Steel, marketplaces and drugs
Assystem, Arcure, Aubay, Sidetrade, Allegro, Peugeot, Transgene, Bolloré, LNA Santé, Nanobiotix, Solutions 30, thyssenkrupp, NEXT
At Lux Opes, we break down the latest company news into quick takes that get straight to the point—what happened, why it matters, and what to watch next.
We publish 2-4 times per week, depending on the news flow.
Assystem (ASY France): steady results but still waiting for catalysts
Assystem’s first half results did little more than confirm the picture we already had of the group: solid operational delivery but no real spark yet to shift the story. The company pre-released revenues earlier in the summer, and yesterday’s update showed margins broadly stable with underlying profitability moving in line with expectations.
The headline numbers were clouded by one-off charges tied to retention incentives and social security adjustments, which made statutory earnings look weaker, but that does little to change the underlying trend. Expleo, the engineering services firm in which Assystem still holds a sizeable minority stake, continued to report losses, but since its book value is already written down to zero, these no longer drag on the group’s P&L in the same way. The balance sheet remains manageable, though free cash flow was seasonally negative.
Guidance for the year was reiterated, with management still expecting around five percent organic growth and operating margins to hold steady against last year. That momentum should be supported by the international footprint, which continues to grow at a healthy pace, and by pockets of resilience in France around the fuel cycle and defence-related infrastructure.
The sticking point remains nuclear new-builds at home, where visibility is still lacking despite the government’s stated ambitions, leaving Assystem’s domestic nuclear engineering operations without a clear growth inflection. On Expleo, the downturn in revenue and profitability makes a near-term sale look unlikely, meaning the asset is likely to remain a waiting game rather than an immediate source of value creation.
The broader investment case is therefore still anchored in the long-term thesis: Assystem has a unique position in the nuclear engineering ecosystem, with deep expertise and an international base that diversifies earnings beyond France.
The company has proven capable of steady execution, even in a period of limited domestic nuclear project activity. But in the absence of clarity on when France will actually restart large-scale projects, or when a strategic move with Expleo might crystallize, near-term catalysts remain scarce. For now, the story is one of patience, with the fundamentals intact but the bigger levers for growth still out of sight.
Arcure (ARCUR France): waiting for partnerships to bear fruit
Arcure’s first half numbers came in much as expected, showing the strain of a weak market but also some encouraging signs beneath the surface. Revenue was sharply lower, yet the improved gross margin points to the benefits of the company’s latest Blaxtair safety systems, which are gradually shifting the mix toward higher-value products.
Losses persisted at both operating and net levels, though cash on hand and convertible debt maturities mean liquidity is manageable for now. The financials don’t disguise the challenges in the near term, but they do reflect a business in transition, investing in technology and preparing for the next wave of demand.
The outlook for the second half remains difficult, with management refraining from offering guidance given the limited visibility. Partnerships with manufacturers such as Jungheinrich represent a strategic breakthrough, embedding Arcure’s technology directly into industrial vehicles, but the ramp-up will take time.
The company has turned to cost-cutting in the meantime, aiming to slim down its fixed expense base ahead of 2026 when volumes from these collaborations are expected to start contributing meaningfully. That year is now positioned as the inflection point when profitability can be restored without additional funding needs.
In the bigger picture, Arcure’s story is one of persistence through a cyclical lull, while betting on structural tailwinds for industrial safety and automation. The integration of vision-based AI into OEM equipment remains a compelling path, and the groundwork laid today could pay off significantly once adoption accelerates.
But with end markets still under pressure and near-term earnings elusive, the narrative for now is about surviving the downturn and preparing for a better horizon. Investors will need patience until the strategy matures into visible growth.
Aubay (AUB France): steady delivery with Solutec adding to the mix
Aubay’s first half update painted a picture of resilience, with revenue holding broadly steady and margins moving in line with expectations. The decline in operating profit reflected nothing more than calendar effects, which had been well flagged, leaving the underlying business essentially flat. Cash generation was softer due to temporary working capital swings, but the company’s net cash position remains strong even after the summer’s acquisition of Solutec. These dynamics underline Aubay’s steady profile in a sector where volatility is often the rule rather than the exception.
Management struck an optimistic tone for the rest of the year. The second half should benefit from a friendlier calendar, pricing tailwinds, and productivity improvements, allowing margins to recover toward the top end of the guided range. The addition of Solutec broadens the business mix and pushes consolidated revenue into a higher growth band, though the near-term impact on margins is modestly dilutive.
Longer term, management expects to bring Solutec’s profitability back in line, enhancing the group’s scale and sector reach. This combination of organic resilience and bolt-on growth positions Aubay to continue gaining share against peers.
What stands out is the company’s ability to balance short-term stability with longer-term ambition. Its cash strength, disciplined expansion, and consistent communication help build confidence, while the underlying demand environment for IT consulting and digital transformation remains favorable.
