Group 1 - Deal talks between miners Rio Tinto and Glencore failed due to unbridgeable differences on price [1]

Core Insights - AS Tallinna Vesi reported a 5.9% increase in sales for Q4 2025, reaching €18.9 million, primarily driven by price changes related to investments [1] - The company invested €18.6 million in Q4 2025, a 15.6% increase from the previous year, with total investments for the year amounting to €56 million [1][4] - The company maintained high water quality, meeting 99.9% of quality requirements, and reported a net profit of €4.51 million for Q4 2025, an increase of €0.36 million year-on-year [3][4] Financial Performance - Revenue from water services increased by 7.3% year-on-year to €16.33 million, with a notable rise in private customer services [3] - The annual return on assets was 4.2%, with net profit margins improving to 23.84% in Q4 2025 [4][19] - The company’s gross profit for Q4 was €7.93 million, reflecting a 7.3% increase compared to the previous year [18] Operational Highlights - The company rehabilitated and constructed 45.1 kilometers of pipes, with 22 kilometers using environmentally friendly no-dig methods [8] - In wastewater treatment, significant upgrades were completed, including the installation of primary and secondary screens, with investments totaling €15.3 million in 2025 [7] - The water loss rate in the distribution network improved to 11.87%, down from 12.67% the previous year [13] Customer and Community Engagement - Over 80% of customers have been equipped with smart meters, enhancing leak detection and customer service [14] - The company participated in community events to raise awareness about the benefits of fresh tap water and environmental protection [15] - Tallinna Vesi was awarded the title of Green Company of the Year, highlighting its commitment to sustainability [16] Strategic Initiatives - The company is focused on future-proofing its infrastructure while ensuring affordable water services for consumers [6] - Ongoing projects include the reconstruction of the ozonation stage at the water treatment plant and the development of a stormwater scheme for the Mustamäe area [6][11] - The company is analyzing technologies to mitigate the impact of natural events on water supply and improve customer service [2]

Core Viewpoint - Figma's stock has experienced a significant decline since its IPO, dropping over 25% from the initial price of $33 per share, but long-term investors may still find potential for growth due to the company's revenue increases and market opportunities [1][5]. Company Performance - Figma's revenue for the first nine months of 2025 reached $752 million, reflecting a 41% increase compared to the same period in 2024 [4]. - Despite the revenue growth, Figma reported a loss of over $1 billion in the same timeframe, which is an increase from a loss of $830 million in the previous year [5]. - The company does not have a P/E ratio due to its losses, but its price-to-sales (P/S) ratio stands at 12, indicating a high valuation relative to its sales [5]. Market Potential - Figma estimates its total addressable market at $33 billion in annual revenue, suggesting significant growth potential as it generated an estimated $1.05 billion in revenue for 2025 [8]. - The average revenue growth for S&P 500 companies is estimated at 5.6% for 2025, while Figma's growth rate significantly exceeds this benchmark [8]. Financial Health - Figma generated $204 million in free cash flow in the first nine months of 2025, indicating that it has sufficient cash to sustain operations despite net losses [9]. - The company's high stock-based compensation, amounting to around $1.1 billion, contributed to its losses but also reflects its ability to generate cash [9]. Future Outlook - Figma's rapid growth and declining valuation suggest that the stock may outperform the market over the next five years, despite current challenges [10]. - The ongoing revenue increases and decreasing P/S ratio indicate that a turnaround for the stock could be on the horizon [11].

Core Insights - Danish wind farm group Orsted reported a fourth-quarter profit before depreciation, amortisation, new partnerships, and cancellation fees that was slightly below expectations [1] - The company expects core profit for 2026 to exceed 28 billion Danish crowns, equivalent to approximately $4.42 billion [1] Financial Performance - The fourth-quarter profit was reported to be slightly below market expectations, indicating potential challenges in meeting financial targets [1] - The specific figures for the fourth-quarter profit were not disclosed, but the context suggests a need for further analysis of operational efficiency and market conditions [1] Future Outlook - Orsted's forecast for core profit in 2026 is set above 28 billion Danish crowns, signaling confidence in future growth and profitability [1] - This projection may reflect anticipated developments in the renewable energy sector and the company's strategic initiatives [1]

