Core Insights - The company achieved a like-for-like sales growth of +4.5% in FY 2025, driven by positive volume/mix and pricing strategies [6][9][19] - Recurring operating income increased by +3.0% to €3,665 million, with a recurring operating margin of 13.4%, up +44 basis points from the previous year [2][19] - The company reported a net income of €1,825 million, a decrease of -9.7% compared to FY 2024, primarily due to non-recurring expenses [2][21] Financial Performance - FY 2025 sales were €27,283 million, reflecting a -0.3% change on a reported basis, while like-for-like sales grew by +4.5% [2][9] - Recurring net income attributable to the Group increased by +5.0% to €2,461 million, with recurring diluted EPS rising by +4.6% to €3.80 [2][20] - Free cash flow decreased by -6.8% to €2,799 million, with cash flow from operating activities at €3,779 million, down -1.3% [2][21] Operational Highlights - Strong sales growth was observed across all categories and geographies, particularly in China, North Asia & Oceania, and Europe [4][12][14] - The company continued to invest in capabilities, science, and innovation while maintaining a focus on sustainability, achieving CDP 'Triple A' List recognition and B Corp certification [4][31] - The proposed dividend for FY 2025 is €2.25 per share, representing a +4.7% increase from the previous year [22] Strategic Initiatives - The company is advancing its "Renew Danone" strategy, focusing on scaling U.S. Medical Nutrition, enhancing dairy operations, and accelerating digitalization [5][31] - Guidance for 2026 indicates expected like-for-like sales growth between +3% and +5%, with recurring operating income anticipated to grow faster than sales [25][31] - The company is actively reshaping its portfolio and addressing areas requiring further progress, particularly in North America [5][11]

Core Insights - ALK's full-year results for 2025 exceeded expectations, driven by strong Q4 performance and ongoing commercial momentum [1] - The company anticipates sustained organic revenue growth of 11-15% and an EBIT margin of around 25% by 2026, aligning with long-term targets [1][14] - A dividend payment of DKK 355 million, approximately 30% of net profit after tax, is recommended to reward shareholders [1][6] Financial Performance - Q4 2025 revenue reached DKK 1,733 million, a 17% increase compared to the previous year, while full-year revenue grew by 15% to DKK 6,312 million [3][4] - EBIT for Q4 increased by 88% to DKK 387 million, with a margin of 22%, and for the full year, EBIT rose by 53% to DKK 1,654 million, achieving a margin of 26% [3][4] - Free cash flow was positive at DKK 1,432 million, significantly improved from a negative DKK 204 million the previous year [4] Product Performance - Tablet sales increased by 15% to DKK 910 million in Q4, with notable growth in Europe and North America [4] - Sales of SCIT/SLIT drops rose by 11% to DKK 607 million, while anaphylaxis and other products saw a 50% increase to DKK 216 million [4] - Pediatric launches of ACARIZAX and ITULAZAX exceeded expectations, with strong prescriber adoption [5] Strategic Outlook - The company plans to continue double-digit revenue growth and higher earnings in 2026, with a focus on treating more patients with AIT and anaphylaxis products [7][8] - The EBIT margin may experience slight pressure due to a decline in gross margin, offset by higher partner-related sales at lower margins [8] - Ongoing partnerships and clinical trials are expected to contribute positively to future growth [5]

Core Viewpoint - Prosafe SE has appointed Halvdan Kielland as the permanent chief financial officer (CFO), highlighting the company's commitment to leadership stability and strategic growth [1][2]. Group 1: Leadership Appointment - Halvdan Kielland joined Prosafe as Corporate Finance Lead in January 2025 and was appointed Interim CFO in November 2025 before being named permanent CFO [1]. - The CEO of Prosafe, Reese McNeel, expressed confidence in Kielland's contributions, particularly in guiding the company through refinancing and positioning for future growth [2]. Group 2: Company Overview - Prosafe is a leading owner and operator of semi-submersible accommodation vessels and is listed on the Oslo Stock Exchange under the ticker code PRS [2].

