Core Insights - The company reported consolidated sales of €886 million in Q1 2025, reflecting a decrease of 2.7% on a reported basis and a stable performance of -0.2% at constant scope and exchange rates, primarily affected by negative currency effects [3][4][5] - The company confirmed its 2025 targets for sales growth and profitability, emphasizing resilience in its operations across various regions despite global uncertainties [3][15] Sales Performance - Sales in France increased by 3.9% to €281 million, while Europe (excluding France) saw a rise of 2.8% to €95 million, driven by strong performance in Switzerland and Italy [1][31] - The Americas reported stable sales of €221 million, with a slight decline of 0.5%, while Asia experienced a significant drop of 20.5% to €95 million, largely due to a competitive environment in India [1][38] - The Mediterranean region's sales were down 1.6% to €103 million, but showed a strong performance in Egypt, while Africa's sales fell by 9.9% to €91 million due to increased competition [1][11][45] Business Segments - The Cement business showed resilience with operational sales of €554 million, down 5.4% reported but stable at +0.5% at constant scope and exchange rates, despite a volume decline of 6.8% [48] - The Concrete and Aggregates segment faced challenges with operational sales falling by 4.3% to €333 million, attributed to an 8.2% drop in concrete volumes [48][49] - Other Products & Services saw operational sales rise by 6.1% to €117 million, reflecting the integration of construction chemicals activities [49] Geographical Analysis - In France, the integration of Cermix with VPI contributed positively, while the cement market showed signs of stabilization [7][28] - Switzerland's cement business recorded its second consecutive quarter of volume growth, supported by major infrastructure projects [32] - In the Americas, the South-East region experienced growth, while California faced declining residential volumes [34] - The Asia region was mixed, with India facing significant challenges, while Kazakhstan showed growth due to price increases [39][40] - Egypt's cement business thrived with a 73.1% increase in operational sales, driven by strong export volumes [44] Strategic Initiatives - The company is focusing on the integration of Cermix with VPI to strengthen its position in the construction chemicals market in France [2][4] - The VAIA decarbonization project aims to capture nearly 100% of emissions from the Montalieu-Vercieu cement plant, with an estimated investment of €700 million [13][14] - The company aims to achieve a gearing ratio of less than 1.0x by the end of 2027 while maintaining an EBITDA margin of at least 20% over the 2025–2027 period [16][22]

Financial Data and Key Metrics Changes - Revenues increased by 4.8% year over year, reaching $499.2 million, driven by stronger demand for bagged cement and concrete [3][10] - Consolidated EBITDA rose to $134.7 million, a 1.4% increase compared to the same period last year [3][10] - Net profit increased by 6.5% year over year, attributed to higher revenues and gross profit, along with a slight reduction in financing expenses [14] Business Line Data and Key Metrics Changes - Sales of concrete, pavement, and mortar surged by 22.3% year over year, primarily due to major infrastructure projects [4][12] - Cement sales increased by 3.9% compared to the same period last year, with gross margin rising by 2.6% due to lower raw material costs [12] - Precast material sales grew by 6.8%, although gross margin decreased by 1.8 percentage points due to lower fixed cost dilution [13] Market Data and Key Metrics Changes - The company is positioned as a preferred choice for infrastructure development in Northern Peru, with ongoing projects like the Motupe riverbank defenses and the Tarata Bridge [4][6] - The demand for concrete is expected to increase in the coming quarters due to the initiation of new projects [25] Company Strategy and Development Direction - The company is focused on a long-term strategy to expand the use of concrete and building solutions, which is seen as essential for future growth [5][38] - A decarbonization strategy is being implemented, with a focus on reducing coal usage and exploring cleaner alternatives like biomass [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining positive momentum for the rest of the year, despite challenges faced in the first quarter [3][14] - The company anticipates stable EBITDA margins moving forward, with a one-time expense related to labor union bonuses not expected to recur [21][22] Other Important Information - Administrative expenses increased by 22.4% due to personnel expenses related to union bonuses [11] - The net debt to EBITDA ratio improved to 2.6x, indicating ongoing deleveraging efforts [14] Q&A Session Summary Question: Is it worth continuing the sales of concrete pavements, precast, and construction supplies when you barely make any money on it? - Management emphasized that the overall company strategy focuses on building solutions, which is crucial for maintaining market presence despite lower margins in some projects [17][18] Question: Should we expect a similar year-over-year increase in SG&A in the coming quarters? - Management clarified that the recent increase in SG&A was a one-time expense and that EBITDA margins should remain stable for the rest of the year [21][22] Question: Do you expect to maintain this level of concrete volumes for the whole of 2025? - Management indicated that concrete volumes are expected to increase for the remainder of the year due to new projects starting [25] Question: Will dividends be considered as a capital allocation avenue going forward? - Management confirmed a solid dividend policy will be maintained while also focusing on reducing debt [28][29] Question: Will the production and sale of lime continue to be reported? - Management stated that lime production will continue, although it may not be reported due to its materiality [30] Question: Do you expect the trend of recovery in dispatches to continue? - Management affirmed that they expect to see continued growth in dispatches and concrete volumes throughout the year [35]