The path is not about chasing rapid swings but rather compounding growth steadily. Aubay may not be the flashiest name in tech services, but its measured strategy and healthy financial base make it a reliable player in a still-fragmented European market.
Sidetrade (ALBFR France): profitability shines while commercial growth takes a pause
Sidetrade delivered a strong set of results, marked by a sharp increase in profitability despite only modest organic revenue growth. Margins expanded meaningfully thanks to tight cost control, particularly in sales and marketing, allowing EBIT to grow well ahead of sales. The balance sheet remains robust with healthy cash generation, leaving the company well placed to keep pursuing its expansion strategy.
While management acknowledges that commercial momentum has been softer this year, the tone is already turning more constructive for the second half. The real excitement, however, is reserved for 2026 and beyond, when key growth levers are expected to kick in: the commercial launch of its AI agent Aimie as well as the scaling up of its partner ecosystem. Aimie positions Sidetrade ahead of rivals in embedding AI directly into receivables and credit management workflows, while partnerships with specialist firms expand the company’s reach without proportionate cost increases. Together, these drivers could restore double-digit organic growth.
Sidetrade’s narrative remains one of transition, where a year of muted commercial activity sets the stage for a stronger rebound. Its financial discipline ensures it can weather the interim, while innovation and ecosystem development provide clear visibility into longer-term acceleration.
The company’s positioning in a consolidating sector, with differentiated technology and solid profitability, reinforces its strategic appeal. For those looking beyond the current slowdown, Sidetrade continues to offer a compelling story of structural growth and competitive strength.
Allegro (ALE Poland): sequential progress driven by stronger margins
Allegro’s second quarter results showed progress, confirming that the company is finding ways to pull profitability levers while sustaining growth. Buyer engagement remains healthy, with more active customers and higher spending per user underpinning double-digit revenue expansion in Poland. The adjustments to delivery co-financing introduced earlier this year are beginning to filter through, lifting both revenue and margins in the domestic business. That helped group EBITDA edge past expectations and strengthened free cash flow.
Management used the momentum to return capital to shareholders through a sizeable buyback, while also slightly raising full-year guidance. The focus is on keeping the group toward the top of its targeted growth ranges, with revenue and earnings expected to expand more robustly than initially indicated.
Allegro Delivery, its in-house logistics network, continues to scale, now handling more than a third of deliveries in partnership with several operators. Allegro’s determination to take more control of its fulfilment chain, a crucial factor for long-term competitiveness in Polish e-commerce.
The path forward is about consolidating gains at home while keeping international expansion on track. The domestic business is proving resilient and capable of generating operating leverage, giving Allegro the breathing space to refine its cross-border strategy without stretching finances.
With sequential improvements already visible and the third quarter tracking positively, Allegro appears well placed to maintain momentum. The narrative is now one of steady improvement, where disciplined execution on margins complements continued growth in buyer activity.
Peugeot Invest (PEUG France): repositioning the portfolio after a sharp NAV decline
Peugeot’s results underscored the group’s dual identity: a portfolio anchored by legacy automotive assets and a growing set of managed investments.
The headline number was a 12% drop in NAV, dragged down primarily by Stellantis, which suffered a steep share price decline during the first half. This weakness in the non-managed portion of the portfolio contrasted with the more stable, and in some cases slightly positive, performance of the actively managed assets, both listed and private. The divergence highlights the importance of the group’s effort to diversify away from heavy reliance on its historical stakes.
In that context, management has accelerated portfolio rotation, selling more assets than it bought and sharply reducing net debt and loan-to-value levels. Disposals included holdings in Spie, IHS, and JDE Peet’s, alongside partial sales of fund commitments, all of which freed up capital and reduced leverage despite falling asset values.
New investments remain selective, with a recent move into Lisi adding to the reshaped portfolio. The strategy being implemented centres on concentration, sector specialisation, and more active involvement in unlisted holdings, with the goal of sharpening focus and enhancing influence over value creation.
The transition is still at an early stage, and investors will need to be patient as the new approach takes shape. The persistent discount to NAV reflects not only the recent drag from Stellantis but also the time it will take for the refocused strategy to deliver visible results.
With a stronger balance sheet and clearer strategic pillars, Peugeot has set the foundation for this next phase. The story is shifting from being defined by a single anchor holding to a more balanced and actively managed investment platform, though the benefits will only be felt gradually.
Transgene (TNG France): extending runway while advancing immunotherapy pipeline
Transgene’s half-year update was a reassuring reminder that the company has both the funding and the scientific milestones to keep momentum going. The biotech recently extended its financial visibility out to the end of 2026.
