NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION WHERE THE DISTRIBUTION OR PUBLICATION OF THIS PRESS RELEASE WOULD BE UNLAWFUL Kvika Banki hf. ("Kvika" or the "Issuer") is offering holders of its outstanding SEK and NOK denominated notes maturing in May 2026, at set out below (the "Notes"), to participate in a tender offer whereby the Issuer will repurchase Notes for cash up to a combined total nominal amount of 750 million at the purchase prices set out below, plus accrued and unpa ...

Group 1 - Orange has issued a new bond totaling EUR 900 million with a 12-year term and a coupon rate of 3.75% [2][3] - The bond offering is part of Orange's strategy for prudent and active balance sheet management [3] - Barclays and BofA Securities are acting as Global Coordinators, with several banks serving as Bookrunners for the bond issuance [3] Group 2 - Orange is a leading telecommunications operator with projected revenues of EUR 40.3 billion in 2024 and a workforce of 124,600 employees globally as of June 30, 2025 [4] - The company serves a total customer base of 300 million, including 262 million mobile customers and 22 million fixed broadband customers [4] - Orange operates in 26 countries and is also a significant provider of IT and telecommunications services to multinational companies under the Orange Business brand [5] Group 3 - In February 2023, Orange introduced its strategic plan "Lead the Future," focusing on a new business model emphasizing responsibility and efficiency [5] - The plan aims to enhance Orange's leadership in service quality by leveraging network excellence [5] - Orange is listed on Euronext Paris under the symbol ORA [5]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported contract drilling revenues of $988 million, aligning with guidance, with an average daily revenue of approximately $459,000 [20] - Operating and maintenance expenses were $899 million, below guidance due to lower costs from delays in maintenance and out-of-service projects [20] - Total liquidity at the end of the quarter was approximately $1.3 billion, including $377 million in unrestricted cash and $395 million in restricted cash [21] Business Line Data and Key Metrics Changes - The company is focused on managing its high-spec rig portfolio in a disciplined manner to maximize value [6] - The high specification ultra deepwater and harsh environment fleet has an industry-leading backlog of approximately $7 billion [8] - The company plans to sustainably reduce cash costs by about $100 million in each of 2025 and 2026, primarily from fleet operating and maintenance expenses [9] Market Data and Key Metrics Changes - The global active ultra deepwater fleet is expected to approach utilization exceeding 90% by late 2026, leading to upward pressure on day rates [13] - Deepwater and ultra deepwater development CapEx is projected to rise from $64 billion in 2025 to $79 billion in 2027, a 23% increase [13] - The company anticipates a tightening market by late 2026, with significant demand expected from Africa, the Mediterranean, and Asia [14][16] Company Strategy and Development Direction - The company aims to improve financial flexibility by reducing total debt and minimizing interest expenses [6] - A disciplined approach to managing the balance sheet is emphasized, with a clear path to significantly reduce debt over the next few years [10] - The company is committed to delivering best-in-class services and maintaining a competitive edge through technology and innovation [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of utilization rates and day rates as contracting activity increases [38] - The company is focused on maximizing cash flow and converting its backlog into revenue efficiently [27] - Management noted that the current slowdown is not typical of the service drilling business cycle, attributing it to market volatility and capital discipline [66] Other Important Information - The company has removed four lower specification rigs from its fleet to maintain competitiveness [19] - The company is actively engaged in multiple conversations with customers for future contracting opportunities [11] - The company expects capital expenditures for 2025 to be approximately $120 million, slightly above prior guidance due to customer upgrades [24] Q&A Session Summary Question: Expectations on leading edge day rates - Management expects utilization to bottom out in the mid-80s and anticipates rates to improve as contracting activity increases [35][38] Question: Future of drillships Proteus and Concorde in the Gulf of Mexico - Management is cautiously optimistic that these rigs will remain in the Gulf of Mexico due to customer interest [40] Question: Proceeds