Core Insights - RCI Banque has released its Business Report as of December 31, 2025, which is accessible on the Mobilize Financial Services website [1] Group 1 - The report provides a comprehensive overview of RCI Banque's financial performance and strategic initiatives for the year ending December 31, 2025 [1]

Core Viewpoint - Ramsay Health Care Limited (RHC) has proposed to distribute its 52.79% shareholding in Ramsay Santé to its shareholders, marking a significant strategic shift for the Group [1][2]. Group Overview - Ramsay Santé is a major player in private hospital care in France and Europe, operating independently of RHC with its own management team and governance framework [3]. - The Group has a strong financial position, supported by a standalone balance sheet and financing structure [3]. Strategic Implications - The Proposal aims to enhance Ramsay Santé's ability to serve patients more closely, backed by a broader shareholding and the commitment of its employees and medical partners [4]. - Ramsay Santé plans to continue its strategic roadmap focused on innovation, operational excellence, and rigorous financial management [4]. Leadership Perspective - CEO Pascal Roché emphasized that the proposal represents a new chapter for Ramsay Santé, highlighting the Group's solid resources and commitment to providing high-quality care [5]. - RHC has decided to terminate its shareholders' agreement with Crédit Agricole Assurances, which holds a 39.82% stake in Ramsay Santé, effective October 1, 2026 [5]. Shareholder Commitment - Crédit Agricole Assurances reaffirmed its long-term commitment as a shareholder of Ramsay Santé and confidence in the Group's strategy, while indicating no intention to increase its shareholding [6]. Implementation Details - The Proposal will be executed through a scheme of arrangement under Australian law, requiring approval from RHC's Board of Directors, shareholders, and necessary regulatory authorizations [7]. - Ramsay Santé will assess the legal, financial, and operational implications of the transaction to ensure stability in its capital structure [7]. Timeline - The Proposal could be implemented in Q4 2026, subject to required approvals, with an indicative timetable including employee consultations [8][14]. - Key milestones include the publication of a demerger booklet in October 2026, a shareholders meeting in November 2026, and completion of the transaction in December 2026 [14]. Company Profile - Ramsay Santé is the European leader in private hospitalization and primary care, employing 40,000 staff and 10,000 practitioners, serving 13 million patients annually across 492 facilities in five countries [10]. - The Group covers a wide range of care pathways, emphasizing innovation and equitable access to quality healthcare [11].

Leadership Transition - Tuomas Myllynen has been appointed as the new CEO of KH-Koneet, effective from August 1, 2026, following the decision of long-standing CEO Teppo Sakari to step down and transition to a strategic advisor role [1][2] Executive Background - Myllynen has a significant background in executive roles, most recently serving as Managing Director of Cramo Finland, and holds an MSc from Tampere University of Technology [2] Company Vision - Myllynen expressed a clear vision for KH-Koneet, aiming to maintain its status as the most reliable partner for customers and to foster a collaborative workplace culture that values every employee's contribution [3] Company Overview - KH-Koneet is recognized as a leading provider of construction and earth-moving machinery in the Nordic countries, offering a wide range of machinery, equipment, and services for earthworks, property maintenance, and material handling [4] Corporate Structure - KH Group Plc, the parent company of KH-Koneet, operates in two business areas: construction and earth-moving machinery through KH-Koneet, and rescue vehicle manufacturing through Nordic Rescue Group. The company is listed on Nasdaq Helsinki [5]

Full-Year Results - The MT Højgaard Holding Group achieved stable operations and production in 2025, aligning with full-year expectations [1] Order Intake and Order Portfolio - In 2025, order intake increased due to improvements in both business units and across the Group's strategic focus areas, covering a range from small tasks to large, complex projects [2] - The total order book rose by 24% to a record DKK 24.2 billion, consisting of final unconditional orders worth DKK 11.9 billion, awarded but not yet contracted orders of DKK 8.5 billion, future projects valued at DKK 3.3 billion, and joint ventures worth DKK 0.5 billion [7] Financial Performance - Revenue decreased by 4% to DKK 10.2 billion, below expectations of DKK 10-10.5 billion, primarily due to the completion of major projects and low revenue from new multi-year projects [7] - Operating profit (EBIT) fell by 12% to DKK 429 million, with stable earnings from ongoing projects, influenced by one-time profits from land sales in 2024 [7] - Profit after tax from continuing operations was DKK 313 million, down from DKK 357 million in 2024, while net profit increased by 42% to DKK 268 million due to reduced losses in discontinued operations [7] - Cash flows from operating activities improved significantly to an inflow of DKK 181 million, compared to DKK 25 million in 2024 [7] Outlook for 2026 - The Group anticipates revenue and operating profit in 2026 to be on par with 2025 results, as several large phased projects will only contribute significantly from 2027-28 [3] - The Board of Directors proposed a dividend of DKK 10 per share, representing 29% of the annual profit, reflecting strong performance and improved solvency [7] Strategic Focus - The company concluded its "Building on" strategy with solid organic growth and portfolio adjustments, aiming to continue building from 2026 to 2028 while capitalizing on market opportunities [4]

