Core Points - Euronext has announced the cancellation of 2,692,979 ordinary shares as part of its €300 million share repurchase program completed on 10 March 2025 [1] - The cancellation aligns with the company's intention to reduce capital, as previously stated in the announcement of the share repurchase program on 7 November 2024, and was approved by shareholders during the Annual General Meeting on 15 May 2025 [1] - Following the cancellation, Euronext's issued share capital is now €162,468,044.80, divided into 101,542,528 ordinary shares [2] Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [4] - The company operates MTS, a major electronic fixed income trading market, and Nord Pool, the European power market, while also providing clearing and settlement services through Euronext Clearing and its CSDs in Denmark, Italy, Norway, and Portugal [4] - As of June 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion, handling 25% of European lit equity trading [5]

Financial Data and Key Metrics Changes - The company is reducing its top and bottom line guidance for 2025, now expecting net sales revenue to decline by 3% to 4% on a constant currency basis, compared to a previous low single-digit decline [11] - Underlying pretax income is now expected to decline by 12% to 15% on a constant currency basis, a significant change from the previous low single-digit decline [12] - Underlying earnings per share are anticipated to decline by 7% to 10%, contrasting with earlier expectations of low single-digit growth [12] - The company reaffirms its underlying free cash flow guidance of $1,300 million plus or minus 10% [36] Business Line Data and Key Metrics Changes - Core power brands, including Coors Light, Miller Lite, and Coors Banquet, maintained a 15.2% volume share of the industry for the first half of the year, up from 13.4% three years ago [15] - Banquet has shown strong performance with over 15% distribution growth in the first half of the year [16] - The company is experiencing a shift to value-seeking behaviors in the U.S., focusing on pack size rather than brand loyalty [18] Market Data and Key Metrics Changes - The U.S. beer industry is down approximately 5% year-to-date, which is worse than previously expected [9] - The Midwest premium pricing has increased by over 180% since January, significantly impacting costs [10] - In Canada, the Molson family of brands gained volume share despite a challenging industry backdrop [17] Company Strategy and Development Direction - The company continues to focus on premiumization in both beer and beyond beer categories, despite current market pressures [18] - The strategy includes leveraging capabilities and partnerships to support profitable growth and maintaining the health of core brands [24] - The company is committed to executing its share repurchase program and has repurchased 9.4% of its outstanding shares [25] Management's Comments on Operating Environment and Future Outlook - Management views the current softness in industry performance as cyclical, driven by macroeconomic factors [13] - Consumer sentiment in the U.S. remains low, particularly affecting lower-income and Hispanic consumers [6][7] - Management believes that consumer confidence will eventually improve, although the timing is uncertain [42] Other Important Information - The company has raised its quarterly dividend each year since 2021 and continues to execute its share repurchase plan [25] - The integration of Fever Tree is progressing well, and it is expected to contribute positively to brand mix in the Americas [23] Q&A Session Questions and Answers Question: Can you unpack the updated guidance and the profit headwinds, specifically regarding aluminum and the Midwest premium? - Management indicated that the industry did not improve as expected, and the dramatic increase in the Midwest premium significantly impacted Q2 and future assumptions [39][40] Question: Have you seen any increases from the Midwest premium in Q2, or is that expected in the back half of the year? - Management confirmed that the Midwest premium increased unexpectedly, with an anticipated impact of $20 million to $35 million for the remainder of the year [58] Question: What is the company's confidence level regarding the cyclical nature of the current industry decline? - Management maintains that the current decline is cyclical and believes consumer confidence will eventually recover [42][56] Question: How is the company addressing the competitive environment and potential changes in marketing strategies? - Management is focusing on driving brand campaigns and leveraging partnerships to improve market share, particularly in the on-premise channel [96] Question: Can you provide insights on the volume deleverage impact for the second half of the year? - Management expects to reverse a volume deleverage of approximately 300,000 hectoliters in the second half, mainly in Q3 [103]

