Company Overview - NORBIT ASA is a global provider of tailored technology focused on sustainability and innovative solutions, structured into three business segments: Oceans, Connectivity, and Product Innovation & Realization [3] Annual General Meeting Highlights - The annual general meeting was held on 6 May 2025, where all proposals were approved, including a dividend distribution of NOK 3.00 per share, to be paid on or about 16 May 2025 [1] - The board elections resulted in Bente Avnung Landsnes and Trond Tuvstein being re-elected for two-year terms, while Tom Solberg was elected as deputy director for one year [2] - The current board composition includes Finn Haugan (Chair), Bente Avnung Landsnes (Deputy Chair), Trond Tuvstein (director), Christina Hallin (director), Håkon Kavli (director), and Tom Solberg (deputy director) [2]

Core Insights - Mullen Automotive's subsidiary, Bollinger Motors, has delivered the Bollinger B4 Class 4 electric vehicle to the Lower East Side Ecology Center, which will be utilized for work and delivery purposes, supporting environmental initiatives including New York City's longest-running compost program [1][2] Company Overview - Mullen Automotive, based in Southern California, is focused on building the next generation of commercial electric vehicles with two manufacturing plants located in Tunica, Mississippi, and Mishawaka, Indiana [6] - Bollinger Motors, founded in 2015 and headquartered in Oak Park, Michigan, specializes in producing all-electric commercial Class 4 chassis cab trucks and became a majority-owned subsidiary of Mullen Automotive in September 2022 [5][7] Vehicle Specifications - The Bollinger B4 features a unique Quad-Bend chassis design, a 158-kWh battery pack, a range of 185 miles, a 46-foot turning radius, and a payload capacity of 7,325 pounds, making it suitable for urban operations [3][9] - The specific vehicle delivered to the LES Ecology Center is equipped with a 16-foot Morgan Dry Box and a 2,200-pound power lift gate [3] Partnership and Sustainability - The partnership between Bollinger Motors and the Lower East Side Ecology Center emphasizes a shared commitment to sustainability, with the B4 expected to enhance the center's operational efficiency and environmental goals [2][4]

Financial Performance - Hysan's overall revenue decreased by 7% year-over-year, from HK$3460 million in 2022 to HK$3210 million in 2023[15] - Retail revenue decreased by 6%, from HK$1643 million in 2022 to HK$1533 million in 2023[9, 15] - Office revenue decreased by 46%, from HK$1578 million in 2022 to HK$1472 million in 2023[15] - Residential revenue decreased by 47%, from HK$239 million in 2022 to HK$205 million in 2023[15] - The company's net gearing ratio is 272%[59] Portfolio Occupancy - Retail occupancy was 97% in 2023, compared to 99% in 2022[16] - Office occupancy was 89% in 2023, compared to 90% in 2022[12, 16] - Residential occupancy was 60% in 2023, compared to 61% in 2022[16] Strategic Initiatives - The enhancement work of the office tower in Lee Gardens Shanghai was completed in 2023, with 30% occupancy[41] - Approximately 10% of the retail area was closed for Lee Gardens rejuvenation in 2023 on average[10, 16] - Over 27 million square feet by GFA is green building certified[49]

May 2025 Investor Presentation tdw.com Forward-looking Statements This presentation contains "forward-looking statements" within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as "expect," "believe," "think," "anticipate," "predict," "plan," "assume," "estimate," "forecast," "target," "projections," "intend," "should," "will," "shall" and other similar words. Forward-looking statements address matters that are ...

Core Insights - Rubis demonstrated resilience and strong performance in Q1 2025, with a total revenue increase of 2% year-over-year, reaching €1,697 million [2][5][18] - The company reaffirmed its 2025 guidance, expecting Group EBITDA between €710 million and €760 million [15][18] Sales Performance by Segment - **Energy Distribution**: Revenue increased by 2% to €1,687 million, with solid growth across all regions [2][5] - **Retail & Marketing**: Revenue rose by 2% to €1,420 million, driven by strong volume growth of 4% [2][5] - **Support & Services**: Revenue increased by 2% to €266 million, with a volume increase of 5% excluding crude deliveries [12] - **Renewable Electricity Production**: Revenue grew by 28% to €11 million, supported by a 19% increase in operational assets [13] Regional Performance - **Europe**: Revenue increased by 3% to €215 million [2] - **Caribbean**: Revenue slightly decreased by 1% to €584 million [2] - **Africa**: Revenue grew by 5% to €621 million, with strong performance in Togo and South Africa [2][5] Volume and Margin Analysis - Total volume sold increased by 4% to 1,552,000 m, with gross margin also up by 4% to €218 million [10] - **LPG**: Volume increased by 1% to 346,000 m, with stable gross margin [9] - **Fuel**: Volume grew by 2% to 1,071,000 m, with gross margin up by 10% [9] - **Bitumen**: Volume surged by 35% to 135,000 m, although gross margin decreased by 6% [11] Strategic Developments - Rubis acquired 60% of Soida in Angola, increasing its stake to 95%, enhancing its bitumen distribution capabilities [4] - The company published its first Sustainability Statement, outlining climate ambitions and decarbonization targets for 2030 [4][6] Leadership Changes - Alix Lajoie became President and Thomas Aubagnac became CEO of Photosol, with both previously serving as Deputy CEOs [14]

