Group 1 - The 2024-2025 Global Entrepreneurship Monitor (GEM) report covers entrepreneurship data from 56 economies, representing 63% of the global population and 78% of global GDP, highlighting the current state and trends in the global entrepreneurial ecosystem [1][2] - In 2024, global GDP is projected to grow by approximately 3%, yet 51 participating economies report a decline in household income, with 38 economies indicating that at least 25% of adults have experienced income reductions [1][2] - Only 17 economies are rated as having a "sufficient" entrepreneurial environment, while 39 are deemed "insufficient," indicating a disparity in entrepreneurial conditions across different income levels [1][2] Group 2 - The motivations for entrepreneurship are diverse, with "survival" and "wealth accumulation" being the most common, particularly in low-income economies where survival is a more pronounced motivation [2] - Despite a perception that barriers to entrepreneurship are lowering, fear of failure is increasing, with at least 40% of individuals in 43 economies opting not to pursue opportunities due to this fear [2] - The report emphasizes the importance of sustainable development, with over half of early-stage entrepreneurs in 40 economies prioritizing social and environmental impacts over profit [2] Group 3 - The distribution of entrepreneurial activity shows a concentration in consumer and business services, with high-income economies leading in product innovation, while low-income economies show less innovation [2] - There is a notable difference in employment expectations, with at least one-third of entrepreneurs in 37 economies not planning to hire additional staff, contrasting with expansion plans in some high-income economies [2] - The report indicates a growing trend towards digital technology adoption, with at least half of entrepreneurs in 30 economies planning to increase digital marketing investments, although awareness of artificial intelligence varies significantly by income level [2]

Core Insights - Michelin reported a segment operating income of €1.5 billion for the first half of 2025, supported by a strong price-mix effect despite a challenging market environment [1][8] - The Group maintains its financial ambitions for 2025, expecting stable sell-in tire markets compared to 2024 [6][7] Financial Performance - Sales decreased by 3.4% to €13.0 billion, with a 6.1% decline in tire volumes and a 4.0% positive price-mix effect [8][37] - Segment operating income was €1.452 billion, representing 11.1% of sales, down from 13.2% in the first half of 2024 [9][39] - Net income fell to €840 million, or 6.4% of sales, compared to €1.163 billion in the same period last year [40][43] Segment Analysis Automotive & Two-wheel - Operating margin stood at 12.2%, with a 2.5% decline in volumes, primarily in Original Equipment [3][46] - The share of 18-inch and larger tires in MICHELIN-brand sales increased to 68% [3][50] Road Transportation - Operating margin declined to 5.5%, impacted by a 19% drop in Original Equipment sales in North America [4][56] - Fleet services revenue increased, and innovative product launches were emphasized [4][56] Specialties - Operating margin was 14.5%, reflecting lower volumes in Original Equipment markets, particularly in Agricultural and Construction segments [5][57] - Mining tire demand grew, while Polymer Composite Solutions showed expansion in specific markets [5][58] Market Trends - Global Original Equipment and Replacement Passenger car and Light truck tire market grew by 2% overall, with a 3% gain in Replacement sales [13][14] - In Europe, Original Equipment demand fell by 8%, while Replacement demand rose by 5% [12][19] - North America saw a 5% decline in Original Equipment sales, with Replacement demand increasing by 2% [20][24] Strategic Initiatives - Michelin is rolling out a product plan that includes the renewal of existing tire ranges and the launch of new products like the MICHELIN CrossClimate3 Sport tire [3][71] - The Group is focusing on sustainability, with initiatives such as the construction of a bio-based 5-HMF industrial demonstrator and tire recycling activities [72][74]

Core Viewpoint - Roche is proposing a modernization of its capital structure, which includes the exchange of existing non-voting equity securities for participation certificates, to be approved at the Annual General Meeting on March 10, 2026 [1][3]. Group 1: Capital Structure Changes - The proposal includes reducing the nominal value of bearer shares from CHF 1.00 to CHF 0.001, with a cash repayment of CHF 0.999 per bearer share, totaling CHF 106,584,309 [2][9]. - The exchange of Genussscheine for participation certificates is in line with Roche's articles of incorporation and is driven by revised Swiss corporate law, ensuring that participation certificates will have the same economic rights as bearer shares [3][9]. Group 2: Dividend and Securities Management - After the dividend payment for the financial year 2025 and the capital structure changes, Roche will discontinue the issuance of printed dividend vouchers [4][6]. - Home custodians are encouraged to submit their printed certificates and dividend vouchers to a depository bank for conversion into intermediated securities to facilitate future dividend payments [5][6]. Group 3: Future Outlook - The participation certificates will be listed on the SIX Swiss Exchange and will maintain the same dividend entitlement and liquidation proceeds as bearer shares [3][9]. - Detailed explanations of the proposals will be provided to shareholders ahead of the 2026 AGM [3].

