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Core Insights - The company faced difficult market conditions in Q3 2025, impacting overall performance, with trade policy uncertainty and geopolitical tensions affecting key markets differently [2][3] - Despite challenges, the company remains financially robust and continues to invest in capacity expansion, decarbonisation, and digitalisation [3] Financial Performance - Revenue for the first nine months of 2025 reached 2,910 MEUR, a 1% increase compared to the previous year, with 2024 acquisitions contributing a 2 percentage point positive impact [4] - Q3 2025 revenue was 963 MEUR, reflecting a 2% increase in local currencies and a 1% increase in reported figures, again aided by 2024 acquisitions [4] - EBITDA for the first nine months was 665 MEUR, with a margin of 22.9%, down 1.7 percentage points year-over-year [4] - Q3 2025 EBITDA was 215 MEUR, with a margin of 22.3%, down 2.9 percentage points compared to Q3 2024 [4] - EBIT decreased by 11% to 457 MEUR in the first nine months, with a margin of 15.7%, down 2.1 percentage points year-over-year [4] - Q3 2025 EBIT decreased by 14% to 150 MEUR, with a margin of 15.5%, down 2.6 percentage points compared to Q3 2024 [4] Investments and Cash Flow - Total investments in the first nine months of 2025 amounted to 307 MEUR, focusing on new factories in North America and India, production expansion in Romania, and electrification of existing production lines [4] - Cash flow from operations before financial items and tax was 579 MEUR in the first nine months, down from 684 MEUR the previous year [4] Shareholder Information - The company initiated a share buy-back program, purchasing 3,259,800 B shares for a total of 119 MEUR during the first nine months of 2025 [4] - Shareholders can request conversion of A shares to B shares from 26 November 2025 until 10 December 2025 [4] Outlook - Revenue is expected to remain at last year's level in local currencies, with EBIT margin projected between 14-15% [4]

Financial Targets & Growth Strategy - The company aims for a Return on Equity (ROE) greater than 12% by 2028 [5, 79] - The company targets a Cost/Income (C/I) ratio of less than 55% by 2028 [5, 79] - The company aims to achieve an income greater than €10 billion by 2028 [5, 79] - The company targets a CET1 ratio greater than 13.75% [5, 79] - The company plans to allocate approximately 50% of its capital to the Corporate Bank, excluding Clearing [5, 79] Cost Reduction & Efficiency - The company plans to reduce FTEs (Full-Time Equivalents) by 5,200 by 2028 [42] - The company aims to reduce its cost base to around €5.5 billion by 2028 [210] - The company expects to realize approximately €900 million in gross cost savings between 2024 and 2028 [204] Business Expansion & Capital Allocation - The company aims to grow client assets in Wealth Management to over €335 billion by 2028 [35, 71, 135, 191] - The company plans to allocate approximately €1 billion in capital for NIBC, expecting a return on invested capital (RoIC) of around 18% [69, 119] - The company intends to generate at least €7.5 billion of capital over the period 2026-2028 [51, 52, 234]

Core Viewpoint - ABN AMRO has unveiled a new strategy aimed at achieving profitable growth and setting financial targets for 2028, focusing on enhancing value for stakeholders through three strategic priorities: accelerating growth, right-sizing the cost base, and optimizing capital allocation [1][2][6]. Strategic Priorities - The bank plans to accelerate profitable growth by strengthening its position in Dutch retail banking and investing in digital innovations and challenger brands [6][9]. - A significant reduction in the workforce by 5,200 FTEs is planned by 2028 compared to 2024, with a commitment to support affected employees through a robust social plan [4][17]. - Capital will be reallocated to higher-return segments, with a reduction of €10 billion in risk-weighted assets in the Corporate Bank [11]. Financial Targets for 2028 - ABN AMRO aims for a return on equity (ROE) of at least 12% and a cost/income ratio below 55% [7][8]. - The bank targets an income exceeding €10 billion and a CET1 ratio above 13.75% [8]. Long-term Ambitions - The bank seeks to become a top-five private bank in Europe and strengthen its position in Dutch retail banking [3]. - ABN AMRO will support key European transitions in digitalization, energy, mobility, and defense [3]. Leadership and Organizational Changes - The leadership team is set for continuity, with key executives nominated for a second term to ensure ownership of the strategic plans [12]. - The organizational structure is being simplified to enhance efficiency, with a focus on reducing legal entities and optimizing processes through technology [17]. Strategic Partnership - ABN AMRO has agreed to sell its personal loan business, Alfam, to Rabobank, while continuing to offer personal loans through a third-party arrangement [13].

