NatWest Group (NWG) Q2 2025 Earnings Call July 25, 2025 04:00 AM ET Company ParticipantsPaul Thwaite - Group CEO & DirectorKatie Murray - Group CFO & DirectorAlvaro Serrano Saenz de Tejada - Managing DirectorSheel Shah - Executive DirectorGuy Stebbings - Executive Director - European Banks ResearchAman Rakkar - Director - Banks Equity ResearchAmit Goel - Managing DirectorChristopher Cant - Head of Banks StrategyEd Firth - Managing DirectorJason Napier - Head - European Banks ResearchConference Call Particip ...

NatWest Group (NWG) Q2 2025 Earnings Call July 25, 2025 04:00 AM ET Speaker0Good morning, and welcome to NatWest Group's h one twenty twenty five results management presentation. Today's presentation will be hosted by CEO, Paul Thwaite and CFO, Katie Murray. After presentations, we will take questions.Speaker1Good morning, and thank you for joining us. I'll start with a brief business update. Katie will take you through the numbers, and we'll then open it up for questions. You will all be aware that since o ...

Core Insights - Pony.ai has launched 24/7 Robotaxi operations in Guangzhou and Shenzhen, expanding its operational capabilities significantly [1] - The company has extended its Robotaxi testing in Beijing to a full 24-hour schedule, indicating a broader commitment to autonomous driving technology [1] Group 1: Operational Expansion - The new initiative marks a significant advancement in Pony.ai's operations, increasing the Robotaxi service window from 15 hours to 24 hours daily [1] - The company has conducted over 50 million kilometers of autonomous testing globally, validating its systems under various traffic and lighting conditions [2] Group 2: Safety and Performance - Pony.ai's autonomous driving system, referred to as the "virtual driver," has achieved over 500,000 hours of driverless operation, boasting a safety record up to ten times safer than human drivers [3] - The advanced multi-sensor fusion architecture includes 128-beam LiDAR, 8-megapixel cameras, and 4D imaging millimeter-wave radar, providing comprehensive 360-degree perception [4] Group 3: Technological Advancements - The use of active sensing technologies like LiDAR and radar enhances the system's ability to detect low-contrast objects and navigate in low-light conditions [5] - The seventh-generation Robotaxi fleet is equipped with a proprietary sensor self-cleaning system to maintain reliability in adverse weather conditions [6] Group 4: Market Positioning - By scaling its Robotaxi fleet across major cities, Pony.ai aims to reshape urban transportation and improve late-night mobility, emphasizing safety and availability [7] - The continuous operation of Robotaxis is positioned as a new travel option for late-night commuters, enhancing urban mobility solutions [8]

端到端自动驾驶作为目前智驾量产的核心算法，可以分为一段式端到端、二段式端到端两个大的技术方 向。这两年有非常多的工作如雨后春笋般涌现，以PLUTO为代表的二段式端到端思考如何用模型实现自车 规划；以UniAD为代表的基于感知的一段式端到端不断发展进步；以OccWorld为代表的基于世界模型的一 段式端到端开创了新流派；以DiffusionDrive为代表的基于扩散模型的一段式端到端开创了多模轨迹的新时 代；随后基于VLM的一系列方法不断进化出自动驾驶VLA方向，开启了大模型时代下的端到端； 而传统的BEV感知、车道线、Occupancy等工作相对较少出现在顶会了，最近也有很多同学陆续来咨询峰 哥，传统的感知、规划这块还能继续发论文吗？感觉工作都已经被做的七七八八了，审稿人会打高分吗？ 说到传统的感知、规划等任务，工业界都还在继续优化方案！但学术界基本都慢慢转向大模型与VLA了， 这个领域还有很多工作可以做的子领域...... 但新的领域往往对初学者是陌生的，只有极少数科研能力强的人才有机会独立产出。如果您真的需要选择 论文研究方向，我们建议向大模型、VLA靠拢。 如果您基础真的不好，也可以看看我们为大家准备好 ...

ab Global Research owered by UBS Evidence Lab YES P 21 July 2025 First Read China Industrials Tracking trade flows amid changing US tariffs on China (week 29) Key highlights from high frequency data on trade flows We gather weekly data from UBS Evidence Lab, the Ministry of Transport and other third-party data providers to present the most recent trade flows after the US imposed high tariffs on China. We cover shipping, shipbuilding, ports, international freight flights and land transportation. Port volume ...

July 21, 2025 02:55 PM GMT Global EM Strategist Trend = Friend The USD rebound in July has been modest as policy uncertainty has offset resilient macro data. USD positioning is now neutral. We expect EM local markets to regain their footing as the medium-term trend of duration and FX gains reasserts itself. Key Takeaways The 2025 Extel Global Fixed Income Poll is now open and your participation matters a great deal to us. If you have found our Global FX and EM research insightful and helpful, we would great ...

