Core Insights - Flow Traders reported a significant decline in net trading income and total income for 3Q25 compared to 3Q24, with net trading income at €78.3 million, down 27%, and total income at €80.5 million, down 29% [4][6] - Despite the quarterly decline, year-to-date figures show growth, with net trading income increasing by 15% to €362.0 million and total income up 12% to €359.5 million [6][9] - The company secured a $200 million private credit facility and a $75 million revolving credit facility to support its strategic growth agenda [6][20] Financial Overview - Net trading income for 3Q25 was €78.3 million, down from €107.3 million in 3Q24, while total income decreased to €80.5 million from €114.6 million [4][6] - Year-to-date net trading income reached €362.0 million, a 15% increase from €313.9 million in the previous year, and total income was €359.5 million, up 12% from €320.4 million [6][9] - EBITDA for 3Q25 was €19.4 million, a 62% decrease from €50.9 million in 3Q24, with an EBITDA margin of 24% compared to 44% in the previous year [6][7] Trading Capital and Expenses - Trading capital stood at €848 million at the end of 3Q25, reflecting a 27% increase from €668 million at the end of 3Q24 [6][10] - Fixed operating expenses increased by 14% to €51.2 million in 3Q25, primarily due to higher employee and other expenses [6][7] - Total operating expenses decreased by 4% to €61.0 million in 3Q25, attributed to lower variable employee expenses [6][7] Market Environment - In Europe, equity trading volumes increased year-on-year but declined compared to the previous quarter, with market volatility showing a similar trend [12] - The U.S. equity trading volumes saw a double-digit increase year-on-year but were flat or slightly lower compared to the previous quarter [14] - In Asia, trading volumes were mixed, with increases in Hong Kong and China, while Japan experienced declines [16] Strategic Initiatives - The company is focused on expanding its trading capital and enhancing its technology capabilities to support greater volumes and improve operational efficiency [20][21] - Flow Traders aims to maintain and grow its market share in the traditional ETP industry while exploring innovations in products and distribution channels [20][21] - In the digital assets space, the company is involved in the tokenization of real-world assets and is preparing for 24/7 trading capabilities across various markets [22][23]

Core Insights - Technip Energies reported a solid financial performance for the first nine months of 2025, achieving a year-over-year revenue growth of 9% to €5.4 billion and maintaining strong profitability with a recurring EBITDA of €478 million, also up 9% year-over-year [3][4][23]. Financial Performance - Revenue for 9M 2025 reached €5,417.1 million, compared to €4,970.8 million in 9M 2024, marking a 9% increase [4][5]. - Recurring EBITDA for the same period was €478.0 million, up from €439.3 million, maintaining a margin of 8.8% [4][5]. - Net profit for 9M 2025 was €281.9 million, slightly up from €279.9 million in 9M 2024 [5][7]. - Adjusted order intake for 9M 2025 was €3,361.8 million, down from €4,813.5 million in 9M 2024, resulting in a book-to-bill ratio of 0.6 [18][19]. Strategic Developments - The company announced the acquisition of Ecovyst's Advanced Materials & Catalysts business for US$556 million, which is expected to enhance its capabilities in the catalyst value chain and is anticipated to close by Q1 2026 [3][46][47]. - Technip Energies secured a major contract for the Commonwealth LNG export facility in the US, which is expected to significantly contribute to the company's backlog once confirmed [3][33]. - The company is extending its leadership in LNG and modularization, with additional contracts awarded for projects in Mozambique and Indonesia [3][34][36]. Operational Highlights - The company reported strong commercial prospects in LNG, decarbonization, and sustainable fuels, supported by a diverse portfolio of technologies and solutions [3][4]. - Key operational milestones include progress on various projects such as the QatarEnergy North Field Expansion and the Marsa LNG project in Oman [27][29]. Market Position - Technip Energies is positioned as a global leader in energy and decarbonization infrastructure, contributing to critical markets such as LNG, hydrogen, and sustainable chemistry [12][46]. - The company emphasizes a disciplined approach to capital allocation and cost management, focusing on long-term value creation for stakeholders [3][54].

