Growing a digital services profit engine Cadillac ESCALADE IQ with eyes-off driving coming 2028 Non-GAAP financial measures: see our most recent annual report on Form 10-K and our other filings with the Securities and Exchange Commission for a description of certain non GAAP measures used in this presentation, including EBTT-adiusted, EPS-diluted-adjusted, ETR-adjusted, ROC-adjusted and adjusted automotive free cash flow, along with a description of various uses for such measures. Our calculation of these n ...

More than $4.5 trillion in digital services move across borders, tariff-free each year. On the Big Take Podcast, @b_muzz and @davidgura discuss the ongoing push to change that.🎙️ Listen now: https://t.co/CDKZEjxWqv https://t.co/9tIuoNECzl ...

More than $4.5 trillion in digital services move across borders, tariff-free each year. On the Big Take Podcast, @b_muzz and @davidgura discuss the ongoing push to change that. https://t.co/afaKE83p9M ...

Core Insights - North Media announced preliminary, unaudited financial results for 2025 and provided financial guidance for 2026 [1] Financial Performance for 2025 - Revenue for 2025 was DKK 1,296 million, aligning with the latest guidance of DKK 1,270 – 1,305 million [2] - EBITDA for 2025 was DKK 125 million, down 19% from the previous year, primarily due to integration costs of SDR and lower revenue in FK Distribution [2] - EBIT for 2025 was DKK 66 million, an improvement from DKK -75 million in 2024, with an EBIT margin of 5.2% [2] Segment Performance - In the Last Mile segment, revenue decreased by 1% to DKK 1,132 million, attributed to a decline in FK Distribution's volume, while SDR's revenue increased by 2% [2] - In the Digital Services segment, revenue grew by 1% to DKK 164 million, driven by a 4% increase in BoligPortal, despite a 13% decline in Dayli [3] - EBITDA in Digital Services improved to DKK 9 million from DKK -11 million in 2024, with EBIT rising to DKK 4 million from DKK -17 million in 2024 [3] Cost and Dividend Proposal - Unallocated costs for the Group were DKK 23 million, consistent with 2024 [4] - The Board proposed a dividend of DKK 1.25 per share, reflecting earnings from ordinary operations [4] Financial Guidance for 2026 - Revenue for 2026 is expected to be in line with 2025, with flat development in Last Mile and growth anticipated in Digital Services [5] - An increase in EBITDA and EBIT is expected across all companies, driven by strategic initiatives implemented in 2025 [5] - The annual report for 2025 is scheduled for publication on 25 February 2026 [5] Company Overview - North Media operates platforms that connect businesses and consumers, focusing on two core business areas: Last Mile and Digital Services [8] - Last Mile includes FK Distribution and SDR, leading distributors of leaflets and local newspapers in Denmark and Sweden [8] - Digital Services encompasses BoligPortal, Dayli, and Bekey, with potential for strong growth and scalability [8]

Core Insights - Banqup Group has secured a subordinated shareholder loan of up to €6.0 million to support its working capital and expansion in the French market [1][2] - The company has recalibrated its financial covenant framework with its senior lender, Francisco Partners, to better align with its current business profile and growth strategy [1][5] - Banqup has signed a share purchase agreement with Fitek Oü for the sale of its Baltic operations, expected to close by the end of February 2026, which will strengthen its balance sheet [1][7] Shareholder Loan - The shareholder loan agreement involves a consortium of existing shareholders, with a current subscribed amount of €5.45 million [2] - The loan is subordinated to the existing senior facilities agreement and is aimed at supporting Banqup's working capital and market rollout [2][4] - Key terms include a maturity date of May 21, 2027, an interest rate of 9.00% per annum, and a conversion option into shares at a 10% discount under certain conditions [8] Financial Covenant Framework - The recalibrated covenant structure reflects the current Principal Senior Facility of €25.0 million, including accrued PIK interest [6] - The new framework provides financial flexibility for Banqup to execute its growth strategy while maintaining prudent oversight [6][9] - Minimum liquidity is set at €2.5 million, with a leverage ratio requirement of total net borrowings not exceeding 4.00:1 against quarterly digital recurring revenue [9] Baltic Operations Sale - The signed share purchase agreement with Fitek Oü is part of Banqup's strategy to optimize its portfolio and focus on core digital services [7] - The transaction is subject to regulatory approvals and is anticipated to close by the end of February 2026 [7] - This divestment is expected to enhance Banqup's financial position and allow for a concentrated effort on high-growth markets [10]

