Financial Data and Key Metrics Changes - The company is entering fiscal 2026 with momentum, indicating a positive shift in performance [7] - The company has experienced a turnaround in market share, particularly in the U.S. and China, after years of decline [9] - The goal is to achieve a low single-digit growth in China, with a focus on gaining market share [31] Business Line Data and Key Metrics Changes - The Americas organization has gained market share for the first time in a long time, attributed to consumer-facing investments and coverage [14] - The company aims for over 25% of total business to come from innovation, with a commitment to tripling innovation in less than a year [11][22] - The launch of brands on Amazon has been significant, with 11 brands now available in the U.S. and expansion into Canada, Mexico, and the U.K. [15] Market Data and Key Metrics Changes - The Chinese market is stabilizing, with the company gaining market share across various brands, including La Mer and Tom Ford [32] - The competitive landscape in China shows international brands growing faster than local brands, with a significant portion of the market still held by international brands [34] - Emerging markets, particularly India and Southeast Asia, are critical to the company's growth strategy, with a goal of increasing their contribution to total business [37] Company Strategy and Development Direction - The company is focused on a transformation strategy called "Beauty Reimagined," which includes five pillars aimed at improving market share and operational efficiency [4][8] - There is a clear strategy to reposition products at more acceptable price points to attract new consumers and reengage lapsed ones [26][29] - The company is committed to investing efficiently across brands and regions to ensure balanced growth [12] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the U.S. market's robustness and the potential for luxury beauty to perform well despite economic challenges [42] - There are concerns about consumer confidence in Continental Europe, particularly in France, Germany, and the U.K., which may pose risks [44] - The company is focused on creating an agile operating model to enhance speed and efficiency in decision-making [62] Other Important Information - The company is undergoing a significant operational transformation, which is the largest in its history, aimed at simplifying processes and improving decision-making [13] - The use of AI has been highlighted as a key factor in improving efficiency in product development and reducing risks [24][25] Q&A Session Summary Question: What is the outlook for growth in China? - The company expects mid single-digit growth in China, with a focus on gaining market share and diversifying its portfolio [31][32] Question: How does the company view the competitive environment in China? - International brands are currently growing faster than local brands, with a significant market share still held by international brands [34] Question: What is the strategy for emerging markets? - The company aims to increase the contribution of emerging markets to at least mid double digits, with a focus on India and Southeast Asia [37][39] Question: How is the company balancing investment and margin restoration? - The company is focused on reinvesting to fuel growth while also aiming to restore and build margins through efficiency [70][72] Question: What does success look like for the company in the next year? - Success will be measured by consistent market share gains beyond the U.S. and China, and the ability to create an agile operating model [75][76]

Financial Data and Key Metrics Changes - The company is entering fiscal 2026 with momentum and has made progress in transforming its operations, particularly in regaining market share in the Americas and China after years of decline [4][6] - The company aims for a significant improvement in adjusted operating margin, targeting a swing of 8% to 11% within one fiscal year, with a midpoint improvement of 165 basis points [65][66] Business Line Data and Key Metrics Changes - The Americas region has seen a positive shift, with the company gaining market share for the first time in a long while, attributed to increased consumer-facing spend and investment [11][12] - The company plans for over 25% of its total business to come from innovation, indicating a strong focus on new product development [7][21] Market Data and Key Metrics Changes - The Chinese market is stabilizing, with expectations of mid-single-digit growth, while the company is gaining market share across various brands, including La Mer and Tom Ford [28][29] - Emerging markets, particularly India and Southeast Asia, are critical to the company's strategy, with a goal to increase their contribution to total business from 10% to mid-double digits [33][34] Company Strategy and Development Direction - The company is focused on a strategy called "Beauty Reimagined," which emphasizes consumer coverage and innovation, aiming to reposition products at more acceptable price points to attract new consumers and reengage lapsed ones [5][22][25] - The operational transformation is described as the largest in the company's history, aimed at simplifying processes and enhancing decision-making speed [9][60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the U.S. market's robustness and the luxury beauty segment's resilience amid economic challenges, while cautioning about risks in Continental Europe due to subdued consumer confidence [39][41] - The company is committed to navigating external volatility and maintaining focus on its strategic goals, despite challenges such as tariffs and market fluctuations [70][71] Other Important Information - The company is leveraging AI to enhance efficiency in product development, significantly reducing the time required for stability testing and packaging risk [19][21] - There is an ongoing review of the product portfolio to ensure alignment with the new strategy, which may involve culling underperforming products or brands [61][62] Q&A Session Summary Question: What is the outlook for growth in China? - The company expects mid-single-digit growth in China, with a focus on gaining market share across various brands, despite the market's maturation [28][29] Question: How is the company addressing the competitive environment in China? - Management noted that international brands are currently growing faster than local brands, with a focus on luxury segments [31][32] Question: What is the strategy for emerging markets? - The company aims to increase the contribution of emerging markets to total business, with significant investments planned for India and Southeast Asia [33][34] Question: How does the company balance investment and margin restoration? - The company is focused on reinvesting to fuel growth while also aiming to restore margins, with a clear strategy to improve efficiency and leverage in the P&L [66][68] Question: What does success look like for the company in the next year? - Success is defined by consistent market share gains beyond the U.S. and China, with a focus on agility and operational efficiency [70][71]

