Core Viewpoint - Genomma Lab Internacional reported a modest sales growth of 0.5% in Q2 2025, with a notable increase in profitability metrics despite macroeconomic challenges, particularly in Argentina and Mexico [2][5][6]. Financial Performance - Net sales reached 4,676.4 million pesos, reflecting a 0.5% increase compared to Q2 2024, or a 5.5% increase when excluding Argentina [5]. - Like-for-like sales showed a growth of 0.3% [5]. - Gross profit was 2,969.4 million pesos, representing 63.5% of net sales, a slight decrease of 0.3% from the previous year [5]. - Operating income increased by 4.8% to 1,030.6 million pesos, accounting for 22.0% of net sales [5]. - EBITDA grew by 4.4% to 1,112.9 million pesos, with a margin of 23.8%, an increase of 89 basis points [5][6]. - Net income decreased by 43.8% to 355.0 million pesos, primarily due to significant non-cash foreign exchange losses [5][6]. - Proforma net income, excluding non-cash FX effects, increased by 16.6% to 667.8 million pesos [7]. Profitability Metrics - The EBITDA margin expanded to 23.8%, driven by manufacturing cost efficiencies and a favorable sales mix [6]. - Proforma EPS increased by 16.6% to 0.67 pesos per share, reflecting improved operating income and lower net interest expenses [7]. Cash Flow and Operational Efficiency - Free cash flow increased by 64.6% over the trailing twelve months, supported by a 7-day improvement in the cash conversion cycle [2]. Market Context - The company faced challenges from an 18.3% depreciation of the Argentine peso and a weak beverage season in Mexico, but experienced robust growth in the US, Brazil, Central America, and the Andean region [5]. Company Overview - Genomma Lab is a leading pharmaceutical and personal care products company in Mexico, with a growing international presence and a focus on premium branded products [10].

Singapore Market Performance - Singapore property achieved unprecedented results, with $768 million in revenue, a historic performance [1][2] - The company is investing $8 billion in a new Singapore property, expecting a return on investment [5] - Singapore benefits from a supportive government and booming tourism for the super-luxury customer [5] Macau Market Strategy - Macau's market has become more competitive, requiring a shift in strategy [6] - The company is pivoting to a more competitive approach to fuel more EBITDA and market share in Macau [7] - Macau remains a premier market and is expected to contribute to exceeding pre-COVID EBITDA levels [8] Geopolitical and Economic Factors - A strong China economy is crucial for the company's prosperity in Macau [9][10][11] - Geopolitical concerns and tariff wars negatively impact the company's performance [9][10][11] - Macau is a $30-32 billion market and the primary gambling destination for mainland Chinese and most Asians in the region [10]

Financial Data and Key Metrics Changes - Marina Bay Sands (MBS) achieved an EBITDA of $768 million, with a forecast of potentially reaching $2.5 billion annually this year, reflecting a significant performance increase [6][11] - Mass gaming and slot win at MBS reached $843 million, showing a 97% growth compared to 2019 and a 40% increase year-over-year [6][11] - Macau's EBITDA was $566 million for the quarter, indicating underperformance in that market [7][10] Business Line Data and Key Metrics Changes - MBS's EBITDA margin was 55.3%, while Macau's EBITDA margin for the portfolio properties was 31.3%, down 80 basis points year-over-year [10][11] - The Londoner is on track to achieve an annualized EBITDA of $1 billion, with a focus on increasing market share and EBITDA through strategic reinvestment [9][12] Market Data and Key Metrics Changes - Macau's rolling program EBITDA would have been lower by $7 million if the expected hold had been maintained, indicating fluctuations in market performance [10] - The mass gaming market share in Macau improved by 8% for the quarter, suggesting a positive trend in customer engagement [17] Company Strategy and Development Direction - The company is focusing on aggressive customer reinvestment strategies to regain market share in Macau, with a commitment to adjusting reinvestment levels based on market conditions [15][18] - There is an emphasis on leveraging high-quality investments in marketing and product offerings to attract high-value tourism, particularly in Singapore [11][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need for improved customer reinvestment in Macau and expressed confidence in the potential for EBITDA growth through strategic adjustments [18][19] - The company remains optimistic about the long-term prospects in Singapore, citing strong customer demand and government support as key factors for continued success [41][45] Other Important Information - The company repurchased $800 million of LVS stock during the quarter and paid a recurring dividend of $0.25 per share, indicating a commitment to returning capital to shareholders [12] - The company is exploring new development opportunities in jurisdictions like Thailand, which is seen as a significant potential market for future growth [90] Q&A Session Summary Question: How is the company planning to turn the tide in Macau? - Management has implemented a more aggressive customer reinvestment program since late April, with initial positive results observed in May and June [15][16] Question: What is driving the improvement in Macau's market? - The market saw acceleration from May, with a notable performance in June driven by events and improved customer density [25][26] Question: How sustainable is the recent performance in Singapore? - Management believes the strong performance is sustainable due to high-quality investments and a growing customer base attracted by unique experiences [41][46] Question: What are the expectations for EBITDA margins in Macau? - The focus is on driving revenue growth, with margins being influenced by promotional activities and customer reinvestment strategies [82][85] Question: What is the company's approach to credit in Macau? - Credit plays a small role in overall GGR, primarily extended to premium patrons, and is not a significant factor in current operations [118] Question: How is the retail mall portfolio performing? - Retail tenant sales in Macau grew by about 10% year-over-year, with luxury sales showing signs of improvement [123]

