Branicks - comment
The company has reiterated its FY guidance of €500m - €600m of asset sales from the commercial portfolio. This would require €250m - €350m of Q4 sales, although the disposal guidance includes sales that are notarised but not completed by year-end. Management still hasn’t made its plan for the refinancing of the SUNs in September 2026. We expect an A&E operation and can see Branicks wanting to complete the control agreement with VIB first. The VIB shareholder vote will be in February 2026.