Consumer Staples Sector Overview - The consumer staples sector is currently facing challenges such as cost pressures from inflation, high commodity prices, and tariffs, which have negatively impacted profit margins [1] - Real average wages have declined, leading consumers to reduce spending [1] - Investor focus has shifted towards high-growth industries like AI, resulting in high valuations and limited upside for consumer staples companies [1][2] Constellation Brands - Constellation Brands is a major player in the alcoholic beverages market, with brands like Modelo and Corona, and has seen a year-to-date decline of nearly 29%, making it an attractive value play with a price/sales ratio of 2.56 [4][5] - The global alcohol market is projected to reach approximately $3 trillion by 2030, and Constellation's strong international presence positions it well, particularly among Hispanic and Latino consumers [5] - Despite a troubling dividend payout ratio of -170.7%, Constellation has maintained a dividend yield of 2.56% and analysts expect earnings to grow by about 7% in the coming year, indicating potential upside of over 33% for STZ shares [7] Estée Lauder - Estée Lauder has experienced mixed results in its latest fiscal quarter, with both EPS and revenue declining year-over-year, although EPS exceeded analyst expectations [8][9] - The company is implementing cost-cutting measures aimed at saving up to $1 billion annually, which has led to a gross margin expansion of 230 basis points to 74% [10] - Estée Lauder's strong market position in prestige beauty and improved value metrics make it well-positioned to navigate external challenges [11] Mondelez International - Mondelez International maintains a strong market presence in the snack food and beverage sector, leveraging pricing power and brand loyalty to counteract volume slippage [13] - Despite a year-over-year decline in EPS, Mondelez's revenue grew by about 8% due to strong performance in emerging markets [14] - The company has a sustainable dividend payout ratio and is expected to generate over $3 billion in free cash flow this year, with analysts projecting more than 17% upside potential for MDLZ shares [15]

Core Viewpoint - The article discusses the initiatives and events organized by the China Fragrance and Cosmetic Industry Association to promote safety in cosmetic use and enhance the industry's global standing through media collaboration and scientific communication [4][12]. Group 1: Events and Initiatives - The 2025 Safety Cosmetic Use Science Promotion Week will take place from September 1 to 7, with the theme "Safe Use of Cosmetics, Science to Safeguard" [5]. - The China Fragrance and Cosmetic Industry Association aims to strengthen public awareness of safe cosmetic use and establish a new social governance model [5][12]. - The association's annual media collaboration meeting focuses on building a better media cooperation ecosystem and enhancing scientific communication within the industry [14][17]. Group 2: Key Activities - The first execution plan for the Safety Cosmetic Use Science Promotion Week includes a "Full Media Science Promotion Action" with activities such as expert-written articles and engaging multimedia content [10]. - The second plan involves a "Consumer Safety Use of Cosmetics Public Welfare Action," encouraging companies to showcase their green and sustainable development practices [11]. - The third plan, "Green Action: Empty Bottle Recycling," aims to set up around 300 recycling points nationwide and promote consumer participation in sustainability efforts [11]. Group 3: 2025 CAME Highlights - The 2025 China Fragrance and Cosmetic Industry Annual Conference and Boutique Expo (2025 CAME) will be held from September 25 to 27 in Nanjing, focusing on "Technology and Brand Co-Progress" [21][23]. - The expo will feature over 115 exhibitors and more than 500 brands, showcasing innovations in the industry, including biotechnological advancements and sustainable packaging [25][27]. - The event will also host numerous thematic conferences, inviting over 100 influential guests to discuss key industry topics, enhancing the exchange of ideas and collaboration [28][30].