Core Viewpoint - Roche's giredestrant, in combination with everolimus, has received FDA acceptance for a New Drug Application aimed at treating advanced ER-positive breast cancer, with a decision expected by December 18, 2026 [1][5]. Group 1: Clinical Efficacy - The phase III evERA Breast Cancer study demonstrated that giredestrant plus everolimus reduced the risk of disease progression or death by 44% in the intention-to-treat (ITT) population and by 62% in the ESR1-mutated population compared to standard-of-care therapy [2][5]. - In the ESR1-mutated population, the median progression-free survival (PFS) was 9.99 months for giredestrant compared to 5.45 months for the comparator arm, while in the ITT population, the median PFS was 8.77 months versus 5.49 months [2][5]. - Overall survival data showed a positive trend in both ITT (HR=0.69) and ESR1-mutated populations (HR=0.62), although data were immature at the time of analysis [2][5]. Group 2: Treatment Context - ER-positive breast cancer accounts for approximately 70% of breast cancer cases, and resistance to endocrine therapies is a significant challenge, particularly after CDK4/6 inhibitor treatment [3][8]. - Giredestrant's oral combination therapy aims to address treatment resistance by targeting different signaling pathways, potentially improving patient quality of life by eliminating the need for injections [3][8]. Group 3: Future Developments - Roche plans to submit additional phase III data from the lidERA study for early-stage breast cancer to health authorities worldwide, including the FDA [3][6]. - The persevERA readout in first-line ER-positive breast cancer is anticipated in the first half of the year, which will further support giredestrant's role in treatment [3][6]. Group 4: Company Commitment - Roche has a comprehensive clinical development program for giredestrant, reflecting its commitment to providing innovative treatments for patients with ER-positive breast cancer across various settings [4][9].

Core Insights - Ekspress Grupp's revenue continued to grow in Q4 and for the full year 2025, driven by investments in conference business, ticket sales, and digital outdoor screens, alongside strong growth in digital subscriptions [1][9] Revenue Performance - Q4 2025 revenue increased by EUR 0.4 million (+2%) year-over-year, totaling EUR 23.9 million, while the full year revenue rose by EUR 4.1 million (+5%) to EUR 80.2 million [1][8] - The main contributors to revenue growth included the Estonian Training and Conference Centre and UAB Kenton Baltic, along with Delfi Lithuania's AI project and growth in digital subscriptions and ticket sales [1][9] Digital Revenue Growth - Digital revenue for the full year increased by 5%, with nearly 18,000 new digital subscriptions (+7%), reaching a total of 256,000 subscriptions by the end of Q4 2025 [2][11] - Digital revenue accounted for 86% of total revenue at the end of Q4 2025, up from 85% the previous year [11][22] Ticket Sales and Outdoor Screens - Revenue from ticket sales platforms increased by 6% in Q4, while outdoor screen revenue grew by 16%, supported by an expanded network of screens [3][22] Profitability Metrics - Q4 2025 EBITDA totaled EUR 5.3 million, a 1% increase year-over-year, with a margin of 22% [4][13] - Full year EBITDA also increased by 1% to EUR 10.8 million, with a margin of 13% [4][13] Net Profit and Loss - The consolidated net loss for Q4 2025 was EUR 0.9 million, a decrease of EUR 4.0 million from the previous year, while the full year net profit totaled EUR 1.0 million, down by EUR 2.2 million [5][16] - Excluding one-off expenses, the net profit for Q4 was EUR 3.3 million (+6%), and for the full year, it was EUR 3.2 million, approximately the same as last year [5][15][16] Cash Position and Liquidity - As of December 31, 2025, the Group had available cash of EUR 14.0 million, up from EUR 9.0 million the previous year, indicating strong liquidity [7][17] - The Group's net debt decreased to EUR 13.1 million from EUR 19.6 million in the previous year [17] Acquisitions and Strategic Growth - In December 2025, the Group acquired Liikluslab Baltic OÜ, aiming to expand its digital business and enter a new market segment [6]