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) reported significant growth in revenues and passenger traffic for the second quarter of 2025 compared to the same period in 2024, driven by increased aeronautical and non-aeronautical services, despite a decrease in comprehensive income due to foreign currency translation losses. Financial Position - As of June 30, 2025, the company had cash and cash equivalents of Ps. 9,697.3 million, repaid Ps. 2,500.0 million in maturing bonds, and drew down a Ps. 3,375.0 million credit facility from Banamex [3]. Passenger Traffic - In 2Q25, GAP's 14 airports saw an increase of 624.7 thousand total passengers, a 4.1% rise compared to 2Q24 [4]. - New domestic routes were launched by Viva, including daily flights between Hermosillo and Tijuana, and La Paz and Santa Lucía, among others [4]. - Internationally, World2Fly launched a weekly flight from Montego Bay to Lisboa [5]. Revenue Growth - Total revenues increased by Ps. 3,623.0 million, or 49.9%, with aeronautical services revenues rising by Ps. 1,202.2 million (26.4%) and non-aeronautical services revenues increasing by Ps. 719.9 million (41.8%) [7][16]. - Revenues from improvements to concession assets surged by Ps. 1,700.8 million, or 174.4% [16][18]. Cost and Operating Expenses - Total operating costs rose by Ps. 2,555.4 million, or 68.2%, primarily due to a significant increase in costs related to improvements to concession assets [19][33]. - Employee costs increased by Ps. 134.2 million (30.8%), and maintenance costs rose by Ps. 77.1 million (54.5%) [22]. Income and Profitability - Income from operations increased by Ps. 1,067.6 million, or 30.4%, with an EBITDA increase of Ps. 1,305.2 million (31.1%) [7][24]. - Comprehensive income decreased by Ps. 658.9 million, or 22.8%, primarily due to increased foreign currency translation losses [25][26]. Comprehensive Income and Margins - The operating income margin fell from 48.4% in 2Q24 to 42.1% in 2Q25, while the EBITDA margin decreased from 57.8% to 50.6% [24][37]. - Comprehensive income per share decreased from Ps. 5.7273 to Ps. 4.4232, reflecting a 22.8% decline [12].