Summary of Key Points Core Viewpoint - As of July 31, 2025, EssilorLuxottica, a global leader in the design, manufacture, and distribution of ophthalmic lenses, frames, and sunglasses, disclosed its outstanding shares and voting rights [2]. Group 1: Share Capital and Voting Rights - Total shares outstanding amount to 463,145,529 [3]. - The number of real voting rights, excluding treasury shares, is 461,156,230 [3]. - The theoretical number of voting rights, including treasury shares, remains at 463,145,529 [3]. - Voting rights are capped at 31% for any shareholder, as per the company's by-laws [3].

Financial Performance - The consolidated net profit for the first half of 2025 is over RON 420 million, four times higher than the previous year, with EBITDA exceeding RON 1 billion for the first time [1][11] - The EBITDA margin improved significantly, with a RON 1 billion EBITDA representing a RON 400 million increase compared to the first half of 2024 [10][13] - The net result for the first half of 2025 is RON 319 million higher than the same period in 2024, driven by improved energy margins and cost control [12][19] Business Line Performance - The distribution segment saw a revenue increase of approximately RON 300 million, driven by a 12.5% increase in distribution tariffs and a 3% growth in distributed energy [8][9] - The supply segment also contributed to revenue growth, with an increase in volumes delivered and higher acquisition prices impacting revenues positively [9][10] - The EBITDA for the distribution segment increased by RON 123 million, primarily due to a RON 171 million increase in energy margin [18][19] Market and Competitive Landscape - The company is focused on maintaining performance in a competitive energy market, with Fitch Ratings improving its outlook from negative to stable [2] - The company aims to leverage the liberalization of the Romanian energy market and the ongoing energy transition to enhance its competitive position [2][3] - The company ranks second in total market share among suppliers and first in terms of consumption places [26] Strategic Direction - The company launched its inaugural green bond issuance of EUR 500 million to finance strategic investments in renewable energy projects [3][4] - The company has a pipeline of approximately 307 MW of green production capacity and is actively involved in securing non-reversible funds to support its strategic objectives [4][5] - Future investments will focus on network infrastructure, digitalization, and renewable energy production [7] Management Commentary - Management expressed a positive outlook for 2025, emphasizing the importance of operational discipline and long-term vision in delivering sustainable value [7] - The management acknowledged the challenges of transitioning from a subsidy scheme and indicated a cautious approach to future performance [42] - The company is committed to maintaining a robust financial position to support future growth and investment [44] Other Important Information - The company has received RON 430 million in subsidies this year and expects to collect up to RON 1 billion by the end of the year [64] - The company is focused on optimizing its internal financing structures and has successfully accessed syndicated loans to improve financial costs [11][12] Q&A Session Summary Question: Guidance on subsidy receivables and cash collection - Management indicated that they expect to collect up to RON 1 billion in subsidies this year, with ongoing discussions with authorities [35][64] Question: Average price for network losses and expense increases - The average acquisition cost for the first half of the year is approximately RON 600 per megawatt, with increased financial expenses impacting the bottom line [36] Question: Cyclicality of Electrica's activity - Management confirmed that there is cyclicality in energy consumption, affecting both distribution and supply segments [41][43] Question: Robustness of Electrica's treasury for future loans - Management affirmed that the treasury is strong enough to contract new loans, having proven resilience through recent bond issuances [44][52] Question: Synergies from renewable energy production - The company aims to integrate renewable energy production within its ecosystem to enhance operational synergies [45][46] Question: Excess profits realization in H1 - Management stated that there are no excess profits in the supply segment that need to be returned [53] Question: Dividend policy and future distributions - Management indicated that the dividend policy will depend on recovering state subsidies and improving cash flow [58][67]

