Report on first half of 2025for ROCKWOOL A/SRelease no. 50 – 2025to Nasdaq Copenhagen 20 August 2025 While adjusting our outlook to reflect market uncertainty, we stay committed to investing for long-term value creation Highlights Revenue in H1 2025 reached 1,947 MEUR, an increase of one percent measured in both local currencies and reported figures compared to last year. The 2024 acquisitions had a two-percentage point positive impact in H1 2025 compared to last year.Revenue in Q2 2025 reached 988 MEUR, a ...

Market Uncertainty - The market is experiencing uncertainty due to the White House meeting regarding the Russia-Ukraine peace deal, leading to a market downturn [1] - The White House meeting is expected to reduce market uncertainties [3] Leverage and Market Correction - High-leverage positions contributed to the market dump as exchanges flushed them out [2] - A price reversal is anticipated after the leverage flush, with big players buying the dips [2] Interest Rate Expectations - The probability of a September rate cut decreased from 100% to 848%, influencing the market dump [2] - The market is pricing in the potential rate cut [2] Future Outlook - The September rate cut is still likely to happen [3] - The current dump is viewed as an opportunity for big players to enter the market before a parabolic move [3]

Financial Data and Key Metrics Changes - Revenues for Q2 2025 were $302 million, down from $278 million in Q1 2025, with a gross profit of $15 million compared to $28 million in Q1 [7][6] - The company reported a net loss of $3 million in Q2, contrasting with a net income of $3 million in Q1 [7] - Adjusted EBITDA for Q2 was $42 million, with a negative operating cash flow of $17 million, leading to negative free cash flow of $22 million [7][6] - Year-to-date revenues reached $518 million, with gross profits of $42 million and breakeven net income [7] Business Line Data and Key Metrics Changes - The Well Intervention segment faced challenges due to the regulatory docking of the Q5000 and the demobilization of the Q4000, impacting overall performance [6][9] - Robotics had a strong quarter, operating seven vessels and achieving high utilization, particularly in trenching and ROV support [12][14] - Shallow water abandonment activity increased, but the segment still faced pressure due to market conditions and competition [16][61] Market Data and Key Metrics Changes - The UK North Sea market has experienced a temporary standstill, affecting expected results, with several major producers announcing intentions to exit the market [32][33] - The Gulf of America intervention market is also softening, with customers deferring work due to lower oil prices and regulatory uncertainties [19][71] - Brazil's market remains strong, with three vessels operating on long-term contracts [7][39] Company Strategy and Development Direction - The company is focusing on mitigating impacts from slower markets by adjusting maintenance schedules and pursuing international opportunities [20][35] - A multi-year trenching contract in the North Sea has been secured, indicating a strategic move towards long-term contracts [14][25] - The company anticipates a gradual recovery in 2026 and a return to full strength by 2027, despite current market challenges [39][38] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns over geopolitical uncertainties and lower oil prices affecting customer spending [19][71] - The outlook for the second half of 2025 has been adjusted, with expected revenues between $1.2 billion and $1.3 billion, and EBITDA between $225 million and $265 million [21][22] - Management remains optimistic about the long-term fundamentals and cash flow outlook, despite the current market softness [31][39] Other Important Information - The company has a strong balance sheet with $320 million in cash and liquidity of $375 million at quarter-end [18] - A three-year framework agreement for decommissioning services with Exxon has been secured, enhancing future revenue potential [16][97] - The company repurchased $30 million worth of shares during the second quarter, indicating confidence in its financial position [30] Q&A Session Summary Question: What should be focused on regarding shallow water abandonment? - Management believes the market is at a bottom, with significant bidding activity expected leading up to 2027 [42][44] Question: How does competition affect well intervention in the Gulf of America? - Management indicated that competition is not the main hurdle; rather, it is the overall market demand and customer spending that are impacting results [46][48] Question: What are the drivers behind the decline in robotics EBIT? - The decline is attributed to a shift from providing full trenching spreads to only the trencher, resulting in lower revenue [57][58] Question: Why not remediate the Thunder Hawk well this year? - The decision is based on the need for long lead items and partner preferences for timing, with interventions planned for early 2026 [65][66] Question: What are the main challenges driving customer work pushes? - Factors include lower oil prices, regulatory uncertainties, and overall market indecision, leading to deferred spending [71][72]

Financial Performance - SEI Investments Company's Q2 2025 revenues reached $559.6 million, a 7.8% increase compared to Q2 2024 and a 1.5% increase compared to Q1 2025[5] - Operating income for Q2 2025 was $148.6 million, up 8.9% year-over-year but down 5.4% sequentially[5] - Net income for Q2 2025 surged to $227.1 million, a 63.2% increase compared to Q2 2024 and a 49.9% increase compared to Q1 2025[5] - Earnings per share (EPS) for Q2 2025 was $1.78, a 69.5% increase year-over-year and a 52.1% increase sequentially[5] - Assets Under Management (AUM) reached $517.5 billion, a 10.0% increase compared to Q2 2024 and a 6.5% increase compared to Q1 2025[5] - Assets under Administration, Platform & Advisement totaled $1,177.4 billion, an 11.8% increase year-over-year and a 5.1% increase sequentially[5] Business Unit Performance - Private Banking revenue increased, driven by several client go-lives during Q2 2025[12] - Investment Managers revenue growth reflects double-digit alts increase offset by modest decline in traditional due to mark-to-market pressure[12] - Investment Advisors revenue year-over-year growth was driven by $21 million in Integrated Cash Program revenue, up $11 million from Q2 2024[12] Capital Allocation - The company returned significant capital to shareholders during Q2 2025, with buybacks exceeding $700 million on a trailing twelve-month (TTM) basis[21]

