Core Viewpoint - The company reported a financial turnaround in Q4 2025, with improved cash flow and profitability in the Mediterranean ferry network, which is expected to continue into 2026 [2][3]. Financial Performance - Revenue for Q4 2025 was DKK 7,303 million, a 1% increase from DKK 7,196 million in Q4 2024. For the full year 2025, revenue reached DKK 30,947 million, up 4% from DKK 29,753 million in 2024 [1]. - EBITDA decreased by 5% to DKK 705 million in Q4 2025 and fell 16% to DKK 3,743 million for the full year [1]. - EBIT showed a significant decline of 65%, dropping to DKK -62 million in Q4 2025 and to DKK 520 million for the full year [1]. - Adjusted free cash flow increased by 168% to DKK 440 million in Q4 2025 and rose 24% to DKK 1,184 million for the full year [1]. Cost Management - A cost reduction program of DKK 300 million was initiated in November 2025, with the first phase completed by parting ways with around 400 employees, resulting in a redundancy cost of DKK 97 million reported in Q4 2025 [4][5]. Outlook for 2026 - Revenue in 2026 is expected to be around the same level as in 2025, with EBIT projected to be between DKK 800 million and DKK 1,100 million [10]. - The debt-to-earnings ratio (NIBD/EBITDA) is anticipated to decrease to below 4.0x by the end of 2026 and below 3.5x by the end of 2027, with a revised financial leverage target of 2.5-3.5x [8]. Capital Distribution - The Board of Directors proposed no capital distribution to shareholders for 2025 to prioritize deleveraging the capital structure [9].

Core Insights - Nilfisk demonstrated resilience in a challenging macroeconomic environment, achieving organic growth of 0.2% in 2025 and improving its cost position significantly [1][3] Financial Performance - Revenue for 2025 was reported at 996.3 million EUR, reflecting a decline of 3.1% due to negative foreign exchange effects and the divestment of the US high-pressure washer business [2][3] - The gross margin stood at 42.0%, slightly down from 42.2% in 2024, impacted by increased tariffs but supported by operational improvements [2][4] - EBITDA before special items was 129.2 million EUR, with an EBITDA margin of 13.0%, down from 13.6% in the previous year [2][4] - Operating profit (EBIT) before special items was 67.4 million EUR, with an EBIT margin of 6.8%, compared to 7.4% in 2024 [2] Regional Performance - EMEA and APAC regions reported positive organic growth of 2.3% and 3.9%, respectively, driven by strong commercial execution and market share gains [5] - The Americas region faced challenges with organic growth of -4.9%, primarily due to a negative backlog effect, although adjusted growth was 4.9% when accounting for this backlog [5] Strategic Initiatives - The company continued to implement structural efficiency initiatives, including production consolidations and cost reduction programs, leading to a more competitive cost base [6] - Ongoing discipline in working capital and strategic portfolio actions, such as the divestment of the US high-pressure washer business, are expected to enhance financial resilience and positively impact emissions [6] Future Outlook - For 2026, Nilfisk anticipates organic revenue growth between -1% and 2%, with an EBIT margin before special items projected to be in the range of 7.0% to 9.0% [7]