Financial Data and Key Metrics Changes - The consolidated net profit for the first half of 2025 is over RON 420 million, which is four times higher than the same period last year [1] - EBITDA exceeded RON 1 billion for the first time, marking a significant milestone in the company's performance [1][10] - The EBITDA margin improved due to a positive variation in the energy margin, which increased by RON 380 million [12] Business Line Data and Key Metrics Changes - The distribution segment saw an increase in revenues by approximately RON 300 million, driven by a 12.5% increase in distribution tariffs and a 3% growth in distributed energy [7][8] - The supply segment also contributed to revenue growth, with an increase in volumes delivered on the retail market and higher acquisition prices of energy [8][9] - EBITDA for the distribution segment increased by RON 123 million, primarily due to the energy margin increase [17] Market Data and Key Metrics Changes - The company has a steady growth in the number of users, reaching approximately 3.995 million [16] - The energy market is becoming increasingly competitive, with the company focusing on maintaining performance amidst market liberalization [2][6] Company Strategy and Development Direction - The company is committed to investing in sustainable energy infrastructure and has a pipeline of approximately 307 MW of green production capacity [4] - The inaugural green bond issuance of EUR 500 million aims to support the energy transition and strengthen the company's position in the Romanian energy market [3] - The strategy includes prioritizing investments in renewable energy projects and digitalization [6] Management Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for 2025, emphasizing the importance of operational discipline and long-term vision [6] - The company aims to maintain performance levels in a competitive and dynamic energy market [2] - Management highlighted the need for vigilance and continuous adaptation to overcome future challenges [2] Other Important Information - The company has consolidated its debt structure and received a stable outlook from Fitch Ratings [2] - The green bond issuance was oversubscribed by over 11.5 times, indicating strong interest from international investors [3] Q&A Session Summary Question: Guidance on subsidy receivables and cash collection - Management indicated that the collection of subsidies is in line with legally permitted events and future collections depend on approval from authorities [55] Question: Average price for network losses and expense increases - The average acquisition cost for the first half of the year is approximately RON 600 per megawatt, with increased financial expenses impacting the bottom line [35] Question: Corrections expected for regulated revenue in 2026 - A correction of around RON 340 million is estimated for 2026 due to adjustments from 2024 [38] Question: Cyclicality of Electrica's activity - Management acknowledged the cyclicality in energy consumption, which affects both distribution and supply segments [42][43] Question: Robustness of treasury for future loans - Management confirmed that the treasury is robust enough to contract new loans without difficulties [44] Question: Synergies from renewable energy production - The integration of production within the group is expected to create synergies between supply and distribution [45] Question: Use of proceeds from the green bond - Proceeds from the green bond will strictly be used for renewable energy projects [47][61] Question: Excess profits in H1 that need to be returned - Management stated there are no excess profits in the supply segment that need to be returned [53] Question: Dividend policy and future distributions - The dividend policy will depend on recovering subsidies and reducing debt levels [58][67]

Financial Data and Key Metrics Changes - The consolidated net profit for the first half of 2025 is over RON 420 million, which is four times higher than the same period last year [1] - EBITDA exceeded RON 1 billion for the first time, marking a significant milestone in the company's performance [1][10] - The net result for the first half of 2025 is RON 319 million higher compared to the same period in 2024 [14] Business Line Data and Key Metrics Changes - Distribution revenues increased by approximately RON 300 million, driven by a 12.5% increase in distribution tariffs and a 3% growth in distributed energy [7][8] - The supply segment also saw revenue growth, attributed to increased volumes delivered in the retail market and higher acquisition prices of energy [9][22] - EBITDA for the distribution segment increased by RON 123 million, primarily due to a RON 171 million increase in energy margin [16] Market Data and Key Metrics Changes - The company ranks second in total market share among suppliers and first in terms of the number of consumption places [24] - The average price for network losses during the first half of 2025 reached approximately RON 600/MW [35] Company Strategy and Development Direction - The company is focused on investments in renewable energy projects, with a pipeline of approximately 307 MW of green production capacity [4] - The inaugural green bond issuance of EUR 500 million aims to finance strategic investments in sustainable energy infrastructure [3] - The company is committed to maintaining performance in a competitive energy market while adapting to the ongoing energy transition [2] Management's Comments on Operating Environment and Future Outlook - Management holds a positive outlook for 2025, emphasizing the importance of investments in network infrastructure, digitalization, and renewable energy production [6] - The company aims to exceed expectations regarding results and investment objectives, despite the challenges posed by market liberalization [2][6] Other Important Information - The company has consolidated its debt structure and improved its financial position, as recognized by Fitch Ratings [2] - The company is actively involved in securing non-reversible funds to support strategic objectives and enhance sustainability [4] Q&A Session Summary Question: Guidance on subsidy receivables and cash collection - Management indicated that they expect to collect up to RON 1 billion in subsidies this year, with ongoing discussions with authorities regarding future collections [64] Question: Average price for network losses and expense increases - The average price for network losses in the first half of 2025 was approximately RON 600/MW, with increased financial expenses and personnel costs impacting the bottom line [35][36] Question: Cyclicality of Electrica's activity - Management confirmed that there is cyclicality in energy consumption, which affects both distribution and supply segments [42][44] Question: Robustness of Electrica's treasury for future loans - Management affirmed that the treasury is robust enough to contract new loans, having demonstrated resilience through recent bond issuances and syndications [45] Question: Synergies from renewable energy production - The CEO highlighted that integrating production within the group creates a unique ecosystem, enhancing synergies between supply and distribution [47] Question: Use of proceeds from the green bond - Proceeds from the green bond will strictly be used for building renewable energy projects, such as PV parks and wind farms [48][62] Question: Excess profits in H1 and future corrections - Management expressed confidence in the distribution subsidiary's performance, indicating no expected corrections for H2 based on current results [51] Question: Dividend policy and future payouts - The CEO stated that the dividend policy will depend on recovering state subsidies and improving cash flow, with plans to return to a more generous payout once financial conditions stabilize [59][70]

