Core Viewpoint - Bang & Olufsen has initiated a share buyback programme to hedge its share-based long-term incentive programmes, complying with EU regulations [1][2]. Group 1: Share Buyback Programme Details - The share buyback programme commenced on 15 August 2025 and will conclude no later than 14 August 2026, with a total buyback amount of up to DKK 65 million [2]. - During the initial period from 15 to 22 August 2025, Bang & Olufsen purchased a total of 150,000 shares at an average price of DKK 14.52, resulting in a total transaction value of DKK 2,178,427 [3]. Group 2: Current Holdings and Impact - Following the transactions, Bang & Olufsen now holds a total of 3,263,183 own shares, which represents 2.21% of the total share capital and voting rights in the company [4].

Core Points - The share buyback program is set to run from June 2, 2025, to January 30, 2026, with a total buyback amount of up to DKK 1,000 million, limited to a maximum of 1,600,000 shares [1] - The program complies with EU regulations, specifically EU Commission Regulation No. 596/2014 and EU Commission Delegated Regulation No. 2016/1052, which provide a "Safe Harbour" for such transactions [2] - As of the latest report, a total of 657,000 shares have been repurchased, representing 2.59% of the bank's share capital [2] Transaction Summary - Total shares purchased under the buyback program amount to 242,800 shares at an average price of DKK 1,398.41, totaling DKK 339,532,934 [2] - The bank executed a total of 414,200 shares bought back from January 28, 2025, to May 28, 2025, at an average price of DKK 1,207.12, totaling DKK 499,988,706 [2] - The overall total of shares repurchased under the program stands at 657,000 shares at an average price of DKK 1,277.81, amounting to DKK 839,521,640 [2] Detailed Transactions - A detailed breakdown of transactions on specific reporting days shows various volumes and prices, with the highest recorded price being DKK 1,510.69 for 3,600 shares on August 15, 2025 [4][5][6][7][8][9][10] - The transactions were executed primarily on the XCSE exchange, with multiple trades occurring throughout the reporting days [4][5][6][7][8][9][10]

Financial Data and Key Metrics Changes - Total revenue for the second quarter grew nearly 5% year-over-year, reaching $39.4 million, while adjusted EBITDA increased by 4% to $9.3 million [6][14] - Adjusted free cash flow was positive for the first time since the company went public, amounting to $1.8 million [7][17] - The company reported a net debt of $55.8 million and cash and cash equivalents of approximately $1.1 million at the end of the second quarter [14] Business Line Data and Key Metrics Changes - Tool rental revenue was approximately $32.8 million, while product sales revenue was $6.7 million, reflecting a drop in deep casing sales due to market conditions [14][15] - The Eastern Hemisphere operations saw a revenue increase of 21%, contributing about 14% of total revenue in the first half of the year [9][16] - The deep casing product line experienced significant softness due to rig declines in the Middle East and Mexico [7][15] Market Data and Key Metrics Changes - The global rig count declined by 7% year-over-year, impacting overall market activity levels [13] - Despite the decline in rig counts, the company managed to maintain operational discipline and benefited from recent acquisitions [13][19] Company Strategy and Development Direction - The company is focused on integrating recent acquisitions and enhancing operational efficiency through a program called "One DTI" [22][23] - A cost reduction program was implemented to cut expenses by $6 million annually, aligning spending with customer activity levels [11][19] - The company is actively pursuing strategic acquisitions to enhance its competitive position and expand its geographic footprint [27][55] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the future, noting that while pricing pressures are expected, the company is well-positioned to adapt to market changes [25][26] - The company anticipates continued uncertainty in the market, but remains confident in its ability to deliver shareholder value [25][27] - Management highlighted the importance of maintaining strong communication with clients to navigate pricing pressures effectively [44] Other Important Information - The company repurchased $600,000 of its common stock during the second quarter at an average price of $3 per share [20] - Maintenance capital expenditures for the second quarter were approximately 10% of total revenue, primarily funded by tool recovery revenue [18] Q&A Session Summary Question: How did the company maintain margins despite rig count declines? - Management indicated that they anticipated activity declines and pricing pressures, which were somewhat muted in the first half of the year, allowing margins to hold up [30][31] Question: Will the cost cuts fully impact Q2, or will benefits be seen in Q3 and Q4? - Management stated that more benefits from cost cuts are expected in Q3 and Q4, as the cuts were just being implemented in Q2 [33] Question: What factors will determine the company's position within the guidance range for the year? - The activity level and pricing pressure will significantly impact whether the company reaches the low or high end of its guidance range [36] Question: What drove the sequential international revenue growth this quarter? - Management attributed growth to positive momentum from recent acquisitions and successful re-establishment in the Eastern Hemisphere market [37][39] Question: What is the company's exposure to Western Canada and gas markets in the US? - The company has a solid presence in the Haynesville and Northeast markets, with a strong business in Canada [48][49] Question: Have margins eroded in Q3, and what is the outlook for Q4? - Management acknowledged that while Q1 and Q2 were on plan, they expect pricing pressure to continue impacting margins in Q3 and Q4 [52] Question: What is the current M&A environment like? - Management noted ongoing discussions with potential acquisition targets and emphasized the importance of finding good value in the current cycle [54][55]