Financial Data and Key Metrics Changes - Total sales for Q2 2025 reached $238 million, representing a 10% year-over-year increase or 5% growth excluding Smart Cover sales of over $10 million [6][11] - Operating earnings increased by 8% year-over-year to $44.9 million, with operating margins slightly down to 18.8% from 19.2% in the prior year [7][11] - Gross margins expanded by 170 basis points to 41.1% from 39.4% in the prior year quarter, although this was a sequential decline from 42.9% in Q1 2025 [8][10] - Free cash flow increased by 19% year-over-year to $40.6 million, driven by higher earnings and improved working capital [11] Business Line Data and Key Metrics Changes - Utility water product line sales increased by 11% year-over-year or 6% excluding Smart Cover [6] - Sales for flow instrumentation product line remained flat year-over-year due to lower demand in certain market applications [7] Market Data and Key Metrics Changes - The competitive landscape is viewed as level, with ongoing trade uncertainties impacting tariff-related costs [10] - The company continues to see strong customer demand and momentum in technology adoption trends within the water industry [5][16] Company Strategy and Development Direction - The launch of BlueEdge aims to unify a comprehensive suite of products for managing water and wastewater systems beyond the meter, with positive reception at industry events [12][13] - The company is focused on long-term growth, expecting high single-digit revenue growth driven by favorable industry fundamentals and customer demand trends [16][17] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about navigating macroeconomic uncertainties while supporting long-term customer goals [5] - Despite expected sequential sales decline in Q3 2025, year-over-year growth is still anticipated excluding Smart Cover [15] - The company emphasizes the importance of the meter as a critical investment for utilities, reinforcing confidence in sustained demand [16] Other Important Information - The company is on track to deliver anticipated sales and cost synergies from the Smart Cover acquisition, with a focus on leveraging existing resources [17][68] - The recently published sustainability report highlights achievements in greenhouse gas reduction and financial performance [18] Q&A Session Summary Question: Inquiry about SG&A expense increase - Management acknowledged the increase in SG&A expenses due to the full quarter of Smart Cover and a unique deferred compensation expense, indicating ongoing investments to support growth [21][22][23] Question: Clarification on deferred compensation impact - Management clarified that while the deferred compensation expense was unique to the quarter, some impact would remain due to stock price fluctuations [32][33] Question: Comments on AMI project timing and municipal activity - Management noted that project timing can be uneven, but the demand for new projects remains strong, with no long-term concerns about growth [44][45] Question: Impact of potential EPA budget cuts - Management expressed confidence that utilities will continue to prioritize investments in metering regardless of potential funding cuts, citing various funding mechanisms available [70][71]

Core Insights - Jacobs has secured multiple contract wins and renewals in the water and wastewater operations and maintenance (O&M) sector, emphasizing its growth in the Western U.S. market [1][2] - The company has a long-standing history in the O&M business, with over 144 years of collaboration across various districts in the Northwest U.S. [2][3] - Jacobs is positioned as one of the largest O&M solutions providers in North America, managing a portfolio of over 300 facilities [3] Company Operations - Recent contract awards include new O&M contracts with Soquel Creek Water District, West Basin Water District, and Lincoln-Sewer Management District 1 in California [2] - Existing contracts have been renewed in locations such as Hood River, Oregon, and Walla Walla, Washington, among others [2] - Jacobs provides a range of services including advanced water treatment, public works, community development, and facilities management [3] Industry Challenges and Solutions - The water utility sector in the West faces challenges such as climate change, tightening regulations, and workforce shortages [4] - Jacobs utilizes its Digital OneWater suite, including Intelligent O&M and Aqua DNA, to optimize operations and deliver data-driven results [4] Financial Overview - Jacobs reported approximately $12 billion in annual revenue and employs nearly 45,000 people, offering end-to-end services across various sectors [5]

Core Viewpoint - SATO Corporation's half-year report for January to June 2025 indicates a stable economic occupancy rate despite market volatility, with slight declines in occupancy and profit metrics compared to the previous year [4][6][12]. Financial Performance - Economic occupancy rate was 95.0%, down from 95.1% year-on-year [4][6]. - Net sales reached EUR 154.7 million, an increase from EUR 150.5 million in the same period last year [6][11]. - Net rental income was EUR 104.3 million, up from EUR 101.1 million [6][11]. - Profit before taxes decreased to EUR 45.2 million from EUR 50.9 million [6][11]. - Earnings per share were EUR 0.43, down from EUR 0.53 [6][11]. Market Conditions - The global economic uncertainty has increased due to trade policy tensions, negatively impacting household consumption and slowing Finland's economic recovery [5][13]. - The rental housing market is experiencing substantial oversupply, with no new building projects planned for this year or next [7][15]. - Competition for quality tenants remains high, and the imbalance between supply and demand is expected to persist [15][17]. Strategic Developments - SATO has successfully scaled up its webshop for rental homes, enhancing its self-service offerings in key urban areas [8]. - The company signed a EUR 150 million unsecured sustainability-linked loan facility in June [8]. - Investments in local energy production are ongoing, with over 9,100 SATO homes utilizing renewable energy by year-end [9]. Future Outlook - The outlook for the euro area and global economy has declined, with Finland's economic growth expected to turn positive, albeit with significant uncertainties [13][14]. - The current low level of new construction, along with urbanization and immigration trends, is anticipated to gradually correct the supply-demand imbalance in the rental market [17].

