Decarbonisation Strategy Concerns - The EU's decarbonisation strategy is seen as inadequate in addressing the existing European car fleet [1] - A change is needed in three areas regarding the EU's decarbonisation strategy [1]

Decarbonization Technology - The technology has the potential to decarbonize industries that are difficult to clean up [1]

Core Viewpoint - Vow ASA has successfully completed the sale of its shares in Vow Green Metals AS, receiving net proceeds of NOK 35.1 million and fully repaying a convertible loan of NOK 22.5 million [1][2][3] Financial Summary - Vow ASA received NOK 35.1 million from Midas Industri AS for 50,173,890 shares at an offer price of NOK 0.70 per share [2] - The proceeds were utilized for an additional installment on a term loan with DnB [2] - The convertible loan of NOK 22.5 million, used to finance costs related to VGM's termination with Obligo, has been fully repaid [3] Company Operations - Vow ASA focuses on preventing pollution through advanced technologies that convert biomass and waste into valuable resources and clean energy [4][5] - The company is a leader in wastewater purification and valorisation of waste, enabling industries to transition towards a fossil-free future [6] - Vow ASA holds strong positions in food safety, robotics, and heat-intensive industries with a decarbonising agenda [6]

Company Overview - Vow ASA and its subsidiaries, including Scanship, C.H. Evensen, and Etia, focus on preventing pollution through innovative solutions that convert biomass and waste into valuable resources and clean energy [2] - The company is a leader in wastewater purification and waste valorisation in the cruise market, providing technologies that facilitate the transition to a fossil-free future [2] - Vow's advanced technologies enable decarbonisation and material recovery across various industries, converting materials such as biomass, sewage sludge, plastic waste, and end-of-life tyres into clean energy and low carbon fuels [2] Recent Developments - Ulf Tore Hekneby, a close associate of Vow ASA's CFO, Cecilie Brænd Hekneby, has acquired 81,311 shares, increasing the total shares owned by him and his close associates to 2,351,311 [1]

Core Insights - Touax has secured a €50 million green loan from the European Investment Bank (EIB) aimed at enhancing its freight railcars business, aligning with climate action initiatives [2][7] - The loan, with a term of 14 years, provides financial stability for Touax's long-term investment plans, supported by the EU's InvestEU programme [3][4] - The EIB's backing is part of a broader strategy to promote sustainable transport and reduce CO2 emissions by facilitating the transition from road to rail freight [4][9] Company Overview - Touax Group is a leading European player in leasing tangible assets such as freight railcars, river barges, and containers, managing €1.3 billion in assets [6] - The company is listed on the Euronext stock market in Paris and is included in various indices such as CAC® Small and CAC® Mid & Small [6] Financial Structure - Touax has developed an innovative financial structure that combines existing debt from commercial banks with new debt from the EIB to support its investment cycle [4]

Core Insights - Vow ASA reported revenues of NOK 260.8 million in Q1 2025, a 12.3% increase from NOK 232.3 million in Q1 2024, with an EBITDA before non-recurring costs of NOK 13.2 million, up from NOK 5.6 million in the same period last year [1][2] Financial Performance - The group experienced a negative result before tax of NOK 30.4 million, compared to a negative NOK 17.0 million in Q1 2024, primarily due to a net foreign exchange loss of NOK 12.1 million [2] - The total order backlog increased to NOK 1,532 million from NOK 1,066 million a year earlier, although it decreased from NOK 1,680 million at the start of the year [3] Market Demand and Positioning - There is a growing demand for Vow's technology and lifecycle services, particularly in the aftersales segment, driven by an increase in environmentally compliant ship operations and heat-intensive technologies [4] - Vow holds a favorable position in the cruise market and is expanding in other industry verticals, with a focus on improving operational execution and ensuring long-term profitability [5] Leadership and Strategic Developments - New CEO Gunnar Pedersen and CFO Cecilie Brænd Hekneby joined Vow in May 2025, bringing extensive industry experience to enhance operations and project execution [6] - Vow has extended the maturity of its loan facilities by 12 months to Q3 2027, with adjustments made to the covenant structure to improve financial flexibility [6]