Core Insights - Roche's New Drug Application for giredestrant has been accepted by the U.S. FDA for treating advanced ER-positive breast cancer, with a decision expected by December 18, 2026 [1][7] - Giredestrant in combination with everolimus has shown significant efficacy in delaying disease progression, with a 44% reduction in risk in the intention-to-treat population and 62% in the ESR1-mutated population [2][7] Company Developments - The acceptance of the filing is based on positive results from the phase III evERA Breast Cancer study, which demonstrated improved progression-free survival (PFS) compared to standard therapies [2][9] - Roche plans to submit additional data from the giredestrant clinical program to other global health authorities, indicating a broad strategy for regulatory approval [4][6] Clinical Study Results - In the ESR1-mutated population, median PFS was 9.99 months for giredestrant plus everolimus versus 5.45 months for the comparator, while in the ITT population, it was 8.77 months versus 5.49 months [2][10] - Overall survival data showed a positive trend, with HR of 0.69 in the ITT population and 0.62 in the ESR1-mutated population, although data were still immature at the time of analysis [3][10] Market Context - ER-positive breast cancer represents approximately 70% of breast cancer cases, and there is a significant need for effective treatments due to resistance to existing endocrine therapies [5][13] - Giredestrant's oral formulation aims to provide a less invasive treatment option, potentially improving patient adherence and quality of life [5][11] Future Outlook - Roche's extensive clinical development program for giredestrant includes multiple phase III trials across various treatment settings, reinforcing its commitment to addressing the needs of patients with ER-positive breast cancer [12][15] - Upcoming data from the lidERA trial and the persevERA readout are expected to further support giredestrant's role in the treatment landscape for ER-positive breast cancer [6][12]

Core Insights - dsm-firmenich published its Integrated Annual Report (IAR) for 2025, highlighting its innovation-led growth agenda and strategic advancements [1] - The report provides a comprehensive overview of the company's financial and non-financial progress, focusing on becoming a fully consumer-focused entity in nutrition, health, and beauty [2] Financial Performance - The IAR details the Group's performance and the delivery of synergies aimed at creating sustainable long-term value for stakeholders [2] Business Units and Innovations - Each Business Unit's breakthrough innovations are reviewed, including the recent divestment of the Animal Health & Nutrition business [3] Sustainability Efforts - The report emphasizes the company's positive impact on climate, nutrition, health, and people, with sustainability statements aligned with European Sustainability Reporting Standards [3] Accessibility of the Report - The 2025 IAR is available on a dedicated website, including a downloadable version in ESEF format as per European Commission regulations [4] Company Overview - dsm-firmenich operates in nearly 60 countries, generating revenues exceeding €12 billion, and employs around 30,000 people [5]

Core Insights - Apollo has invested $1 billion in subordinated hybrid notes issued by Aldar Properties, marking its fifth investment in the company since 2022, with total commitments reaching approximately $2.9 billion [1][2][3] - The investment aims to enhance Aldar's balance sheet flexibility and support its growth agenda, which includes landbank replenishment, portfolio expansion, and strategic acquisitions [2][3] - This transaction is noted as one of the largest foreign direct investments in Abu Dhabi's private sector and the largest corporate hybrid private placement in the region [3] Apollo's Investment Strategy - Apollo's ability to provide flexible capital solutions is highlighted, with a focus on meeting the needs of corporate clients and investors [3][4] - The investment reflects Apollo's commitment to the Abu Dhabi region and its confidence in Aldar's management and growth trajectory [3] Aldar's Business Overview - Aldar is a leading real estate developer and investment manager in Abu Dhabi, with a strategic landbank of 60 million square meters [7][8] - The company operates two core business segments: Aldar Development, which focuses on master development and community creation, and Aldar Investment, which manages a diversified portfolio of over AED 49 billion in income-generating real estate assets [8][9] Future Growth Potential - Aldar's develop-to-hold pipeline is valued at close to $5 billion, indicating significant growth potential through acquisitions and development projects [3][9] - The partnership with Apollo is expected to enhance Aldar's ability to capitalize on attractive opportunities in its core markets [3][9]

