尼斯欧洲中小盘会议：管理层的10个问题

Nice European Small and Midcap conference: 10 questions for Ahead of the Nice SMID Conference on 21 and 22 May 2026, we have set out a selection ofquestions for management of covered companies participating in the conference. Aleksander Peterc+33 1 57 29 45 25aleksander.peterc@bernsteinsg.comMarie Line Fort+33 1 42 13 85 21marie-line.fort@bernsteinsg.com For ease of reference, the questions are shown alphabetically by company and follow thesame format. Contributions are from the Mid & Small Caps team and from sector analysts contributing toour Midcaps Research. Philippe Lorrain+33 1 42 14 75 16philippe.lorrain@bernsteinsg.com Delphine Le Louet+33 1 42 13 92 93delphine.le-louet@bernsteinsg.com Derric Marcon+33 1 58 98 06 30derric.marcon@bernsteinsg.com Flavien Baudemont+33 1 42 14 81 51flavien.baudemont@bernsteinsg.com Pal Skirtapal.skirta@bernsteinsg.com BERNSTEIN TICKER TABLE O - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage SuspendedAALB.NA, BAMNB.NA, CLARI.FP, RF FP, IDL.FP, MELE.BB, RAA.GY, RBT.FP, TKO FP, WIZZ.LN, XFAB.FP estimate is Reported EPS; MF FP estimate isReported EPS Adjusted EPS; AALB.NA, BAMNB.NA, RF FP, IDL.FP, MELE.BB, RBT.FP, TKO FP, WIZZ.LN, MF FP valuation is Reported P/E (x); ATE.FP,ATO.FP valuation is EV/Adj EBIT (x); OVH.FP valuation is EV/Adj EBITDA (x); RAA.GY valuation is EV/Sales (x); RUI.FP, TKMS.GY, VIRI.FP valuation is EV/EBITDA (x); XFAB.FP valuation is EV/EBIT (x); IDL.FP, IPS.FP, MF FP base year is 2024; CAN.LN Price Target currency is in GBPSource: Bloomberg, Bernstein estimates and analysis. Table Of Contents Aalberts.................................................................................................................................................................................................................................6Alten.......................................................................................................................................................................................................................................7AMBU.................................................................................................................................................................................................................................... 8Arcadis.................................................................................................................................................................................................................................. 9Asmodee............................................................................................................................................................................................................................10Atos..................................................................................................................................................................................................................................... 11Azimut.................................................................................................................................................................................................................................12BAM Groep....................................................................................................................................................................................................................... 13CANAL+.............................................................................................................................................................................................................................14Carl Zeiss Meditec......................................................................................................................................................................................................... 15Clariane..............................................................................................................................................................................................................................16Covivio................................................................................................................................................................................................................................ 17DEUTSCHE LUFTHANSA GROUP........................................................................................................................................................................... 18ELIS..................................................................................................................................................................................................................................... 19Enagas...............................................................................................................................................................