Core Viewpoint - The global commodity market is undergoing a profound transformation driven by structural changes in the geopolitical and economic landscape, rather than simple supply-demand cycles. Trends such as de-globalization, resource nationalism, normalized geopolitical conflicts, and accelerated de-dollarization are reshaping the pricing logic of commodities [2][3]. Group 1: New Pricing Logic of Commodities - The current resource scarcity in the commodity market is a result of the resonance between de-globalization and monetary credit restructuring, rather than a temporary supply-demand imbalance [5]. - The traditional pricing framework based on economic cycles and supply-demand gaps is inadequate to explain the current market volatility, leading to a new pricing era driven by "resource scarcity" and "monetary system restructuring" [3][5]. Group 2: Impact of De-globalization on Supply Chains - The rise of de-globalization has led to the fragmentation of global supply chains, with trade barriers and military conflicts causing significant disruptions in commodity flows, thus revealing resource scarcity [6][7]. - The shift from a cost-optimized global supply chain to a localized supply chain model has weakened the resilience of supply chains, increasing uncertainty in production and transportation, which in turn amplifies the perception of resource scarcity [7]. Group 3: Monetary System Restructuring and Resource Premium - The acceleration of de-dollarization and the ongoing dollar credit crisis have increased the resource scarcity premium, making commodities a key vehicle for hedging against credit risk [8][9]. - The decline in trust towards the dollar has led to a significant increase in gold reserves among central banks, with gold's share in global reserves rising to nearly 20%, the highest since the 1960s [8][9]. Group 4: Geopolitical Conflicts and Strategic Resources - Geopolitical conflicts, particularly in the Middle East, have significantly impacted commodity supply chains, with the blockade of the Strait of Hormuz causing severe disruptions in oil logistics [10][11]. - The blockade has led to a 90% drop in oil tanker traffic through the Strait, with potential production cuts looming if the situation persists, highlighting the strategic importance of resource control [11][12]. Group 5: Research Framework for Commodities - The analysis framework for commodities needs to evolve to capture the deep changes in pricing mechanisms, moving from a focus on economic cycles to a multi-dimensional approach that includes geopolitical risks, supply chain security, and strategic resource management [17][18]. - Future research should consider the integration of various time scales, from short-term geopolitical events to long-term structural changes in the global economy [23].

Capturing opportunities in property insurance Sell-side Analyst Meeting in Oslo, 27 August 2025 Disclaimer 2 Introduction Geir Holmgren, CEO Analyst Day 2025 Introduction Today's topic: Private property insurance A significant product with an attractive potential Property 33 % Motor 29 % Accident and health 21 % Liability 4 % Travel 4 % Other 9 % Property Private Property, Commercial + Sweden This presentation contains alternative performance measures (APMs). APMs are described on www.gjensidige.com/investo ...

Financial Data and Key Metrics Changes - Copa Holdings reported a net profit of $149 million, or $3.61 per share, representing a 25% year-over-year increase in earnings per share [9] - Operating income reached $177 million with an operating margin of 21%, highlighting strong profitability [9] - Capacity increased by 5.8% year-over-year, while load factor reached 87.3%, an increase of 0.5 percentage points compared to Q2 2024 [6] - Passenger yields decreased by 4.1% year-over-year, and unit revenues (RASM) declined by 2.8% to $0.01107 [6][10] - Unit cost (CASM) decreased by 4.6% year-over-year to $0.85, driven primarily by a 17% reduction in average fuel price per gallon [10] Business Line Data and Key Metrics Changes - The cargo business has shown strong performance, with most cargo moving in the belly of passenger aircraft [39] - Copa took delivery of three Boeing 737 MAX 8 aircraft during the quarter, bringing the total fleet to 115 aircraft [12] Market Data and Key Metrics Changes - The company noted that most major currencies in South America and Latin America are up year-over-year, benefiting Copa as most sales are south to north [22] - Industry capacity in the region is expected to grow in the high single digits for the second half of the year [16] Company Strategy and Development Direction - Copa Holdings continues to focus on expanding its hub in Panama, with new services announced to various destinations [7][8] - The company aims to maintain a competitive advantage through low unit costs, a strong balance sheet, and a passenger-friendly product [8] - The company is reaffirming its full-year operating margin guidance of 21% to 23% and expects capacity growth in ASMs of 7% to 8% year-over-year [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the healthy demand environment and the ability to maintain strong results despite lower yields [32] - The company is focused on cost discipline and operational efficiency to navigate a lower yield environment [33] - Management highlighted ongoing investments in digital technology to enhance revenue management and ancillary revenues [80] Other Important Information - Copa Holdings ended the quarter with $1.4 billion in cash and investments, representing 39% of the last twelve months' revenue [11] - The company plans to make its third dividend payment of the year of $1.61 per share on September 15 [11] Q&A Session Summary Question: Demand trends in key markets - Management noted that most markets have strong or steady demand, with an increase in load factor guidance [15][16] Question: Aircraft delivery and capacity outlook for 2026 - Deliveries have been on time, with expectations for increased capacity in 2026 due to early aircraft deliveries [17][19] Question: Impact of foreign exchange on revenue and costs - Management indicated that stronger local currencies in Latin America benefit sales, but the impact is not significant [22][24] Question: Airport capacity and infrastructure projects - An expansion plan for the airport is underway, including runway repairs and additional gates [26][27] Question: Fuel price guidance and margin outlook - The fuel price assumption in guidance is based on historical data, and management does not see significant seasonality in CASM ex-fuel [51][52] Question: Cargo business outlook - The cargo business remains strong, with limited visibility into long-term trends, but a new freighter is expected to contribute to volume [39][41] Question: Competitive landscape and partnerships - Management acknowledged increased competition in the region but emphasized Copa's strong product and cost structure [72][75] Question: Role of technology in revenue management - The company has invested in digital technology to enhance revenue management and is exploring dynamic pricing [80][81] Question: Seat densification progress - There are 30 aircraft pending densification to increase seat capacity, without sacrificing comfort [83]