Core Insights - FirstFarms reported an unsatisfactory interim result for the first nine months of 2025, with a loss of -6 million DKK, primarily due to low prices and the impact of foot and mouth disease (FMD) on milk production [1][5][10] Financial Performance - The turnover for the period decreased by 13%, attributed to a lack of milk sales and lower pig prices [3][10] - The result before tax was -5 million DKK, down from a profit of 13 million DKK in the previous year, largely due to FMD and negative value adjustments on the pig herd [3][10] - EBITDA for the period was 72 million DKK, down from 86 million DKK in 2024, while EBIT fell to 21 million DKK from 41 million DKK [10] Impact of Foot and Mouth Disease (FMD) - The FMD outbreak confirmed on March 30, 2025, led to significant operational disruptions, including the culling of animals and a halt in milk production [6][8] - The farm was declared free of FMD on September 24, 2025, allowing for the introduction of new animals expected in December 2025 [6][8] - The company has received insurance payouts totaling 31 million DKK, with 60% already disbursed by the end of Q3 [9][11] Future Expectations - FirstFarms has adjusted its expectations for 2025 downwards by 45 million DKK due to the FMD outbreak [9] - The company anticipates slightly increasing prices for pigs and crops for the remainder of 2025, despite a decrease in pig prices at the beginning of Q4 [11]

Core Insights - Schneider Electric's new research highlights that closed industrial automation systems are diminishing competitiveness, costing mid-sized organizations an average of $11.28 million annually, which translates to a 7.5% revenue loss [1][2][3] Cost Breakdown - The research identifies four critical cost areas for organizations: - **Operational Agility & Resilience**: $6.1 million lost annually due to inflexible hardware systems that require physical modifications for updates, with 77.4% of systems needing such changes [10] - **Optimization & Efficiency**: $2.28 million lost due to maintenance burdens and operational inefficiencies, with companies managing an average of 2 to 10 distinct industrial systems [10] - **Preventable Quality Failure and Costly Data Maintenance**: $1.2 million lost due to proprietary systems creating data silos, limiting real-time insights, with only 28% of companies accessing real-time data [10] - **Sustainability & Compliance Costs**: $1.7 million lost due to regulatory changes necessitating costly hardware retrofits [11] Industry Challenges - Traditional hardware-defined automation systems struggle to adapt to dynamic industrial demands, leading to costly technical projects and limited data access, which reduces visibility and responsiveness [4][5] - Hardware complexity results in vendor dependency, with 30% of issues requiring specialized support, exacerbating workforce efficiency challenges amid skills shortages [5] Need for Transformation - The research emphasizes the urgent need for transformation towards open, software-defined automation, which can modernize legacy systems, enhance ROI, and improve industrial competitiveness and resilience [6][9] Benefits of Open Automation - By decoupling software from hardware, manufacturers can integrate multi-vendor systems, adapt to market shifts, and improve productivity through actionable real-time data [7][8]

Core Insights - ZetaDisplay has announced the acquisition of Ubiq, a Swedish digital signage integrator, to enhance its market position and expand creative and technical capabilities [1][2][5] Group 1: Acquisition Details - The acquisition is a strategic move to strengthen ZetaDisplay's presence in the Swedish market, particularly in high street retail, quick service restaurants (QSR), and workspace customer verticals [2][5] - Ubiq brings a complementary customer base, including notable brands such as Axel Arigato, CDLP, and Wayne's Coffee, and has a growing presence in international coworking environments [2][3] Group 2: Strategic Fit and Future Collaboration - Ubiq is recognized for its design-led approach to digital signage, adding creative and technical expertise to ZetaDisplay's offerings, including a portfolio of LED installations [3][5] - ZetaDisplay plans to collaborate with Onemotion IMC and Production Republic, both subsidiaries of Ubiq's parent company WOBI AB, to leverage complementary skills in the Swedish retail market [4][6] Group 3: Company Background - ZetaDisplay, founded in 2003, is a leading player in the European digital signage market, with over 125,000 active installations across more than 50 countries [8][9] - The company has a turnover exceeding SEK 600 million and employs approximately 250 staff, positioning itself as a significant force in the global digital signage industry [10]

