Core Viewpoint - cBrain is advancing its global growth strategy in the Commercial Off-The-Shelf (COTS) software for government sector, focusing on long-term leadership and market expansion [1][2][59] Financial Performance - Revenue for the first half of 2025 is DKK 132 million, down 5% from DKK 139 million in the same period of 2024 [4] - Software revenue decreased by 10% to DKK 100 million, primarily due to a 58% decline in one-time software licenses [5] - Services revenue increased by 15% to DKK 32 million, while recurring revenue from subscriptions grew by 24%, now representing 61% of total revenue [5][6] - The company maintains its full-year guidance, expecting revenue growth of 10-15% with an EBT margin of 18-23% [9] Strategic Focus - cBrain aims to lead the COTS software for government industry, refining its strategy to balance large account customers with niche market leadership [2] - The F2 platform is designed to be a fully integrated solution for government needs, allowing easy configuration without modifying core software [3] Market Opportunities - The global COTS for government market is seen as significant, with cBrain focusing on long-term growth despite short-term performance impacts [12] - The company is establishing a strong reference position in the Paperless Ministry market, leveraging Denmark's top ranking in the UN E-Government Survey [14] International Expansion - cBrain is actively pursuing international projects, with notable initiatives in Kenya and plans to expand into the U.S., Germany, UAE, and Africa [9][17][20] - The collaboration with the UNDP aims to accelerate digital transformation in Africa, aligning with the UNDP Digital Offer for Africa strategy [50][52] Technological Advancements - The F2 platform supports digital sovereignty by allowing governments to use multiple editing tools while ensuring data integrity [24][26] - cBrain is integrating AI into the F2 platform to enhance government operations, ensuring security and data sovereignty [56][58] Recent Developments - cBrain has successfully implemented the F2 Paperless Ministry solution in various Danish municipalities, demonstrating rapid deployment capabilities [41][43] - The company is also focusing on environmental permitting as a key vertical, aligning with new U.S. federal standards for digital permitting [31][33]

Core Viewpoint - VCI Global Limited has launched VCI Energy, a wholly owned subsidiary focused on clean energy and sovereign-scale infrastructure, marking its entry into the US$1.5 trillion clean energy transition market [1][3]. Company Overview - VCI Energy is dedicated to advancing clean energy generation, storage, and sovereign-scale infrastructure, partnering with governments, utilities, and institutional investors [6]. - The company aims to leverage VCI Global's expertise in AI, cybersecurity, and capital markets to play a pivotal role in the global transition toward clean and resilient energy systems [6]. Leadership and Strategy - Victor Lee, former Managing Director of Franklin Templeton, has been appointed as CEO of VCI Energy, bringing extensive experience in institutional investment and infrastructure financing [2]. - Under Lee's leadership, VCI Energy is expected to unlock scalable partnerships and recurring revenue streams, contributing to long-term value creation for shareholders [3]. Market Potential - The clean energy infrastructure market is projected to grow at a 9.3% compound annual growth rate, reaching approximately US$1.5 trillion by 2033, driven by rising global energy demand and government decarbonization targets [4]. - Asia Pacific is anticipated to be one of the fastest-growing regions in this sector, supported by large-scale renewable deployment and sovereign investment in energy resilience [4]. Focus Areas - VCI Energy's initial focus will be on three high-growth verticals: clean energy generation and storage, sovereign energy infrastructure, and strategic partnerships and investments [8]. - The company aims to create a clean energy platform that combines sustainability with sovereignty, delivering strong returns for investors [5].

Core Insights - The company continues to grow and invest in its products and platforms despite uncertain market conditions, focusing on expanding its presence in various verticals [2] - There is a strong emphasis on developing digital capabilities in Europe, supported by government initiatives and the European Union's push for digital sovereignty, which aligns with the company's investment strategy [2] - The company aims to be a preferred choice for European governments and enterprises, enhancing its digital foundation for a prosperous Europe [3] Financial Performance - In Q2 2025, the company reported a revenue growth of 3.9% to DKK 1,714.9 million, while adjusted EBITDA decreased by 18% to DKK 220.7 million, resulting in an adjusted EBITDA margin of 12.9% [5] - The diluted earnings per share for Q2 2025 were DKK 1.17, with an increase in the average number of full-time employees from 7,884 in Q2 2024 to 8,333 in Q2 2025 [5] - Free cash flow was DKK 25.6 million in Q2 2025, down from DKK 148.2 million in Q2 2024, with a cash conversion ratio of 14.6% [5] Future Guidance - The company maintains its financial guidance for the year, expecting organic revenue growth between 5% and 10% and an organic adjusted EBITDA margin between 16% and 19% [4][5] - Non-organic revenue through Netcompany Banking Services is projected to be between DKK 840 million and DKK 870 million for the full year [5]