Summary of Key Points Core Viewpoint - The company IPSEN has conducted a share buy-back program from August 4th to August 8th, 2025, purchasing a total of 24,569 shares at an average price of €106.1133 per share [1]. Group 1: Transaction Details - On August 4th, 2025, IPSEN purchased 2,000 shares at €104.50 [1]. - On August 5th, 2025, the company bought a total of 6,799 shares, with prices ranging from €106.78 to €107.031 [1]. - On August 6th, 2025, IPSEN acquired 6,302 shares at prices between €106.025 and €106.23868 [1]. - On August 7th, 2025, the company purchased 4,056 shares, with prices around €105.63836 to €106.22523 [1]. - On August 8th, 2025, IPSEN bought 5,412 shares at prices from €105.90 to €106.00 [1]. Group 2: Market Information - The transactions were executed on various market platforms, including XPAR, CCXE, and AQEU [1]. - The total volume of shares purchased during this period indicates a strategic move by IPSEN to manage its share price and enhance shareholder value [1].

Group 1 - Schouw & Co. initiated a share buy-back programme on 5 May 2025, with a total budget of up to DKK 120 million, running from 5 May to 31 December 2025 [1] - The buy-back programme complies with Regulation (EU) No. 596/2014 on market abuse and the Commission's delegated regulation (EU) 2016/1052, known as "Safe Harbour" rules [1] - As of 8 August 2025, Schouw & Co. has accumulated a total of 93,400 shares through the buy-back programme, representing 8.54% of the total share capital of 25,000,000 shares [2] Group 2 - The average price of shares acquired until 8 August 2025 is DKK 596.18, with a total amount spent of DKK 55,683,237 [2] - In the period from 4 August 2025 to 8 August 2025, Schouw & Co. purchased 5,900 shares at an average price of DKK 619.61, totaling DKK 3,655,715 [2] - The company holds a total of 2,135,393 treasury shares following the buy-back transactions [2]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2025 was $178.2 million, a 15% increase compared to Q2 2024 [20] - Net income attributable to common shareholders was $39.5 million, or $0.43 per fully diluted share, significantly up from $6.2 million, or $0.06 per share in 2024 [21] - Free cash flow reached a record $70 million, contributing to a leverage ratio of 3.6 times as of June 30 [24][13] Business Line Data and Key Metrics Changes - Contract Services segment revenue per ending horsepower was $22.77, showing a sequential uplift and year-over-year growth [21] - Contract Services adjusted gross margin increased to 68.3%, a 430 basis point rise compared to 2024 [15][21] - The Other Services segment generated revenues of approximately $29 million, with margins expected to align with guidance [21][19] Market Data and Key Metrics Changes - Fleet utilization exceeded 97%, with large horsepower units effectively fully utilized at over 99% [8] - The demand for large horsepower compression is driven by increasing natural gas volumes in the Permian Basin, with one major producer planning a 40% production increase by 2030 [8][9] - The outlook for natural gas remains strong, supported by significant LNG purchase contracts and a recent trade deal with the EU for $750 billion in U.S. energy products [10] Company Strategy and Development Direction - The company announced a $100 million increase to its share repurchase program, reflecting confidence in its strategy and commitment to returning capital to shareholders [5] - Kodiak was added to the S&P Small Cap 600 Index, enhancing visibility and shareholder value [6] - The company is focusing on high grading its fleet by divesting non-core, low-margin units while adding new horsepower units [14][12] Management's Comments on Operating Environment and Future Outlook - Management noted a disconnect between investor sentiment and actual market conditions in the Permian Basin, emphasizing continued demand for large horsepower compression despite oil price fluctuations [30][31] - The company expects new unit growth in Q3 to exceed previous expectations due to timely deliveries and has raised the midpoint of its adjusted EBITDA guidance [18][26] - Management highlighted the successful implementation of a new ERP system aimed at improving operational efficiency and reducing costs [17][34] Other Important Information - The company executed several transactions to acquire compressors that fit well within its existing operations, positively impacting revenue growth [12] - The company continues to focus on technology investments, including AI and machine learning, to enhance asset management and operational efficiency [16][57] Q&A Session Summary Question: Disconnect between ground realities and investor sentiment - Management acknowledged the disconnect, attributing it to differing perceptions of gas versus oil growth in the Permian Basin [30][31] Question: Future margin expectations - Management expressed optimism about continued margin improvement due to operational efficiencies from the new ERP system and technology investments [32][34] Question: Acquisition strategy and growth - Management indicated that recent acquisitions are part of their growth strategy, focusing on opportunistic deals that enhance margins [39] Question: Buyback strategy - Management stated that buyback decisions will be influenced by share price, aiming to maintain leverage targets while taking advantage of price weaknesses [40][41] Question: CapEx and fleet additions outlook - Management refrained from providing specific numbers for next year's CapEx but expressed confidence in current contracting and backlog levels [46][48] Question: Labor availability concerns - Management confirmed that labor availability remains tight in the Permian Basin, prompting initiatives to train younger technicians [75] Question: Economics of recent asset acquisitions - Management noted that acquisition economics vary, typically ranging from $200 to $400 per horsepower, depending on strategic fit and density [78] Question: Focus on gas cryo business post-acquisition - Management indicated that the gas cryo business remains a small but profitable part of their operations, with no immediate plans for significant capital investment [82]