Financial Data and Key Metrics Changes - The company is reducing its top and bottom line guidance for 2025, now expecting net sales revenue to decline by 3% to 4% on a constant currency basis, compared to a previous low single-digit decline expectation [10][12] - Underlying pretax income is now expected to decline by 12% to 15% on a constant currency basis, a significant change from the previous low single-digit decline forecast [12] - Underlying earnings per share are anticipated to decline by 7% to 10%, contrasting with earlier expectations of low single-digit growth [12] Business Line Data and Key Metrics Changes - The U.S. beer industry is experiencing a decline of approximately 5% in the second quarter, which is worse than previously expected [8][10] - Core power brands, including Coors Light, Miller Lite, and Coors Banquet, have retained a 15.2% volume share of the industry for the first half of the year, up from 13.4% three years ago [15] - Banquet has shown strong performance, gaining over 15% distribution in the first half of the year and being a top five volume share growth brand [16] Market Data and Key Metrics Changes - Consumer sentiment in the U.S. remains low, particularly affecting lower-income and Hispanic consumers, leading to reduced consumption trends [5][6] - In Canada, the Molson family of brands has posted volume share gains despite a challenging industry backdrop [17] - The UK market remains highly competitive, with brands like Carling and Ajusco maintaining segment leadership despite regional softness [17] Company Strategy and Development Direction - The company is focusing on premiumization across its portfolio, with plans to develop both beer and beyond beer products [18][20] - The strategy includes leveraging capabilities and partnerships to support profitable growth, particularly in the U.S. market [14] - The company aims to maintain the health of its core power brands while navigating macroeconomic pressures [25] Management's Comments on Operating Environment and Future Outlook - Management views the current softness in industry performance as cyclical, driven by macroeconomic factors, and expects consumer confidence to eventually improve [13][44] - The company is committed to protecting and growing its underlying free cash flow while making prudent capital allocation decisions [37] - Management acknowledges the challenges posed by the Midwest premium pricing, which has increased significantly, impacting cost structures [9][12] Other Important Information - The company has executed a share repurchase program, repurchasing 9.4% of its outstanding shares since its announcement in October 2023 [27] - The company has raised its quarterly dividend each year since 2021, reflecting confidence in its financial health [27] Q&A Session Summary Question: Can you unpack the updated guidance and profit headwinds? - Management indicated that the industry did not improve as expected, with a significant increase in the Midwest premium impacting guidance negatively [40][41] Question: What is the impact of Midwest Premium increases? - The company expects an incremental impact of $20 million to $35 million from the Midwest premium for the balance of the year, with a full-year impact of $40 million to $55 million [55] Question: Are there signs of improvement in consumer confidence? - Management noted that overall consumer confidence has not improved, with value-conscious behaviors continuing among consumers [61][62] Question: How is the company addressing competitive pressures? - The company is focusing on marketing strategies for key brands and leveraging partnerships to enhance market presence [91] Question: What are the drivers of margin contraction? - Management highlighted that volume deleverage, higher COGS due to premiumization, and Midwest premium costs are significant factors affecting margins [75]

VAISALA CORPORATION STOCK EXCHANGE RELEASE 4.8.2025 Vaisala Corporation: Share Repurchase 4.8.2025 In the Helsinki Stock Exchange | Trade date | 4.8.2025 | | | --- | --- | --- | | Bourse trade | Buy | | | Share | VAIAS | | | Amount | 120 | Shares | | Average price/ share | 47,0000 | EUR | | Total cost | 5 640,00 | EUR | Vaisala Corporation now holds a total of 127 129 shares including the shares repurchased on 4.8.2025 The share buybacks are executed in compliance with Regulation No. 596/2014 of the Europea ...