That runway is critical as it advances its lead program TG4050, a personalised cancer vaccine, through phase II trials in head and neck cancers. The company continues to benefit from France’s research tax credit, which offsets operating costs and provides a buffer as cash burn moderates compared with last year.
TG4050 remains at the heart, with clinical milestones lining up over the next two years. Randomisation in the phase II study should complete by year-end, while early immunological data are expected in 2026 and preliminary efficacy results in 2027. Encouraging phase I outcomes have already been presented, showing durable remission in patients, and new data are set to be unveiled later this year.
Alongside TG4050, the pipeline includes BT-001 for melanoma, with first tumour shrinkage results due soon, though the TG6050 oncolytic virus has slipped down the priority list. The portfolio reflects a sharpened focus on programs with the greatest clinical and commercial promise.
What stands out it the company not spreading itself thin but rather doubling down on its most differentiated platform, viral vector-based immunotherapy, where few competitors operate with similar expertise.
With funding now secure and a clear clinical calendar, the next eighteen months should provide important proof points. For now, the story is one of disciplined execution: conserving cash, delivering milestones, and building confidence that its technology can carve a niche in oncology.
Bolloré (BOL France): steady half-year results while Odet strengthens Havas stake
Bolloré’s recent update landed slightly ahead of expectations, with stronger-than-anticipated oil logistics offsetting a largely predictable contribution from its portfolio of holdings. Cash remains abundant, supported by the return of collateral previously tied up in legal structures, leaving the balance sheet in a solid position.
Despite this, the share price story is still overshadowed by legal uncertainty surrounding Vivendi, where the risk of a public offer and unresolved appeals cloud the horizon. With that overhang, even an increasingly attractive valuation does little to change the cautious near-term view.
What caught the eye more than the results themselves was the reshuffling of stakes at the level of Compagnie de l’Odet, the group’s main shareholder. While Bolloré’s direct stakes in Canal+, Havas and Lagardère’s publishing arm remained steady, Odet moved to increase its positions in both Canal+ and Havas during the summer. The latter in particular has seen growing attention, with consolidated ownership levels rising and even Yannick Bolloré, the CEO of Havas, buying in personally. These moves underline the group’s long-term confidence in its media and communications assets, even as other parts of the portfolio remain static.
The messaging from leadership also hinted at flexibility, with Cyrille Bolloré noting the group’s withdrawal from the UMG board was meant to keep strategic options open, including the possibility of a return later. The lack of concrete news on UMG’s U.S. listing plans leaves that as another question mark.
Taken together, the half-year showed a group in solid financial health, quietly reshaping its media exposure while navigating complex legal terrain. For now, patience is still required as the outcome of Vivendi’s situation and broader portfolio moves remain uncertain.
LNA Santé (LNA France): resilient operations but long-term plan adjusted downward
LNA Santé is a company that continues to manage well in a difficult regulatory environment, though growth ambitions have been tempered. Revenue and operating profit edged higher, and while net income dipped, leverage remains comfortably within covenant limits. The balance sheet shows room for manoeuvre, supported by stable operations in both its healthcare and care home segments. Margins held up reasonably well despite the impact of tariff reforms, particularly the reclassification of Ségur funding, which pressured profitability in care homes. International operations also posted healthy improvements, softening the drag from domestic adjustments.
Management reiterated 2025 guidance but modestly lowered its 2027 plan, trimming both margin and bed targets. The new plan still envisions crossing €1 billion in revenue, but with fewer beds and slimmer margins than initially projected.
By 2031, the group expects to expand again toward 15,000 beds and lift profitability, but the near-term picture is one of moderated expectations. This reflects both the regulatory burden facing the sector and the investments needed to expand capacity while managing costs. Acquisitions remain part of the strategy, though scaled back compared with earlier ambitions.
The takeaway is that the growth trajectory has been recalibrated to reflect a tougher environment. Investors should see the updated plan less as a retreat than as a pragmatic adjustment, acknowledging sector realities while still setting a path for long-term expansion. Hence modest pressure in the short term.
Nanobiotix (NANO France): melanoma results reinforce confidence in NBTXR3
Nanobiotix unveiled encouraging phase I results for NBTXR3 in advanced melanoma, providing further validation of its approach. The therapy, developed with Johnson & Johnson, showed strong efficacy signals in patients resistant to anti-PD1 treatment, with nearly half achieving an objective response.
Importantly, the disease control rate was high, and overall survival compared favourably to existing benchmarks. These results are particularly noteworthy given the heavily pre-treated patient group, underscoring the potential for NBTXR3 to become a foundational therapy in oncology.
Equally significant was the safety profile, which compared well against both checkpoint inhibitor studies and cell therapy alternatives like Iovance’s Amtagvi. Only one patient experienced a severe adverse event, suggesting a tolerability advantage that could make the therapy more broadly applicable.