Core Insights - WISeSat.Space, a joint venture of WISeKey and SEALSQ Corp, is participating in the "Small Satellite Conference" from August 10-13 in Salt Lake City to expand U.S. partnerships and accelerate the deployment of its secure low Earth orbit (LEO) satellite constellation [3][4] - The company aims to deploy 100 satellites by 2027-2028, establishing one of the largest secure LEO infrastructures for global IoT and D2D communications [4][5] - Over 25 WISeSat.Space satellites are currently in orbit, providing secure, cost-effective, and real-time IoT connectivity for critical applications across various industries [4][5] Company Strategy - The initiative addresses the global demand for sovereign space infrastructure, enabling nations and corporations to reduce dependency on foreign technologies and protect sensitive data [6] - WISeSat.Space's satellites will incorporate post-quantum encryption and digital identity technologies to ensure robust cybersecurity [5][6] - The modular architecture of the satellites allows for rapid scalability to meet evolving global needs [7] Industry Context - The project is positioned as a strategic asset for digital sovereignty, emphasizing the necessity of having a sovereign satellite infrastructure in today's geopolitical climate [6] - The constellation aims to provide an independent layer of digital trust to support secure communications, navigation, broadcasting, and data sovereignty [6] - WISeKey, as a global leader in cybersecurity and IoT solutions, plays a vital role in securing the Internet of Everything with over 1.6 billion microchips deployed across various sectors [10]

Core Insights - VCI Global Limited will present its Sovereign Data Infrastructure at the ASEAN AI Summit 2025, highlighting its role in enabling secure digital ecosystems for governments [1][5] - The company's Chief AI Security Officer, Jane Teh, will discuss the importance of quantum-resistant infrastructure for national data resilience during her keynote address [2][3] Company Overview - VCI Global is a cross-sector platform builder that integrates deep technology with financial architecture, focusing on sovereign-ready digital ecosystems [10][11] - The company operates through subsidiaries such as V Gallant Sdn Bhd and QuantGold Data Platform, providing a comprehensive ecosystem of hardware and software solutions [4][9] Sovereign Data Infrastructure - The Sovereign Data Infrastructure is designed to empower governments with secure, encrypted mobile layers and national-scale AI ecosystems [3][4] - It aims to support national AI data center deployment across Southeast Asia, ensuring compliance, trust, and control over data [4][6] Key Technologies - QuantGold is a sovereign-grade encrypted data platform that enables secure data monetization while maintaining data sovereignty [7][8] - V Gallant provides advanced AI infrastructure and cybersecurity solutions, including high-performance GPU hardware and encrypted AI compute servers [9][10] ASEAN AI Summit Participation - The ASEAN AI Summit is expected to host over 5,000 participants, including policymakers and global technology companies, providing VCI Global a platform to engage with key stakeholders [5][6]

Core Insights - VCI Global Limited will present its Sovereign Data Infrastructure at the ASEAN AI Summit 2025, highlighting its role in enabling sovereign-ready digital ecosystems [1][5] - Jane Teh, Chief AI Security Officer, will discuss the importance of quantum-resistant infrastructure for national data resilience during her keynote address [2][3] Company Overview - VCI Global is a cross-sector platform builder that integrates deep technology with financial architecture, focusing on sovereign digital ecosystems [12][13] - The company has evolved from capital markets consultancy to operate in fintech, AI, robotics, and cybersecurity [12][13] Sovereign Data Infrastructure - The Sovereign Data Infrastructure comprises a comprehensive ecosystem of hardware and software solutions developed through subsidiaries V Gallant and QuantGold [4] - It aims to empower governments with encrypted computer-secure mobile layers and national-scale AI ecosystems [3][4] Key Technologies - QuantGold is a sovereign-grade encrypted data platform that enables secure and compliant data monetization, leveraging over 120 encryption patents [7][8] - Technologies include SecureGPU for encrypted AI compute servers, CyberSecure for hardware-based encryption storage, and Qsecore for secure mobile communication [9] Market Focus - The initial market focus for QuantGold includes Malaysia, Singapore, and Hong Kong, with applications in healthcare, financial services, public sector analytics, and AI research [8] Event Participation - VCI Global's participation in the ASEAN AI Summit underscores its leadership in sovereign AI infrastructure and provides a platform for engagement with ASEAN governments [6]

Core Insights - The report by Moody's Vice President Nidhi Dhruv indicates that data center capacity in the Asia-Pacific region is expected to more than double by the end of 2030, requiring an investment of $800 billion to $900 billion [1] - Driven by demand for AI, cloud technology, and digital sovereignty, the region is set to account for over 40% of global data center capacity by 2030 [1] - Key development challenges include ensuring new power resources and meeting renewable energy regulations, while land supply and strong government support remain critical [1]