Company Overview - Tarkett is a global leader in innovative and sustainable flooring and sports surface solutions, with a history of over 140 years [2] - The company generated a turnover of €3.3 billion in 2024 and employs nearly 12,000 people [2] - Tarkett operates 24 R&D centers, 8 recycling centers, and 35 production sites, serving customers in over 100 countries [2] Voting Rights and Shares - As of April 30, 2025, Tarkett has a total of 65,550,281 shares in its share capital [1] - The total number of theoretical voting rights is 123,798,861, while the number of exercisable voting rights is 123,780,302 after deducting treasury shares without voting rights [1]

Core Insights - Garden of Life, owned by Nestlé, has launched OmeGo® Full Spectrum Omegas, marketed as "Norwegian Salmon Oil," on Amazon in the US, offering a softgel format that retains the nutritional profile of fresh Atlantic salmon [1] - The product is derived from sashimi-grade salmon and provides a full spectrum of omega fatty acids, differentiating itself from competitors that focus primarily on EPA and DHA [2] - Hofseth BioCare ASA (HBC) has published scientific findings highlighting the anti-inflammatory benefits of OmeGo® for immune health, allergies, and sleep quality, following successful clinical studies [3] Product Details - OmeGo® offers a comprehensive range of omega fatty acids, including 3, 5, 6, 7, 9, and 11, along with other health-promoting mediators, emphasizing sustainability from "fjord to shore" [2] - HBC utilizes side streams from the salmon industry to create health-improving ingredients, including ProGo® and CalGo® / NT-II™, which target various health aspects such as bone and joint health [3] Scientific Evidence and Partnerships - HBC prioritizes scientific evidence, leading to academic partnerships and the identification of unique health benefits, such as improved iron metabolism and activation of the GLP-1 receptor for fat reduction [4] - The company has also discovered immune health benefits of OmeGo®, including recovery from viral infections and improved respiratory health, and has secured patents for these findings [4] - HBC has established a biotech-focused spin-off, HBC Immunology, which is pursuing therapeutics for prostate and ovarian cancer, as well as a steroid-sparing therapy for asthma [4]