from rigs slated for disposal - Management indicated that proceeds from rig recycling are generally around cash breakeven, estimated at $8 to $12 million per asset [45] Question: Update on achieving 3.5 times net debt to EBITDA - Management aims to achieve this metric by late 2026 to consider shareholder distributions [49] Question: Involvement in deep sea mining - The company continues to pursue technical solutions for deep sea mining, with the Olympia asset being useful for potential future opportunities [55] Question: Spot activity and market trends - Management noted several spot jobs and tenders in regions like West Africa and the Gulf of Mexico, indicating positive market activity [60] Question: Impact of BP's Boomerang discovery on industry activity - Management sees the discovery as a positive indicator for increased exploration activity and potential future tenders [78][80]

Financial Data and Key Metrics Changes - The company reported net income of $10 million or 48 cents per diluted common share, with net interest income increasing by $2.5 million to $50 million compared to the linked quarter [13][14] - The tax equivalent net interest margin expanded by 13 basis points to 3.57% in the second quarter, driven by higher earning asset volumes and yields [14] - The consolidated CET1 ratio was 11.02% at June 30, 2025, up five basis points from March 31, 2025 [13] Business Line Data and Key Metrics Changes - Solid loan growth of 7.4% was reported, with commercial loan production reaching $215 million, the highest in the last six quarters [5][11] - Wealth management revenues increased by 5% linked quarter, and SBA fee income doubled compared to the same period last year [6][11] - Noninterest income was $10.2 million, slightly up from $10.1 million in the linked quarter, driven by increases in wealth management, card revenue, and mortgage origination fees [15] Market Data and Key Metrics Changes - Average deposits remained flat, while end-of-period deposits decreased slightly; however, noninterest-bearing balances were ahead of both the linked quarter and the year-ago quarter [10] - The loan pipeline showed strength, particularly in commercial and industrial lending, offsetting small declines in agricultural and commercial real estate lending [10][11] Company Strategy and Development Direction - The company continues to execute its 2025 strategic initiatives, focusing on disciplined balance sheet management and building a high-performing team [5][6] - There is a commitment to expanding talent in key markets, with significant new hires in commercial banking and wealth management [6][12] - The company is exploring M&A opportunities, focusing on geographic expansion and enhancing business lines that can add value [66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strength of the balance sheet and underlying earnings momentum, positioning the company well for the remainder of 2025 [8][73] - The expectation for mid-single-digit loan growth remains for the second half of 2025, with a focus on organic growth [5][11] - Management anticipates that credit loss expenses will normalize in the back half of the year, reflecting a more historical level [36] Other Important Information - A significant impact on asset quality and net income was noted due to a single $24 million nonaccrual loan, which has been classified and is undergoing resolution [7] - The company revised its 2025 annual expense guidance to a range of $146 million to $148 million due to recent talent investments [16] Q&A Session Summary Question: Can you unpack the C&I growth for the quarter? - Management noted strong contributions across various regions and industries, with a mix of existing and new clients driving growth [18][19] Question: What are the expectations for net interest margin in the second half of the year? - Management expects continued margin expansion, albeit at a slower pace of 4 to 5 basis points per quarter [48] Question: What happened with the large CRE loan that impacted asset quality? - Management explained that the loan was a non-owner occupied office in suburban Minneapolis that moved to nonaccrual due to payment issues, but it is currently cash flowing [26][28] Question: How do you see the impact of recent hires on long-term growth? - Management indicated that seasoned bankers are expected to contribute immediately, with a more significant impact anticipated in 2026 [44][45] Question: What are the priorities for potential M&A targets? - The focus is on geographic expansion and enhancing business lines that can add value, with a preference for digestible-sized transactions [66]