Core Insights - Ayvens reported a net income group share of EUR 273 million for Q3 2025, reflecting an 85.9% increase compared to Q3 2024, driven by improved margins and lower operating expenses [1][13][23] - The company announced a share buyback program of EUR 360 million and an exceptional cash dividend of EUR 0.42 per share, to be paid on December 18, 2025, as part of its commitment to shareholder value [1][5][7] - The Group's Return on Tangible Equity (ROTE) improved to 14.3% from 7.2% in Q3 2024, indicating enhanced profitability [1][23][47] Financial Performance - Gross operating income for Q3 2025 reached EUR 851 million, up 17.6% from Q3 2024, supported by increased margins [1][14][44] - Leasing and Services margins totaled EUR 776 million, a 20.1% increase year-on-year, with underlying margins at 593 basis points compared to 521 basis points in Q3 2024 [1][15][21] - Operating expenses decreased to EUR 429 million from EUR 460 million in Q3 2024, reflecting a 6.7% reduction [1][19][44] Strategic Developments - The execution of the PowerUP 26 strategic roadmap is progressing well, with profitability and cost efficiency improving as synergies increase [2] - The restructuring of the company's footprint in targeted segments is advancing, with used car lease capabilities ramping up [2] - The company is well-positioned for sustainable and profitable growth, supported by a strong executive management team [3] Shareholder Returns - The Board of Directors authorized a total distribution of EUR 700 million to shareholders, including the share buyback and exceptional interim dividend [4][7] - The share buyback program is set to commence on October 31, 2025, and will last until October 30, 2026 [5][51] Market Position - Ayvens maintains a strong financial structure with total shareholders' equity of EUR 10.7 billion as of September 30, 2025, and a Common Equity Tier 1 (CET1) ratio of 12.8% [24][28] - The company has a total balance sheet of EUR 73.1 billion, with financial debt standing at EUR 37.8 billion [25][45]

Core Insights - 74Software reported a strong Q3 performance, achieving revenue of €172.8 million, which reflects a 6.3% organic growth year-on-year, driven by solid demand and effective sales execution [7][8][39] - The company has raised its full-year growth guidance, now expecting organic revenue growth to reach around 4%, supported by a healthy pipeline and continued traction in software renewals [19][20] Financial Performance - Q3 revenue breakdown shows Axway contributing €82.6 million (up 8.8% organically) and SBS contributing €90.8 million (up 4.7% organically) [7][11] - Annual Recurring Revenue (ARR) for Axway reached €262.8 million (+12.2%) and for SBS €233.8 million (+10.1%), indicating strong expansion in both brands [14][19] - Product revenue for Q3 was €140.1 million, up 9.4% organically, while recurring revenue rose to €129.2 million, reflecting a shift towards subscription models [9][10] Strategic Developments - Integration between Axway and SBS has advanced, with shared support functions and joint commercial initiatives enhancing market reach and operational efficiency [2][3] - Axway's performance is bolstered by a focus on integration and API management, with significant growth in cloud-based subscriptions and automation capabilities [3][10] - SBS has shown progress across its product families, with a notable improvement in its Net Promoter Score, indicating increased customer satisfaction [4][11] Market Positioning - 74Software's hybrid-cloud, subscription-led model demonstrates resilience amid economic uncertainties, emphasizing sustainable value creation for stakeholders [1][5] - The company aims to surpass €750 million in revenue by 2027, with a focus on maintaining a scalable and profitable software model [21][20] Regional Performance - In Q3 2025, Europe accounted for 58.7% of total revenue, with notable growth in France and the UK, while the Americas experienced a slight decline [38][39] - The Middle East & Africa region showed strong growth at 12.4%, while Asia & Pacific faced a decline of 9.9% [38][39]