Core Insights - Orange has launched a new strategic plan titled "Trust the future," focusing on sustainable value creation and profitable growth, with an emphasis on cash flow generation compared to the previous plan [1][4][19] Financial Guidance - For 2026, the expected EBITDAaL is approximately 3% with an organic cash flow target of around €4 billion, and a dividend of €0.79 payable in 2027 [1][20] - By 2028, the Group anticipates EBITDAaL to grow at a CAGR of approximately 3% from 2025 to 2028, with organic cash flow reaching about €5.2 billion [1][19] - The eCAPEX/sales ratio is projected to decrease to around 14% by 2028, while maintaining a net debt to EBITDAaL ratio of approximately 2x in the medium term [1][20] Strategic Ambitions - The strategy is built around three key ambitions: Customer intimacy, Innovative growth, and Excellence at scale [4][6][19] - Customer intimacy aims to enhance relationships with the 340 million customer base, reducing churn and improving loyalty [6][10] - Innovative growth focuses on expanding profitable services beyond connectivity, targeting an additional €1 billion in revenue by 2028 [7][10] - Excellence at scale leverages the Group's size for technological leadership and operational efficiency [9][12] Market Focus - In France, the Group is transitioning to a full fiber network while implementing efficiency measures to counteract declining copper-related revenues [3][13] - The Africa and Middle East regions are expected to see high single-digit revenue growth, with a similar growth rate anticipated for EBITDAaL [14] - In Europe, low single-digit growth in service revenues and EBITDAaL is expected, with a disciplined approach to CAPEX [15] Operational Efficiency - The Group plans to achieve €1 billion in savings through enhanced operational efficiency, particularly in procurement [12] - AI deployment will be expanded across operations, targeting €600 million in value generated from AI by 2028 [12][19] Shareholder Returns - The Group is committed to maintaining an attractive remuneration policy, with a progressive dividend growth strategy and a new floor set at €0.85 for 2028 [1][20] Commitment to Society and Environment - Orange aims to extend digital trust and provide free digital training to 6 million people by 2030, while also committing to a 45% reduction in greenhouse gas emissions by 2030 [22][24]

Core Insights - Amundi has received regulatory approval to appoint Vincent Mortier as a Non-Executive Director on the Board of ICG, effective 31 March 2026 [3] - Following this appointment, Amundi will consolidate its stake in ICG using the equity method starting from the same date [3] - Amundi currently holds a 4.64% stake in ICG and plans to increase its economic interest to 9.9% through the issuance of non-voting shares by ICG [4] Company Overview - Amundi is the leading European asset manager and ranks among the top 10 global players, managing nearly €2.4 trillion in assets [5] - The company offers a comprehensive range of savings and investment solutions to 200 million clients, including retail, institutional, and corporate clients [5] - Amundi operates six international investment hubs and employs 5,600 staff across 34 countries, emphasizing responsible investment [6]

Core Insights - Hiab Corporation has published its 2025 annual report and financial statements, covering the financial year from January 1 to December 31, 2025 [1] Group 1: Financial Overview - The report includes an annual review, financial review, corporate governance statement, and remuneration report [2] - The financial review features the Board of Directors' report, which includes a sustainability statement compiled according to the European Sustainability Reporting Standards (ESRS) [2] - Hiab's total sales in 2025 amounted to approximately EUR 1.6 billion [5] Group 2: Reporting Standards and Compliance - Hiab's financial statements are published in accordance with European Single Electronic Format (ESEF) requirements, with the Board of Directors' report and consolidated financial statements available as an XHTML file [3] - The primary financial statements have been tagged with XBRL tags, and the notes to the financial statements have XBRL block tags [3] - Ernst & Young Oy provided an independent auditor's reasonable assurance report on Hiab's ESEF consolidated financial statements and a limited assurance report on the sustainability statement [3] Group 3: Company Profile - Hiab is a leading provider of smart and sustainable on-road load-handling solutions, with a commitment to delivering the best customer experience [5] - The company operates globally with a network of 3,000 sales and service locations, enabling delivery to over 100 countries [5] - Hiab employs approximately 4,000 people [5]

