Group 1 - Kenmare Resources plc is a leading global producer of titanium minerals and zircon, operating the Moma Titanium Minerals Mine in northern Mozambique [2][6] - The company is currently in discussions with the Government of Mozambique regarding the renewal of key rights and concessions under the Implementation Agreement, with final terms yet to be concluded [2][5] - Operations at the Moma mine continue as usual and have not been affected by the ongoing discussions [3] Group 2 - The Implementation Agreement (IA) was established in 2002, outlining the terms for Kenmare's mineral processing and export activities, with an initial period set to expire in December 2024 and a potential 20-year extension [4] - Kenmare has been pursuing the extension process since late 2022 and has received confirmation that existing rights and benefits remain effective while the extension process is ongoing [5] - Kenmare's production accounts for approximately 6% of global titanium feedstocks, supplying customers in over 15 countries [6]

Core Viewpoint - 2025 is identified as a transitional year for DFDS, focusing on improving financial performance following challenges faced in 2024 [1][6]. Financial Performance - The Q2 2025 financial performance of most of the network was broadly in line with expectations [1]. - Q2 cash flow generation was on track, with financial leverage expected to improve in H2 2025 [4]. Earnings Challenges - Key earnings challenges in 2025 are linked to three specific focus areas, including the Logistics Boost projects, which are on track [1][6]. - The EBIT outlook for 2025 has been updated to a range of DKK 0.8-1.0 billion, down from a previous estimate of around DKK 1.0 billion due to challenges in the Mediterranean and Türkiye & Europe South regions [3][6]. Mediterranean Business Unit - Adaptation of the Mediterranean business unit progressed in Q2 2025 but fell short of expectations, particularly in pricing initiatives [2][6]. - Further actions have been initiated to enhance yield recovery effectiveness for the remainder of the year [2]. Türkiye & Europe South - The turnaround in the Türkiye & Europe South region progressed well in Q2 2025, but volumes and margins were below target, potentially delaying the breakeven target for 2025 [3][6]. Cash Flow Outlook - The outlook for Adjusted free cash flow in 2025 remains unchanged at DKK 1.0 billion [4][6]. Company Overview - DFDS operates a transport network in and around Europe, generating annual revenue of DKK 30 billion and employing 16,500 full-time staff [5][8].

Core Insights - WeRide has announced a strategic equity investment from Grab to accelerate the deployment of Level 4 Robotaxis and shuttles in Southeast Asia, aiming to integrate WeRide's autonomous vehicles into Grab's network for improved service and safety [2][3][5] Investment and Partnership - Grab's investment is expected to be finalized by the first half of 2026, contingent on customary closing conditions and WeRide's preferred timing, supporting WeRide's growth strategy in Southeast Asia [3] - This partnership builds on a prior Memorandum of Understanding signed in March 2025, focusing on the technical feasibility, commercial viability, and job creation potential of autonomous vehicles in the region [8] Operational Integration - The collaboration will establish a framework for deploying autonomous solutions across Grab's network, enhancing operational efficiency and scalability [4] - WeRide will integrate its autonomous driving technology into Grab's fleet management, vehicle matching, and routing ecosystem [4][12] Vision and Goals - WeRide aims to deploy thousands of Robotaxis in Southeast Asia, aligning with local regulations and societal readiness, leveraging Grab's regional expertise in ride-hailing and digital services [5] - Grab emphasizes the need for reliable transportation in Southeast Asia, particularly in areas with driver shortages, and plans to test WeRide's vehicles in diverse environments to adapt the technology for regional needs [6] Technical Collaboration - The partnership will focus on optimizing dispatch and routing, maximizing vehicle uptime, measuring safety performance, remote monitoring, customer support, and training for driver-partners and local communities [12]

Core Viewpoint - Aspo Plc has signed an agreement to divest its Leipurin business to Lantmännen for an enterprise value of EUR 63 million, with an estimated cash consideration of approximately EUR 60 million at closing, expected to be completed in the first quarter of 2026 [1][2]. Group 1: Transaction Details - The divestment of Leipurin is part of Aspo's strategy to maximize shareholder value and strengthen its balance sheet, enabling future growth investments for the Telko business [2][3]. - The transaction is subject to regulatory approvals and will be executed as a sale of shares covering all companies in the Leipurin segment [1][6]. - Upon completion, Aspo will record a sales gain of approximately EUR 16 million, which will impact its reported results [7]. Group 2: Financial Performance of Leipurin - In 2024, Leipurin's net sales were EUR 133.1 million, with a comparable EBITA of EUR 4.9 million and invested capital of EUR 49.7 million [5]. - Leipurin operates in the bakery, food industry, and food service markets across Finland, Sweden, and the Baltic countries, employing approximately 160 people [5]. Group 3: Strategic Implications - The acquisition of Leipurin by Lantmännen aligns with its strategy to enhance the value chain in food ingredients, providing opportunities for growth in existing and new markets [4]. - Leipurin will operate as a separate business within Lantmännen's Energy Division, which includes food ingredients operations [5].

Core Viewpoint - Li Auto Inc. is set to report its unaudited financial results for Q2 2025 on August 28, 2025, before the U.S. market opens, indicating the company's ongoing commitment to transparency and investor communication [1]. Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on the design, development, manufacturing, and sale of premium smart electric vehicles [4]. - The company's mission is to create a mobile home and happiness, emphasizing innovation in product, technology, and business models to provide safe, convenient, and comfortable products and services [4]. - Li Auto is recognized for successfully commercializing extended-range electric vehicles in China while also developing battery electric vehicle platforms [4]. - The company began volume production in November 2019 and currently offers a high-tech flagship family MPV, four Li L series extended-range electric SUVs, and one Li i series battery electric SUV, with plans to expand its product lineup [4].

