Capital Markets Day Milwaukee, US 19 November 2025 ASSA ABLOY is the global leader in access solutions. Every day we help people feel safe, secure and experience a more open world. Our strategy Build sustainable shareholder value Providing added value to our customers, partners and end-users Being a world leading organization where people can succeed Conducting business in an ethical, compliant and sustainable way Consolidate footprint and focus on value added Optimize logistics Reduce product cost Growth a ...

Financial Data and Key Metrics Changes - The company reported a 69% increase in net revenues quarter-on-quarter and a 36% increase compared to the same quarter last year [4][5] - Cash generation reached $31 million, with a 33% increase in pricing compared to the previous quarter [4][5] - Operating margin increased by 42% and net margin increased by 67% year-on-year [6][5] - Cash increased by 42% compared to the last quarter, totaling $21 million, plus $8 million in incremental trade receivables [7][6] Business Line Data and Key Metrics Changes - The company has approximately 1 million tons of high-purity middlings, which are expected to generate additional cash flow [4] - The plant has restarted operations, and the mine is expected to resume within two to three weeks [5][6] Market Data and Key Metrics Changes - The current market price for lithium is around $1,000 per ton, with expectations of free cash flow generation of $132 million based on this pricing [18][70] - The company is positioned as one of the lowest-cost producers globally, maintaining a competitive edge despite market volatility [13][14] Company Strategy and Development Direction - The company aims to upgrade mining operations to match the production capabilities of its Greentech Industrial Plant, targeting full operational capacity of 300,000 tons of lithium oxide concentrate by 2026 [22][24] - The company plans to finalize offtake agreements and monetize existing lithium products to capitalize on the current pricing environment [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting the importance of being a low-cost producer in a volatile market [70] - The company is focused on maintaining operational excellence and safety while increasing efficiency and reducing costs [8][6] Other Important Information - The company has achieved 787 consecutive days without accidents, demonstrating a strong commitment to safety [7][8] - The company has successfully reduced short-term trade finance debt by 43% this year, with a remaining balance of $33.8 million [6][12] Q&A Session Summary Question: Is the current cash balance at $29 million plus $33 million or only $29 million? - The current cash balance is $29 million, while the $33 million refers to bids received for lithium material [29] Question: What is the origin of lithium middlings from the process circuits? - The middlings are processed through the DMS circuit, with a lithium grade ranging from 1% to 1.3% [30] Question: Could you provide more info on the $100 million shareholders credit and the status of your BNDES loan disbursement for phase two? - The company is awaiting a quarter of lithium price stability before greenlighting equipment purchases, with potential disbursement as early as January 2026 [33][39] Question: Will production be fast-tracked if the lithium market tightens? - Yes, the mining upgrade is aimed at matching the plant's capabilities to increase production in response to market conditions [41][42] Question: What is the estimated CapEx for bringing phase two and three online? - The company has a credit signed with BNDES, and proceeds from offtakes will be redirected to fund the growth [46][48] Question: How much working capital will be required to restart the mine in Q1 2026? - The company plans to issue guidance for Q4 and Q1 together, with a focus on mobilizing large tonnage equipment [50][66]

Core Insights - Wells Fargo & Company (WFC) has raised its medium-term return on tangible common equity (ROTCE) target to 17-18% from the previous target of 15%, indicating increased confidence in profitability as the company shifts focus towards sustainable growth after years of regulatory challenges [1][7]. Financial Performance and Strategy - The removal of the Federal Reserve's asset cap allows Wells Fargo to increase deposits, expand its loan portfolio, and enhance securities holdings, which is expected to boost net interest income (NII) [4]. - The bank is also focusing on expanding fee-generating activities such as payment services, asset management, and mortgage origination, with trading-related assets increasing by approximately 50% since the end of 2023 [5]. - New credit card accounts have risen by 9% year-to-date, reflecting improved customer engagement and diversified fee income streams [5]. Cost Management and Efficiency - Wells Fargo is implementing cost-efficiency programs, including streamlining its organizational structure and closing underperforming branches, aimed at reducing the cost base while maintaining service quality [6]. - The bank plans to manage its common equity tier 1 (CET1) ratio down to 10-10.5% from over 11%, optimizing capital usage to enhance returns [8]. Market Position and Valuation - Wells Fargo shares have increased by 26.1% year-to-date, compared to the industry growth of 32.9% [12]. - The bank trades at a forward price-to-earnings (P/E) ratio of 12.79X, which is below the industry average of 14.74X [15]. - The Zacks Consensus Estimate for Wells Fargo's earnings in 2025 and 2026 indicates a year-over-year increase of 16.8% and 10.8%, respectively, with upward revisions in estimates over the past week [18].