Core Insights - Nyxoah's Genio therapy has received significant reimbursement increases for 2026 under the final CMS rule, which is expected to enhance the commercial rollout in the U.S. [1][3] - The reimbursement for the Genio system's CPT code 64568 will rise to approximately $45,000 for Hospital Outpatient Departments (HOPD), a 48% increase from 2025, and to $42,373 for Ambulatory Surgery Centers (ASC), reflecting a 58% increase [2][3] Summary by Sections Reimbursement Changes - The final CMS rule assigns CPT code 64568 to New Technology APC 1580, which strengthens the economic foundation for therapy adoption in U.S. hospitals and ASCs [1][3] - The reimbursement increases apply uniformly to all procedures billed under CPT 64568, supporting broader adoption and increased procedural throughput [3] Therapy Expansion Opportunities - The significant increase in ASC facility payment creates new opportunities for therapy expansion and diversification of service sites [4] - The Genio system's single-incision procedure is particularly well-suited for the ASC environment, enhancing its appeal [4] Company Background - Nyxoah is focused on developing innovative solutions for Obstructive Sleep Apnea (OSA), with its lead product being the Genio system, a leadless and battery-free hypoglossal neurostimulation therapy [5][6] - The company has received various regulatory approvals, including the European CE Mark in 2019 and FDA approval in August 2025 for specific patient subsets [6]

Core Points - Sampo plc has initiated a share buyback program with a maximum value of EUR 150 million, which commenced on 6 November 2025 [1][2] - On 25 November 2025, Sampo plc acquired a total of 204,955 A shares at an average price of EUR 10.06 per share [1] - Following the transactions, Sampo plc now holds 3,290,951 A shares, representing 0.12% of the total shares outstanding [2] Summary by Sections Share Buyback Program - The share buyback program was announced on 5 November 2025 and is in compliance with the Market Abuse Regulation (EU) 596/2014 [1] - The program is based on the authorization granted by Sampo's Annual General Meeting on 23 April 2025 [1] Transaction Details - The daily buyback on 25 November 2025 included the following volumes and prices: - 4,373 shares at EUR 10.08 on AQEU - 89,771 shares at EUR 10.06 on CEUX - 25,934 shares at EUR 10.06 on TQEX - 84,877 shares at EUR 10.07 on XHEL [1] Ownership Post-Transactions - After the buybacks, Sampo plc's total ownership of A shares stands at 3,290,951, which is 0.12% of the total shares [2]

Core Points - Galapagos NV received transparency notifications from Bank of America regarding changes in voting rights ownership [1][6] - Bank of America crossed the 5% threshold of Galapagos' voting rights on November 12, 2025, and subsequently fell below this threshold on November 14, 2025 [1][6] Summary of Transactions - On November 12, 2025, Bank of America held a total of 5.26% of voting rights, which included 0.26% direct voting rights and 5.00% equivalent financial instruments [3][10] - By November 14, 2025, this total decreased to 3.43%, comprising 0.16% direct voting rights and 3.28% equivalent financial instruments [2][3] Details of Voting Rights - The notifications indicated that on November 14, 2025, Bank of America Corporation owned 103,534 voting rights and 2,159,259 equivalent financial instruments, representing 3.43% of Galapagos' 65,897,071 outstanding shares [2][6] - In the previous notification, the holdings were 168,924 voting rights and 3,295,951 equivalent financial instruments, representing 5.26% [2][3] Breakdown of Voting Rights Holders - The breakdown of voting rights holders included various entities under Bank of America, with the largest being Merrill Lynch International, which had 65,070 voting rights [5][9] - The total voting rights held by Bank of America and its affiliates were detailed, showing a significant reduction in holdings from the previous notification [5][9] Equivalent Financial Instruments - The equivalent financial instruments held by Bank of America included various types of swaps and rights, totaling 2,159,259 instruments, which accounted for 3.28% of voting rights [7][11] - The notifications provided a detailed list of the types of financial instruments and their respective expiration dates and exercise periods [7][11]

Core Viewpoint - CMB.TECH reported a profit of USD 17.3 million for Q3 2025, a significant decrease from USD 98.1 million in Q3 2024, while EBITDA increased to USD 238.4 million from USD 177.1 million year-over-year, indicating a recovery in tanker and dry bulk markets after a soft summer [4][5][6]. Financial Highlights - Revenue for Q3 2025 was USD 454.2 million, compared to USD 221.8 million in Q3 2024, with year-to-date revenue reaching USD 1.08 billion, up from USD 714.2 million in the previous year [5][6]. - The company’s contract backlog stands at USD 2.95 billion, reflecting strong future revenue potential [6]. - An interim dividend of USD 0.05 per share is proposed, expected to be paid on or about January 15, 2026 [10]. Fleet Highlights - CMB.TECH took delivery of seven new vessels in Q3 2025, including Super-Eco Newcastlemax and VLCC Atrebates, while selling two older vessels [6][14][15]. - The average daily time charter equivalent (TCE) rates for various vessel types showed mixed results, with Newcastlemax at USD 29,423/day and VLCC at USD 30,486/day for Q3 2025 [11][39]. Corporate Highlights - Changes in the Supervisory Board included the resignation of Mr. Marc Saverys and Mrs. Julie De Nul, with Mr. Carl Steen and Mrs. Gudrun Janssens appointed as new members [12][13]. - The company continues to focus on rejuvenating and decarbonizing its fleet, with ongoing sales and acquisitions of vessels [5][6]. Market & Outlook - The dry bulk market is expected to benefit from increased iron ore imports to China, despite a decrease in domestic steel production, indicating a bullish outlook for seaborne trade [19][20]. - The tanker market is supported by rising global oil supply, with OPEC+ increasing production, which may lead to improved freight rates [26][29]. - The chemical tanker market remains stable, with expectations of modest recovery in volume growth in 2026 [36][37].