Core Insights - IMCD N.V. has signed an agreement to acquire 100% of Willows Ingredients Group Limited, enhancing its capabilities in specialized health, sports, and animal nutrition sectors [1][3] - Willows Ingredients reported revenues of approximately EUR 26 million in 2024 and has a team of 26 employees with strong customer relationships [2][4] - The acquisition is expected to close in the first quarter of 2026, subject to customary closing conditions [4] Company Overview - IMCD is a global leader in the distribution and formulation of specialty chemicals and ingredients, headquartered in Rotterdam, Netherlands [5] - In 2025, IMCD reported revenues of EUR 4,779 million and has over 5,200 employees [6] - IMCD's shares are traded on Euronext Amsterdam and are included in the Dutch ESG AEX index, reflecting strong ESG practices [6] Strategic Implications - The acquisition will expand IMCD's presence in high-growth food and nutrition segments, broadening its portfolio and market access in Ireland and the UK [3][4] - The integration of Willows Ingredients' supplier partnerships is expected to create greater opportunities for customers and principals [4]

Core Insights - EDF reported strong operational and financial results for 2025, driven by high nuclear power output and effective management of operational performance [2][4][6] - The company achieved a consolidated sales figure of €113.3 billion and an EBITDA of €29.3 billion, despite a decline from the previous year due to falling market prices [2][30] - EDF's net financial debt decreased to €51.5 billion, reflecting positive cash flow and effective debt management strategies [2][9][47] Financial Performance - Electricity output reached 515 TWh, with nuclear power contributing 373 TWh, marking the highest output in six years [2][16] - EBITDA decreased by 19.2% from €36.5 billion in 2024 to €29.3 billion in 2025, primarily due to lower sales prices and reduced hydropower output [6][18] - Net income attributable to the Group was €8.4 billion, down from €11.4 billion in 2024, largely due to lower EBITDA and non-recurring items [8][30] Operational Highlights - Nuclear output in France increased by 11.3 TWh to 373 TWh, while hydropower output decreased by 9.1 TWh to 46.4 TWh [16][19] - The company successfully reached 100% power at Flamanville 3 and provided a cost estimate of €72.8 billion for the EPR2 program [4][16] - EDF signed 47 TWh of medium- and long-term contracts by the end of 2025, enhancing stability for electricity-intensive customers [12] Market Position and Strategy - EDF's commitment to low-carbon electricity is reflected in its 95% carbon-free electricity output and a carbon intensity of 26.5 gCO2/kWh, which is 10.5% lower than in 2024 [16][42] - The company is focused on enhancing its operational performance through investments in nuclear and renewable energy projects, including Hinkley Point C and Sizewell C [4][16] - EDF aims to maintain a strong financial position with targets for net financial debt to EBITDA ratio of ≤ 2.5x and adjusted economic debt to adjusted EBITDA ratio of ≤ 4x by 2027 [5][6]

Group 1 - Henriette Mersebach will step down as Executive Vice President of Research and Development and as a member of the Board of Management effective February 23, 2026, and will assist with the transition [1] - The decision to appoint a new head of R&D aims to enhance ALK's innovation efforts under the Allergy strategy, focusing on balancing core-business growth with expansion into adjacent allergy therapy areas [2] - Peter Halling, CEO, acknowledged Mersebach's contributions, including securing important regulatory approvals and advancing the peanut allergy program, while stating that a new leader is needed to drive the ambitious innovation strategy [3] Group 2 - ALK has initiated a search for a new head of R&D and appointed Henrik Jacobi, the former Head of R&D, as a special advisor to assist with evolving ALK's innovation model [3] - ALK is a global specialty pharmaceutical company focused on allergy, involved in the entire value chain of developing, sourcing, producing, and marketing products for diagnosing and treating respiratory allergies and severe allergic reactions [5]

