Core Insights - Alm. Brand released its preliminary financial results for 2025 on January 29, 2026, indicating the completion of the annual reporting process [1]. Group Summary - The Group's Annual Report for 2025 has been made available, providing detailed insights into the company's financial performance and strategic direction [1].

Core Insights - SBM Offshore achieved strong operational performance in 2025, with Directional revenue of US$5.1 billion and Directional EBITDA of US$1.7 billion, reflecting the company's expertise in the FPSO lifecycle [2][8] - The company plans to return a record US$2.57 cash return per share, totaling US$440 million, which is a 57% increase compared to the previous year [3][45] - SBM Offshore's fleet expanded to 16 FPSOs, with total daily production nearing two million barrels of oil equivalent, while maintaining high safety and uptime performance [4][28] Financial Performance - Directional revenue decreased by 17% year-on-year from US$6.1 billion in 2024 to US$5.1 billion in 2025, primarily due to lower Turnkey revenue [9][10] - Directional EBITDA also saw a 10% decline, from US$1.9 billion in 2024 to US$1.7 billion in 2025, largely driven by the Turnkey segment [11] - Profit attributable to shareholders fell by 25% to US$677 million, or US$3.91 per share, reflecting the decrease in Directional EBITDA [14] Operational Updates - The construction of three major projects is on track: FPSO Jaguar for ExxonMobil, FSO Chalchi for Woodside, and FPSO GranMorgu for TotalEnergies [5][23] - The company is well-positioned in the deepwater market with at least 16 FPSO prospects identified for the next three years [6] - Fleet uptime was reported at 99.1%, indicating strong operational reliability [28] Strategic Initiatives - SBM Offshore is advancing its sustainability efforts, achieving approvals for FPSO designs that integrate carbon capture technology, aiming for an 80% reduction in GHG emissions [7][37] - The company signed a memorandum of understanding with Veolia to develop innovative floating desalination units, addressing global water scarcity [42] - Strategic collaborations with Cognite and SLB are being leveraged to optimize asset lifecycle management and enhance operational efficiency [4][40] Shareholder Returns - The company revised its dividend policy to include semi-annual payments, with a proposed US$200 million aggregate dividend for 2025 and 2026 [44][45] - The total cash return to shareholders is expected to reach a minimum of US$2.1 billion over the next six years [3][45] Guidance - For 2026, SBM Offshore projects Directional revenue of approximately US$6.5 billion and Directional EBITDA of around US$1.8 billion [47]

Financial Highlights - CMB.TECH reported a net gain of USD 90.1 million or USD 0.31 per share for Q4 2025, compared to a net gain of USD 93.1 million or USD 0.48 per share in Q4 2024 [2][6] - EBITDA for Q4 2025 was USD 322.1 million, significantly higher than USD 180.4 million in Q4 2024 [2][6] - Revenue for Q4 2025 reached USD 589.1 million, up from USD 226.0 million in Q4 2024 [5] Fleet Highlights - The company’s contract backlog increased by USD 304 million to USD 3.05 billion, with new charters for Capesize vessels and a CSOV [6][22] - CMB.TECH sold eight VLCCs at high prices, generating a total capital gain of approximately USD 261.1 million in Q1 2026 [4][24] - The company delivered six newbuilding vessels, including VLCCs and chemical tankers, during Q4 2025 and early 2026 [6][25] Corporate Highlights - CMB.TECH declared an interim dividend of USD 0.16 per share, expected to be paid on or about 27 April 2026 [13] - The company fully repaid a bridge loan facility related to the acquisition of a stake in Golden Ocean, resulting in a one-off charge of USD 13.6 million [12][20] - Management changes included the resignation of Mr. Benoit Timmermans from the Management Board, effective May 1, 2026 [21] Market Outlook - The tanker market remains strong, with VLCC spot earnings averaging USD 102,414 per day in Q4 2025, more than double the 10-year Q4 average [36] - Dry bulk freight rates have also held up well, with Capesize spot earnings averaging about USD 27,120 per day in Q4 2025, 34% higher than the 10-year Q4 average [26][40] - The company is investing in the Chinese ammonia supply chain, partnering with CEEC Hydrogen Energy to support maritime decarbonization [18][19]