Core Insights - Bigbank achieved record high loans to customers of 2.7 billion euros, increasing by 127 million euros (+5%) quarter-on-quarter and 511 million euros (+23%) year-on-year, driven by business and home loan products [1][11] - The total deposit portfolio grew to 2.9 billion euros, with a quarterly increase of 152 million euros (+6%) and an annual increase of 486 million euros (+20%) [2][11] - The net profit for 2025 reached 37.9 million euros, a growth of 5.6 million euros compared to 2024, reflecting a 17% increase [3][11] Loan Portfolio - The business loan portfolio increased by 90 million euros (+10%) to 1.0 billion euros, while the home loan portfolio rose by 47 million euros (+6%) to 820 million euros [1] - The consumer loan portfolio decreased by 24 million euros (-3%) to 854 million euros, primarily due to the sale of a 20 million euro portfolio from the Swedish branch [1] Deposit Portfolio - The term deposit portfolio grew by 86 million euros (+7%) to 1.4 billion euros, and the savings deposit portfolio increased by 54 million euros, also reaching 1.4 billion euros [2] - Current accounts increased by 11 million euros to 20 million euros, with new offerings for corporate customers in Estonia [2] Financial Performance - Interest income for Q4 was 46.9 million euros, an increase of 3.5 million euros (+8%) year-on-year, while interest expense decreased by 0.8 million euros (-4%) [4] - Net interest income rose by 4.3 million euros (+18%) to 27.5 million euros for Q4, and full-year net interest income increased by 3.8 million euros (+4%) to 106.2 million euros [4] Credit Quality - The net expected credit loss allowances decreased by 1.0 million euros year-on-year to 3.6 million euros in Q4, with a 50% reduction for the full year [5] - The volume of stage 3 loans was 118 million euros, accounting for 4.3% of the total loan portfolio, showing a decrease in risk [5] Team and Operational Growth - The number of staff increased by 26 during Q4 and by 79 during the year (+14%), reaching a total of 639 employees [6] - Salary expenses rose to 10.0 million euros in Q4, exceeding the previous year's figure by 1.7 million euros (+20%) [6] Investment Property - The investment property portfolio increased to 84.7 million euros, reflecting a growth of 2.4 million euros during Q4 and 18.3 million euros during the year [7] Equity and Capital Position - Bigbank's equity reached an all-time high of 299.4 million euros, with a return on equity (ROE) of 13.3%, up by 0.8 percentage points from 2024 [8] - The group successfully completed a public Tier 2 bond issue and direct placements of Additional Tier 1 (AT1) instruments, enhancing stability [14] Everyday Banking Services - Bigbank expanded its everyday banking capabilities, launching current account services for retail and corporate customers and introducing a new mobile app [12][13] - By the end of 2025, Bigbank served over 19,000 current account customers across the Baltics, indicating strong customer growth [13]

Core Insights - ForFarmers achieved a record year in 2025 with a total feed volume of 10.6 million tonnes and a net profit increase of 52.5% [1] - The company experienced significant growth due to favorable market conditions, including low raw material prices and high selling prices for milk, eggs, and meat [1] - Strategic initiatives, such as the joint venture with KPS in Poland and the integration of Van Triest, have strengthened ForFarmers' market position [1] Financial Performance - Total volume increased by 18.0% compared to 2024, with a like-for-like growth of 1.0% when excluding acquisitions [6] - Gross profit rose by 17.9% to €611.2 million, contributing to a 44.7% increase in underlying EBITDA to €145.9 million [6] - Underlying net profit attributable to shareholders increased by 52.5% to €61.9 million, with strong net cash flow from operating activities of €148.3 million [6] Market Position and Strategy - ForFarmers is a leading player in Europe with production operations in the Netherlands, Germany, Poland, and the UK, and exports to various countries [5] - The company is focused on strengthening the Dutch poultry value chain through investments and acquisitions [6] - The recent joint venture with KPS Food Group is expected to significantly enhance ForFarmers' position in the growing Polish poultry market [6] Sustainability and Future Outlook - The company is making good progress on CO2 reduction and increasing the share of co-products [6] - Despite volatile market conditions and geopolitical uncertainties, the company remains optimistic about growth opportunities in the European agricultural sector [1]

Company Overview - argenx is a global immunology company focused on improving the lives of individuals suffering from severe autoimmune diseases [3] - The company is known for developing and commercializing the first approved neonatal Fc receptor (FcRn) blocker, with ongoing evaluations of its potential in various serious autoimmune diseases [3] Upcoming Events - argenx will host a conference call and audio webcast on February 26, 2026, at 2:30 PM CET (8:30 AM ET) to discuss its full year 2025 financial results and provide a fourth quarter business update [1] - The live call can be accessed via the Investors section of the argenx website, with a replay available for approximately one year following the presentation [2] Contact Information - Media inquiries can be directed to Ben Petok at bpetok@argenx.com [4] - Investor relations can be contacted through Alexandra Roy at aroy@argenx.com [4]

