Core Viewpoint - Velcan Holdings reported a significant decrease in net profit for the first half of 2025, primarily due to foreign exchange variations, despite stable turnover and operating costs [2][5]. Financial Performance - Turnover for the first half of 2025 was EUR 1.0 million, showing a 3% increase compared to EUR 1.0 million in the same period of 2024 [2]. - Net result for the first half of 2025 was EUR 0.6 million, a sharp decline of 85% from EUR 4.0 million in the first half of 2024 [2]. - Cash and financial instruments decreased by 3% to EUR 132 million as of June 30, 2025, from EUR 135 million at the end of 2024 [2]. - Consolidated equity remained stable at EUR 135 million [2]. Portfolio and Investment Insights - The portfolio gained EUR 10.8 million excluding forex effects, offset by EUR -8.2 million in currency losses, resulting in a net portfolio gain of EUR 2.6 million compared to EUR 6.1 million in H1 2024 [5]. - As of June 30, 2025, the asset composition included 33% equities, 30% sovereign bonds, 27% cash and equivalents, with the remainder in short positions, BRL/INR instruments, and private equity [5]. - The net cash position was EUR 74.6 million, excluding BRL and INR MM funds [5]. Operational Highlights - Revenue from the Rodeio Bonito hydropower plant in Brazil was EUR 1.0 million, reflecting a 3% year-over-year increase in EUR and a 19% increase in BRL, despite lower production due to drought [5]. - Operating costs remained stable at EUR -2.4 million, with depreciation and provisions at EUR -0.2 million [5]. Shareholder and Market Context - Shareholders' equity amounted to EUR 134.9 million as of June 30, 2025, slightly up from EUR 134.8 million at year-end 2024 [5]. - The company repurchased 32,328 shares for EUR 551,000 under a share buyback program initiated in January 2025 [5]. - The Board clarified that comparisons with other issuers on regulated markets are not relevant due to the distinct regulatory framework of Luxembourg's Euro MTF, where the company's shares are listed [5][11].

Core Viewpoint - The company has initiated a share repurchase program, authorized by shareholders and implemented by the Board of Directors, aimed at enhancing shareholder value through the cancellation or coverage of free shares [1][2]. Group 1: Share Repurchase Program Details - The share repurchase program was authorized during the shareholders' meeting on 29 June 2021 and implemented on 8 January 2025 [1]. - The purchases were disclosed for the period from 7 July 2025 to 11 July 2025, with specific trading dates and details provided [1][2]. - A total of 40,750 shares were repurchased on 10 July 2025, with a total expenditure of €733,449.98 [2]. Group 2: Financial Details of Purchases - On 10 July 2025, 750 shares were purchased at €17.93 each, totaling €13,449.98 [2]. - Additionally, 40,000 shares were purchased at €18.00 each, amounting to €720,000.00 [2]. - The purpose of these purchases is stated as cancellation or free shares coverage [2]. Group 3: Regulatory and Contact Information - Regulatory information regarding the share buyback program is available on the company's website [3]. - For investor relations inquiries, the contact email provided is investor@velcan.lu [3].

Core Points - Velcan Holdings will hold its Ordinary Annual General Meeting on June 25, 2025, at 11 a.m. in Luxembourg to vote on the approval of the 2024 financial statements [2][4][5] - The annual management report and audit report will be available online starting April 29, 2025, with additional documents accessible from May 23, 2025 [2][3] Company Overview - Velcan Holdings is an investment holding company established in 2005, managing a global portfolio of investments [4] - The company is listed on the unregulated Euro MTF Stock Market in Luxembourg under the ticker VLCN [5]

Core Insights - Velcan Holdings reported strong financial results for 2024, with a significant increase in net income and stable turnover from the Rodeio Bonito plant despite operational challenges [2][6][19]. Financial Performance - Revenues for 2024 reached EUR 3.0 million, a 2% increase from EUR 2.9 million in 2023 [2]. - Net income surged to EUR 11.2 million, up 2005% from EUR 0.5 million in 2023 [2][6]. - EBITDA for the year was negative at EUR -5.6 million, compared to EUR 1.8 million in 2023 [2][36]. - Cash and financial assets increased by 8% to EUR 135 million from EUR 125 million in 2023 [2]. Portfolio Allocation - As of December 31, 2024, the portfolio consisted of 43% cash and short-term Western sovereign bonds, 22% in gold mining and silver-linked securities, and 25% in other equity-long positions [3][9]. - The financial portfolio's value increased significantly, driven by investments in precious metals and Japanese stocks [2][4]. Rodeio Bonito Plant Operations - The Rodeio Bonito plant generated 52,190 MWh in 2024, an increase from 50,190 MWh in 2023, despite operational disruptions due to turbine damage [5][20]. - Turnover from electricity sales was EUR 3.0 million, up 2% in Euros and 10% in BRL compared to 2023 [5][23]. - The plant's EBITDA decreased by 22% in BRL terms due to lower turnover and increased expenses related to turbine repairs [24]. Regulatory Changes - A new regulation proposal by ANEEL may adjust guaranteed energy for power plants based on actual availability, potentially impacting profitability for the Rodeio Bonito plant [25][26]. Investment Strategy - The company has maintained a diversified investment strategy, focusing on safe-haven assets amid geopolitical tensions and inflationary pressures [2][8]. - Significant investments were made in the Japanese hotel REIT industry and the Filipino markets, with exposure exceeding EUR 2 million in various sectors [11][12]. Shareholder Actions - Velcan Holdings continued its share buyback program in 2024, purchasing a total of 92,892 shares for EUR 1.29 million [30].