Core Insights - The company reported a satisfactory performance in 2025, with significant customer growth and support for over a thousand claims daily during challenging times [1] - The fourth quarter performance indicates a strong finish to 2025, driven by growth in Personal Lines and a favorable underlying business trend [2] Financial Performance - The insurance service result for Q4 2025 was a profit of DKK 521 million, up from DKK 440 million in Q4 2024, with a combined ratio of 82.4, improved from 84.5 [4] - Insurance revenue increased by 4.6% to DKK 2,976 million, primarily due to a 9.8% growth in Personal Lines [4] - The underlying claims ratio decreased by 3.0 percentage points to 60.8, reflecting positive trends in both Personal and Commercial Lines [4] - The expense ratio fell to 17.1, down from 18.0, indicating a focus on reducing operating expenses [4] - The consolidated profit before tax for 2025 was DKK 2,119 million, compared to DKK 1,747 million in 2024 [4] Strategic Initiatives - Alm. Brand Foreningen 1792, the principal shareholder, plans to reinvest DKK 185 million in Alm. Brand Group for 2026, including DKK 100 million for a new loyalty program [3] - The company is set to initiate a share buyback program amounting to DKK 1.5 billion, with DKK 1.0 billion being extraordinary, expected to start in the first half of 2026 [4] Shareholder Returns - The Board of Directors recommends an ordinary dividend of DKK 0.66 per share for the 2025 financial year [4] - Total distribution expected in 2026 is DKK 2.4 billion, with the majority shareholder indicating participation in the share buybacks [4]

Core Insights - Lleida.net has been selected by Barid Al Maghrib, Morocco's national postal operator, to provide the technology for its Barid eSign electronic signature service, enabling digital document signing for citizens and businesses [1][5][6] Company Overview - Lleida.net is headquartered in Madrid and operates in over 15 countries, specializing in registered notification, electronic contracting, and digital signature services [8][9] - The company was founded in 1995 and is recognized as one of Europe's leading providers in its field, holding over 300 patents across more than 60 countries [9] Contract Details - The contract with Barid Al Maghrib is valued at €190,000 per year and includes options for up to four annual renewals, potentially extending the partnership until 2030 [2] - Lleida.net's workflow platform manages the entire lifecycle of electronic certificates, including application processing and cryptographic device configuration [3][4] Strategic Importance - The agreement signifies Morocco's commitment to digital transformation, positioning the country as a technological leader in Africa and modernizing public services [5][6] - Barid Al Maghrib, established in 1892, has expanded its services to include digital financial services and electronic certification, enhancing its role in providing electronic identity services [7]

Core Points - Nokia Corporation's Annual General Meeting is scheduled for April 9, 2026, at Finlandia Hall, Helsinki, Finland, with proposals available on the company's website [1] - Sari Baldauf will step down from the Board of Directors, and the Board proposes to maintain the number of Board members at ten [2] - The Board recommends re-election of current members and the election of Meredith Whittaker as a new member [3] - The Board proposes to keep annual fees for Board members at current levels, with approximately 40% paid in Nokia shares [6][8] - The Board seeks authorization to distribute a maximum of EUR 0.14 per share as dividends [10][11] - Deloitte Oy is proposed for re-election as the auditor and sustainability reporting assurer for the financial year 2027 [13][14] - The Board proposes to authorize the issuance and repurchase of a maximum of 550 million shares [15][18] - Other matters to be addressed include adopting the financial statements for 2025 and granting discharge from liability to Board members [19][20]

Core Insights - The company achieved a record annual result in 2025, signing a total of 176 sales contracts, which is a 36% increase from the previous year [2][36] - The sales revenue for Q4 2025 was EUR 34.9 million, significantly higher than both Q3 2025 and Q4 2024, with a net profit of EUR 5.0 million [10][39] - The company is entering 2026 with a presale portfolio of 101 homes valued at EUR 33.7 million, indicating strong future revenue potential [8][38] Sales Performance - In Q4 2025, 60 sales contracts were signed, maintaining the same level as the previous quarter and significantly higher than Q4 2024 [2][32] - The Iseära and Peakorter projects were the largest contributors to new contracts signed during the quarter [3] - The total sales revenue for the year reached EUR 49.3 million, reflecting a substantial increase from EUR 27.3 million in 2024 [10][36] Market Share and Position - Liven's market share in new sales transactions in Tallinn and adjacent municipalities was approximately 7-8% in 2025, down from 10% in 2024, but still the highest in the market [5] - The company ranked first in the reputation of real estate developers according to a Kantar Emor survey, indicating strong brand recognition [22] Financial Overview - The total assets decreased by EUR 13.7 million during Q4 2025, primarily due to the handover of completed homes [11] - The company reported a decrease in total liabilities by EUR 15.8 million, reaching EUR 62.9 million by the end of the quarter [12] - The return on equity for 2025 was 28.1%, exceeding the long-term target of 20% [39] Development Projects - The company completed and handed over 83 homes in Q4 2025, including 64 homes in the Regati I phase [9][17] - New construction projects, including the Virmalise and Iseära apartment buildings, are set to begin in 2026, expanding the development portfolio [18][19] - A new development property was acquired in Tallinn for EUR 1.1 million, with an estimated investment volume of EUR 20 million [20] Economic Environment - The 6-month Euribor stabilized at 2.14% by the end of Q4 2025, with inflation in the euro area remaining close to the ECB's target [27] - Consumer price growth in Estonia was 4.1% in Q4 2025, indicating a faster rate than the euro area [28] - A recovery in household purchasing power is expected in 2026, driven by income tax changes and wage growth [29] Future Outlook - The company forecasts a growth in the new developments market in 2026, supported by improved household financial conditions and stable interest rates [34] - The potential to hand over up to 268 homes in 2026 is anticipated, with an estimated sales revenue of EUR 86 million [37] - The company is actively seeking new properties to expand its development portfolio for the next 4-5 years [42]