Core Insights - Sika reported a decline in sales for 2025, with total revenues of CHF 11,201.3 million, down 4.8% year-on-year, but achieved a 0.6% growth in local currencies, indicating market share gains across all regions despite challenging conditions in the construction industry [3][5][19] - The company is implementing its Fast Forward program to enhance efficiency and innovation, expecting to generate annual savings of CHF 150 to 200 million by 2028, with a significant portion of these savings anticipated to take effect in 2026 [4][11][10] - Sika's EBITDA margin for 2025 was reported at 18.4%, with an adjusted margin of 19.2% after accounting for one-off costs related to the Fast Forward program, demonstrating strong core business profitability [4][5][17] Financial Performance - Sika's net profit for 2025 was CHF 1,045 million, a decrease of 16.2% from CHF 1,248 million in 2024, with diluted earnings per share falling to CHF 6.50 from CHF 7.76 [5][6][17] - Operating free cash flow was CHF 1,356 million, slightly down from CHF 1,403 million in 2024, but cash conversion improved to 12.1% of sales from 11.9% [5][6][17] - The company proposed an increase in the dividend to CHF 3.70 per share, reflecting a 2.8% year-on-year increase [5][13] Market Dynamics - In the EMEA region, Sika achieved a sales growth of 2.2% in local currencies, with particularly strong performance in the Middle East and Africa [7] - The Americas region also saw a 2.2% increase in sales in local currencies, although the second half of the year faced challenges due to a government shutdown affecting commercial construction [8] - The Asia/Pacific region experienced a decline of 5.3% in local currencies, primarily due to a significant drop in the Chinese construction business, although excluding this segment, the region recorded positive organic growth of 2.5% [9] Strategic Initiatives - The Fast Forward program aims to streamline operations and enhance digital transformation, with targeted structural adjustments in China and efficiency measures in other markets [10][11] - Sika is focused on sustainable performance, achieving a 6.1% reduction in Scope 1 and 2 GHG emissions and improvements in water discharge and waste management [12] - The company remains committed to its medium-term strategic targets for sustainable and profitable growth, with expectations of sales growth of 1% to 4% in local currencies for 2026 [15][16]

Core Insights - Sika reported a revenue of CHF 11,201.3 million for 2025, a decrease of 4.8% compared to 2024, but a 0.6% increase in local currencies, indicating market share gains despite challenging global conditions [3][4][19] - The company is implementing the "Fast Forward" program to enhance organizational agility, innovation, and efficiency, expecting a positive EBITDA effect of CHF 150 to 200 million in the coming years [2][11] - Sika anticipates a revenue growth of 3 to 6% in local currencies for 2026, despite a weaker first half of the year, with an expected EBITDA margin of 19.5 to 20.0% [2][18] Financial Performance - The material margin improved to 54.9% in 2025 from 54.5% in 2024, reflecting a strong focus on cost management and efficiency [4][5] - EBITDA for 2025 was CHF 2,064.7 million, down from CHF 2,269.5 million in 2024, with an EBITDA margin of 18.4%, which would be 19.2% when adjusted for one-time costs related to the Fast Forward program [4][5][19] - Net profit for 2025 was CHF 1,045.3 million, a decrease of 16.2% from CHF 1,247.6 million in 2024, with earnings per share dropping to CHF 6.50 from CHF 7.76 [6][19] Market Dynamics - Sika's largest region, EMEA, saw a revenue growth of 2.2% in local currencies, with strong performance in the Middle East and Africa [7] - In the Americas, revenue growth was also 2.2% in local currencies, impacted by a government shutdown affecting commercial construction [8] - The Asia-Pacific region experienced a decline of 5.3% in local currencies, primarily due to a significant drop in the Chinese construction market, although excluding this, the region showed positive organic growth of 2.5% [9] Strategic Initiatives - The Fast Forward program aims to streamline operations and enhance digital transformation, with expected annual savings of CHF 150 to 200 million starting from 2028, and CHF 80 million anticipated in 2026 [10][11] - Sika is committed to improving its ESG performance, achieving a 6.1% reduction in greenhouse gas emissions and a 14.1% decrease in accidents with lost time [12] Dividend and Governance - The Board of Directors proposed an increase in the gross dividend to CHF 3.70 per share, up 2.8% from the previous year [14] - New board members are proposed for election at the upcoming general meeting, with a focus on enhancing governance and strategic oversight [15]