Pursuant to section 30 of the Danish Capital Markets Act, Solar A/S hereby announces that UBS AG today has informed Solar that following its purchase of shares on 14 November 2025, UBS AG’s holding of Solar B shares now totals 416,780 shares at DKK 100, corresponding to an ownership share of 5.21%. ContactsCEO Jens Andersen - tel. +45 79 30 02 01CFO Michael H. Jeppesen - tel. +45 79 30 02 62IR Director Dennis Callesen - tel. +45 29 92 18 11 Facts about Solar Solar is a leading European sourcing and service ...

Core Viewpoint - Solar A/S has successfully completed an offering of 646,000 new B-shares, raising gross proceeds of DKK 123,386,000 through an accelerated bookbuilding process [1][2]. Offering Details - The offer price for the new shares is set at DKK 191 per share, contributing to the total gross proceeds of DKK 123,386,000 [2]. - The offering was oversubscribed, leading to an individual allocation of the new shares [4]. - The proceeds from the offering will be utilized to partly finance the acquisition of Sonepar Norge AS [4]. Capital Structure - Following the capital increase, Solar's share capital will consist of nominally DKK 90,000,000 A-shares and nominally DKK 710,600,000 B-shares, totaling a nominal value of DKK 800,600,000 [5]. - The new shares represent approximately 10% of Solar's total B-shares outstanding and about 8.78% of the registered share capital before the capital increase, decreasing to approximately 8.07% after the increase [6]. Trading and Listing - The new shares will be issued in the systems of VP Securities A/S and will be delivered to investors under a temporary ISIN code, which will later merge with the existing ISIN code for the B-shares [7]. - Nasdaq Copenhagen has confirmed that the new shares are expected to be listed under the existing ISIN code on or around 17 November 2025, subject to certain conditions [8]. Lock-Up Commitments - Solar has agreed to a customary lock-up commitment for 180 calendar days from the settlement of the offering, with the executive board and board of directors also committing to a similar lock-up period [3]. Company Overview - Solar is a leading European sourcing and services company focused on electrical, heating, plumbing, ventilation, and energy solutions, generating revenue of approximately DKK 12.2 billion in 2024 [14][15].

Joining us now is Tony Sage. He is CEO and executive chair of Critical Metals. Uh Tony, welcome to Power Lunch.I'm glad you're here. Let's start with with Greenland. Um when do you expect that operations actually digging critical minerals out of the ground in Greenland.When will that start. >> We hope to start construction in the third quarter next year. Um, we've done a hell of a lot of work uh since we took over the project about 12 months ago.Uh, before that, uh, it was owned by a single individual. Uh, ...

Core Insights - Q3 revenue was at the lower end of expectations, with a gross profit margin below anticipated levels, leading to a refined guidance for 2025 revenue and EBITDA [1][3] - CEO Jens Andersen emphasized the company's commitment to long-term value creation through strategic initiatives such as the acquisition of Sonepar Norge and investment in a new logistics center in Sweden [2][4] Financial Performance - Q3 2025 revenue was DKK 2,815 million, a slight decrease from DKK 2,860 million in Q3 2024, while year-to-date revenue increased to DKK 9,056 million from DKK 8,990 million [2] - EBITDA for Q3 2025 was DKK 110 million, down from DKK 202 million in Q3 2024, with year-to-date EBITDA at DKK 296 million compared to DKK 427 million in the previous year [2] - Organic growth adjusted for working days was -2.1% in Q3 2025, an improvement from -5.3% in Q3 2024, while year-to-date organic growth was 1.0% compared to -9.4% [2] Guidance for 2025 - The company refined its guidance for 2025, projecting revenue of approximately DKK 12,000 million, up from a previous range of DKK 11,750-12,250 million, and EBITDA of approximately DKK 460 million, revised from DKK 450-510 million [3] - The expected organic growth for 2025 is approximately -0.5%, an improvement from the previous estimate of -4% to 0% [3] Strategic Initiatives - The acquisition of Sonepar Norge is a significant strategic milestone aimed at enhancing market presence and operational capabilities [4] - The construction of a new state-of-the-art logistics center in Sweden is part of the company's ongoing investment in digital transformation and operational efficiency [2]

Group 1 - The core business of Solar focuses on product sourcing, value-adding services, and optimization of customers' businesses in the electrical, heating and plumbing, ventilation and climate, and energy solutions sectors [2][3] - Solar generated revenue of approximately DKK 12.2 billion in 2024 and employs around 2,900 people [3] - The company is headquartered in Denmark and is listed on Nasdaq Copenhagen under the short designation SOLAR B [3] Group 2 - The financial calendar for 2025 includes key dates such as the Annual General Meeting on March 13, 2025, and the payment of dividends on March 18, 2025 [1] - Quarterly reports for 2026 are scheduled for May 7, August 13, and November 3 [1]