Financial Data and Key Metrics Changes - In Q1 2025, total company net sales increased by 17% and adjusted EBITDA increased by 16%, marking record-setting sales and EBITDA for Armstrong [5][26] - The adjusted diluted earnings per share grew by 20% [26] - The total company adjusted EBITDA margin was 33.6%, showing a solid start to the year despite slight compression compared to the prior year [26] Segment Performance Changes - In the Mineral Fiber segment, net sales increased by 2% and adjusted EBITDA grew by 7%, with EBITDA margin expanding by 180 basis points to 43% [7][22] - The Architectural Specialties segment saw robust sales growth of 59%, driven by recent acquisitions and organic sales growth of 11% [11][24] - Adjusted EBITDA for Architectural Specialties increased by 94%, with an adjusted EBITDA margin of 17.1%, marking significant margin expansion [13][25] Market Data and Key Metrics Changes - The market experienced choppy conditions, with lower sales volumes in the Mineral Fiber segment primarily due to adverse weather and reduced foot traffic [8][21] - Order intake in the Architectural Specialties segment grew, with strong activity noted across various verticals including transportation, office, retail, and education [12][13] Company Strategy and Industry Competition - The company remains committed to its growth initiatives despite macroeconomic uncertainties, emphasizing the importance of maintaining investments during challenging times [32][34] - Armstrong is focused on expanding its product portfolio, particularly in energy-saving solutions, to address the growing demand for energy efficiency in buildings [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current uncertainties, reaffirming full-year guidance for 2025 despite anticipated market headwinds [19][29] - The sentiment from customer surveys remains positive but cautious, with expectations of a slowdown in discretionary renovation work due to tariff uncertainties [18][46] Other Important Information - The company has a healthy balance sheet with low leverage and ample liquidity, positioning it well for future growth [28] - Recent acquisitions, 3form and Zayner, are performing well and contributing positively to the Architectural Specialties segment [14][25] Q&A Session Summary Question: Expectations for volume deceleration in the back half of the year - Management indicated that while current bidding activity remains steady, historical patterns suggest a potential slowdown in discretionary project work due to uncertainty [46][47] Question: Impact of pricing actions and product mix in Mineral Fiber - Management noted that there has been no significant trade down in product mix, with customers continuing to opt for higher technology products [49][50] Question: Current bidding environment across verticals - Management observed a softening in first-time bidding activity but noted steady ground-level project bidding, particularly in data centers and transportation [58][61] Question: Impact of steel tariffs on Wave business - Management highlighted that local steel prices have increased due to tariffs, necessitating price increases in the marketplace to maintain margins [66][69] Question: Trends in the education market - Management reported good activity in the education sector, with no significant falloff observed despite the expiration of ESSER funding [88]

As filed with the Securities and Exchange Commission on April 28, 2025 Registration No. 333-276943 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form F-1 (Amendment No. 11) REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Green Circle Decarbonize Technology Limited (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) Cayman Islands 3585 Not Applicable (I. ...