Core Viewpoint EfTEN Real Estate Fund AS demonstrated resilience in a challenging economic environment by increasing its rental income and EBITDA in 2025, while also making significant investments in the elderly care and logistics segments. Financial Performance - Total consolidated rental income increased by 3% to €32.013 million in 2025 compared to 2024 [15] - Portfolio EBITDA rose by 1.3% to €20.24 million, marking a historical high for the company [5] - Free cash flow for 2025 was €13.088 million, an 18% increase from the previous year [2][24] - Consolidated net profit for 2025 was €12.235 million, down from €13.564 million in 2024 [9] Investment Activities - The Fund made new investments totaling €6.6 million in elderly care and €5.3 million in logistics during 2025 [1] - Total investments in new properties and development of existing real estate amounted to €10.676 million [12] Occupancy and Rental Income - The overall occupancy rate of the real estate portfolio was 96.8% at the end of 2025, down from 97.4% in 2024 [3] - Rental income from the elderly care segment surged by 74% to €1.4 million in 2025 [4] Financing and Debt Management - The weighted average interest rate on loans decreased from 5.82% in 2024 to 4.35% in 2025, further dropping to 3.99% by year-end [5][18] - The Fund's subsidiaries increased bank loans by €7.32 million in April 2025, with plans to refinance loans to enhance dividend capacity [16][20] Shareholder Returns - The Management Board proposed to distribute net dividends of €13.8 million (€1.2 per share) in spring 2026, an increase of 8.1% from the previous year [2][25] - The net asset value (NAV) per share was €20.32, a slight decrease of 0.25% from €20.37 in 2024 [23] Market Position - As of December 31, 2025, the Group held 37 commercial real estate investments with a fair value of €381.032 million [11] - The Fund's total assets reached €405.851 million, up from €398.763 million in 2024 [10]

Core Insights - Banqup Group SA will release its FY 2025 financial results on 26 February 2026 at 7:00 a.m. CET [1] - Following the results announcement, a webcast call will be hosted by the CEO and CFO to discuss financial and operational performance, including a Q&A session for investors and analysts [1] Company Overview - Banqup Group provides integrated cloud-based SaaS solutions aimed at streamlining business transactions throughout their lifecycle, including e-invoicing, e-payments, and tax reporting [2] - The company's solution, Banqup, consolidates various business processes such as purchase-to-pay and order-to-cash into a single secure platform, simplifying operations for businesses [2] - eFaktura World, another solution offered by Banqup Group, is designed for governments to facilitate e-invoicing and improve tax reporting flows for both B2G and B2B transactions [2]

Core Viewpoint - Ipsen has appointed Peter Guenter as a new Director on its Board, effective January 28, 2026, filling the vacancy left by Henri Beaufour [1][9]. Group 1: Appointment Details - Peter Guenter brings nearly 40 years of experience in the global pharmaceutical industry, having most recently served as CEO of Merck Healthcare from 2021 to 2025 [2]. - His previous roles include CEO at Almirall, where he focused on medical dermatology, and over 20 years at Sanofi, where he joined the Executive Committee in 2013 [2][3]. - Following this appointment, Ipsen's Board will consist of 14 directors, equally divided between men and women, including five independent directors and two employee representatives [3]. Group 2: Shareholder Meeting - A request for ratification of Peter Guenter's appointment will be presented at the next Shareholders' meeting, which will remain effective until the 2027 Shareholders' meeting [4]. Group 3: Company Overview - Ipsen is a global biopharmaceutical company focused on transformative medicines in oncology, rare diseases, and neuroscience, with nearly 100 years of development experience [5]. - The company operates in over 40 countries and partners globally to deliver medicines to more than 100 countries [5].