Company Overview - Klépierre is the European leader in shopping malls, focusing exclusively on continental Europe [3] - The company's portfolio is valued at €20.2 billion as of December 31, 2024, comprising large shopping centers in over 10 countries [3] - Klépierre hosts more than 700 million visitors annually [3] - The company is a French REIT (SIIC) listed on Euronext Paris and included in the CAC Next 20 and EPRA Euro Zone Indexes [3] Voting Rights Information - As of June 30, 2025, Klépierre has a total of 286,861,172 shares [2] - Theoretical voting rights equal the total number of voting rights attached to all shares, including those without voting rights [5] - Klépierre has 1,036,724 of its own shares, resulting in 285,824,448 exercisable voting rights [5]

Company Overview - Sanoma is an innovative and agile learning and media company impacting the lives of millions every day [5] - The company operates across Europe and employs close to 5,000 professionals [7] - In 2024, Sanoma's net sales amounted to approximately €1.3 billion, with an operational EBIT margin excluding PPA of 13.4% [7] Upcoming Events - Sanoma will publish its Half-Year Report 2025 on 30 July 2025 at approximately 8:30 EET [1] - An analyst and investor conference will be held on the same day at 11:00 EET, led by President and CEO Rob Kolkman and CFO Alex Green [2] - The conference can be followed as a live webcast, and an on-demand replay will be available shortly after the conference [4] Investor Relations - Questions during the management presentation can be placed through the webcast chat function or by phone [3] - Media representatives can book interviews with the Communications Director after the conference [4] - Additional information can be obtained from Kaisa Uurasmaa, Head of Investor Relations and Sustainability [5] Business Focus - Sanoma's learning products and services aim to help teachers develop the talents of every child [6] - The company offers both printed and digital learning content, as well as digital learning and teaching platforms for various education levels [6] - Sanoma is committed to the UN Sustainable Development Goals and is a signatory to the UN Global Compact [5]

Core Viewpoint - Elong Power Holding Limited has entered into a strategic cooperation agreement with the Consumer Protection Agency of Indonesia to enhance electricity access and promote the new energy industry in Indonesia [1][2][3] Group 1: Strategic Cooperation Agreement - The agreement involves an investment of no less than US$1 billion for constructing integrated solar-plus-storage off-grid power systems in Indonesia's islands and rural areas [2] - Elong Power will provide comprehensive solutions and technical support for the large-scale application of lithium battery energy storage systems and the electrification of Indonesia's mining industry [2][3] - The collaboration aims to attract advanced Chinese new energy companies to invest in Indonesia, thereby accelerating the industrialization of the new energy sector [2][3] Group 2: Company Overview - Elong Power is a Cayman Islands exempted company focused on the research, development, manufacturing, sales, and service of high-power lithium-ion batteries and energy storage systems [4] - The company offers a comprehensive product and technology system, including battery cells, modules, and battery management systems, catering to high-power applications and long-cycle energy storage [5] - Elong Power's product portfolio includes lithium manganese oxide and lithium iron phosphate batteries, designed for various energy applications [5]

Group 1 - Accelerating major engineering project construction is crucial for expanding domestic demand and promoting high-quality development [1] - Infrastructure is emphasized as an important support for economic and social development, with a focus on optimizing layout, structure, function, and development model [1] - The Guizhou Huajiang Gorge Bridge project is highlighted as a significant infrastructure project, expected to become the world's highest bridge, significantly reducing travel time between two locations [1] Group 2 - The construction of the Yellow River Guxian Water Conservancy Project is speeding up, with multiple functions including flood control, water resource regulation, and irrigation [2] - A collaborative supervision scheme involving multiple provinces is in place to ensure high standards and efficiency in the Guxian project [3] Group 3 - The Guangxi Petrochemical Refining and Chemical Integration Project is nearing completion, with a total investment of 30.5 billion yuan, playing a vital role in green low-carbon development [4] - The Xiongshang High-Speed Railway, part of China's high-speed rail network, is progressing well, with the main bridge structure completed [4] Group 4 - The establishment of a joint supervision mechanism in Heze City aims to enhance supervision and coordination in key project areas, ensuring accountability [5] - The Inner Mongolia Alxa desert ecological restoration project is significant for ecological security, with real-time supervision being implemented [6]