Financial Data and Key Metrics Changes - The company achieved net earnings from continuing operations of $139 million or $0.68 per share in Q2 2025, driven by higher average realized gold prices and strong gold sales, partially offset by increased production costs and income tax expenses [13] - Adjusted net earnings for the quarter were $90 million or $0.44 per share, excluding one-time non-recurring items [14] - Free cash flow for the quarter totaled negative $62 million; however, excluding capital investments in the Skirius project, free cash flow was positive $62 million compared to $34 million in Q2 2024 [14][15] - Total cash costs were $10.64 per ounce sold and all-in sustaining costs stood at $15.20 per ounce sold [16] Business Line Data and Key Metrics Changes - The company produced 133,769 gold ounces in Q2 2025, with the Lamaque complex and Kisladag exceeding expectations [7] - At Olympias, gold production was 15,978 ounces with total cash costs of $15.78 per ounce sold, reflecting a 35% improvement in production and a 34% decrease in costs compared to Q1 [28] - The Kisladag operation produced 46,058 ounces at total cash costs of $11.33 per ounce sold, impacted by higher labor costs and increased royalty expenses [31] Market Data and Key Metrics Changes - The average realized gold price increased by 40% to $3,270 per ounce in Q2 2025 compared to $2,336 per ounce in the same period last year [15] - The company expects to produce between 460,000 and 500,000 ounces of gold in 2025, aiming for the midpoint based on first-half performance [8] Company Strategy and Development Direction - The company is focused on advancing growth capital investments in Greece, particularly in the Scourias copper-gold project, which is expected to begin production in 2026 [20][36] - The company remains committed to achieving peer-leading shareholder returns supported by low-cost incremental production across its portfolio [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2025, supported by a strong balance sheet and quality assets [35] - The company acknowledged the need for continuous improvement in safety performance, with a lost time injury frequency rate of 0.95 in Q2 2025 [9][10] Other Important Information - The company repurchased over 2.8 million shares at a cost of $58.4 million year-to-date, reinforcing its disciplined capital allocation strategy [12] - The company was recognized as one of Canada's best companies in 2025 by Time for its strong performance in sustainability and employee satisfaction [11] Q&A Session Summary Question: CapEx spend in Q2 and future expectations - Management expects a ramp-up in Q3 and a decrease in Q4 as the company moves into commissioning and startup of the facility [38] Question: Critical path items in the project - The filter plant construction is on the critical path due to extensive geotechnical work required for its foundation [41][42] Question: Balance sheet and rationale for drawdown - The drawdown on the project financing facility is strategic to take advantage of favorable interest rates and maintain financial flexibility [50][54] Question: Kisladag metallurgical work delays - Delays were due to the initial drilling contractor's substandard equipment, leading to a three-month delay in the program [68] Question: Skilled labor retention and productivity - The company has secured additional accommodation and is confident in retaining skilled labor, with productivity meeting expectations [76] Question: Commercial production definition and ramp-up timeline - Commercial production is defined as exceeding 70% throughput with expected recoveries, with a ramp-up to nameplate capacity expected by Q3 [78][81]

Financial Data and Key Metrics Changes - In Q2 2025, Eldorado Gold reported net earnings from continuing operations of $139 million or $0.68 per share, driven by higher average realized gold prices and strong gold sales, partially offset by increased production costs and income tax expenses [14] - Adjusted net earnings for the quarter were $90 million or $0.44 per share, excluding one-time non-recurring items [15] - Free cash flow for the quarter totaled negative $62 million; however, excluding capital investments in the Skirius project, free cash flow was positive $62 million compared to $34 million in Q2 2024 [15] - Total cash costs were $10.64 per ounce sold, and all-in sustaining costs stood at $15.20 per ounce sold [16] Business Line Data and Key Metrics Changes - The company achieved safe production of 133,769 gold ounces in Q2 2025, with the Lamaque complex and Kisladag exceeding expectations [7] - At the Olympias site, gold production was 15,978 ounces, with total cash costs of $15.78 per ounce sold, reflecting a 35% improvement in production and a 34% decrease in costs compared to Q1 [29] - The Kisladag operation produced 46,058 ounces at total cash costs of $11.33 