Bucharest, 1 September 2025 Presentation of Electrica H1 2025 Financial Results (Acc. IFRS-EU) The results presented are based on the consolidated financial statements prepared in accordance with the International Financial Reporting Standards (IFRS-EU). This document was prepared by Electrica for the presentation of H1 2025 financial results and has an informative nature. This presentation is not an offer, an invitation or recommendation to trade the securities issued by Electrica. Content Electrica Group' ...

Group 1 - The core viewpoint of the article highlights the recent product launches in the food and beverage industry, showcasing innovation and market expansion strategies by various brands [4][6][19]. Group 2 - Mixue Ice City has launched a new "Lemon Milk" series, which includes Lemon Milk Coffee and Snow King Lemon Milk, emphasizing rich and refreshing flavors [4][24]. - Want Power, a brand under Wangwang, introduced a new product "Berry Care," featuring five core ingredients aimed at health-conscious consumers [4]. - Joyoung has released a new fig and flaxseed soy milk powder, targeting female consumers with high protein and fiber content [4]. - Kirin Beverage has launched a roasted tea latte, designed for various consumption scenarios such as studying and working [5]. - Yili's Ikahuo has introduced a new health drink made from iron skin dendrobium and western ginseng, utilizing advanced preservation techniques [6]. - Menglong Ice Cream has unveiled a new glowing ice pop, appealing to health-conscious consumers with its low-calorie content [7]. - Heytea has launched a new ice drink made from a specific type of melon, highlighting unique production techniques [7]. - Nongfu Spring has introduced a new series of bottled water sourced from various locations across China [7]. - Sanofi Group has launched a new herbal tea product, focusing on light health benefits [7]. Group 3 - Babycare has announced actress Guo Biting as its new brand ambassador, launching a themed short film [8]. - Mengniu has appointed a new CFO, indicating a shift in its executive leadership [8]. - KFC has opened its first KPRO restaurant in Henan, focusing on balanced meal options [10]. - Lucky Coffee has opened its first overseas store in Malaysia, marking its global expansion [10]. Group 4 - Shibeikang has completed a nearly 100 million RMB Series B financing round, aimed at accelerating its drug development pipeline [14]. - Pure Fitness has secured $50 million in funding, indicating strong investor interest in the fitness sector [16]. - Sleep.ai has raised $5.5 million in funding, transitioning to a focus on commercialization and partnerships [17]. - Anta has announced an investment in the Korean fashion group MUSINSA, establishing a joint venture in China [17]. Group 5 - Coca-Cola has launched customized snack products for bulk retail, expanding its product offerings [19]. - Kangshifu has undergone significant management changes, indicating a strategic shift within the company [19]. - Nayuki has collaborated with a brand to launch a new beverage line, enhancing its product diversity [19]. - Ganyuan Food has introduced a new rice cake series with various flavors, focusing on quality ingredients and innovative cooking methods [19].