Core Insights - Lotus Technology Inc. reported its unaudited financial results for Q3 and the first nine months of 2025, highlighting a challenging transitional period impacted by tariffs and inventory adjustments [1][2][3] Operating Highlights - Total deliveries for the first nine months of 2025 reached 4,612 units, a significant decrease of 40% compared to 7,673 units in the same period of 2024 [5] - Deliveries were primarily driven by China and Europe, with China outpacing the premium auto segment, indicating strong competitive positioning [3][6] - The gross margin improved to 8% in Q3 2025, up from 3% in Q3 2024, attributed to a higher share of upgraded models in total deliveries [3][15] Financial Performance - Total revenue for the first nine months of 2025 was $356 million, down 46% from $653 million in the same period of 2024 [9] - The net loss narrowed by approximately 68% in Q3 and 43% for the nine-month period, indicating improved financial health [8][13] - Key financial results for Q3 2025 included revenue of $137 million, a 46% decrease year-over-year, and a net loss of $65 million, a 68% reduction from the previous year [20][15] Model and Regional Deliveries - Deliveries by model type showed a decline in both Lifestyle SUVs and Sedans (down 18%) and Sportscars (down 64%) compared to the previous year [5] - Regional delivery breakdown indicated that China accounted for 46% of total deliveries, while Europe contributed 34% [6] Strategic Developments - The company plans to unveil a new PHEV model soon, which will enhance its electrification strategy and cater to diverse consumer demands [4][11] - The strategic acquisition of Lotus UK is progressing, expected to close in 2026, aimed at integrating operations and enhancing efficiency [6][11]

Market Overview - Singapore's Straits Times Index (STI) has surpassed 4,500, a level not seen in a decade, raising investor interest and speculation about a potential breakout after years of stagnation [1] - The rally is driven by recovering REITs, steady industrial performance, and strong earnings from major banks, despite mixed results among them [2][5] Bank Performance - DBS Group reported a net profit of S$2.95 billion for 3Q2025, while OCBC posted S$1.98 billion; however, UOB's net profit fell to S$443 million due to increased provisions [2][5] - DBS's total income increased by 3% YoY to S$5.9 billion, while OCBC maintained a strong capital return plan with a CET1 ratio of 16.9% [5] - UOB's profit decline of 72% was attributed to S$1.36 billion in credit allowances, including S$615 million in pre-emptive provisions [5] REITs and Industrial Stocks - REITs have stabilized, with CapitaLand Integrated Commercial Trust achieving a portfolio occupancy of 97.2% and a 3.5% YoY increase in distribution per unit (DPU) [3][10] - Sembcorp Industries reported an underlying profit of S$491 million for 1H2025, while Keppel Ltd's net profit surged 25% YoY to S$431 million, driven by real estate recovery [3] - The average distribution yield for S-REITs is around 6.2%, higher than global peers and Singapore government bond yields, indicating renewed strength in the sector [11] Industrial Sector Growth - Singapore's industrial companies are benefiting from trends in clean energy, infrastructure upgrades, and digitalization, contributing to the STI's rally [13][16] - Sembcorp's earnings have improved due to a focus on renewable energy, while Singapore Technologies Engineering reported a 20% increase in net profit to S$403 million [14] - New contracts worth S$4.9 billion were secured in 3Q2025, enhancing the order book in various sectors [15] Economic Indicators - Singapore's GDP grew by 2.9% YoY in 3Q2025, with total merchandise trade rising 6.6% in 2024 to S$1.29 trillion, indicating steady growth [17][18] - Despite the positive indicators, external risks such as geopolitical tensions and policy shifts could impact market sentiment and financial conditions [17][18] Investment Strategy - Investors are advised to focus on quality companies with steady earnings, strong balance sheets, and reliable dividends, particularly in the REITs and industrial sectors [19][20] - A diversified portfolio of well-managed companies is recommended to withstand market volatility and capitalize on potential long-term growth [19][20]

Core Viewpoint - Amundi has announced its new strategic plan for 2025-2028, titled "Invest for the Future," which aims to enhance value creation, diversify client segments, and invest in long-term leadership [1][5]. Strategic Priorities - The plan outlines six strategic priorities, targeting over €300 billion in net inflows by 2028, with a focus on client diversification, particularly in retirement and digital segments [6]. - Amundi aims to generate more than €100 billion in net inflows from retirement solutions by capitalizing on the shift from defined-benefit to defined-contribution plans [6]. - The company plans to expand its geographical reach, targeting over €150 billion in net inflows from Asia by 2028, while also focusing on growth in Northern Europe and high-potential regions like the Middle East and Latin America [11]. - Amundi will drive innovation by investing in active, passive, and private assets, and plans to launch 100 new ETFs by 2028 [11]. - The company intends to optimize its operating model for efficiency, leveraging AI to support process optimization and redirect resources to growth areas [11]. Financial Targets - Amundi has set ambitious financial targets, including an earnings per share of more than €7 by 2028 and a cost/income ratio below 56% [1][12]. - The company commits to a shareholder payout ratio of at least 65% during the plan period and plans to return excess capital through share buy-backs in 2026 [1][12]. Business Model and Market Position - Amundi is positioned as the leading European asset manager and a top 8 global player, with a robust business model that combines comprehensive investment solutions and strong distribution capabilities [2][3]. - The company manages over €2.3 trillion in assets and serves 100 million clients across various segments, including retail, institutional, and corporate [13].