per ounce sold, with production primarily driven by continued leaching of gold ounces from stacked ore [32] Market Data and Key Metrics Changes - The average realized gold price increased by 40% to $3,270 per ounce in Q2 2025, compared to $2,336 per ounce in the same period last year [16] - The company expects to produce between 460,000 and 500,000 ounces of gold in 2025, with guidance based on first-half performance [8] Company Strategy and Development Direction - Eldorado Gold is focused on advancing growth capital investments in Greece, creating diversification in its product portfolio with copper production expected to begin in 2026 [36] - The company is committed to achieving peer-leading shareholder returns supported by low-cost incremental production across its portfolio [36] - The expanded normal course issuer bid (NCIB) program aims to repurchase shares as a means of capital allocation while continuing to invest in long-term growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2025, citing a strong balance sheet and quality assets [36] - The company acknowledged higher costs due to increased royalties driven by record high gold prices and higher labor costs [8] - Management remains focused on continuous improvement in safety performance and sustainability initiatives [11] Other Important Information - The company reported a lost time injury frequency rate of 0.95, an increase from the previous year, indicating a commitment to improving safety [10] - Eldorado Gold was recognized as one of Canada's best companies in 2025 by Time, based on strong performance and sustainability transparency [12] Q&A Session Summary Question: What is the expected CapEx spend in Q2? - Management indicated that Q2 spending was in line with expectations and anticipated a ramp-up in Q3 followed by a decrease in Q4 as commissioning begins [39] Question: Can you elaborate on the critical path for the filtered tailings plant? - The filtered tailings plant is on the critical path due to redesign challenges and extensive foundation work required, but progress has been made [40][41] Question: What is the rationale behind the recent drawdown on the terminal? - The drawdown is part of utilizing a project financing facility with advantageous interest rates, allowing for flexibility in capital allocation [45][50] Question: What is the expected gold output for Q3 versus Q4 at Kisladag? - Production is expected to be steady, with grades anticipated to be lower in the second half of the year, leading to slightly lower production rates [103] Question: How will the company manage euro exposure for the Scourias project? - The company has been using forward price contracts to manage euro exposure, with minimal direct exposure expected from accounting translation [100][102]

Financial Data and Key Metrics Changes - The company reported net income of $949 million, down $184 million from 2024, primarily due to lower upstream realizations, partially offset by higher production volumes [9] - Cash flow from operations was nearly $1.5 billion, with $2.4 billion in cash on hand at the end of the quarter [5][10] - Capital expenditures totaled $473 million, which is $11 million higher than 2024, primarily due to project timing [11] Business Line Data and Key Metrics Changes - Upstream earnings were $664 million, down $67 million from the first quarter, primarily due to lower realizations [9] - Downstream earnings were $322 million, down $262 million from the first quarter, mainly reflecting lower margin capture [9] - Chemical business generated earnings of $21 million, down $10 million from the first quarter [10][23] Market Data and Key Metrics Changes - Upstream production averaged 427,000 oil equivalent barrels per day, up 9,000 barrels per day versus the first quarter and up 23,000 barrels per day versus 2024 [13] - Kearl production set a second quarter record averaging 275,000 barrels per day gross, up 19,000 barrels per day versus the first quarter [14] - Petroleum product sales were 480,000 barrels per day, up 25,000 barrels per day versus 2025, enabled by the Trans Mountain pipeline expansion [22] Company Strategy and Development Direction - The company is focused on maximizing value from existing assets and selectively investing in growth opportunities, including Kearl and Coal Lake [35] - The renewable diesel facility at Strathcona has been completed, with first production beginning in July, aligning with the company's strategy of advancing responsible energy solutions [21][25] - The company plans to accelerate share repurchases through its normal course issuer bid (NCIB) [8][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to complete the NCIB without leveraging the balance sheet, citing strong cash flow projections [31] - The company remains optimistic about future investment opportunities and constructive dialogue with the federal