Financial Data and Key Metrics Changes - In Q2 2025, cloud revenue rose by 28%, an increase of two percentage points compared to Q1 2025 [8][27] - Total revenue growth accelerated to 12%, reaching €9 billion [9][33] - Operating profit surged by 35%, reflecting improvements in the cost base due to transformation programs [9][32] - Current cloud backlog grew by 28% to €18.1 billion [27][33] - Non-IFRS cloud gross margin expanded by 1.8 percentage points to 75.2% [32] Business Line Data and Key Metrics Changes - The Cloud ERP suite continued to drive growth, achieving 34% growth in Q2, representing 86% of total cloud revenue [27][32] - Software licenses revenue decreased by 13% in Q2, aligning with the company's strategy to transition customers to cloud solutions [30] Market Data and Key Metrics Changes - Cloud revenue performance was particularly strong in the APJ and EMEA regions, with notable performances in Brazil, Chile, France, India, Italy, South Korea, and Spain [31] - The US public sector and manufacturing sectors experienced elongated sales cycles due to geopolitical uncertainties [28][30] Company Strategy and Development Direction - The company is focusing on product innovation and increasing productivity through business AI [7][25] - SAP aims to strengthen its portfolio with data and AI innovations while maintaining cost discipline [25][34] - The partnership with Alibaba is expected to enhance market penetration in China, targeting both large enterprises and the upper mid-market [10][60] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing uncertainty in global markets but expressed confidence in the company's pipeline for the second half of the year [7][34] - The company is preparing for potential less favorable outcomes by focusing on elements within its control to protect its bottom line [30] - Management remains optimistic about sustaining momentum and closing the year strongly despite macroeconomic volatility [34] Other Important Information - The company has released over 100 pre-built SAP managed data products, with plans to double that by year-end [21] - The internal adoption of business AI is expected to further enhance productivity and operational efficiency [22][24] Q&A Session Summary Question: Insights on operating margin and EBIT growth for the second half of the year - Management highlighted that the strong performance in the first half was significantly influenced by a €331 million improvement in stock-based compensation, which is expected to normalize in the second half [41][42] Question: Long-term sustainability of margin improvements - Management expressed confidence in maintaining operating leverage ratios between 80% to 90% for the coming years, despite potential fluctuations in expenses [52][53] Question: Details on the Alibaba partnership and its impact - The partnership aims to leverage Alibaba's presence in China to enhance SAP's cloud offerings, targeting both multinational companies and local tech firms [60][63] Question: Impact of macroeconomic factors on demand - Management noted that elongated deal cycles are primarily due to stricter cost controls in certain industries, but emphasized that the pipeline remains strong [97][100] Question: Cash flow and transformation credits - Management explained that transformation credits are amortized over the term of deals and do not significantly impact cash conversion in the long term [66][67]

Group 1 - Azerion has sold its subsidiary Whow Games to DoubleDown Interactive for a total consideration of €65 million, consisting of an upfront payment of €55 million and an earn-out of up to €10 million [1] - The sale is part of Azerion's strategy to reinforce digital advertising as its core business while expanding into cloud infrastructure and AI-driven solutions [2][3] - The company has previously optimized its portfolio, including the divestment of its social card games portfolio in 2023 for €81.3 million [3] Group 2 - Founded in 2014, Azerion has become a major player in digital advertising, generating €551 million in revenue in 2024, a 7% year-on-year increase, with a revenue guidance for 2025 between €600–650 million [4] - In Q1 2025, Azerion reported a 68% growth in EBITDA compared to the same period last year, attributed to a focus on efficiency and profitability [4] - The company has launched Azerion Intelligence, a platform providing affordable cloud hosting and access to open-source AI tools, addressing the growing demand for local alternatives to major cloud providers [5]

Core Insights - Azerion, a prominent European digital advertising platform, has sold its subsidiary Whow Games to DoubleDown Interactive for €65 million, consisting of an upfront payment of €55 million and an earn-out of up to €10 million [1][2][3] Company Strategy - The sale is part of Azerion's strategy to reinforce digital advertising as its core business while expanding into cloud infrastructure and AI-driven solutions [2][3] - The company has been optimizing its portfolio, including the divestment of its social card games portfolio in 2023 for €81.3 million [3] Financial Performance - Azerion generated €551 million in revenue in 2024, reflecting a 7% year-on-year increase, with revenue guidance for 2025 projected between €600 million and €650 million [4] - In Q1 2025, the company reported a 68% growth in EBITDA compared to the same period last year, attributed to a focus on efficiency and profitability [4] Market Position - Azerion is positioned as one of Europe's innovative players in digital advertising and is addressing the growing demand for scalable cloud and AI alternatives to large US providers [3][5] - The company recently launched Azerion Intelligence, a platform offering affordable cloud hosting and access to open-source AI tools, catering to the increasing demand for local and cost-efficient AI services [5]