Core Insights - Nestlé reported a positive performance in 2025, achieving a real internal growth (RIG) of 0.8% and organic growth of 3.5%, despite a challenging external environment [2][4][29] - The company is accelerating its strategic focus on four core businesses: Coffee, Petcare, Nutrition, and Food & Snacks, which together account for approximately 70% of sales [3][8][16] - Nestlé's financial performance included a free cash flow of CHF 9.2 billion and a proposed dividend increase to CHF 3.10 per share, reflecting a commitment to shareholder returns [4][43][44] Financial Performance - Total reported sales decreased by 2.0% to CHF 89.5 billion, with a gross profit margin of 45.6%, down 110 basis points from the previous year [4][33][41] - Underlying trading operating profit (UTOP) was CHF 14.4 billion, a decrease of 8.4%, with a UTOP margin of 16.1% [4][36] - Net profit fell by 17.0% to CHF 9.0 billion, with basic earnings per share decreasing to CHF 3.51 [4][41] Strategic Focus - The company is prioritizing RIG-led growth and expanding its high-potential growth platforms to represent 30% of sales, supported by an additional CHF 0.6 billion investment in 2026 [3][19][28] - Nestlé is simplifying its organizational structure to enhance local accountability and drive efficiencies, with a target of CHF 1 billion in annual savings by 2027 [21][22][26] - The integration of Nutrition and Nestlé Health Science into a single business aims to strengthen category leadership and drive synergies [8][17] Market Trends - Organic growth in developed markets was 2.3%, while emerging markets saw a higher growth rate of 5.4%, indicating a robust performance across various regions [32][51] - E-commerce sales grew by 13.5%, reaching 20.5% of total Group sales, highlighting the importance of digital channels in driving growth [32][82] - The company experienced significant improvements in market share trends, with billionaire brands showing positive growth for the first time in over a decade [30][31] Cost Management - Nestlé's Fuel for Growth program exceeded its savings target, achieving CHF 1.1 billion in savings, which supported margin delivery despite inflationary pressures [35][36] - The company is focused on optimizing working capital and capital expenditures, with a disciplined approach to cash generation and capital allocation [23][24] Future Guidance - For 2026, Nestlé expects organic growth to be in the range of 3% to 4%, with RIG anticipated to accelerate, despite potential impacts from the infant formula recall [10][14][28] - The UTOP margin is expected to improve compared to 2025, with free cash flow projected to exceed CHF 9 billion [14][28]

Core Insights - Kinepolis reported solid results for 2025 despite a challenging environment, with a revenue decline limited to -2.3% and a visitor drop of -5.8% compared to the previous year [1] - The adjusted EBITDAL for 2025 was € 128.2 million, reflecting a decrease of -3.4%, while the adjusted net result remained nearly unchanged from 2024 [1] - Excluding negative currency effects, revenue decline was only -0.3%, amounting to € 576.6 million, with adjusted EBITDAL at € 130.2 million, down -1.9% [1] - The start of 2026 is promising due to successful films and strategic acquisitions, positioning Kinepolis well for future growth [1] Financial Performance - Revenue decline of -2.3% in 2025, with a visitor decrease of -5.8% [1] - Adjusted EBITDAL of € 128.2 million, down -3.4% [1] - Adjusted net result remained stable compared to 2024 [1] - Revenue excluding currency effects declined by -0.3% to € 576.6 million [1] - Adjusted EBITDAL excluding currency effects was € 130.2 million, down -1.9% [1] Strategic Developments - Successful refinancing with a new € 160 million revolving credit facility and a public bond issuance of € 150 million [6] - Commitment to premiumization with the addition of new IMAX screens, ScreenX, and Laser ULTRA auditoriums [6] - Renovation of several cinemas, including locations in France and Canada [6] - Acquisition of US-based Emagine Entertainment to enhance market presence [6] - Transition to sustainable laser projection with 75% of screens equipped [6]