Core Insights - Corbion reported strong financial results for the year ending December 31, 2025, with significant growth in sales and adjusted EBITDA, reflecting the company's effective strategies in sustainable food ingredients [1][6]. Financial Performance - Organic sales growth for 2025 was +2.2%, with Q4 showing a stronger growth of +5.4% [2]. - Total sales reached €1,267.4 million for the year, with Q4 sales at €310.2 million [2][4]. - Adjusted EBITDA for the year was €204.3 million, representing a +26.7% organic growth, with Q4 adjusted EBITDA at €48.0 million [2][4]. - Operating profit increased to €116.5 million, reflecting an organic increase of +66.1% [2][4]. - Earnings per share (EPS) rose by +63.3% to €1.29 [2]. Dividend Proposal - The company proposed a dividend distribution of €1.00 per share, which includes a regular dividend of €0.64 and a special dividend of €0.36, highlighting its commitment to shareholder returns [2][6]. Segment Performance - In the Functional Ingredients & Solutions segment, positive volume/mix contributed to sales growth, with adjusted EBITDA margins improving by +230 basis points due to cost reductions and specialty product development [7]. - The Health & Nutrition segment experienced high-single-digit percent volume/mix growth, with Q4 showing particularly strong growth of +40%. The segment maintained a full-year adjusted EBITDA margin of 32.5% [8]. Future Outlook - For FY 2026, the company anticipates organic sales growth of +3-6% and an adjusted EBITDA margin of approximately 17%, with free cash flow expected to be around €85-90 million [5].

Core Viewpoint - dsm-firmenich has completed a €1.08 billion share repurchase program and subsequently cancelled 12,049,441 shares, reducing the total number of issued shares by approximately 4.5% from 265,676,388 to 253,626,947 shares [1] Company Overview - dsm-firmenich is a Swiss company listed on Euronext Amsterdam, specializing in nutrition, health, and beauty, with operations in nearly 60 countries and revenues exceeding €12 billion [2] - The company employs a diverse global workforce of nearly 30,000, focusing on creating essential products for life that are desirable for consumers and sustainable for the planet [2]

Core Insights - Idorsia Ltd reported strong financial and operational results for the full year 2025, setting a foundation for future growth and a catalyst-rich 2026 [1][2] Financial Performance - Net sales for 2025 reached CHF 221 million, a significant increase from CHF 113 million in 2024, driven by product sales of CHF 134 million and contract revenues of CHF 79 million [9] - Operating expenses decreased to CHF 268 million in 2025 from CHF 351 million in 2024, influenced by a one-off gain from a deal amendment [10] - The net loss for 2025 was CHF 112 million, an improvement from a net loss of CHF 264 million in 2024, resulting in a net loss per share of CHF 0.52 compared to CHF 1.45 in the previous year [11][12] Product Highlights - QUVIVIQ sales more than doubled, contributing significantly to the revenue growth and positioning the product for blockbuster status [2][6] - TRYVIO/JERAYGO has been approved in multiple regions and is showing promising results in hypertension treatment, with ongoing discussions for partnerships to maximize its global value [7][10] - The company is advancing its pipeline, including the upcoming pediatric insomnia study for daridorexant and the registration program for lucerastat in Fabry disease [6][8] Strategic Outlook - The guidance for 2026 anticipates continued growth in QUVIVIQ sales, projected to increase by approximately 50%, alongside investments in the lucerastat registration program and the immunology portfolio [8] - The company aims to transform the treatment paradigm in pediatric insomnia, with results expected in Q2 2026 [7] - Idorsia's operational restructuring initiated in Q4 2024 has contributed to improved financial performance and a strengthened balance sheet [11][13] Human Resources - The company reduced its workforce by over 200 positions in 2025, bringing the total number of permanent employees to 487 [20]

Financial Performance - Prosafe SE reported Q4 2025 EBITDA of USD 21.1 million, significantly up from USD 8.4 million in Q4 2024 [1][6] - Full-year 2025 EBITDA reached USD 40.0 million, an increase from USD 27.2 million in 2024, and at the high end of the guided range for the year [2][5] - Revenues for Q4 2025 were USD 70.9 million, compared to USD 37.0 million in the same quarter last year [6] Operational Highlights - The company achieved 100% fleet utilization in Q4 2025, with all five units under contract [6] - Safe Boreas commenced operations in Australia ahead of schedule, starting full day rate from December 15, 2025 [1][6] - The backlog reached USD 428 million, including options and excluding the letter of intent for Safe Caledonia [6] Market Outlook - Prosafe is positioned for continued earnings growth in 2026, with full-year EBITDA expected to be in the range of USD 45-55 million [2][5] - The company is experiencing strong demand in the global offshore accommodation market, particularly in Brazil and Africa [6] - All high-end vessels are contracted through 2026 and into 2027, reflecting significant commercial progress [5][6]