Summary of Metals & Mining Research Report Industry Overview - The report focuses on the Metals & Mining industry, providing insights into key companies and their financial outlooks, valuations, and market conditions [1][4]. Key Companies Analyzed - The report includes detailed analyses of several major companies in the Metals & Mining sector, including: - Anglo American - BHP - Glencore - Rio Tinto - Vale - Antofagasta - First Quantum - Norsk Hydro - ArcelorMittal - Acerinox - thyssenkrupp - voestalpine - SSAB - Fresnillo - Hochschild [4][5][7]. Core Financial Metrics and Valuations - **Valuation Multiples**: The report provides comparative valuation multiples for various companies, including P/E ratios, EV/EBITDA, and FCF yields. For example: - Anglo American: P/E of 10.3x for 2027E, EV/EBITDA of 6.5x for 2027E, and FCF yield of 1.1% for 2025E [5][8]. - BHP: P/E of 11.5x for 2026E, EV/EBITDA of 5.7x for 2026E, and FCF yield of 3.4% for 2025E [5][8]. - Vale: P/E of 4.9x for 2025E, EV/EBITDA of 4.0x for 2025E, and FCF yield of 6.6% for 2026E [5][8]. - **Earnings and EBITDA**: The report outlines projected earnings and EBITDA for the companies, indicating growth trends. For instance: - Anglo American's FY EBITDA is projected to grow from $6.58 billion in 2025E to $9.76 billion in 2027E [7]. - BHP's FY EBITDA is expected to remain stable around $25 billion for 2025E to 2027E [7]. Market Sentiment and Recommendations - The overall industry view is classified as **Neutral**, with specific stock recommendations varying from Overweight (OW) to Underweight (UW) based on individual company performance and market conditions [6][8]. - Companies like Anglo American, Glencore, and Vale are rated as Overweight, indicating a positive outlook, while others like thyssenkrupp are rated Underweight, suggesting caution [6][8]. Important Considerations - **Debt Levels**: The report highlights net debt levels and debt-to-EBITDA ratios, which are crucial for assessing financial health. For example, BHP has a net debt of $13.86 billion with a debt/EBITDA ratio of 0.5 for 2025E [7]. - **Capex and Free Cash Flow**: Capital expenditures (Capex) and free cash flow (FCF) projections are also discussed, with companies like Anglo American expected to invest significantly in growth while maintaining positive FCF [7]. ESG Considerations - The report includes a section on Environmental, Social, and Governance (ESG) factors, which are increasingly important for investors in the Metals & Mining sector [4]. Conclusion - The Metals & Mining industry is poised for growth, with several companies showing strong financial metrics and positive market sentiment. However, investors are advised to consider individual company risks and market conditions when making investment decisions [2][3].

Highlights Power generation amounted to 251 GWh for the first quarter 2025, being at the lower end of the outlook range, mainly as a result of weather impact and production curtailments related to the provision of ancillary services, for which the Company receives compensation.Reached the ready-to-permit milestone and launched a sales process for a 98 MW solar project in Germany.Reached the ready-to-permit milestone on a second solar and battery project in the UK, bringing the total volume of ready-to-perm ...

Vow ASA has today published its Annual and Sustainability Report for 2024, as approved by the Board of Directors. The report, including the ESEF file, is enclosed and is also available on the company’s website: www.vowasa.com under Investor Relations: https://www.vowasa.com/investor/results-reports. Subsequent to year-end, the Group recognised a non-cash impairment loss on its investment in Vow Green Metals AS. In connection with events occurring after the reporting period, management concluded that the quo ...

Core Viewpoint - CMB.TECH and Golden Ocean Group have signed a term sheet for a stock-for-stock merger, with CMB.TECH as the surviving entity, based on an exchange ratio of 0.95 shares of CMB.TECH for each share of Golden Ocean [1][3] Company Overview - CMB.TECH operates more than 150 vessels, including crude oil tankers, dry bulk vessels, container ships, and offshore wind vessels, and is focused on decarbonization and sustainable shipping solutions [12][13] - Golden Ocean specializes in the transportation of dry bulk cargoes and has a fleet of 91 vessels with a total capacity of approximately 13.7 million deadweight tonnes [14] Merger Details - The merger will create one of the largest diversified listed maritime groups globally, with a combined fleet of over 250 vessels [2] - Upon completion, CMB.TECH shareholders will own approximately 70% of the combined company, while Golden Ocean shareholders will own about 30% [1] - The transaction is subject to customary conditions, including due diligence, board approvals, regulatory approvals, and shareholder approval from Golden Ocean [3][4] Financial Aspects - The fairness opinion provided by DNB Markets concluded that the exchange ratio is fair for Golden Ocean's shareholders, with CMB.TECH valued at $15.23 per share and Golden Ocean at $14.49 per share [6][7] Future Plans - The companies aim to finalize definitive transaction agreements in Q2 2025 and complete the merger in Q3 2025 [5] - Following the merger, Golden Ocean will delist from NASDAQ and Euronext Oslo Børs, while CMB.TECH will remain listed on the NYSE and Euronext Brussels [4] Leadership Comments - CMB.TECH's CEO emphasized the merger as a significant step towards building a leading diversified maritime group, enhancing fleet value to over $11 billion [6] - Golden Ocean's CEO highlighted the complementary nature of both fleets, which would create one of the largest and most modern dry bulk fleets globally [6]