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 Viewpoint - Nacon has requested a temporary suspension of trading in its shares on Euronext Paris due to significant liquidity issues stemming from its majority shareholder's inability to repay bonds, necessitating a financial restructuring [1][2][3][4]. Group 1: Trading Suspension - The company has requested Euronext Paris to suspend trading in its shares (ISIN: FR0013482791) effective from market opening on February 20, 2026 [1][4]. - The suspension will remain in effect until further notice, which is expected to be published in the coming days [4]. Group 2: Financial Situation - Nacon's majority shareholder, Bigben Interactive, announced it cannot proceed with a partial repayment of €43 million to bondholders, impacting Nacon's operations [2]. - The company is facing a liquidity crisis that requires immediate financial restructuring with creditors to ensure operational continuity [3]. Group 3: Company Overview - Nacon, established in 2019, is part of the Bigben group and focuses on the video game market, leveraging expertise from 16 development studios and a strong distribution network [5]. - The company reported IFRS revenue of €167.9 million and an operating profit of €1.1 million for the fiscal year 2024/2025 [5].

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 Viewpoint - Bigben Interactive has requested a temporary suspension of trading in its shares and bonds due to financial difficulties stemming from a refusal by its banking pool to respond to a drawdown notice related to the refinancing of its exchangeable bonds [1][2][3][4]. Group 1: Financial Situation - The company was unable to proceed with a partial repayment of outstanding bonds amounting to EUR 43 million, which was originally scheduled for 19 February 2026 [2]. - In response to its financial difficulties, the company has initiated discussions with its main creditors and financial partners to ensure business continuity and restructure its debt [3]. - The company is considering procedures for debt restructuring under the supervision of the Commercial Court [3]. Group 2: Trading Suspension - Trading in Bigben Interactive's shares on Euronext Paris and its bonds on Euronext Access Paris has been suspended as of market opening on 20 February 2026 [1][4]. - The liquidity contract on Bigben Interactive's shares has also been suspended [4]. Group 3: Company Overview - Bigben Interactive is a European player in video game publishing, mobile and gaming accessories, and audio-video products, with a revenue of €288 million for the fiscal year 2024-25 [5]. - The company employs more than 1,300 individuals and is listed on Euronext Paris, Compartment B [6].

Company Overview - BW Offshore specializes in innovative floating production solutions and operates a fleet of Floating Production Storage and Offloading (FPSO) units, with ambitions for growth [3] - The company has approximately 900 employees and is publicly listed on the Oslo stock exchange [3] Upcoming Financial Results - BW Offshore will release its Q4 2025 results on February 27, 2025, at 07:30 CET [1] - A conference call will be hosted by CEO Marco Beenen and CFO Ståle Andreassen on the same day at 09:00 CET, which will include a Q&A session [1] Conference Call Details - The presentation can be followed via a webcast with supporting slides and a Q&A module, available on the company's website [2] - There may be a 30-second delay when following the webcast compared to the main conference call, and it is recommended to use an updated browser, preferably Chrome [2]

Core Insights - The company reported a slight decline in sales for FY 2025, with total sales of €27,283 million, down 0.3% year-over-year, but like-for-like (LFL) sales grew by 4.5% driven by positive volume/mix and pricing strategies [2][9][10] - Recurring operating income increased by 3.0% to €3,665 million, with a recurring operating margin improvement of 44 basis points to 13.4% [2][19] - The company generated strong free cash flow of €2,799 million, although this was a decrease of 6.8% compared to the previous year [2][21] Financial Performance - FY 2025 sales were €27,283 million, with LFL sales growth of 4.5%, attributed to a 2.7% increase in volume/mix and a 1.8% increase in price [5][9] - Recurring net income attributable to the Group increased by 5.0% to €2,461 million, while total net income decreased by 9.7% to €1,825 million due to non-recurring expenses [2][20] - Recurring diluted EPS rose by 4.6% to €3.80, while reported EPS fell by 10.1% to €2.82 [2][20] Operational Highlights - The company experienced strong sales momentum across all categories and geographies, particularly in China, North Asia & Oceania, and Europe [4][5] - Q4 2025 sales were €6,684 million, reflecting a 4.7% increase LFL, driven by strong volume/mix and pricing [8][10] - The company proposed a dividend of €2.25 per share, up 4.7% from the previous year, reflecting confidence in future performance [23] Strategic Initiatives - The company is focused on reshaping its portfolio, enhancing capabilities in U.S. Medical Nutrition, and advancing microbiome science and digitalization [6][4] - The 2026 guidance aligns with mid-term ambitions, expecting LFL sales growth between 3% and 5%, with recurring operating income anticipated to grow faster than sales [26][7] - The company has been recognized for its sustainability efforts, achieving CDP 'Triple A' List and B Corp certification [5][32]