Core Insights - The upcoming five-year plan emphasizes technology as a critical driver for China's growth, with a notable increase in references to technology compared to the previous plan [1][4] - Key investment themes are expected to shift towards technology self-reliance, green transition, and domestic consumption, influencing capital market valuations [2][19] - The plan is anticipated to reshape the investment landscape, providing medium-term opportunities for traders [3][6] Technology Sector - The plan highlights advancements in core technologies such as semiconductors, AI, and quantum computing as essential goals for 2026-2030 [4][19] - Chinese technology firms are expected to regain investor enthusiasm, particularly in light of recent regulatory changes and a focus on self-sufficiency [7][9] - The Star Market 50 index has seen a 43% increase this year, outperforming other benchmarks, indicating strong market sentiment towards tech stocks [8][10] Market Dynamics - The combined market capitalization of strategic emerging industries is currently 36 trillion yuan (approximately US$5.1 trillion), representing about 40% of the total value of listed companies [10] - Analysts predict that the bull run in tech stocks could extend through 2026, with potential growth of around 30% in Chinese stocks by the end of 2027 [11][12] - High valuations in the tech sector may pose challenges for further gains, with some companies trading at significantly higher multiples compared to their US counterparts [13][14] Investment Opportunities - The five-year plan is expected to create opportunities in sectors aligned with technological innovation, such as robotics, electric vehicles (EVs), and next-generation manufacturing [20][28] - The focus on renewable energy and green transition is anticipated to attract investment, as China aims to enhance its renewable energy capacity [15][19] - Historical trends suggest that China's stock markets typically respond positively to five-year development plans, with an average increase of 16.5% in yuan-traded stocks one year post-plenum [27]

Core Insights - Gold and silver traders must consider monetary policy, inflation data, and safe-haven demand while exploring the broader precious metals market, including platinum and palladium, which offer unique investment narratives [1][2] Group 1: Platinum Insights - Current platinum pricing presents an anomaly compared to historical ranges, with a ratio of 2.5x to gold, indicating a potential long-term value opportunity [3][4] - Over 60% of platinum's demand is driven by industrial applications, particularly in the automotive sector, which accounts for half of that demand [5] - The shift towards increased use of platinum in gasoline engine catalysts due to high palladium prices is creating a structural demand change for platinum [5] - Platinum's role in the hydrogen economy, particularly in green hydrogen production and fuel cells, positions it as a key player in the transition to decarbonization and green energy [5] - Supply concentration in South Africa, where around 70% of the world's platinum is mined, poses significant risks, as operational disruptions can lead to immediate price impacts [5] Group 2: Palladium Insights - The ongoing high prices of palladium have prompted automotive manufacturers to substitute it with platinum, indicating a potential long-term demand shift [5]

Rare Earths Investment Strategy - Investing in Western rare earths is a bet on politics, not geology [1] - It's a leveraged play on whether Western democracies are willing to pay the true cost of security of supply [1] - The cost includes subsidies, infrastructure, and accepting that the green transition, the AI arms race, and national security won't come cheap or clean [1] Geopolitical Factors - Western democracies' willingness to pay the true cost of security of supply is crucial [1] - Donald Trump's influence is considered a factor in the current situation [2]

Core Viewpoint - ESL Shipping is divesting M/S Kallio to accelerate its green transition and strengthen financing for new vessels under construction, with a sales price of approximately EUR 18 million and an expected sales gain of about EUR 10 million for Aspo [1][2]. Group 1: Fleet Renewal and Green Transition - ESL Shipping is investing heavily in Green Handy vessels that can operate fossil-free and have an ice class of 1A, with development progressing as planned [2]. - The divestment of M/S Kallio is part of ESL Shipping's strategy to strengthen its balance sheet and support the green transition of Nordic industrial companies [2][6]. Group 2: Operational Capacity and Future Plans - Ensuring sufficient capacity and reliable customer deliveries is a priority, with the first new generation Green Handy vessel expected to join the fleet in about two years [3]. - During the transition period, ESL Shipping will consider chartering or acquiring additional vessels as needed [3]. Group 3: Details of the Divestment - M/S Kallio, which has been in operation since 2006 under the Finnish flag, has been handed over to the new owner, who operates in the marine feed ingredients business [4][5]. - The company aims to reassign the crew of M/S Kallio to other vessels within ESL Shipping whenever possible [4]. Group 4: Company Background - ESL Shipping is a leading dry bulk sea transport company in the Baltic Sea area, providing transportation for industries and energy production year-round [6]. - In 2024, ESL Shipping achieved the best Platinum rating in the Ecovadis sustainability assessment, highlighting its commitment to sustainability [6].

Core Insights - Södra, Sweden's largest forest industry group, has announced the elimination of 200 positions due to restructuring in response to global uncertainty affecting demand and pricing [1][2] - The company cited rapid currency fluctuations, geopolitical uncertainty, and an imbalance between raw material prices and product sales prices as factors negatively impacting profitability [1] Company Actions - The redundancy notices will affect all three of Södra's pulp mills located in Mönsterås, Mörrum, and Värö, as well as its corporate office in Växjö [2] - Södra's president and CEO, Lotta Lyrå, emphasized the need for decisive action to strengthen the company's long-term position while ensuring support for affected employees during the transition [3] Strategic Focus - Södra aims to continue investing in its operations and developing its offerings to provide competitive prices for forest raw materials supplied by its members [3] - The cooperative's mission includes renewing and refining the value of the forest estate, requiring competitiveness across the entire value chain and operations [4] Collaboration and Innovation - Södra has been collaborating with Lenzing since 2011 to develop wood-based textile pulp, with a recent focus on integrating textile recycling into their partnership [5][6] - The partnership aims to produce up to 60,000 tons of product made with 50% recycled cotton and 50% wood pulp, highlighting the importance of sustainable practices in the industry [5]