21 July 2025 U.S. Autos & Auto Parts Stephen Reitman +44 20 7762 5535 stephen.reitman@bernsteinsg.com Steve Pereira Fernandes, CFA +44 20 7676 7254 steve.pereira-fernandes@bernsteinsg.com Saul Coleman +44 207 676 7214 saul.coleman@bernsteinsg.com U.S. Autos: The tariff strikes back - can Detroit protect its earnings? (Q2/25 Preview) Daniel Roeska +1 917 344 8577 daniel.roeska@bernsteinsg.com Christopher Gray +1 917 344 8308 christopher.gray@bernsteinsg.com Gali Salvatorelli Naraghi +44 207 676 6741 gali.sal ...

Core Viewpoint - Trifork Group AG has reported transactions involving shares paid as part of fixed salaries for its managerial personnel, in compliance with the Market Abuse Regulation Article 19 [1]. Group 1: Managerial Transactions - Jørn Larsen, the CEO, received shares equivalent to 25% of his fixed monthly salary, totaling 1,142 shares at a price of DKK 0 on 25 July 2025 [2]. - Kristian Wulf-Andersen, the CFO, received shares equivalent to 10% of his fixed monthly salary, totaling 304 shares at a price of DKK 0 on 25 July 2025 [3]. Group 2: Company Overview - Trifork is a global technology company listed on Nasdaq Copenhagen (TRIFOR), specializing in innovative digital products and solutions for enterprise and public sector clients [4]. - The company operates with 1,215 professionals across 71 business units in 16 countries, focusing on sectors such as public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate [4]. - Trifork Labs, the Group's R&D arm, is dedicated to driving innovation by investing in and developing high-potential technology companies [4].

Core Viewpoint - Marex Group plc has agreed to acquire Winterflood Securities for approximately £103.9 million in cash, which includes a premium of £15 million, aiming to enhance its UK cash equities business and diversify earnings [1][3]. Company Overview - Marex Group plc is a diversified global financial services platform providing essential liquidity, market access, and infrastructure services across energy, commodities, and financial markets, with over 2,400 employees and access to 60 exchanges [9]. - Winterflood Securities is one of the UK's leading equity market makers, serving over 400 institutional clients and holding a market share of about 15% by volume on the London Stock Exchange [2]. Strategic Implications - The acquisition is expected to enhance Marex's existing capabilities and client base, particularly in servicing the UK institutional community, including asset and wealth management companies [3][4]. - Winterflood's proprietary technology platform and established client connectivity are anticipated to provide significant synergies and opportunities for profitability improvement within two to three years [5]. Operational Aspects - Winterflood also operates Winterflood Business Services, which offers outsourced dealing, settlement, and custody services to a diverse range of clients, including large institutions and retail aggregators [4]. - The deal is subject to regulatory approval and is expected to close in early 2026 [4].

Core Insights - Kalmar Corporation reported strong financial performance in the second quarter of 2025, with a resilient comparable operating profit margin of 13.1% and robust order intake despite geopolitical challenges [4][12][10] Financial Performance - Orders received increased by 20% year-on-year, totaling EUR 450 million, with strong growth in the Equipment segment, which saw a 28% increase [5][12][22] - Sales for the second quarter grew modestly by 1% to EUR 420 million, while the first half of 2025 saw a 4% decline in sales compared to the same period in 2024 [6][12][24] - Comparable operating profit amounted to EUR 54.9 million, reflecting a 5% increase from the previous year, with a comparable operating profit margin of 13.1% [6][12][26] - Cash flow from operations before finance items and taxes was EUR 21.9 million, with a strong cash conversion rate of 95% over the last twelve months [6][12][18] - Net debt decreased by 42% from EUR 157 million to EUR 91 million, resulting in a healthy leverage ratio of 0.4x [6][12][18] Strategic Initiatives - The company is focused on innovation and sustainability, with its eco portfolio representing 44% of total sales, which increased by 9% year-on-year [8][12][18] - Kalmar's commitment to sustainability is underscored by the approval of its science-based emissions reduction targets, aiming for net-zero by 2045 [8][12][10] - The Driving Excellence initiative has secured approximately EUR 16 million in annualized gross efficiency improvements during the first half of 2025 [6][12][10] Market Environment - Despite a strong performance, the global landscape remains volatile due to trade tensions and geopolitical uncertainties, particularly affecting demand in the Americas [7][12][10] - The demand environment was generally favorable, with strong growth in Europe and solid performance in the AMEA region, although the US market faced increased uncertainty [5][12][10] Future Outlook - Kalmar maintains its guidance for 2025, expecting a comparable operating profit margin above 12% [3][10] - The company emphasizes its strategic focus on customer proximity, sustainable innovations, and expanding its service offerings to drive future growth [15][12][10]