Core Viewpoint - Lassila & Tikanoja Plc is undergoing a demerger, creating a new independent company focused on circular economy, named New Lassila & Tikanoja, while the existing company will be renamed Luotea Plc, focusing on facility services [1][3]. Company Overview - The demerger plan was approved on 7 August 2025, with the new company expected to be listed on Nasdaq Helsinki Ltd [1][3]. - The Capital Markets Day is scheduled for 26 November 2025, focusing on the business prospects and strategies of both New Lassila & Tikanoja and Luotea [2][4]. Business Focus and Strategy - Luotea will concentrate on facility services, providing comprehensive solutions throughout the lifecycle of buildings, emphasizing energy efficiency and smart technologies [6][7]. - The target market size for Luotea is approximately EUR 12.2 billion, with an expected annual growth rate of about 4% [8]. Financial Performance - Preliminary unaudited financial information for Luotea shows net sales of EUR 347.4 million, with an adjusted EBITDA of EUR 20.0 million and an adjusted EBITDA margin of 5.8% for the period from 1 October 2024 to 30 September 2025 [15][16]. - The company aims for an average annual organic revenue growth of 4–5% and an adjusted EBITA margin exceeding 5% in the mid-term [17]. Customer Base and Market Position - Luotea has a diverse customer base of over 6,000 clients, with a low turnover rate, and has optimized its contract portfolio to increase high-profitability contracts [10][11]. - The company is positioned to leverage cross-selling opportunities and expand into new segments, particularly in the public sector [14].

Core Insights - Kuros Biosciences will present at the Piper Sandler 37th Annual Healthcare Conference, showcasing its innovative biologic technologies and commercial momentum [1][2] - The presentation will focus on clinical advancements in the MagnetOs portfolio, expansion into new indications, and the company's path to sustainable profitability [2] Company Overview - Kuros Biosciences is dedicated to discovering, developing, and delivering innovative biologic technologies, with operations in the United States, Switzerland, and the Netherlands [7] - The company's first commercial product, MagnetOs, is an advanced bone graft used globally across five continents [7] Product Details - MagnetOs has demonstrated a fusion rate of 79% in a Level I clinical study, nearly double that of autograft at 47% [5] - The product utilizes NeedleGrip technology to stimulate bone growth without added cells or growth factors, and is FDA cleared for use throughout the spine [5] Presentation Details - The presentation will be led by Chris Fair, CEO of Kuros Biosciences, on December 3, 2025, at The Lotte New York Palace in New York City [3] - A live webcast of the presentation will be available for 30 days post-event [3]

Core Insights - Valneva SE announced positive final immunogenicity and safety data from the Phase 2 study of its Lyme disease vaccine candidate, VLA15, confirming strong immune response and safety six months after a third booster dose [1][3][4] - VLA15 is the furthest advanced Lyme disease vaccine in clinical development, with pivotal Phase 3 trials ongoing and plans for regulatory submissions in 2026 [2][5] Company Overview - Valneva SE is a specialty vaccine company focused on developing, manufacturing, and commercializing vaccines for infectious diseases, addressing unmet medical needs [9][11] - The company has a strong track record in advancing vaccines from early R&D to approvals and currently markets three proprietary travel vaccines [10] Vaccine Development - VLA15 is a multivalent protein subunit vaccine targeting the outer surface protein A (OspA) of Borrelia burgdorferi, the bacteria causing Lyme disease, and covers the six most prevalent OspA serotypes in North America and Europe [5][8] - The Phase 2 study, VLA15-221, included a pediatric population and demonstrated that antibody levels remained well above baseline across all serotypes and age groups six months after the third booster dose [6][7] Clinical Study Results - The study confirmed the benefits of a three-dose vaccination schedule and a yearly booster, with geometric mean fold rises (GMFRs) in antibody levels ranging from 9.5-fold to 15.6-fold across all age groups [3][4] - No safety concerns were observed by the independent Data Monitoring Committee (DMC) in any vaccination or age group, indicating a favorable safety profile [4][6] Market Context - There are currently no approved human vaccines for Lyme disease, with approximately 476,000 diagnoses in the U.S. and 132,000 cases reported annually in Europe, highlighting a significant unmet medical need [2][8] - The increasing geographic spread of Lyme disease underscores the importance of developing effective vaccination strategies [3][8]