reports
- Lynn Hautekeete
Aedifica Pre-notification ends, approval within 55 business days
Yesterday evening, Aedifica announced it has ended the pre-notification phase in the competitive approval process for its merger with Cofinimmo. This phase had already been postponed for 1 month at the end of September. Now, the college of the BCA can make a decision for approval within 55 business days, longer than the initial 40 days we were expecting as remedies have been submitted. If this is approved, the prospectus is filed with the FSMA. The first exchange period can likely open in Februa...
- 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...
- 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...
- 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...
- Jacob Mekhael
Merus Petosemtamab phase 2 mCRC results show high response rates
Merus announced interim clinical data (29 July 2025 cutoff) from the ongoing phase 2 trial of petosemtamab (EGFR x LGR5 bispecific antibody) + standard of care FOLFOX/FOLFIRI (chemo) in 1L, 2L metastatic CRC (mCRC) and petosemtamab monotherapy in 3L+ mCRC. The results were presented at the AACR-NCI-EORTC, and confirm and build upon the responses reported from an initial dataset with a previous cut-off date (28 April 2025). We view the numbers as competitive vs. cetuximab (EGFR antibody) + FOLFOX...
- Jacob Mekhael
UCB Supportive 3-year data for Bimzelx in PsA and axSpA at ACR 2025
UCB announced new 3-year data for Bimzelx in adults with active psoriatic arthritis (PsA) and axial spondyloarthritis (axSpA) at ACR 2025. The results show sustained responses in both patient groups, and appear competitive vs. other biologics e.g. Cosentyx in cross-trial comparison. Overall supportive data that should maintain Bimzelx' commercial momentum. ACCUMULATE maintained.
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Thomas Couvreur
- Guy Sips
Barco Go deep, Go broad
"Go deep, Go broad" is a strategy that involves both expanding into new markets ("go broad") and strengthening your presence and offerings within existing markets ("go deep"). It's a two-pronged approach to growth, seen in business strategies like those used by Barco during its CMD, which seeks to scale a business by increasing the reach to go to the mid-segment while simultaneously expanding its hardware leadership in certain segments into software growth driven by an AI-powered transformation....
- Wim Hoste
Heineken Feedback CMD
Below are the key highlights from yesterday's CMD. We remind that Heineken announced EverGreen 2030 financial ambitions including 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 are also incorporated in our forecasts, which bank on a net revenue CAGR of about 4% and an operating p...
- Jacob Mekhael
Onward Medical Raises € 50.85m gross proceeds in private placement
Onward announced the placement of 11.3m new ordinary shares in a private placement by way of an accelerated bookbuild offering at an issue price of € 4.5 per share (approx. 12.5% discount to closing price prior to deal announcement) resulting in gross proceeds of € 50.85m. Onwards cash runway is extended through at least end of 2026 (previously 1H26), assuming no drawdown of the company's debt facility with Runway Growth. The transaction was supported by existing and new, long-only and sector sp...
- Lynn Hautekeete
Cofinimmo 3Q25 results: far ahead of minimum guidance but no increase
Cofinimmo reports higher than expected EPRA earnings on the back of lower interest charges and lower taxes. 75% of the EUR 100.0m divestment plan is completed and only EUR 66.0m investments, out of the EUR 170.0m guided. Despite Cofinimmo reporting EPRA results far ahead of its minimum EUR 6.20 guided, it does not increase its guidance. Important to note, is that the one-off costs related to the Aedifica merger (approx. EUR 3.0m in 3Q25 in other expenses) and the divestment of financial lease re...
- Lynn Hautekeete
Qrf City Retail 3Q25 trading update: +18.3% revaluation on rights issu...
QRF reports its 3Q25 trading update. On 30/09 QRF had already acquired the EUR 46.75m recently announced acquisitions of Olphibel BV (15 assets) and Immo Feest- en Cultuurpaleis NV on which it reports a steep EUR +8.56m revaluation (+18.3%). The occupancy slightly decreases from 98.0% to 97.6% due to the acquisition of the Cultuurpaleis, as there is 1 vacant unit. There is no new update on the CASA bankruptcy, where QRF has already relet 4 out of 5 assets at similar contractual rents. The transa...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Lynn Hautekeete
- Wim Hoste
- Wim Lewi
- Livio Luyten
Texaf Real estate rental income powers ahead
In 3Q25, TEXAF's real estate segment continued its strong momentum, with rental income rising 11.6% YoY to €7.7m (€15.6m in 1H25). This was driven by near-100% occupancy, with improved contributions from recently marketed projects Promenade des Artistes and Silikin Village Phase III. The quarry segment rebounded, with sales up 22% YoY to €1.5m (€1.6m in 1H25), despite pricing pressures. The digital segment solidified its role as a hub for innovation, with OADC TEXAF DIGITAL securing key contract...
- Wim Lewi
Xior 9m25 Results: new rental season to accelerate in 4Q25
Xior reported EPRA EPS of €1.52 that came slightly below our €1.53 expectation (excl. IFRIC costs). However, Xior confirmed its flat EPRA EPS outlook for FY25 of 2.21 per share. The new rental season in Iberia and Poland starts mainly in 4th quarter. Xior NRI rose 7% yoy and like-for-like growth remained strong at 5.42%. LTV% continued below 50% at 49.75%. The cost of debt decreased slightly from 3.10% (FY24) to 3.06%. The asset disposal program has largely terminated and Xior gradually develops...
- Kristof Samoy
Aalberts 3Q25 in line but mixed divisional performance, FY margin outl...
Over 3Q25 Aalberts' topline came in above expectations organically declining by -1.9%. Topline stood at €773m compared to our €747mE and consensus of €754mE. Adjusted EBITA of €96m was in line with our €97mE and CSS of €97mE. Overall EBITA margin was a bit softer at 12.5% (vs. 12.8% CSS, 13% KBC) and down from 13.7% in 3Q24. The company is now guiding for a fully year EBITA margin of around 13% down from a range of 13-14% issued at the 2H25 release. KBC and CSS are currently banking on 13.5% mar...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
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