Core Insights - Fiverr International (FVRR) operates a digital marketplace connecting businesses with freelancers across over 750 service categories, traditionally serving small businesses seeking affordable digital services [1] Marketplace Performance - The core marketplace business is experiencing pressure as annual active buyers declined 11.7% year over year to 3.3 million as of September 30, with marketplace revenues falling 2% to $73.6 million in Q3 2025, indicating weakness in the traditional customer base [2] - Despite the decline in active buyers, annual spend per buyer increased 11.7% to $330, suggesting that Fiverr retains higher-value customers even as lower-intent buyers exit [3] Demand Shifts and Service Trends - The demand for commoditized tasks is decreasing as AI tools lower execution barriers, while complex projects in AI development and enterprise services are gaining traction [3] - Fiverr's Dynamic Matching and Managed Services are aligned with this shift, achieving GMV growth of 22% and 65% respectively, with average project sizes of $2,200 and $17,000 [3] Strategic Transition - Fiverr is transitioning from a high-volume marketplace to a more premium services platform, with near-term risks associated with buyer attrition potentially outpacing the adoption of upmarket offerings [4] - Long-term sustainability will depend on the ability to scale higher-value engagements quickly enough to stabilize revenues [4] Competitive Landscape - Fiverr's marketplace pressure reflects broader shifts in workforce platforms, with competitors like Upwork focusing on enterprise clients and longer-term engagements, providing them with greater protection from commoditization [5] - Adecco is transitioning towards digital talent solutions, overlapping with Fiverr's upmarket push, while Upwork continues to compete for higher-value digital work [5] Financial Performance and Valuation - Fiverr shares have declined 39.9% over the past six months, contrasting with the Zacks Internet - Commerce industry's return of 0.2% [6] - Fiverr is shifting towards complex, higher-value services, with rising average spend per buyer despite a smaller active buyer base [8] - The stock is trading at a forward 12-month price-to-sales ratio of 1.24X, compared to the broader Zacks industry's 2.15X, indicating it may be undervalued [9] - The Zacks Consensus Estimate for Fiverr's 2025 EPS is 76 cents, reflecting an 18.75% increase from the previous year [11]

Core Viewpoint - The U.S. stock market in 2025 is dominated by megacap growth, with Bitcoin gaining mainstream acceptance through exchange-traded funds (ETFs), and emerging markets presenting long-term investment opportunities due to deep discounts [1] Group 1: Investment Strategies - Apriem Advisors is focusing on three key trends: megacap growth, Bitcoin, and emerging markets, with a selection of top ETFs to capitalize on these trends [1][3] - The firm manages $1.5 billion in assets, primarily targeting intergenerational wealth growth and transfer, with a significant portion of clients being pre-retirees or retirees [3] Group 2: ETF Picks - The Vanguard Mega Cap Growth ETF (MGK) is highlighted as a top pick, with $30 billion in assets and a portfolio heavily weighted towards leading tech companies like Nvidia, Microsoft, and Apple, which together account for 39% of the fund [4][6] - MGK has shown a year-to-date increase of 16.54% and charges a low annual fee of 0.07% [6] - Grayscale Bitcoin Mini Trust (BTC) is another key pick, viewed as a speculative investment with an allocation increase from 2.5% to 4% in Apriem's portfolios, reflecting a doubling in investment since last year [7][8] - BTC has amassed $5 billion in assets since its launch and has a year-to-date performance of 15.45% with a low expense ratio of 0.15% [8] Group 3: Emerging Markets - Vanguard FTSE Emerging Markets ETF (VWO) is identified as a valuable contrarian investment, focusing on large-, mid-, and small-cap stocks from over 20 emerging countries, with Chinese stocks comprising about 30% of its assets [11][12] - VWO has $131 billion in assets, charges an annual fee of 0.07%, and has increased by 22.71% this year [12][13] - Apriem has doubled its allocation to VWO from 2.5% to 5%, indicating a strategic shift towards emerging markets amid a global trend of reduced reliance on the dollar [14] Group 4: Market Outlook - The overall economic outlook remains optimistic, with strong corporate fundamentals and accelerating earnings-per-share estimates, despite potential short-term headwinds in the job market and possible overestimations of Federal Reserve rate cuts [15][16] - Executives are actively engaging in share buybacks, which supports capital return to shareholders, and many companies have set conservative guidance, allowing room for positive surprises [16][17]

Digital Infrastructure & Security - South Korea's government prioritized restoring digital services after a data center fire [1] - The fire severely impacted nationwide digital operations [1]

Singapore will begin restricting access to key digital and telecom services for individuals linked to scam activities, tightening measures to curb such crimes https://t.co/XmcaSXjIZL ...

Stock Performance - Workday shares decreased by 420 basis points (4.2%) after issuing in-line guidance and warning of business pressure [1] - Ross shares increased by approximately 200 basis points (2%) after exceeding quarterly profit estimates and reinstating its annual earnings forecast [1] - Zoom shares are also higher [1] - One company's stock is up by about 504 basis points (5.04%) after raising its annual revenue and profit forecast [2] Business Deals & Government Initiatives - NBC Universal is reportedly in talks with Major League Baseball for a three-year deal worth approximately $200 million per year [2] - President Trump will appoint Airbnb co-founder Joe Gibbia as the government's first design chief [3] - An executive order will create a national design studio focused on improving the government's digital services [3]