Financial Data and Key Metrics Changes - Total revenue for the quarter increased by 6% year-over-year to $236 million, exceeding internal expectations [6][18] - Adjusted EPS rose by 10% compared to the prior year, driven by operating performance and share repurchases [6][20] - Consolidated adjusted EBITDA for the quarter was $105 million, an increase of approximately 3% year-over-year [19] Business Segment Data and Key Metrics Changes - Commercial Services revenue grew by 5% year-over-year, with RAC tolling revenue increasing by 4% [21][22] - Government Solutions service revenue increased by 7% year-over-year, with total revenue up by 10% [10][23] - T2 Systems revenue declined by about 4% for the quarter, driven by reduced product sales and professional services revenue [14][24] Market Data and Key Metrics Changes - TSA volume declined by about 1% year-over-year, with year-to-date TSA volume remaining flat compared to last year [9] - The macroeconomic environment is stabilizing, with consumer confidence improving, although travel demand is lower than previous forecasts [9][14] Company Strategy and Development Direction - The company is focused on expanding its Government Solutions segment, particularly in automated photo enforcement, which has seen legislative support across the U.S. [11][12] - A $100 million stock repurchase program has been authorized, reflecting the company's commitment to returning value to shareholders [15] - The company is maintaining its full-year 2025 financial guidance, with expectations for growth in Government Solutions and stabilization in the parking business [14][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth prospects in the Commercial Services segment despite anticipated challenges in the third quarter [7][14] - The company is closely monitoring the airline industry as a key indicator for travel demand, which impacts the commercial services business [9][26] - Management highlighted the importance of finalizing the renewal contract with New York City, which is expected to provide clarity on future revenue [11][53] Other Important Information - The company has seen a significant increase in total addressable market (TAM) for automated photo enforcement, with recent legislation adding approximately $225 million [12] - The ongoing ERP implementation is on schedule and within budget, with the most complex portions largely complete [29] Q&A Session Summary Question: Clarification on travel trends and assumptions for the second half - Management indicated that TSA throughput is expected to remain around 99% to 100% for the second half of the year, aligning with guidance [36][37] Question: Insights on Fleet Management challenges - Management acknowledged a small decline in FMC revenue due to macroeconomic factors and customer churn, expecting further declines in Q3 before stabilization [39] Question: Government Solutions guidance improvement - Management noted broad-based strength in Government Solutions, with higher product sales and accelerated demand for photo enforcement driving the guidance increase [42][43] Question: Margins in Government Solutions - Management explained that margin pressures were due to a mix of increased international sales and ERP implementation costs, with expectations for stabilization as growth continues [48][50] Question: Update on New York City contract renewal - Management confirmed ongoing negotiations for the New York City contract, emphasizing the importance of finalizing the agreement for future revenue clarity [53] Question: CapEx and revenue relationship - Management clarified that increased CapEx is in preparation for future demand, with expectations for significant growth in the Government Solutions business [88] Question: D&A guidance for the back half of the year - Management indicated that the decrease in D&A is due to the amortization of previous deals running off, not a reduction in overall expenses [90]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $341.4 million, exceeding expectations due to higher average day rates and improved utilization, with a gross margin of 50.1% for the third consecutive quarter [7][40] - Free cash flow generated in Q2 was $98 million, marking the second highest quarterly figure since the offshore recovery began, bringing the total for 2025 to over $192 million [8][9] - Net income for the