Core Viewpoint - Bang & Olufsen's preliminary Q3 2025/26 revenue shows a slight year-on-year increase, but the overall outlook for FY 2025/26 has been adjusted downwards due to lower-than-expected sales and external economic factors [1][2][3]. Financial Performance - Q3 2025/26 reported revenue is DKK 621 million, reflecting a 1% year-on-year increase in local currencies [1]. - For the first nine months of 2025/26, reported revenue is DKK 1,814 million, indicating a 1% decline in local currencies [1]. - The gross margin improved by over three percentage points in the first nine months, reaching 57.5% [6]. - EBIT before special items for Q3 is DKK 12 million, with an EBIT margin of 1.9% [6]. - Free cash flow for Q3 is DKK 22 million, while for the first nine months, it is DKK -146 million [6]. Adjusted Outlook - The revenue growth forecast for FY 2025/26 is now expected to be between -3% and 0%, down from the previous estimate of 1% to 5% [3]. - Free cash flow is now projected to be between DKK -200 million and DKK -150 million, revised from DKK -100 million to DKK -50 million [3]. - The EBIT margin before special items outlook is narrowed to between -3% and -1% [3]. Strategic Direction - The company has withdrawn its previously communicated mid-term financial ambitions through 2027/28 but maintains its long-term goal of becoming a leading global luxury audio brand [4]. - The interim CEO emphasizes the need for improved commercial discipline and execution to enhance market readiness for new products [5]. - A search for a permanent CEO is ongoing, with an announcement expected in the coming months [5]. Cost Management and Capital Expenditure - CAPEX is now expected to be around DKK 280 million to DKK 300 million, down from a previous estimate of DKK 320 million to DKK 360 million [7]. - Capacity costs are anticipated to increase by around DKK 100 million from 2024/25, revised from a previous estimate of around DKK 150 million [7].

Core Viewpoint - Michelin has adjusted its financial outlook for the 2025 fiscal year due to a deterioration in the business environment, particularly highlighted by the Q3 financial results [2][5]. Group 1: Q3 Financial Performance - Michelin experienced year-on-year volume growth in Q3, excluding North America, indicating resilience in various market segments despite a chaotic business context and uncertainties affecting B2C and B2B demand [3]. - The North American market saw a significant decline, with Q3 sales volume dropping nearly 10%, driven by reduced demand from OEMs in Truck and Agriculture sectors, a weak Truck replacement market, and challenges in B2C sales [4]. Group 2: Financial Outlook Adjustments - The full-year outlook for 2025 has been revised, with Segment Operating Income (SOI) at constant 2024 exchange rates now expected to be between €2.6 billion and €3.0 billion, down from a previous estimate of above €3.4 billion [7]. - Free Cash Flow (FCF) before M&A is now anticipated to be between €1.5 billion and €1.8 billion, revised from a prior expectation of above €1.7 billion [7].

Company Overview - TCM Group A/S is Scandinavia's third largest manufacturer of kitchens and furniture for bathrooms and storage, with products designed and produced in Denmark [3] - The company operates a multi-brand strategy, with its main brand being Svane Køkkenet, alongside Tvis Køkken, Nettoline, and AUBO, catering to a wide price spectrum [3] Financial Outlook - TCM Group has narrowed its financial guidance for 2025, projecting full year revenue in the range of DKK 1,250–1,300 million, down from a previous range of DKK 1,250 – 1,325 million [1] - The adjusted EBIT forecast for 2025 has also been revised to DKK 90–110 million, compared to the earlier estimate of DKK 90–115 million [1] - This guidance assumes full ownership of Celebert toward the end of the year [2]