government [7] - Management highlighted the importance of technology and operational efficiency in driving future growth and maintaining competitive advantages [41][49] Other Important Information - The company announced a third quarter dividend of $0.72 per share, consistent with the second quarter dividend [12] - The turnaround at Kearl was completed safely and successfully in under nineteen days, enabling a doubling of the turnaround interval [15] Q&A Session Summary Question: Why was the decision made to accelerate the NCIB? - Management expressed confidence in completing the NCIB without leveraging the balance sheet, supported by strong cash flow and commodity prices [31] Question: What drives the investment case for Imperial despite strong year-to-date performance? - Management emphasized their strategy of responsibly increasing cash flow and delivering unmatched shareholder returns, supported by competitive advantages and ongoing improvements in operations [35] Question: What insights have been gained from deploying autonomous technology? - Management noted that the autonomous haul system has successfully reduced unit cash costs and is part of a broader technology strategy [41] Question: What is the status of the SAGD projects at Cold Lake? - Management highlighted the competitive advantage of using solvent-assisted SAGD technology and provided updates on ongoing projects and future plans [104][108] Question: How does the Trans Mountain expansion impact refined product sales? - Management explained that the expansion provided additional supply flexibility, allowing the company to meet steady demand and enhance margins [78][81]

Financial Data and Key Metrics Changes - The company reported net income of $949 million, down $184 million from 2024, primarily due to lower upstream realizations, partially offset by higher production volumes [8][9] - Cash flow from operations was nearly $1.5 billion, with $2.4 billion in cash on hand at the end of the quarter [4][10] - Capital expenditures totaled $473 million, which is $11 million higher than 2024, primarily due to project timing [11] Business Line Data and Key Metrics Changes - Upstream earnings were $664 million, down $67 million from the first quarter, primarily due to lower realizations [9] - Downstream earnings were $322 million, down $262 million from the first quarter, mainly reflecting lower margin capture [9] - Chemical business generated earnings of $21 million, down $10 million from the first quarter [10][22] Market Data and Key Metrics Changes - Upstream production averaged 427,000 oil equivalent barrels per day, up 9,000 barrels per day versus the first quarter and up 23,000 barrels per day versus 2024 [13] - Kearl production set a second quarter record averaging 275,000 barrels per day gross, up 19,000 barrels per day versus the first quarter [14] - Petroleum product sales were 480,000 barrels per day, up 25,000 barrels per day versus 2025, enabled by the Trans Mountain pipeline expansion [21] Company Strategy and Development Direction - The company is focused on returning surplus cash to shareholders and has accelerated share repurchases through its NCIB program [7][25] - Major project milestones include the completion of the renewable diesel facility at Strathcona and the start of production in July [20][23] - The company is optimistic about future investments and government support for major projects in Canada [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate market volatility and maintain safe, reliable operations [5] - The outlook for the second half of the year is strong, with expectations for higher production volumes and further progress on unit cash cost reductions [16][24] - Management emphasized the importance of technology and operational efficiency in driving future growth [41][46] Other Important Information - The company plans to maintain a disciplined approach to capital allocation, prioritizing reliable and growing dividends [90] - The renewable diesel project aligns with the company's long-term strategy of advancing responsible energy solutions [20] Q&A Session Summary Question: Why was the decision made to accelerate the NCIB? - Management expressed confidence in completing the NCIB without leveraging the balance sheet, supported by strong cash flow and commodity prices [29][30] Question: What drives the investment case for Imperial despite strong year-to-date performance? - Management highlighted their strategy of responsibly increasing cash flow and delivering unmatched shareholder returns, supported by competitive advantages and technology [32][35] Question: Insights on the autonomous fleet technology? - Management noted the success of the autonomous haul system, which has reduced unit cash costs and is part of a broader technology strategy [40][42] Question: Status of the SAGD projects at Cold Lake? - Management discussed the competitive advantage of using solvent-assisted SAGD technology and the timeline for upcoming projects [100][105] Question: CapEx spending lower than expected, what drove that? - Management indicated that the lower spending was due to timing effects, with no change to the full-year guidance [67][69]

