLD

We keep our HOLD rating, but we increase our target price from €1.55 to €1.75. bpost reported a strong 1Q25 with a 22% beat vs company compiled consensus. Whereas BeNe Last Mile disappointed in the previous quarter, it now surprised strongly on the upside despite the impact from the strikes. bpost does not see an impact from the tariff wars and it might be less of an issue than initially expected. Radial US is still in a tough spot but with an improving pipeline while Staci seemed on track, alth...

EHA abstracts Autolus, Galapagos, MaaT

The abstracts for presentations at EHA (12-15 June) 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 (long-term findings and predictors of sustained remission for Aucatzyl in r/r adult ALL, as well as age stratified outcomes), Galapagos (more data and follow up from its decentralised CAR-T program) and MaaT (additional data from ...