Group 1 - Technip Energies has been awarded a Detailed Engineering Design contract by Larsen & Toubro Limited for the North Field Production Sustainability Offshore Compression Project of QatarEnergy LNG [1][2] - The contract involves the design of two offshore compression complexes, including large offshore platforms and associated structures [2] - The contract is classified as "significant," representing revenue between €50 million and €250 million, recorded in Q1 2025 [3] Group 2 - Technip Energies is a global technology and engineering company with expertise in LNG, hydrogen, and sustainable chemistry [4] - The company generated revenues of €6.9 billion in 2024 and operates in 34 countries with over 17,000 employees [5]

Core Insights - The market for remote management solutions in heating networks and Building Management Systems (BMS) is experiencing strong growth due to energy transition, urbanization, decarbonization, and rising energy costs [2][4][8] - LACROIX is well-positioned to capitalize on this growth with its IIoT solutions and has seen significant sales acceleration in its HVAC segment, which recorded a CAGR of 10% from 2021 to 2024 [4][6] - The BACS decree mandates the automation of commercial buildings starting January 1, 2025, but only 15% of buildings were equipped by 2024, indicating a significant market opportunity [3] Industry Overview - The number of district heating networks in France has doubled over the past decade, exceeding 1,000 networks in 2023, with over 50,000 substations [2] - The HVAC segment is a critical part of LACROIX's Environment activity, which integrates technological synergies to enhance service offerings [5][8] Company Positioning - LACROIX's end-to-end solutions and recognized service model make it a trusted partner for major operators like ENGIE Solutions and DALKIA [6] - The company aims for international development as a strategic pillar of its 2027 roadmap, leveraging its subsidiaries in Italy and Spain [7][8] - LACROIX's revenue reached €636 million in 2024, and it is ranked among the top 50 worldwide and top 10 European EMS [10]

Core Viewpoint - Houston American Energy Corp. (HUSA) has successfully obtained shareholder approval for the acquisition of Abundia Global Impact Group (AGIG), with over 90% of votes in favor, marking a strategic move to diversify its portfolio and enhance its presence in the renewable energy sector [2][3]. Group 1: Acquisition Details - The acquisition of AGIG, a company focused on converting waste into high-value fuels and chemicals, is expected to close by the end of the second quarter of 2025 [3][4]. - HUSA's CEO, Peter Longo, emphasized that this acquisition positions the company within the multi-billion-dollar renewable energy market and provides a platform for future value generation [4]. Group 2: Company and AGIG Overview - HUSA is an independent oil and gas company primarily engaged in the development, exploration, acquisition, and production of natural gas and crude oil, with significant operations in the U.S. Permian Basin and the Louisiana U.S. Gulf Coast region [5]. - AGIG aims to facilitate a decarbonized future by converting plastic and certified biomass waste into renewable fuels and chemicals, with plans to build its first advanced plastic recycling facility in Cedar Port, Texas [6].