quarter was $72.9 million, or $1.46 per share, with adjusted EBITDA at $163 million [39][41] Business Line Data and Key Metrics Changes - Average day rates reached a record of $23,166, outperforming expectations by over $1,300 per day, driven by fleet contracts and favorable foreign exchange rates [8][40] - The Americas and Europe & Mediterranean regions saw revenue increases of 28% and 27% respectively, while Africa experienced a 22% revenue decrease [45] - Gross margin improved in the Americas by 14 percentage points and in Europe & Mediterranean by 10 percentage points, while declines were noted in APAC and Africa regions [46][47] Market Data and Key Metrics Changes - The offshore vessel market is experiencing a period of uncertainty, particularly in the near term, with expectations of a rebound in drilling activity in the latter half of 2025 [15][16] - Vessel supply remains tight, with no newbuild announcements in 2025, and the number of newbuilds on order is less than 3% of the global fleet [18] - The Caribbean and South America are showing strong demand, while the North Sea and West Africa are expected to see a softening in demand [34][35] Company Strategy and Development Direction - The company is focused on a long-term capital allocation strategy that prioritizes M&A opportunities alongside a newly announced $500 million share repurchase program [10][13] - The new debt capital structure enhances financial flexibility, allowing for increased shareholder returns while maintaining a conservative leverage profile [20][24] - The company remains optimistic about future M&A transactions, with a focus on value creation for shareholders [12][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term cash flow generation capabilities of the business despite near-term uncertainties [19][52] - The outlook for the second half of 2025 has softened slightly compared to previous expectations, particularly regarding utilization improvements [78] - Management remains optimistic about the demand recovery in 2026, with expectations of increased drilling and subsea construction projects [66][72] Other Important Information - The company successfully refinanced $650 million in unsecured bonds, establishing a more suitable debt capital structure [9][20] - The firm backlog and options represent $585 million of revenue for the remainder of 2025, with 73% of available days captured in firm backlog [30] - The company incurred $5.2 million in capital expenditures related to various projects, projecting total capital expenditures of $37 million for the year [50] Q&A Session Summary Question: Update on M&A opportunities - Management noted that discussions have become more constructive, with a growing awareness of market volatility, making transactions more feasible [56][70] Question: Outlook for drilling demand in 2026 - Management indicated a positive outlook for 2026, with an uptick in tendering activity and contracts supporting drilling and subsea construction [62][66] Question: Changes in second half expectations - Management acknowledged that second half expectations have come down slightly, particularly regarding utilization improvements [78]

Group 1 - VINCI has initiated a share buyback program by signing a share purchase agreement with an investment services provider on August 1, 2025 [1] - The agreement is effective from August 4 until September 26, 2025, with a total purchase limit of €300 million [1] - The purchase price for the shares will not exceed the maximum price established by the VINCI Ordinary and Extraordinary Shareholders' Meeting [1]

Group 1 - Schouw & Co. initiated a share buy-back programme on 5 May 2025, with a total budget of DKK 120 million, running from 5 May to 31 December 2025 [1] - The buy-back programme is structured in compliance with EU regulations on market abuse and "Safe Harbour" rules [1] - As of 25 July 2025, Schouw & Co. has accumulated a total of 82,300 shares, representing 8.44% of the total share capital of 25 million shares [2] Group 2 - The average price of shares acquired until 25 July 2025 was DKK 592.92, with a total amount spent of DKK 48,796,920 [2] - During the week of 21 July to 25 July 2025, Schouw & Co. acquired 6,100 shares at an average price of DKK 619.19, totaling DKK 3,777,051 [2] - The total number of treasury shares held by Schouw & Co. is now 2,108,793 [2]