Beyond efficacy and safety, Nanobiotix highlighted the correlation between local tumour response and systemic regression, reinforcing the scientific rationale for its platform. The company now has a credible case that its product could enhance outcomes where other therapies have limited success.
The next key milestone will be the interim readout from the phase III NANORAY-312 study, expected in mid-2026. While still early, the melanoma data adds momentum and strengthens confidence in the broader applicability of NBTXR3.
The combination of compelling efficacy, a strong safety profile, and a clear path to pivotal results keeps Nanobiotix well positioned in a highly competitive oncology landscape.
Solutions 30 (S30 France): struggles in France overshadow broader progress
Solutions 30’s results once again left investors with a sense of frustration. Group revenue fell by double digits, profitability weakened, and net losses deepened, largely due to a marked deterioration in its French operations. The sharp slowdown in fibre rollout activities and delays in copper network dismantling hit volumes harder and faster than anticipated. With France representing a meaningful slice of the business, these pressures outweighed steadier performances elsewhere in the group. Leverage also ticked higher, reflecting the strain of weaker earnings against a still-investment-heavy business model.
The company declined to issue guidance for 2025, a decision that underscores the uncertainty still clouding its near-term outlook. Management has pointed to steps being taken to stabilize the French telecom segment, including the restructuring of a subsidiary, but any improvement will take time, especially as its main customer Orange is itself undergoing major reorganization.
This leaves questions around the achievability of Solutions 30’s 2026 roadmap, which had targeted margin expansion across its core geographies. While management stresses that operations outside of French telecom remain on track, the credibility of longer-term ambitions now hinges on whether the domestic turnaround gains traction.
For a company that has been through repeated cycles of recovery plans, the message feels familiar: progress in some areas, offset by fresh setbacks in others. The absence of forward guidance makes it difficult for investors to gauge when or how profitability might stabilize.
At its core, Solutions 30 remains a service provider with relevant capabilities in energy and telecom infrastructure, but recurring execution missteps have diluted confidence in the story. Until France regains stability, the narrative is one of resilience tested by recurring headwinds.
thyssenkrupp (TKA Germany): Jindal Steel offer adds a twist
The long-running question over the fate of thyssenkrupp’s steel arm took another turn as Jindal Steel publicly confirmed its intention to acquire Steel Europe. The India-based group, part of the family-owned Naveen Jindal conglomerate, outlined ambitions to turn the division into Europe’s largest low-emission steelmaker. Its proposal includes completing thyssenkrupp’s green steel project in Duisburg and investing more than €2 billion in additional electric arc furnace capacity.
While no financial details were disclosed, the statement signalled Jindal’s seriousness about entering formal discussions and positioned the company as a credible industrial partner with both operational experience and financial strength.
Until now, thyssenkrupp’s plan had been to deconsolidate Steel Europe by forming a 50:50 joint venture with EPCG investment vehicle, which already owns a minority stake. Talks with unions and restructuring efforts over the summer were intended to pave the way for that arrangement.
The approach from Jindal complicates matters, introducing an alternative path that could potentially reshape expectations around valuation, governance, and long-term positioning of the steel unit. Management has acknowledged receipt of a non-European offer but has stopped short of confirming names or details.
The emergence of Jindal as a bidder highlights the strategic value of European steelmaking capacity at a time when decarbonization is forcing the industry to reinvent itself.
For thyssenkrupp, the decision now lies between pursuing its original joint venture route or exploring a full sale to an external player with global ambitions. Either way, the outcome will determine not just the financial future of Steel Europe but also its role in the broader transition toward greener steel.
The process is still in its early stages, but the options on the table could mark a defining moment for one of Germany’s industrial icons.
NEXT plc (NXT UK): steady first half, cautious second half outlook
While Next’s half-year report came broadly in line with its preliminary update, confirming the steady progress of the UK fashion retailer, the company warned that sales will slow in the second half on anemic UK economic growth.
On results, group sales rose by double digits, supported by robust international growth alongside a healthy uplift in the domestic business. Profitability was ok, with margins expanding as operating discipline kept costs under control. Pre-tax profit showed a modest beat against consensus.
Next reaffirmed its full-year guidance, pointing to pre-tax profits in line with expectations but flagging a slowdown in growth during the second half. While the first half benefited from strong full-price sales, the company anticipates more modest momentum. This reflects both tougher comparatives and a normalisation of consumer demand, after several quarters of resilient spending.
The broader story remains one of resilience in a structurally challenged sector. Next has proven its ability to navigate shifts in consumer behaviour, leaning on a strong online offering, international expansion, and a disciplined approach to inventory and pricing.
While growth is set to slow, the company’s consistency in execution and its ability to return cash to shareholders keep it among the more reliable players in UK retail. With the outlook stable but what seems already well-reflected in the valuation, the focus now is on sustaining margins and ensuring the brand remains competitive in a demanding market.
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