Acquisition Overview - EOG is acquiring Encino Acquisition Partners for $5.6 billion [3] - The acquisition includes approximately 675,000 net acres [3, 8] and over 1.0 billion Boe of undeveloped net resources [3, 8] - The deal is expected to close in the second half of 2025 [3] Financial Impact - The acquisition is expected to be accretive, increasing EBITDA by 10% in 2025 [3] - It is also expected to increase CFO and FCF by 9% in 2025 [3] - EOG is raising its regular dividend by 5% to $1.02 per share [3] Strategic Benefits - The acquisition expands EOG's Utica asset position to a pro forma total of 1.1 million net acres [8, 10] with over 2.0 billion Boe of undeveloped net resources [8, 10] - EOG anticipates $150 million in synergies in the first year, primarily from lower capital, operating, and debt financing costs [8] - The acquisition increases EOG's working interest in the northern acreage by over 20% [9] Operational Synergies - EOG's technical expertise is expected to lower well costs by approximately 15% in the volatile oil window [17] - EOG's well costs are expected to be less than $650 per foot, compared to Encino's ~$750 per foot [17, 19]

Financial Data and Key Metrics Changes - Net income for Q1 2025 was $25 million or $0.81 per diluted share, while core net income was $27.1 million or $0.88 per diluted share, reflecting the sustainability of earnings [17] - Core earnings per share was $0.88 supported by net interest income of $70.6 million, which was within the guidance range [10][17] - Total deposits increased by $446 million to $7.6 billion, with a significant portion attributed to political deposits growing by 11% [21][11] Business Line Data and Key Metrics Changes - Net loans receivable increased by $7 million or 0.2% to $4.6 billion, driven by increases in multifamily and commercial loans, while consumer solar and residential loans decreased [24][25] - Core non-interest income decreased to $9.1 million from $9.5 million in the previous quarter, primarily due to lower commercial banking fees [27] - Core non-interest expense increased to $41.5 million, mainly due to higher professional fees related to digital transformation [28] Market Data and Key Metrics Changes - Political deposits increased by $103 million to $1.1 billion, following historical patterns post-election [11] - The not-for-profit deposit segment grew significantly, increasing from $285 million at year-end 2020 to $1.37 billion at the end of Q1 2025, reflecting a 29% increase over the last twelve months [24] Company Strategy and Development Direction - The company plans to maintain a conservative approach while focusing on capital strength and liquidity to navigate uncertain environments [12][6] - A new $40 million share repurchase program was authorized, indicating a commitment to returning capital to shareholders [20] - The company is expanding its commercial PACE franchise to diversify volume and increase originations [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the bank's ability to adapt to changing market conditions and emphasized the importance of a strong balance sheet [6][7] - The outlook for C&I loan growth is expected to remain muted in Q2, with reacceleration anticipated in the latter half of the year [13] - Management remains optimistic about net interest margin expansion and revenue growth for the remainder of the year [32] Other Important Information - The allowance for credit losses on loans decreased to $57.7 million, with a ratio of 1.23% of total loans [30] - Non-performing assets totaled $33.9 million or 0.41% of total assets, reflecting an increase primarily due to commercial and industrial non-accrual loans [29] Q&A Session Summary Question: Any color on the $8.3 million loan that went on non-accrual this quarter? - Management indicated that the loan had been classified for some time and there is sufficient collateral value, allowing them to maintain no increase in reserve coverage [34][35] Question: Are you seeing funding dry up for clean energy projects? - Management confirmed that there is no observed decline in funding for clean energy projects and demand for electricity continues to rise [37][39] Question: What is the outlook for the political deposit franchise? - Management expressed optimism about the political deposit growth and noted strong performance across all sectors [52][53] Question: Where are you willing to take the capital ratios down to? - Management stated that they are comfortable maintaining a Tier 1 leverage ratio above 9% while being aggressive with the buyback program [44][47] Question: Have you seen any tangible impact from the new administration on lending or deposits? - Management reported no significant impact on lending or deposits, maintaining a strong deposit base across all segments [66][67]