Core Insights - The second quarter and first half of 2025 were successful for Harju Elekter, with a focus on improving profitability despite a decline in revenue compared to previous periods [1][4] Financial Performance - Revenue decreased by 19% year-over-year, with Q2 2025 revenue at €46.1 million compared to €56.8 million in Q2 2024, and total revenue for the first half at €83.5 million compared to €103.6 million in the same period last year [6][21] - Gross profit for Q2 2025 was €7.4 million, down from €8.2 million in Q2 2024, but the gross margin improved to 16.1% from 14.4% due to better cost control [9] - Operating profit (EBIT) for Q2 2025 was €3.6 million, with an operating margin of 7.8%, consistent with the previous year [10] - Net profit for Q2 2025 was €2.6 million, down from €3.5 million in Q2 2024, while net profit for the first half increased to €5.3 million from €3.8 million [10][22] Market Performance - The Estonian production unit showed strong performance, driven by high demand for substation solutions and E-house type solutions for data centers [2] - The Finnish subsidiary Telesilta OY also performed well, focusing on electrical solutions for the shipbuilding industry [2] - Revenue in Norway increased by 33% in Q2 2025, while Finland and Sweden experienced significant declines of 32.9% and 40.0%, respectively [13][14][15] - The four largest target markets (Estonia, Finland, Sweden, and Norway) accounted for 80% of the Group's quarterly revenue, with growth in Norway and Estonia [11] Strategic Developments - The Group divested a 9.15% stake in IGL Technologies OY to focus on core operations and product development, particularly in next-generation chargers for sustainable energy solutions [5] - Investments totaled €1.9 million in non-current assets, aimed at acquiring production technology and developing new products [16] Shareholder Information - The company's share price closed at €4.81 on the last trading day of the reporting quarter on the Nasdaq Tallinn Stock Exchange [18]

Group 1 - Ramaco Resources, Inc. is a low-cost metallurgical coal producer with operations in Appalachia [1] - The company plans to expand into rare earth elements (REEs) and critical minerals through its Brook Mine in Wyoming [1] - Ramaco Resources is noted for its cost-efficiency in the metallurgical coal sector [1]

Financial Highlights - DouYu reported total net revenues of RMB947.1 million (US$130.5 million) for Q1 2025, a decrease of 8.9% from RMB1,039.7 million in Q1 2024 [5][14] - Livestreaming revenues fell by 29.5% to RMB564.5 million (US$77.8 million) due to a decline in both the number of paying users and average revenue per paying user [6][14] - Innovative business, advertising, and other revenues increased by 60.2% to RMB382.6 million (US$52.7 million), driven by strong performance in voice-based social networking and game membership services [7][14] Operational Highlights - The gross margin improved to 12.0%, up from 10.5% in the same period last year, reflecting cost structure optimization [11][14] - The company reduced its net loss to RMB79.6 million (US$11.0 million), a 9.5% decrease from RMB88.0 million in Q1 2024 [16][14] - Average mobile MAUs were 41.4 million, down 8.7% year-over-year, attributed to fewer official tournament broadcasts [15][14] Cost Management - Cost of revenues decreased by 10.4% to RMB833.5 million (US$114.9 million) [8][14] - Revenue-sharing fees and content costs fell by 11.1% to RMB705.6 million (US$97.2 million), primarily due to reduced content costs [9][14] - Bandwidth costs decreased by 31.6% to RMB56.4 million (US$7.8 million), driven by improved bandwidth allocation [10][14] Strategic Initiatives - The company is focusing on revenue diversification and cost-efficiency initiatives, which have led to improved gross margins and reduced operational losses [3][14] - DouYu is dynamically adjusting streamer resources to align content supply with platform needs, which may cause fluctuations in traffic and revenues [3][14] - Continued execution of strategies aimed at cost reduction and efficiency improvement is expected to enhance financial resilience and support long-term growth [3][14]

Group 1 - The core viewpoint of the article highlights the increasing "Matthew Effect" in China's gold industry, with leading companies significantly outperforming others in terms of profitability [1] - As of the report, eight listed gold companies have a total net profit of 13.4 billion yuan, with Zijin Mining accounting for over 10 billion yuan, showcasing its dominant position in the industry [1] Group 2 - Zijin Mining leads the industry with impressive Q1 performance, achieving operating revenue of 78.928 billion yuan, a year-on-year increase of 5.55%, and a net profit of 10.167 billion yuan, marking a 62.39% increase compared to the previous year [3] - The growth in Zijin Mining's performance is attributed to increased production of both gold and copper, with gold output rising by 13.45% to approximately 21 tons and copper output increasing by 9.49% to 280,000 tons, exceeding annual production targets [3] - Other leading companies also show growth, but with varying rates: Zhongjin Gold's net profit reached 1.038 billion yuan, up 32.65%, while Shandong Gold's profit increased by 46.62% to 1.026 billion yuan, and Chifeng Gold's profit surged by 141.1% [3] Group 3 - Despite the strong Q1 performance, concerns arise for the second half of the year due to increased volatility in gold prices, which have dropped over 10% since reaching historical highs in April [4] - Economic factors present a mixed outlook for gold companies, with potential support for gold prices from the end of the Federal Reserve's interest rate hike cycle and persistent global inflation, contrasted by risks from easing geopolitical tensions and stronger-than-expected economic recovery [4]

Core Points - Ford Trucks and IVECO have signed a binding Joint Development Agreement (JDA) for the design and engineering of a new cabin for heavy-duty trucks, transitioning from a previously announced non-binding Memorandum of Understanding (MoU) [1][2] - The JDA aims to enhance competitiveness by developing a cabin that complies with the upcoming EU Direct Vision Standard, focusing on aerodynamics, comfort, safety, and cost-efficiency, with production expected to start by 2028 [3] - The total estimated expenditure for the JDA is €343 million, which will be shared by both companies [3] Company Overview - Ford Otosan, founded in 1959, is a publicly traded company and the second-largest industrial organization in Türkiye, with over 25,000 employees and significant operations in Europe [6] - Ford Trucks, as Ford's only heavy commercial brand, has over 60 years of experience and produces a range of vehicles, including tractors and construction trucks, emphasizing quality and efficiency [5][6] - IVECO, part of the Iveco Group N.V., designs and manufactures a wide range of commercial vehicles and is committed to innovation and sustainability through a multi-energy approach [8]