Core Viewpoint - Karolinska Development AB's portfolio company SVF Vaccines has entered into a reverse acquisition agreement with Novakand Pharma, valued at approximately SEK 55 million, pending various approvals [1][3]. Group 1: Transaction Details - The reverse acquisition agreement allows Novakand to acquire all shares in SVF Vaccines, with payment made in newly issued shares of Novakand [1]. - SVF Vaccines shareholders will hold 66.7% of the combined company, while Novakand shareholders will hold 33.3% [3]. - The transaction is expected to be completed in the first quarter of 2026, subject to approval from an extraordinary general meeting of Novakand and regulatory authorities [1][3]. Group 2: Company Focus and Financials - Post-transaction, the combined company will concentrate on developing innovative vaccine therapies based on SVF's technology, while retaining Novakand's existing fractalkine program [4]. - The combined entity is projected to have sufficient working capital for the next 12 months, with plans for a capital raise to fund a Phase 1 study for the vaccine candidate SVF-001, estimated to cost SEK 30 million [4]. Group 3: Strategic Importance - The CEO of Karolinska Development emphasized that the stock market listing could accelerate SVF Vaccines' vaccine development, highlighting the company's commitment to supporting the capital raising process for the upcoming Phase 1 study [5]. - Karolinska Development holds a 33% ownership stake in SVF Vaccines, indicating a significant interest in the success of the combined entity [5].

South Korea's LG Energy Solution said on Friday it plans to buy the 49% stake held by Stellantis in their battery joint venture in Canada for a nominal amount of $100. ...

Core Insights - Stellantis reported estimated consolidated shipments of 1.5 million units for Q4 2025, marking a 9% year-over-year increase [2][3] - The growth was primarily driven by a significant 43% increase in North America, with additional growth in South America, the Middle East & Africa, and China, India & Asia Pacific [2][6] Shipment Performance - Consolidated shipments for Q4 2025 were 1,520 thousand units, up from 1,395 thousand units in Q4 2024, reflecting a 9% increase [3] - North America shipments rose by 127 thousand units to 422 thousand units, a 43% increase year-over-year [3][6] - Enlarged Europe saw a decline of 26 thousand units, or 4% year-over-year, due to a contracting LCV market and competitive pressures [2][6] - South America shipments increased by 18 thousand units, or 7% year-over-year, while the Middle East & Africa grew by 3 thousand units, or 2% year-over-year [6] - Shipments in China, India & Asia Pacific rose by 3 thousand units, or 20% year-over-year [6] Regional Highlights - North America’s growth was attributed to normalized inventory dynamics and a nearly 150% increase in Q4 '25 orders year-over-year, driven by new offerings from Jeep®, Ram, and Dodge brands [6] - In Enlarged Europe, the decline was primarily due to a drop in Peugeot shipments, which fell by approximately 30 thousand units [6] - The increase in South America was supported by strong demand in Brazil, while growth in the Middle East & Africa was driven by developments in Türkiye and local production in Algeria [6]

Core Viewpoint - Rosen Law Firm has announced a class action lawsuit on behalf of purchasers of Picard Medical, Inc. securities during the specified Class Period, highlighting potential investor compensation opportunities [1][2]. Group 1: Class Action Details - The class action lawsuit pertains to securities purchased between September 2, 2025, and October 31, 2025 [1]. - Investors who purchased Picard Medical securities during this period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. Group 2: Allegations Against Picard Medical - The lawsuit alleges that defendants made materially false and misleading statements and failed to disclose adverse facts about Picard's business and operations [4]. - Specific allegations include involvement in a fraudulent stock promotion scheme, use of offshore accounts for share dumping, and omission of critical information regarding false rumors and artificial trading activity [4]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company and being ranked No. 1 for settlements in 2017 [3]. - The firm has recovered hundreds of millions of dollars for investors, securing over $438 million in 2019 alone [3].

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Stellantis Resets its Business to Meet Customer Preferences and to Support Profitable Growth H2 2025 charges of approximately €22 billion primarily reflect a strategic shift to put freedom of choice – from a growing range of EVs, hybrids and advanced internal combustion engines – at the heart of the Company’s plans Preliminary financial results disclosed for H2 2025; improved Net Revenues and Industrial Free Cash Flow (IFCF). Adjusted Operating Income (AOI) & Net Income impacted by specific items This reset ...