Company Performance - Tivoli A/S reported a revenue of DKK 445.0 million for the first half of 2025, a decrease of 2% compared to DKK 455.3 million in the same period last year [4] - The company recorded an EBITDA of DKK -17.8 million, worsening from DKK -6.3 million in the previous year [4] - Profit before tax was DKK -76.1 million, compared to DKK -63.5 million last year [4] - Attendance figures showed 1.3 million visitors, down 5% from 1.39 million in the first half of 2024 [4] Seasonal Insights - The summer season for Tivoli opened on April 4, 2025, which was two weeks later than in 2024 due to a later Easter [1] - Despite unstable weather and significant rainfall impacting outdoor operations, overall attendance met expectations [1][2] - Approximately one-third of the visitors were from international markets, indicating growing interest from European and U.S. markets [1] Future Outlook - Tivoli maintains its revenue expectations for 2025 in the range of DKK 1,300 million and profit before tax in the range of DKK 130 million [2] - The redevelopment of a new amusement area is on track to open in summer 2026, which will include new attractions and culinary experiences [1] - The company anticipates a well-attended late summer season, particularly looking forward to the upcoming Garden & Flower Festival at the end of August [1]

Core Viewpoint - Viomi Technology Co., Ltd expects to report a revenue exceeding RMB1.4 billion for the first half of 2025, reflecting a year-over-year increase of over 70% driven by rising sales of household water purification equipment and supportive national subsidy policies [2][3]. Financial Performance - The anticipated revenue growth is primarily attributed to increased consumer recognition of the company's technological strength and the effectiveness of government policies [2][3]. - The preliminary financial results are based on the most current information available and are subject to adjustments upon completion of the financial reporting processes [3]. Business Model and Strategy - Viomi operates a distinctive "Equipment + Consumables" business model, leveraging AI technology to enhance water quality monitoring and simplify filter replacement, which increases the filter replacement rate [6]. - The company aims to capitalize on the growing public health consciousness and the accelerating adoption of household water purification systems to ensure long-term sustainable growth [3]. Industry Position - Viomi is recognized as an industry leader in home water systems, operating a "Water Purifier Gigafactory" that integrates an efficient industrial chain, facilitating continuous breakthroughs in water purification technology [7]. - The company's innovations not only extend filter lifespan and lower user costs but also promote the adoption of water purifiers, addressing the rising global demand for cleaner drinking water [6][7].

This document in English is a translation of the original in Swedish. In case of any discrepancy, the Swedish original will prevail. Increased turnover. Positive EBITDA. January - June 2025 Turnover totalled 14 848 (12 230) TSEKProfit after financial items -1 141 (-4 960) TSEK Earnings per share -0,0 (-0,1) SEK April - June 2025 Turnover totalled 7 471 (6 236) TSEKProfit after financial items -587 (-2 017) TSEK Earnings per share -0,0 (-0,0) SEK The second quarter of 2025 marks another positive step forwar ...

Core Points - Bang & Olufsen has announced a share buyback programme with a total value of up to DKK 65 million, set to begin immediately and conclude by 14 August 2026 [1] - The programme aims to hedge share-based long-term incentive programmes approved by the general meeting [1] - The share buyback is compliant with EU regulations, specifically the EU Commission Regulation No. 596/2014 and the Safe Harbour Regulation [2] Summary by Sections - **Programme Details** - The share buyback programme is authorized by the board of directors, allowing the acquisition of treasury shares up to 10% of the company's share capital [3] - As of the initiation, Bang & Olufsen holds 3,113,183 own shares, which is 2.1% of the total share capital [4] - **Management and Execution** - Nordea has been appointed as the lead manager for the share buyback programme, making independent trading decisions [4] - The maximum number of shares to be acquired is limited to 5,000,000, and purchases will not exceed 10% of the company's share capital at any time [7] - **Trading Guidelines** - Shares will be purchased at prices not exceeding the higher of the last independent transaction price or the highest independent purchase bid [7] - Daily purchases are capped at 25% of the average daily trading volume over the preceding 20 trading days [7] - The company will report purchases made under the programme at least every seventh trading day [7] - The programme can be suspended or stopped at any time with a company announcement [7]

Core Viewpoint - Schouw & Co. reported a stable yet challenging second quarter of 2025, with performance in line with expectations despite global market changes [3][4]. Financial Performance - Consolidated revenue for Q2 2025 was DKK 8.5 billion, reflecting a 2% decrease compared to Q2 2024 [7]. - EBITDA for the same period was DKK 706 million, down 4% year-over-year [7]. - Operational cash flow improved significantly to DKK 542 million, marking a 61% increase [7]. - Earnings per share decreased by 3% to DKK 10.18 [7]. - Return on invested capital (ROIC) excluding goodwill was 12.5%, a decrease of 1.3 percentage points [7]. Portfolio Performance - BioMar, GPV, and HydraSpecma demonstrated strong resilience, while Borg Automotive faced challenging market conditions [4]. - The diversified portfolio helped maintain stability amid global economic fluctuations, particularly in the Chinese export markets [3]. Future Outlook - The company has narrowed its full-year 2025 revenue and EBITDA guidance within the previously announced range [4]. - Schouw & Co. is exploring a potential separate listing of BioMar, with preparatory work ongoing and a banking syndicate established for this purpose [5]. If deemed value-creating, the listing could occur in the first half of 2026 [5].