Core Insights - The company achieved a revenue growth of 34.3% in Q3 2025, with an organic revenue growth of 8.5%, driven by investments in products, platforms, and AI [2][6] - The integration of Netcompany Banking Services into the Netcompany Group is progressing faster than expected, presenting new opportunities in the Financial Services Industry [4][6] - The company launched new products in the Defence and Resilience, Real Estate, and Life & Pension verticals, responding to increased demand for real-time solutions [3][5] Financial Performance - Organic revenue for Q3 2025 reached DKK 1,746.9 million, reflecting an 8.2% increase, while reported revenue grew to DKK 2,167.8 million, a 34.3% increase [6] - Organic adjusted EBITDA increased by 8.5% to DKK 332.3 million, maintaining an organic adjusted EBITDA margin of 19% [6] - The company revised its financial guidance, expecting organic revenue growth between 6% and 8% for 2025, and adjusted EBITDA margin between 16% and 18% [6] Strategic Initiatives - The company is focusing on European digital sovereignty, emphasizing solutions developed and hosted in Europe [5] - Cost synergies from the integration of Netcompany Banking Services are expected to reach DKK 300 million to DKK 350 million annually by 2028 [6] - The average number of full-time employees was 9,482, with 911 FTEs from Netcompany Banking Services [6]

Core Viewpoint - Yangtze River Pharmaceutical Group has achieved the "7 stars" Certificate in the category of RbE at the EFQM Sustainable Performance Conference and Global Award Gala 2025, marking a significant advancement in quality management for Chinese pharmaceutical enterprises [1][3]. Group 1: Award Recognition - The "7 Stars" award represents a new height in quality management for Chinese pharmaceutical companies, following the "5 Diamonds" award received in 2021 [1]. - The transition from "5 Diamonds" to "7 Stars" certification occurred within four years, showcasing Yangtze's commitment to excellence [3]. Group 2: Review Process - The certification process involved a rigorous review by a panel of experts from Germany, the UK, and Portugal, which included 30 interviews and 450 Q&As focused on various aspects of the company's operations [3]. - The review highlighted Yangtze's innovative integration of the EFQM model, particularly through the course "EFQM Blooming at Yangtze," which adapts international standards into actionable internal management guidelines [5]. Group 3: Industry Impact - Industry experts view Yangtze's award as a demonstration of the strength of Chinese pharmaceutical brands in global quality management [6]. - The approach taken by Yangtze, characterized by "international standards benchmarking - localized transformation - full-scale implementation," serves as a model for other Chinese enterprises aiming for high-quality development [6].

ING completes share buyback and announces new distribution programme of up to €1.6 billion ING announced today that it has completed the share buyback programme announced on 2 May 2025. The total number of ordinary shares repurchased under the programme is 101,193,469 at an average price of €19.77 for a total consideration of €2,000,093,404.60. During the last week of the programme, up to and including 27 October 2025, in total 597,578 shares were purchased. These shares were repurchased at an average pric ...

Fornebu, Norway - 30 October 2025 – Amid rising geopolitical tensions and increasingly sophisticated digital threats, Telenor today releases its annual Nordic security report, calling for a stronger and more coordinated regional approach to security and preparedness. The report highlights the growing interdependence of critical services such as power and digital infrastructure and calls on governments and industry to act jointly to build greater Nordic resilience that protects societies, economies, and peo ...

Press ReleaseKaiseraugst (Switzerland), Maastricht (Netherlands), October 30, 2025 dsm-firmenich Q3 2025 trading update Management Report Q3 2025 highlights Solid growth and strong step up in Adjusted EBITDA on a comparable basis1Advancing well on 2025 strategic planAnimal Nutrition & Health (‘ANH’) exit process ongoingFY 2025 outlook updated for foreign exchange and ANH-related vitamin volatility: Adjusted EBITDA of around €2.3 billion Key figures in € millionsQ3 YTD 2025Q3 YTD 2024% ChangeQ3 2025Q3 202 ...

The Fund manager's comment In a prolonged period of low economic activity, financial results of the EfTEN Real Estate Fund AS have gradually improved. This is due to the fund's strong focus on maintaining low vacancy rates, new successful investments in the elderly care and logistics segments, as well as reduced interest costs. As a result, the fund's free cash flow has increased, which, together with the planned refinancing of bank loans, is expected to allow the fund's management to propose a record divi ...