Core Insights - Brunel International N.V. reported a resilient performance in Q4 2025, with revenue and underlying EBIT stabilizing compared to Q3, reflecting improved operations in Europe and global business [4][7] Q4 2025 Key Points - Revenue for Q4 2025 was EUR 300.4 million, down 10% year-on-year and down 4% organically [9] - Gross profit for Q4 was EUR 52.8 million, down 15% year-on-year and down 11% organically [9] - Underlying EBIT for Q4 was EUR 11.6 million, down 20% year-on-year and down 15% organically, indicating stabilization compared to previous quarters [9] - Operating costs in Q4 were reduced to EUR 41.2 million, improving 13% year-on-year and 9% organically [9] - A cost savings program was expanded from EUR 10 million to a EUR 20 million annual target, with part of the savings to be reinvested in sales and recruitment capabilities [5][9] FY 2025 Key Points - Total revenue for FY 2025 was EUR 1,217.7 million, down 11% year-on-year and down 7% organically, reflecting a challenging market environment [9] - Gross profit for FY 2025 was EUR 218.1 million, down 17% year-on-year and down 14% organically [9] - Underlying EBIT for FY 2025 was EUR 38.2 million, down 35% year-on-year and down 26% organically [9] - Underlying operating costs for FY 2025 were reduced to EUR 179.9 million, improving by EUR 24.6 million or 12% versus the prior year [9] - Free cash flow for FY 2025 was EUR 8.7 million, down 88% from EUR 74.6 million in 2024 [9] - Earnings per share for FY 2025 were EUR 0.06, down 90%, with a proposed dividend of EUR 0.06 per share and an additional super dividend of EUR 0.29 per share [9] Strategic Outlook - The company anticipates additional efficiency gains through digital and AI-driven solutions, with a broader rollout of new recruitment and contracting tools planned for 2026 [6][7] - A strategy update is scheduled for presentation on 12 May 2026, aimed at aligning with current market dynamics and technological developments [4][7]

Core Insights - Umicore achieved solid financial results in 2025, with revenues of €3.6 billion, an increase of 3% compared to 2024, and a strong performance in its foundation businesses [6][9] - The company launched its CORE strategy in March 2025, focusing on reinforcing leadership in foundation businesses and restoring value in battery materials [3][8] - Adjusted EBITDA rose by 11% to €847 million, with a margin of 24.0%, while adjusted EBIT increased by 21% to €579 million [6][9] Business Performance - The Battery Materials Solutions segment generated revenues of €436 million, up 11% year-on-year, driven by new customer programs and take-or-pay compensation [12] - The Catalysis Business Group maintained stable revenues of €1,668 million, with adjusted EBITDA at €450 million, reflecting a 4% increase [12] - The Recycling Business Group's revenues reached €947 million, a 5% increase from 2024, with adjusted EBITDA stable at €371 million [12] Financial Metrics - Adjusted net profit (Group share) for 2025 was €288 million, with an adjusted EPS of €1.20 [6] - The company maintained a net debt of €1.4 billion, resulting in a net debt to LTM adjusted EBITDA ratio of 1.60x [9] - Return on Capital Employed (ROCE) was reported at 15.7%, reflecting improved earnings and capital discipline [9] Strategic Focus - Umicore plans to continue its mid-term strategy in Battery Cathode Materials while navigating a volatile market [11] - The company emphasizes rigorous capital allocation and efficiency measures to enhance cash generation [10][11] - Investments in digitalization and artificial intelligence capabilities are expected to increase corporate costs in 2026 [16] Outlook - The company anticipates sustained top-line momentum in Specialty Materials in 2026, supported by demand for germanium products and a favorable cobalt price environment [15] - Umicore expects to make a final investment decision on expanding its hydrometallurgical flowsheet in the Precious Metals Refining unit in the second half of 2026 [16] - The company remains resilient amid geopolitical uncertainties, leveraging its diversified portfolio and technology leadership [17]

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]