Core Insights - Hydro's geographic diversification and integrated value chain enhance its resilience amid geopolitical instability in 2025 [1] - The company aims to achieve its strategic goals for 2030 by increasing agility and accelerating growth [1] Financial Performance - Adjusted EBITDA for 2025 was NOK 28.9 billion, an increase from NOK 26.3 billion in 2024 [2] - Adjusted Return on Capital Employed (RoaCE) was 10.2 percent, slightly above the target of 10 percent [2] - Hydro has distributed NOK 37.6 billion to shareholders since 2021, with a proposed payout of NOK 5.9 billion for 2025, representing 60 percent of adjusted net income [4] Strategic Initiatives - In 2025, Hydro implemented capital discipline measures, including workforce reduction and restructuring in Hydro Extrusions [3] - An improvement program initiated in late 2024 resulted in NOK 1.4 billion in improvements, and capital expenditure guidance was reduced [3] - Hydro signed multiple long-term power contracts to secure energy for future demand, supporting its ambition for green aluminium powered by renewable energy [5] Market Positioning - Hydro's low-carbon aluminium is positioned as a critical material in the green transition, valued in a challenging geopolitical landscape [1][6] - The company is focused on decarbonization and technology roadmaps to reduce emissions across its value chain [5]

Company Overview - Solar A/S is a leading European sourcing and services company focused on electrical, heating and plumbing, ventilation, climate, and energy solutions [2][3] - The company generated revenue of approximately DKK 12.2 billion in 2025 and employs around 3,000 people [3] - Solar is listed on Nasdaq Copenhagen under the designation SOLAR B [3] Shareholder Information - Tind Asset Management AS has acquired shares in Solar, increasing its holding to a total of 403,263 shares, which represents an ownership stake of 5.04% [1]

Group 1 - The relocation of the Kiruna Church is part of a long-term project by LKAB to move the entire town of Kiruna to facilitate iron ore mining expansion and access newly discovered rare earth deposits [2][3] - LKAB has been mining iron ore in Kiruna since the early 20th century, with the Kiirunavaara mine being the largest underground iron ore mine globally [5] - In 2023, LKAB identified significant deposits of rare earth elements in the Kiruna area, exceeding 1 million tons of rare earth oxides, marking it as the largest known deposit in Europe [6][7] Group 2 - Approximately 90% of Kiruna's residents have opted for new housing as part of the relocation process, which is expected to take over a decade to complete [3] - The mining industry is crucial for Kiruna's economy, with local leaders acknowledging the necessity of relocating due to dependence on mining [4] - The newly discovered rare earth deposits are seen as essential for the green transition, addressing supply challenges for critical raw materials needed for electric vehicles [7]

Core Viewpoint - The European Automobile Manufacturers' Association (ACEA) views the European Commission's automotive package as a foundational step towards a flexible approach that supports decarbonisation and resilience goals in the automotive sector [1] Group 1: Emission Reduction Targets - The proposal mandates carmakers to achieve a 90% reduction in tailpipe emissions by 2035, with the remaining 10% offset through low-carbon steel produced in the EU or by utilizing e-fuels and biofuels [1] Group 2: Transition Support Measures - ACEA emphasizes the need for decisive measures to facilitate the sector's transition in the coming years, highlighting that without urgent actions regarding 2030 flexibilities for cars and vans, the effectiveness of the 2035 measures may be limited [2] - The Automotive Omnibus aims to streamline administrative processes and reduce costs for manufacturers operating in Europe, which is seen as a positive step [3] Group 3: Light Commercial Vehicles (LCVs) - ACEA supports targeted measures for light commercial vehicles, including compliance averaging and a 2030 target reduction, indicating a recognition of the need for flexibility and technology neutrality for a successful green transition [4] - ACEA's director general noted that while the proposals represent a significant change from current laws, careful examination and collaboration with co-legislators are necessary to strengthen the proposals [4] Group 4: Supply Chain Concerns - ACEA raised concerns regarding potential disruptions in vehicle production due to a shortage of essential microchips, linked to a halt in exports of Nexperia chips from China amid political disputes [5]

Core Insights - Nordea Funds Ltd. has reduced its holding in Solar A/S, now owning 79,787,200 shares, which represents a 9.96% ownership stake following a sale on December 15, 2025 [1] Company Overview - Solar A/S is a leading European sourcing and services company focused on electrical, heating and plumbing, ventilation, climate, and energy solutions [2][3] - The company generated approximately DKK 12.2 billion in revenue in 2024 and employs around 2,900 people [3] - Solar A/S is listed on Nasdaq Copenhagen under the designation SOLAR B [3] Business Focus - The company emphasizes efficiency improvement and provides digital tools to enhance customer success [3] - Solar A/S is committed to driving the green transition and offers best-in-class solutions for sustainable resource use [3]

Core Points - UBS AG has acquired a total of 405,631 shares of Solar B, representing an ownership stake of 5.07% following a purchase on December 3, 2025 [1] Company Overview - Solar is a leading European sourcing and services company focused on electrical, heating and plumbing, ventilation, climate, and energy solutions [2] - The company generated approximately DKK 12.2 billion in revenue in 2024 and employs around 2,900 people [3] - Solar is listed on Nasdaq Copenhagen under the designation SOLAR B and is headquartered in Denmark [3] Business Focus - The core business of Solar revolves around product sourcing, value-adding services, and optimizing customers' operations [2] - The company emphasizes efficiency improvement and provides digital tools to enhance customer success [3] - Solar is committed to driving the green transition and offers best-in-class solutions for sustainable resource use [3]

Core Viewpoint - Solar Norge has successfully finalized the acquisition of Sonepar Norge for DKK 315 million, enhancing its position in the distribution of electrical, ventilation, climate, and energy solutions [1][2]. Group 1: Acquisition Details - The acquisition is characterized as a bolt-on acquisition, which will create a combined portfolio of 25,000 SKUs and generate an annual revenue of approximately DKK 2.5 billion [2]. - Sonepar Norge is projected to deliver revenue of DKK 700 million in 2026, with an EBITDA of approximately DKK -30 million due to estimated transition costs of around DKK 60 million, primarily incurred in Q1 2026 [3]. - The integration of the two businesses is expected to be completed by the end of the first half of 2026, with minimal impact on Solar Group's results for 2025, aside from acquisition costs of approximately DKK 5 million [3]. Group 2: Company Overview - Solar is a leading European sourcing and services company focused on electrical, heating and plumbing, ventilation, climate, and energy solutions, with a revenue of approximately DKK 12.2 billion in 2024 and around 2,900 employees [4][5]. - The company is committed to driving efficiency improvements and facilitating the green transition through best-in-class solutions and digital tools [5].

Core Points - UBS AG has acquired a total of 416,780 shares of Solar A/S, representing an ownership stake of 5.21% as of November 14, 2025 [1] Company Overview - Solar A/S is a leading European sourcing and services company focused on electrical, heating and plumbing, ventilation, climate, and energy solutions [2][3] - The company generated approximately DKK 12.2 billion in revenue in 2024 and employs around 2,900 people [3] - Solar A/S is listed on Nasdaq Copenhagen under the designation SOLAR B [3]

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, ...