Core Insights - Syensqo reported a full year free cash flow of €356 million, exceeding prior expectations, and a pro forma underlying EBITDA of €1.21 billion with resilient margin performance [1][5][19] - The company experienced a 4% year-on-year net sales growth in Composite Materials, supported by a strong fourth quarter [1][5][19] Q4 2025 Highlights - Net sales for Q4 2025 were €1.42 billion, impacted by year-on-year foreign exchange movements (-6%) and lower volumes (-5%), while pricing remained stable [5][39] - Gross profit decreased by 18% year-on-year to €397 million, resulting in a gross margin of 28% [5][39] - Underlying EBITDA for Q4 was €238 million, a 20.2% decrease year-on-year, primarily due to lower performance in Specialty Polymers and Technology Solutions [5][39] - The underlying EBITDA margin contracted to 16.8%, down 190 basis points year-on-year [5][39] - Operating cash flow was €252 million, and free cash flow was €136 million, supported by working capital inflows [5][39] FY 2025 Highlights - Full year net sales totaled €6.14 billion, affected by foreign exchange movements (-3%) and lower volumes (-3%), with stable pricing [5][26] - Gross profit for the year was €1,901 million, down 14% year-on-year, leading to a gross margin of 31% [5][26] - Underlying EBITDA for the full year was €1,210 million, a 12% decrease year-on-year, mainly due to lower contributions from Specialty Polymers and Novecare [5][26] - The underlying EBITDA margin for the year was 20%, a decline of 210 basis points year-on-year [5][26] - The underlying profit attributable to Syensqo shareholders was €381 million [5][26] Shareholder Returns and Strategic Moves - The company repurchased approximately 1,687,000 shares, amounting to around €116 million, and proposed a dividend of €1.62 for 2025 [5][26] - The divestment of the Oil & Gas business unit was completed in January 2026 for an enterprise value of €135 million, advancing the company's specialty strategy [5][26] 2026 Outlook - The company anticipates continued macroeconomic and demand uncertainty across most end markets in 2026 [9][28] - Expected low single-digit volume growth in 2026, with Composite Materials leading the improvement due to strong demand in civil aerospace [10][48] - Specialty Polymers are expected to see modest volume growth, offset by lower volumes in Consumer Electronics [11][30] - The gross margin across core business units is expected to remain stable compared to 2025 [14][52] - The company is on track to deliver over €200 million in cost savings by the end of 2026 [15][53]

Financial Performance - Company reported $1.3 billion in global product net sales for the fourth quarter and $4.2 billion for the full year 2025, representing a 90% year-over-year growth [1][19] - Operating income reached $1.1 billion in 2025, marking the first year of operating profitability [1] - Profit for the year was $1.3 billion, compared to $833 million in 2024, with basic profit per share increasing to $21.08 from $13.92 [20][19] Product Development and Pipeline - VYVGART, the company's leading product, is approved for three indications, including generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP) [6][24] - Positive results from the Phase 3 ADAPT OCULUS study support the planned submission for expanding VYVGART's label into ocular myasthenia gravis (oMG) [3][6] - The company aims to treat 50,000 patients globally and secure 10 labeled indications across approved medicines by 2030 [5] Strategic Initiatives - Company is focused on expanding its FcRn portfolio and advancing multiple label expansions, including ongoing registrational studies in rheumatology [4][6] - The expected launch of the VYVGART SC autoinjector in 2027 and the progression of two next-generation FcRn candidates in 2026 are part of the growth strategy [12][26] - The company plans to have four Phase 3 molecules and a total of 10 molecules in clinical development by the end of 2026 [9][26] Market Impact - VYVGART has reached 19,000 patients globally, reinforcing the company's leadership in the myasthenia gravis market [4] - The company is advancing its pipeline with new first-in-class candidates from its Immunology Innovation Program, supporting long-term growth [4][9]

Sales revenue of Tallinna Sadam in 2025 was 119 million euros. Adjusted EBITDA was close to 57 million euros and profit more than 22 million euros. Comparing to the preceding year sales revenue decreased slightly by –0.8% but adjusted EBITDA increased by +6% and profit by +17%. Sales revenue in the fourth quarter was more than 29 million euros, adjusted EBITDA was 11 million euros and profit 3.6 million euros. Comparing to the same period last year sales revenue increased by +1.3%, adjusted EBITDA decreased ...