Core Viewpoint - Pulse Seismic Inc. reported strong financial results for the first half of 2025, with significant revenue growth and a focus on returning capital to shareholders through dividends [3][11]. Financial Performance - Total revenue for Q2 2025 was $18.3 million, a substantial increase from $6.3 million in Q2 2024. For the first half of 2025, revenue reached $41.1 million, compared to $15.1 million in the same period of 2024, reflecting a 171% increase year-over-year [6][7]. - EBITDA for Q2 2025 was $15.2 million, up from $4.4 million in Q2 2024. For the first half of 2025, EBITDA totaled $35.3 million, compared to $10.6 million in the same period of 2024 [6][7]. - Net earnings for Q2 2025 were $9.6 million ($0.19 per share), compared to $1.3 million ($0.03 per share) in Q2 2024. For the first half of 2025, net earnings were $22.9 million ($0.45 per share), compared to $4.0 million ($0.08 per share) in the same period of 2024 [6][7]. Shareholder Returns - The Board declared a regular quarterly dividend of $0.0175 per share and a special dividend of $0.20 per share, totaling approximately $11.0 million based on shares outstanding [2][3]. - The company distributed 84% of its free cash flow in 2025 as dividends, with special dividends totaling $0.80 declared over the last 24 months [3][6]. Operational Highlights - The company has a cash balance of $25.9 million and $5.0 million in available liquidity as of June 30, 2025 [6][11]. - The seismic data library consists of approximately 65,310 square kilometers of 3D seismic and 829,207 kilometers of 2D seismic, covering the Western Canada Sedimentary Basin [16]. Market Outlook - The company anticipates continued strong M&A activity in the energy sector, despite challenges in forecasting future revenue due to market fluctuations [12][15]. - Industry trends such as land sales, drilling forecasts, and commodity prices are expected to influence future performance [12][14].

Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) reported significant growth in revenues and passenger traffic for the second quarter of 2025 compared to the same period in 2024, driven by increased aeronautical and non-aeronautical services, despite a decrease in comprehensive income due to foreign currency translation losses [1][7][25]. Financial Position - As of June 30, 2025, the company had cash and cash equivalents of Ps. 9,697.3 million. During the second quarter, it repaid Ps. 2,500.0 million in maturing bonds and drew down a Ps. 3,375.0 million credit facility to refinance other maturities [3]. Passenger Traffic - In 2Q25, GAP's 14 airports saw an increase of 624.7 thousand total passengers, a 4.1% rise compared to 2Q24. New domestic and international routes were launched during this period [4][5]. Revenue Growth - Total revenues increased by Ps. 3,623.0 million, or 49.9%, with aeronautical services revenues rising by Ps. 1,202.2 million (26.4%) and non-aeronautical services revenues increasing by Ps. 719.9 million (41.8%) [7][16]. - Revenues from improvements to concession assets surged by Ps. 1,700.8 million, or 174.4% [18]. Cost Structure - Total operating costs rose by Ps. 2,555.4 million, or 68.2%, primarily due to a significant increase in costs related to improvements to concession assets [19][33]. - The cost of services increased by Ps. 308.5 million, or 25.4%, driven by the consolidation of the cargo and bonded warehouse business [19]. Income and Profitability - Income from operations increased by Ps. 1,067.6 million, or 30.4%, while EBITDA rose by Ps. 1,305.2 million, or 31.1% [7][24]. - However, comprehensive income decreased by Ps. 658.9 million, or 22.8%, primarily due to increased foreign currency translation losses [25][26]. Passenger Traffic Breakdown - Domestic terminal passengers increased by 6.2% to 9,107.6 thousand, while international terminal passengers rose by 1.4% to 6,771.8 thousand [10][9]. - Notable increases were observed at airports such as Guadalajara (3.2% increase) and Los Cabos (7.1% increase) [6][8]. Financial Results for Six Months - For the first half of 2025, total revenues reached Ps. 21,937.2 million, a 39.2% increase compared to the same period in 2024, with significant contributions from both aeronautical and non-aeronautical services [27][30]. - Operating costs also increased significantly, leading to a decrease in operating income margin from 47.6% to 42.3% [37].