Core Insights - Nokia's Q4 2025 performance met expectations, with net sales growing 3% to EUR 6.1 billion and full-year operating profit of EUR 2.0 billion, slightly above guidance [4][7] - The company is focusing on long-term growth opportunities, particularly in AI and Cloud, and has simplified its operating model for better accountability and profitability [8][11] Financial Performance - Q4 2025 net sales reached EUR 6.1 billion, a 3% increase year-over-year, while full-year net sales grew 2% on a constant currency basis [4][7] - Comparable gross margin for Q4 improved by 90 basis points to 48.1%, while reported gross margin decreased by 120 basis points to 44.9% due to restructuring charges [7][14] - Full-year comparable operating profit was EUR 2.0 billion, with a free cash flow of EUR 1.5 billion, equating to a conversion rate of 72% [7][12] Business Segments - Network Infrastructure saw a 7% increase in net sales in Q4, driven by a 17% growth in Optical Networks, with strong order intake from AI and Cloud customers [5][6] - Mobile Networks net sales grew by 6% in Q4, while Cloud and Network Services experienced a 4% decline [6][12] - Nokia Technologies maintained a contracted net sales run-rate of EUR 1.4 billion, reflecting stable performance [6] Strategic Initiatives - The acquisition of Infinera has strengthened Nokia's portfolio, aligning with its strategy to leverage AI in network operations [7][9] - The company is investing in AI-native networks and 6G technologies, anticipating significant demand in these areas [10][12] Outlook for 2026 - Nokia targets a comparable operating profit of EUR 2.0 to 2.5 billion for 2026, with expectations of strong demand in Network Infrastructure [12][18] - The company anticipates net sales growth in Network Infrastructure of 6-8% CAGR, with combined IP and Optical Networks expected to grow 10-12% [20][26] - Capital expenditures are projected to be between EUR 900 million and 1 billion, primarily for manufacturing capacity and real estate renewal projects [20][21]

Core Insights - ING reported a full-year net result of €6,327 million for FY2025, driven by growth in customer balances and fee income [1] - The full-year profit before tax was €9,148 million, with a return on equity of 13.2% [1] - The fourth quarter profit before tax reached €2,095 million, marking an 18% increase year-on-year [1] Financial Performance - Total income for FY2025 was €23.0 billion, supported by a 15% rise in fee income to €4.6 billion and commercial net interest income of €15.3 billion [2] - Lending growth was significant, with €56.9 billion in total lending, more than double the previous year's amount [2] - Operating expenses remained stable year-on-year, reflecting cost discipline while investing in growth [1][6] Retail Banking Highlights - The mobile primary customer base increased by over 1 million to 15.4 million, contributing to a total customer base of nearly 41 million [3][5] - Lending in Retail Banking rose by €38.6 billion, primarily from €28.5 billion in mortgage growth and €6.6 billion in Business Banking [3] - Deposits increased by €30.1 billion, indicating strong customer trust [3] Wholesale Banking Highlights - Lending volumes in Wholesale Banking grew by €18.3 billion, driven by demand in corporate lending and Working Capital Solutions [4] - Deposits in Wholesale Banking increased by €8.0 billion, mainly in cash pooling and Financial Markets [4] - Fee income in Wholesale Banking rose by 9%, reflecting ongoing investment in expanding capabilities [4] Future Outlook - The company has a strong outlook for 2026 and has upgraded its outlook for 2027, with a return on tangible equity (ROTE) forecasted to exceed 14% for 2026 and 15% for 2027 [5][8] - The CET1 ratio stood at 13.1%, and a proposed final dividend of €0.736 per share was announced [5] - Sustainable volume mobilized reached €166 billion for the full year, a 28% increase year-on-year, highlighting the company's commitment to sustainability [7]

Company Overview - Xsolla SPAC 1 is a newly organized special purpose acquisition company incorporated as a Cayman Islands exempted company, aimed at effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses [5] - The company has not yet selected a specific business combination target and has not engaged in substantive discussions with any potential targets [5] Initial Public Offering (IPO) Details - The company announced the pricing of its initial public offering of 20,000,000 units at an offering price of $10.00 per unit, with each unit consisting of one Class A ordinary share and one-half of one redeemable warrant [1] - Each whole warrant will entitle the holder to purchase one Class A ordinary share at $11.50 per share, and the units are expected to trade on Nasdaq under the ticker symbol "XSLLU" starting January 29, 2026 [1] - The offering is expected to close on January 30, 2026, subject to customary closing conditions [1] Underwriting and Additional Options - D. Boral Capital LLC is acting as the sole book-running manager for the offering and has been granted a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments [2] Regulatory Information - A registration statement on Form S-1 relating to the securities sold in the IPO was declared effective by the U.S. Securities and Exchange Commission on January 28, 2026 [3] - The offering is being made only by means of a prospectus, which will be available through the SEC's website or from D. Boral Capital LLC [3]