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]

Core Viewpoint - Air Liquide reported a recurring operating income of 5.58 billion euros for 2025, slightly exceeding analyst expectations of 5.56 billion euros, driven by efficiencies, pricing management, and dynamic asset portfolio management [1][1][1] Financial Performance - The recurring operating profit increased from 5.39 billion euros in 2024 to 5.58 billion euros in 2025, reflecting a positive growth trend [1][1][1] - Analysts from Vara Research had anticipated a sales figure of 5.56 billion euros on average, indicating that Air Liquide's performance was above market expectations [1][1][1] Business Operations - The company specializes in supplying industrial gases such as oxygen, nitrogen, and hydrogen to various sectors, including factories and hospitals, highlighting its critical role in industrial operations [1][1][1] - The growth in operating income is attributed to effective pricing strategies particularly in the Industrial Merchant unit, showcasing the company's ability to manage costs and optimize revenue streams [1][1][1]

Industry Overview - Diners are shifting from higher-priced fast food to full-service restaurants as households reconsider their spending habits, leading to a significant rotation in restaurant traffic [1] - The casual dining segment is gaining market share, although steakhouses are still pressured by high beef prices, which are expected to slow down in the latter half of the year, potentially benefiting margins by late 2027 [2] Company Performance: Texas Roadhouse - Texas Roadhouse operates over 600 steakhouses and has shown consistent traffic, outperforming rivals [3] - In the most recent quarter, same-store sales increased by 6.1%, with guest counts up by 4.3%, attributed to a disciplined strategy avoiding aggressive discounting [4] - Restaurant-level margins declined by nearly 170 basis points due to higher beef prices and labor-cost inflation, but management expects easing inflationary pressures in the latter half of the year [5] - The company plans to open 35 new locations in 2026, with a current valuation reflecting some margin recovery, trading at 28 times forward earnings [6] Company Performance: Darden Restaurants - Darden Restaurants operates over 2,100 locations, including brands like Olive Garden and LongHorn Steakhouse, and has seen shares rise by about 11% following a 4.3% comps growth in Q2 2026 [8] - LongHorn Steakhouse reported a stronger performance with comps rising by 5.9%, capturing market share from more expensive steakhouses [9] - Darden's scale allows it to maintain competitive pricing, keeping prices around 320 basis points below inflation at LongHorn, providing a competitive edge [9] Company Performance: Brinker International - Brinker International, which owns over 1,600 restaurants including Chili's, has seen its stock rise 60% since November lows, with Chili's reporting 8.6% comps growth in January [10] - The growth is driven by budget-friendly offerings like the 3 for Me platform, attracting cost-conscious diners [12] - Brinker is increasing its advertising to emphasize its value over fast-food competitors, trading at around 15 times this year's earnings estimates, making it the best value among the three chains discussed [13]

Core Insights - ALK's full-year results for 2025 exceeded expectations, driven by strong Q4 performance and ongoing commercial momentum [1] - The company anticipates sustained organic revenue growth of 11-15% and an EBIT margin of around 25% by 2026, aligning with long-term targets [1][14] - A dividend payment of DKK 355 million, approximately 30% of net profit after tax, is recommended to reward shareholders [1][6] Financial Performance - Q4 2025 revenue reached DKK 1,733 million, a 17% increase compared to the previous year, while full-year revenue grew by 15% to DKK 6,312 million [3][4] - EBIT for Q4 increased by 88% to DKK 387 million, with a margin of 22%, and for the full year, EBIT rose by 53% to DKK 1,654 million, achieving a margin of 26% [3][4] - Free cash flow was positive at DKK 1,432 million, significantly improved from a negative DKK 204 million the previous year [4] Product Performance - Tablet sales increased by 15% to DKK 910 million in Q4, with notable growth in Europe and North America [4] - Sales of SCIT/SLIT drops rose by 11% to DKK 607 million, while anaphylaxis and other products saw a 50% increase to DKK 216 million [4] - Pediatric launches of ACARIZAX and ITULAZAX exceeded expectations, with strong prescriber adoption [5] Strategic Outlook - The company plans to continue double-digit revenue growth and higher earnings in 2026, with a focus on treating more patients with AIT and anaphylaxis products [7][8] - The EBIT margin may experience slight pressure due to a decline in gross margin, offset by higher partner-related sales at lower margins [8] - Ongoing partnerships and clinical trials are expected to contribute positively to future growth [5]