Core Viewpoint - Prosafe SE has successfully completed a recapitalization process, significantly improving its financial position by converting USD 193 million of debt into equity, resulting in the issuance of 321,635,718 new shares and offering warrants to shareholders [1][2][4]. Financial Position - The recapitalization has led to an increase in the company's registered share capital from EUR 178,686.51 to EUR 3,395,043.69, with a total of 339,504,369 shares now outstanding [3]. - The company expects unrestricted liquidity of approximately USD 90 to 100 million and a headroom against the new USD 20 million covenant of approximately USD 70 to 80 million at the date of the recapitalization [7]. Business Outlook - Prosafe maintains a positive outlook with new contracts secured, including a 4-year contract for the Safe Notos at a significantly improved day rate of approximately USD 140,000 per day [5]. - The company anticipates full-year 2025 EBITDA in the range of USD 35 to 40 million, contingent on the successful completion of various contracts and vessel re-activations [7]. Corporate Governance - The company welcomed a new Board of Directors elected at the annual general meeting held on 21 May 2025, expressing gratitude to the departing board for their contributions [6].

According to preliminary management accounts for Q2 2025, EBITDA will be ISK 3.9 billion compared to ISK 2.9 billion for the same period last year which is an increase of ISK 1.0 billion YoY or ISK 0.6 billion without Lyfja EBITDA which was not part of the Group in same quarter last year. The result is better than forcast with all companies in the Group improving YoY. Store visits increase YoY and we can see more sale volumes in near all business segments. Increased synergy and efficiency with new technical ...

Core Viewpoint - Toro Corp. reported a decline in financial performance for the first quarter of 2025 compared to the same period in 2024, primarily due to reduced rates in its tanker segment, despite maintaining solid operational performance and strong cash inflows from loan repayments [4][5]. Financial Performance Summary - Total vessel revenues decreased to $5.5 million in Q1 2025 from $6.4 million in Q1 2024, representing a 14.1% decline [6][27]. - Net income from continuing operations fell to $1.5 million in Q1 2025, down 37.5% from $2.4 million in Q1 2024 [6][27]. - Overall net income dropped significantly to $1.6 million in Q1 2025 from $22.1 million in Q1 2024, marking a 92.8% decrease [6][27]. - Earnings per share from continuing operations increased to $0.019 in Q1 2025, compared to a loss of $0.005 per share in Q1 2024, reflecting a 480.0% increase [6][27]. - EBITDA from continuing operations was $1.0 million in Q1 2025, down from $1.6 million in Q1 2024 [6][27]. Operational Highlights - The average Daily Time Charter Equivalent (TCE) Rate for the fleet was $11,480 in Q1 2025, down from $13,048 in Q1 2024 [5][20]. - The fleet operated an average of 5.0 vessels during Q1 2025, maintaining full fleet utilization at 100% [20][29]. Cash Flow and Liquidity - Cash position increased significantly to $92.7 million as of March 31, 2025, up from $37.2 million at the end of 2024, primarily due to net operating cash flows and loan repayments [15][36]. - The company received partial prepayments of $47.5 million related to a $100 million senior term loan facility from Castor Maritime, which was fully repaid by May 5, 2025 [6][17]. Recent Developments - Toro Corp. launched a share repurchase tender offer for 4.5 million shares at $2.75 per share, set to expire on August 7, 2025 [14]. - The company completed the spin-off of its Handysize tanker segment to a new Nasdaq-listed company, Robin Energy Ltd., on April 14, 2025 [6][17]. - Toro Corp. acquired a modern MR tanker, M/T Wonder Altair, for $36.25 million, delivered on July 11, 2025 [18].

Financial Performance - Operating revenues increased to NOK 2,045 million in Q2 2025, up from NOK 1,949 million in the same period last year [1] - EBITDA reached NOK 522 million, compared to NOK 510 million in the previous year [1] - Profit before tax was NOK 326 million, slightly up from NOK 322 million [2] - Earnings per share increased to NOK 2.56 from NOK 2.45 [2] Segment Performance - BioSolutions saw improved results driven by continued growth in sales to agriculture [2][3] - BioMaterials experienced an increase in results due to higher sales prices, improved product mix, and increased sales volume, although this was partly offset by higher wood costs [2] - Fine Chemicals reported a weaker result primarily due to lower sales prices for bioethanol [2] Market Conditions - Positive net currency effects were noted across all areas [2] - The company’s President and CEO highlighted strong sales to agriculture and price increases for specialty cellulose as key drivers for improved results in BioSolutions and BioMaterials [3]