Group 1 - Sampo plc has conducted share buybacks totaling 213,473 shares on 28 January 2026, with an average purchase price of EUR 9.32 per share [1] - The share buyback program, announced on 5 November 2025, has a maximum limit of EUR 150 million and is in compliance with the Market Abuse Regulation [1] - As of the latest transactions, Sampo plc owns a total of 14,657,112 A shares, representing 0.55% of the total shares outstanding [2]

Core Insights - The company reported a Q4 sales growth of 13.3% at constant exchange rates (CER) and a business earnings per share (EPS) of €1.53, reflecting strong performance driven by new medicines and Dupixent [1][2]. Sales Performance - In Q4 2025, net sales reached €11.3 billion, marking a 7.0% increase year-over-year at actual exchange rates and a 13.3% increase at CER [5]. - For the full year 2025, net sales totaled €43.6 billion, with a 6.2% increase at actual exchange rates and a 9.9% increase at CER [5]. Earnings Performance - Business EPS for Q4 2025 was €1.53, up by 16.8% at actual exchange rates and 26.7% at CER [5]. - The full year 2025 business EPS improved to €7.83, reflecting a 10.0% increase at actual exchange rates and a 15.0% increase at CER [5]. Product Developments - The company launched three new medicines and vaccines in 2025, contributing to sales growth [3]. - Dupixent sales increased by 32.2% to €4.2 billion, while pharmaceutical launches increased sales by 49.4%, reaching €1.1 billion [4]. Regulatory Approvals and R&D - The company obtained ten regulatory approvals across various therapeutic areas, including immunology and rare diseases [4]. - Research and Development expenses reached €2.3 billion, up by 6.6%, indicating continued investment in innovation [4]. Future Guidance - For 2026, the company expects sales to grow by a high single-digit percentage at CER, with business EPS anticipated to grow slightly faster than sales [2][4]. - A share buyback program of €1 billion is planned for 2026 [2]. Financial Management - The company completed a €5 billion share buyback program and proposed a dividend of €4.12, up by 5.1% [4]. - Free cash flow for Q4 2025 was €2.6 billion, reflecting a 12.7% increase [5].

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 Insights - ASML is the only company globally producing extreme ultraviolet (EUV) lithography machines, holding a 90% market share in the lithography sector, and is expected to monopolize next-generation EUV technology [4][5][9] - The company's recent earnings report showed bookings exceeding analyst expectations, with EUV systems contributing significantly to its revenue [5][10] - ASML's advanced lithography machines are essential for the production of semiconductors, particularly for AI applications, with 99% of semiconductors being produced using ASML technology [5][10] Company Performance - ASML's net bookings for the fourth quarter of 2025 reached 13.2 billion euros, with EUV systems accounting for 7.4 billion euros [10] - The company sold 48 EUV systems in 2025, generating 11.6 billion euros in revenue [10] - ASML's share price increased by 36% last year and has surged another 32% since the beginning of 2023, reaching a valuation of half a trillion dollars [12] Market Dynamics - The price of ASML's advanced high NA EUV machines ranges from 320 million to 400 million euros, while the low NA EUV is priced around 220 million euros [11] - Companies like TSMC, Intel, and Samsung are currently experimenting with high NA EUV technology, which is expected to enter high-volume manufacturing by 2027-2028 [11][12] - Analysts predict continued stock price growth for ASML, with expected net sales for 2026 projected between 34 billion and 39 billion euros, surpassing the 32.7 billion euros achieved in 2025 [12]

Core Viewpoint - Airbus anticipates that airlines in India will operate 2,250 commercial jets over the next decade, fueled by strong economic growth, a growing middle class, and an increase in first-time flyers [1] Group 1: Market Growth - The Indian airline market is expected to see significant expansion, with the projected number of commercial jets indicating robust demand [1] - Economic resilience in India is a key driver for this growth, suggesting a favorable environment for airline operations [1] Group 2: Demographic Factors - The expanding middle class in India is contributing to increased air travel, which is essential for the growth of the aviation sector [1] - A surge in first-time flyers is also expected to boost demand for commercial jets, highlighting a shift in consumer behavior towards air travel [1]

Market Overview - The S&P 500 is showing minimal movement, up just one point and currently below the 7,000 level [1] - The Russell 2000 index is down 14 points, indicating a mixed market performance [1] Earnings Reports - Major earnings reports are expected from Microsoft, Meta, and Tesla, with IBM also reporting later [2][3] - These companies are significant market movers, and their revenue performance will be closely monitored, especially in relation to their AI investments [3] Sector Analysis - The communication services sector is anticipated to deliver its fourth consecutive year of double-digit earnings growth, trading at 19 times this year's earnings, which is relatively cheaper than the broader tech market [5] - Increased advertising spending and AI efficiency are expected to benefit this sector [5] - T-Mobile and AT&T are highlighted as strong performers within communication services, with AT&T gaining 5% following its earnings report [6] Financial Sector Insights - The financial sector, particularly banks, is viewed positively due to potential increases in M&A and IPO activity as deregulation progresses [7] - The introduction of digital asset market structures could lead to innovative products and earnings growth for financial companies [8] - Despite recent underperformance, the financial sector is seen as an opportunity for investment [9] Streaming Services - Netflix continues to grow its subscriber base and increase advertising revenue, despite a slowdown in overall streaming growth [12] - The company is expanding its international reach and finding ways to maximize revenue per subscriber [12] Market Resilience - The market is described as resilient, with expectations of normal corrections, particularly in midterm election years [14]

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 focus is on identifying and analyzing companies that can play a significant role in current geopolitics and leverage their intellectual property to become future leaders in their sectors [1] - The investment strategy emphasizes growth companies, particularly in the mid-cap segment, with a focus on sectors such as biotechnology, computer chips, cloud technology, energy, and commodities [1] - A systematic approach will be employed, combining top-down and bottom-up analyses, including balance sheet assessments and stress tests to evaluate the safety of business models [1] - The preference is for long-term capital appreciation rather than short-term speculation [1] Sector Analysis - The primary sectors of interest include: - Biotechnology - Computer Chips - Cloud Technology - Energy - Commodities [1] Investment Strategy - The investment style is geared towards growth companies with a mid-cap bias [1] - A thorough analysis of risks surrounding business cases will be conducted [1] - Long-term capital appreciation is prioritized over short-term gains [1]

Group 1 - Deutsche Bank reported record profits in Q4 2025, with a net profit attributable to shareholders of 1.3 billion euros ($1.56 billion), exceeding analysts' forecast of 1.12 billion euros [1] - The group's revenues for the same period were 7.73 billion euros, aligning closely with the estimated 7.72 billion euros from LSEG [1] Group 2 - The CET 1 capital ratio for Deutsche Bank was 14.2% in Q4 2025, a slight decrease from 14.5% in the previous quarter, but an increase from 13.8% in Q4 2024 [2]