Core Viewpoint - Vaisala Corporation has executed a share repurchase on August 1, 2025, acquiring a total of 2,656 shares at an average price of €46.9665 per share, amounting to a total cost of €124,743.02, increasing its total holdings to 127,009 shares [1]. Group 1: Share Repurchase Details - The share buyback was conducted in compliance with Regulation No. 596/2014 of the European Parliament and Council (MAR) Article 5 and the Commission Delegated Regulation (EU) 2016/1052 [1]. - The average price per share during the repurchase was €46.9665, with a total expenditure of €124,743.02 [1]. - Following the repurchase, Vaisala Corporation now holds a total of 127,009 shares [1]. Group 2: Company Overview - Vaisala is recognized as a global leader in measurement instruments and intelligence for climate action, focusing on improving resource efficiency and driving energy transition [2]. - The company has nearly 90 years of innovation and expertise, employing around 2,500 experts dedicated to environmental measures [2]. - Vaisala's series A shares are listed on the Nasdaq Helsinki stock exchange [2].

Financial Data and Key Metrics Changes - In the second quarter, the company generated $284 million of EBITDA, an 11% year-over-year increase driven by higher gathering and processing volumes, which set new company records [6] - Free cash flow after dividends reached $82 million, representing a nearly 90% increase compared to the previous year [7] - The company reduced its leverage to 2.8 times as of June 30 [7] Business Line Data and Key Metrics Changes - The company invested $45 million in gathering, compression, water, and joint venture projects during the second quarter, bringing year-to-date capital investment to $82 million, which is 45% of the updated 2025 capital budget [4] - The compression reuse program has realized over $50 million in savings, with future savings estimates increased from $60 million to over $85 million [5] Market Data and Key Metrics Changes - The company is uniquely positioned to connect low-cost production to LNG facilities along the Gulf Coast, while also maintaining optionality to connect to local markets [10] - The company expects project announcements in Appalachia to accelerate due to regulatory support, particularly in West Virginia [10] Company Strategy and Development Direction - The company continues to execute its organic growth plan, focusing on predictable earnings and capital efficiency, which allows for attractive dividends, debt reduction, and share repurchases [11] - The company is exploring opportunities to build infrastructure to meet growing demand in the Northeast, particularly in West Virginia [25] Management's Comments on Operating Environment and Future Outlook - Management does not expect to be a material cash taxpayer through at least 2028, benefiting from recent tax legislation [9][32] - The company is actively looking for opportunities in the asset market, particularly bolt-on acquisitions around its current asset base [37] Other Important Information - The company has made significant progress on its capital projects and is focusing on low-pressure gathering and water connections to set up the 2026 development plan [4] Q&A Session Summary Question: Opportunities for AM in basin demand - Management indicated that AM could build infrastructure to meet growing demand, leveraging its large footprint in West Virginia and Ohio [14] Question: Capital allocation strategy - Management stated that the 50% allocation to buybacks is a long-term target, with flexibility based on market conditions [16][18] Question: In-basin demand opportunities related to recent announcements - Management noted that West Virginia's microgrid bill could create significant opportunities for AM, particularly in data center supply [24] Question: Clearwater facility lawsuit update - Management stated there is no new information regarding the lawsuit, which is pending a decision from the Colorado Supreme Court [27] Question: Processing capacity and potential new plant - Management indicated that there is still room to run processing plants above nameplate capacity, with no immediate need for additional processing capacity [30] Question: Long-term cash tax expectations - Management reiterated that they do not expect to be a full cash taxpayer for at least five years, benefiting from recent tax legislation [32] Question: Inorganic opportunities in the asset market - Management confirmed they are continuously looking for bolt-on acquisition opportunities but have no immediate plans to announce [37]