Core Insights - Star Royalties Ltd. has provided an update on Green Star Royalties Ltd.'s royalty portfolio and corporate strategy, highlighting the challenges faced in the carbon markets and the decision to terminate future capital commitments to the CarbonNOW program [1][3][4]. Carbon Markets Update - North American carbon markets are experiencing significant headwinds, leading to reduced carbon credit pricing and demand due to factors such as the U.S. withdrawal from the Paris Agreement and economic uncertainties [2]. - A key carbon credit offtaker has announced solvency issues, further impacting market conditions [2]. Green Star's Strategic Decisions - Green Star's management has reassessed the economic feasibility of its assets, resulting in the termination of commitments to the CarbonNOW program due to elevated risks and a deteriorating return profile [3][6]. - The decision was unanimously supported by joint-venture partners, with a focus on reallocating capital to high-quality, cash-flowing royalties in decarbonization projects [4][6]. Portfolio Updates - Green Star has acquired gross revenue royalties from NativState LLC on Improved Forest Management projects, actively engaging with brokers to monetize carbon offsets [8][10]. - The company is exploring various monetization strategies, including long-term offtakes and direct sales [10]. Project Highlights - Project ACR 912 and Project ACR 913 involve sustainably managed forestland in Arkansas, with expected carbon offset issuances by the end of 2025 [12][13]. - The Elizabeth Metis Settlement Forest Carbon Project is set to complete baseline inventory measurement by late 2025, with carbon credit issuance anticipated by 2027 [18]. - The Lac Seul First Nation Forest Carbon Project currently lacks a viable path for carbon credit generation, with future updates pending [19]. Corporate Strategy - Star Royalties aims for an 80% focus on precious metals and 20% on green initiatives, including carbon credits and cleantech [20]. - Green Star, 46% owned by Star Royalties, was established to provide exposure to carbon markets and ESG themes, with a focus on cash-flowing opportunities [21][22]. - The company remains optimistic about future value creation despite current market challenges, believing in the royalty model's fit for carbon markets [22][23]. Mining Portfolio Outlook - The mining royalty portfolio outlook has improved, with rising gold prices exceeding US$3,300/oz, and the Copperstone Gold Project expected to generate significant cash flows upon resuming production in mid-2026 [23][24]. - The company anticipates several de-risking events and milestones across its mining assets, aiming to close the valuation gap with its market capitalization [27].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the critical role of small and medium-sized enterprises (SMEs) in achieving decarbonization and enhancing supply chain resilience within the ASEAN region, particularly in Malaysia, where SMEs contribute approximately 40% of GDP and 12.2% of total exports [25][26] - It highlights the necessity for tailored support ecosystems that blend finance, training, incentives, and clear market signals to facilitate the low-carbon transition for SMEs [50] - The report identifies the Greening Value Chain (GVC) Program as a successful model for engaging SMEs in decarbonization efforts, demonstrating that with the right support, SMEs can achieve operational improvements and cost savings [35][36] Summary by Sections Objectives - The Playbook aims to guide businesses, industry players, multilateral development institutions, and policymakers in designing programs that support SMEs in accelerating decarbonization and strengthening supply chain resilience [14][15] Executive Summary - SMEs represent over 99% of enterprises in ASEAN, and their decarbonization is essential for regional competitiveness and meeting global environmental commitments [25] - The report outlines the challenges faced by SMEs, including cost pressures and limited market incentives, which hinder meaningful climate action [26] Motivating and Enabling SME Transition to Low-Carbon Practices - The report discusses the urgent need for SMEs to transition to low-carbon practices due to increasing climate risks and regulatory pressures [38][39] - It notes that SMEs that engage in decarbonization can achieve cost savings and improved resource efficiency, thereby enhancing their competitiveness [34][41] Supply Chain Resilience: The Role of Green Value Chains - The report emphasizes the importance of integrating SMEs into climate strategies to enhance resilience against climate change impacts [51] - It highlights that a resilient green value chain can lead to economic advantages, including cost savings and innovation [52] Stakeholder Perspectives: Collective Intelligence - The research involved over 50 stakeholders, including SMEs, large corporations, and financial institutions, to understand the dynamics of climate action in the region [60] - Insights reveal that many SMEs are uncertain about engaging with climate action due to a complex policy landscape and lack of clear guidance [58] Large Corporations: Navigating the In-Betweens - Large corporations play a pivotal role in catalyzing SME climate action but face challenges in aligning their sustainability goals with those of their SME vendors [62][75] - The report discusses the mixed outcomes of corporate sustainability engagement programs, highlighting the need for clearer incentives and support for SMEs [69] SMEs: Actions on the Ground - The report outlines the varying pressures faced by SMEs, with those serving multinational clients experiencing greater demands for sustainability compliance [78] - It emphasizes that many SMEs are willing to engage in decarbonization if clear incentives and support are provided [79][80] Recommendations: Driving Successful Implementation - The report outlines six tactical levers to drive successful implementation of decarbonization initiatives, including regulatory alignment and accessible green finance [36] - It stresses the importance of coordinated action among policymakers, financial institutions, and large corporations to ensure that SMEs can effectively transition to low-carbon operations [76]

Group 1 - The company operates on a principle that emphasizes simplicity and common sense as drivers of success [1] - The hedge fund is built with a clear purpose, disciplined focus, and aims for consistent alpha generation [1] - The investment approach is fully quantitative, relying on a model that provides stock tickers and recommendations without human interference [1] Group 2 - The motto "invest first, investigate later" reflects the company's strategy of purchasing based on model suggestions before conducting further research [1] - The company discourages human influence in stock selection to ensure decisions are data-driven and free from individual bias [1]