Group 1: Bond Issuance - The company has successfully placed CHF-denominated unsecured bonds totaling approximately CHF 3.5 million, subscribed by investors in Switzerland and Liechtenstein [2] - The settlement of the bond issue is expected to occur on 5 May 2025, and the bonds will not be listed on any stock exchange or trading venue [2] - The bonds have a term of three years, maturing on 30 April 2028, with an interest rate of 10% per annum and quarterly interest payments starting on 30 September 2025 [3] Group 2: Corporate Purpose and Financial Details - The net proceeds from the bond issuance will be used for general corporate purposes [2] - The bonds are callable at par value at quarterly intervals, with the first call option available on 30 June 2026 [3] Group 3: Company Overview - Hofseth BioCare ASA is a Norwegian consumer and pet health company focused on sustainability and optimal utilization of natural resources [3] - The company upcycles side streams of the salmon industry into health-improving ingredients such as ProGo®, OmeGo®, and CalGo® / NT-II((TM)) [3][4] - Hofseth BioCare emphasizes scientific evidence and has established academic partnerships to identify unique health benefits, including improved iron metabolism and immune health [4] Group 4: Research and Development - The company has received patents for its discoveries and has spun out a biotech-focused company, HBC Immunology, which is developing therapeutics for prostate and ovarian cancer, as well as a therapy for asthma [4]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.20, with a neutralized increase of approximately 5% over the prior year period when accounting for currency effects and tax [4][15] - Reported sales decreased by 3%, with core sales remaining flat compared to the prior year period [14][20] - Adjusted EBITDA increased by 3% to $183 million, with adjusted EBITDA margins expanding by 120 basis points to 20.7% [14][22] Business Line Data and Key Metrics Changes - Pharma segment's core sales increased by 3%, with prescription core sales up 10% driven by strong demand for emergency medicines and therapeutics [17] - Consumer Healthcare core sales decreased by 10% due to softer demand for nasal decongestants and cough medicines [17] - Injectables core sales decreased by 8% due to tough comparisons from the prior year [18] - Active Materials Science solutions saw an 11% increase in core sales driven by demand for diabetes and probiotic solutions [18] - Beauty segment's core sales decreased by 3%, with prestige fragrance sales declining significantly [19] - Closures segment's core sales decreased by 2%, with product sales growth offset by lower tooling sales [20] Market Data and Key Metrics Changes - The U.S. market showed signs of inventory normalization, while other regions have not yet experienced similar trends [6][36] - The company noted a robust order book for injectables in 2025, indicating strong demand from GLP-1 and Biologics [7] Company Strategy and Development Direction - The company is focused on long-term growth driven by macro trends such as healthcare decentralization and the growth of generic medicines [6][7] - The company is ramping up share repurchases, having repurchased over $80 million worth of shares in the first quarter [13] - The company aims to leverage its global footprint and local supply chain structure to adapt to changing market conditions and tariff impacts [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects despite current economic uncertainties, highlighting resilience in essential product categories [28][114] - The company anticipates a strong second quarter with positive contributions from all segments, particularly Pharma and Beauty [30][31] - Management acknowledged the challenges posed by inventory levels and destocking cycles but remains optimistic about future demand [36][38] Other Important Information - The effective tax rate for the first quarter was 25.8%, reflecting the impact of a temporary surtax in France [15] - The company ended the quarter with a cash balance of $126 million and a net debt of $870 million, maintaining a leverage ratio of 1.16 [24] Q&A Session Summary Question: Can you provide more color on order patterns and inventory levels? - Management noted that while U.S. inventories have normalized, other regions have not yet seen similar trends, and they expect another quarter of destocking [36][38] Question: What is the impact of GLP-1s on injectables? - There is strong demand for GLP-1s, and the company is ramping up capabilities to meet this demand [40] Question: What is the outlook for the Prestige fragrance market? - Management indicated that the decline in Prestige fragrance sales is primarily due to lower sales in Europe, but they expect improvements in the coming quarters [56][60] Question: How are tariffs affecting the business? - The company is monitoring the tariff situation closely, expecting limited net effects, and is passing on costs where necessary [26][86] Question: What is the outlook for tooling activity? - Management indicated that tooling activity is on the rise as customers seek to differentiate their products [109]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported adjusted net income of $1.6 billion and generated $1.3 billion in free cash flow, highlighting strong financial performance [7][16] - Adjusted earnings per share were $2.87, and adjusted cash flow per share was $5.90 [16] - The company returned $1.3 billion to shareholders through dividends and share repurchases, demonstrating a commitment to value creation [7][16] Business Line Data and Key Metrics Changes - The company achieved a 25% year-over-year growth in total production, with oil production levels expected to remain flat throughout the year [20][10] - The Dorado dry gas asset in South Texas showed improved productivity, contributing to overall volume outperformance [19][20] - A bolt-on acquisition in the Eagle Ford added significant drilling inventory, enhancing operational efficiency and returns [24][13] Market Data and Key Metrics Changes - Global oil demand remained strong, with U.S. supply growth moderating and inventory levels below the five-year range, supporting a positive medium to long-term outlook for oil and gas [10][11] - The company anticipates a compound annual growth rate of 4% to 6% in natural gas demand through the end of the decade, driven by LNG and increased power demand [12][11] Company Strategy and Development Direction - The company is focused on capital discipline, optimizing its 2025 capital investment to enhance free cash flow while maintaining production levels [10][29] - EOG is committed to sustainable value creation through high-return investments and operational excellence, with a strong emphasis on maintaining a pristine balance sheet [14][29] - The company is pursuing organic exploration programs and strategic acquisitions to expand its inventory and improve productivity [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate potential impacts from tariffs and maintain strong cash flow generation [10][11] - The company remains optimistic about the long-term role of oil and gas in providing reliable energy, despite short-term price fluctuations [11][12] - EOG's operational excellence and commitment to sustainability are expected to drive long-term value creation [14][28] Other Important Information - The company has set new sustainability targets, aiming to reduce GHG emissions intensity by 25% by 2030 and maintain near-zero methane emissions for 2025 [27][28] - EOG's cash balance at the end of Q1 was $6.6 billion, with long-term debt at $4.7 billion, indicating a strong financial position [17] Q&A Session Summary Question: Insights on capital reduction and its implications - Management clarified that the decision to reduce capital expenditures was driven by a focus on protecting shareholder returns and free cash flow rather than a deterioration in reinvestment economics [34][35] Question: Future cash return strategies in a challenging macro environment - The company plans to continue returning over 100% of free cash flow to shareholders, remaining opportunistic with share buybacks [37][38] Question: Acquisition opportunities in a downturn - Management indicated that while many quality assets have been acquired, they remain open to both buybacks and strategic acquisitions that align with their investment criteria [55][56] Question: Outlook for natural gas and capital allocation - The company remains optimistic about natural gas demand and is focused on maintaining a low-cost structure while investing in gas assets like Dorado [62][64] Question: Returns comparison between gas and oil assets - Management highlighted that both gas and oil plays deliver competitive returns, with a focus on maintaining low costs and high rates of return [73][74]