Core Viewpoint - EXEL Industries Group reported a revenue decline of 10.9% in Q3 2024-2025, primarily due to lower volumes in Agricultural Spraying and foreign exchange impacts from the depreciation of the dollar [3][10]. Revenue Breakdown - **Agricultural Spraying**: Revenue decreased by €36.7 million (-24.2%) in Q3 compared to the previous year, with significant declines in Australia, North America, and France, while Northern and Central Europe showed slight growth [2][4]. - **Sugar Beet Harvesting**: Sales fell by €3.3 million (-8.5%), with new machine sales slightly increasing but not compensating for the decline in used machines [2][5]. - **Leisure**: Revenue increased by €3.9 million (+7.3%), driven by favorable weather conditions, particularly in the United Kingdom [2][6]. - **Industry**: Sales grew by €1.7 million (+2.3%), supported by strong performance in Systems projects and traditional paint application ranges, with varied geographical performance [2][7]. Nine-Month Sales Overview - **Agricultural Spraying**: Total sales for the nine-month period were €310.0 million, down €90.1 million (-22.5%) [2]. - **Sugar Beet Harvesting**: Nine-month sales were €80.2 million, a decrease of €3.2 million (-3.8%) [2]. - **Leisure**: Revenue reached €118.1 million, an increase of €5.7 million (+5.1%) [2]. - **Industry**: Sales totaled €217.3 million, up €3.8 million (+1.8%) [2]. - **Overall Group Revenue**: The total revenue for the nine-month period was €725.5 million, down €83.8 million (-10.4%) [2]. Management Commentary - The CEO noted that the revenue results were in line with expectations, and the company is adapting its cost structure to address the decline in agricultural volumes while maintaining vigilance on tariff policies in North America [10][11]. - The order book has begun to stabilize after two years of decline, indicating potential recovery [11]. Future Outlook - The company anticipates stable sales in Western Europe and growth in North America, contingent on favorable tariff policies [12]. - The modernization of the Stains plant in France is ongoing and expected to be operational by autumn 2025 [12].

Financial Data and Key Metrics Changes - Total GPC sales for Q2 2025 were $6.2 billion, an increase of 3.4% compared to the same period last year [6][33] - Gross margin expanded by 110 basis points year-over-year to 37.7%, driven by strategic pricing and sourcing initiatives [6][34] - Adjusted EPS for Q2 2025 was $2.10, down 14% from the prior year, reflecting lower pension income and higher depreciation and interest expenses [31][32] Business Line Data and Key Metrics Changes - Global Industrial segment sales were $2.3 billion, a 1% increase year-over-year, with comparable sales essentially flat [13] - Global Automotive segment sales increased by 5%, with EBITDA of $338 million, representing an 8.6% margin, down 110 basis points from the previous year [17] - E-commerce sales in the Motion segment accounted for 40% of sales, up over 10% from the start of 2024 [16] Market Data and Key Metrics Changes - The U.S. Automotive segment saw total sales up 4%, with comparable sales flat [20] - Canadian sales increased approximately 5% in local currency, with comparable sales up about 4% [25] - European sales were flat in local currency, with comparable sales down approximately 1% [26] Company Strategy and Development Direction - The company is focused on managing through tariff impacts and maintaining customer support through strategic initiatives [8][10] - Continued investment in digital capabilities and e-commerce to enhance customer experience and drive growth [16][29] - The company aims to control costs and improve operational efficiency while navigating a complex external environment [50][51] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for market improvement in the second half of 2025, despite ongoing challenges [12][28] - The impact of tariffs is expected to be more pronounced in the latter half of the year, influencing revenue and cost structures [9][41] - Management highlighted the importance of agility and discipline in operations to adapt to changing market conditions [50][51] Other Important Information - The company incurred $46 million in restructuring costs during the quarter, with a focus on long-term cost savings [31][36] - Total adjusted EBITDA margin for the quarter was 8.9%, down 60 basis points year-over-year [37] - The company returned $277 million to shareholders through dividends in the first half of 2025 [39] Q&A Session Summary Question: Can you talk about fill rates in the independent NAPA stores? - Management noted significant improvement in independent owner inventory positions, with sales out aligning well with company-owned stores [55] Question: Are you able to pass through cost increases due to tariffs? - Management confirmed that pricing dynamics are balanced with supplier cost increases, though not necessarily benefiting gross margin [56][57] Question: What are your expectations for same SKU inflation in the U.S. business? - Management indicated that inflation assumptions are consistent across segments, with a focus on the NAPA business [66] Question: Should we assume the rebasing of global auto margins is the new baseline? - Management emphasized ongoing efforts to improve profitability despite current inflationary pressures, aiming for better margins in the second half [69] Question: Can you discuss the cadence of growth in the motion business? - Management expressed confidence in positive trends for the motion business, with expectations for growth to accelerate in the latter half of the year [79][81]

Group 1 - Permian Resources announced another acquisition during the first quarter earnings press release, indicating ongoing growth and expansion strategies [2] - The revised guidance provided by Permian Resources did not account for the latest acquisition, suggesting potential for further adjustments in future forecasts [2] - The oil and gas industry is characterized as a boom-bust, cyclical sector, requiring patience and experience for successful investment [2] Group 2 - The analysis of oil and gas companies focuses on identifying undervalued names within the sector, examining balance sheets, competitive positions, and development prospects [1] - Members of the Oil & Gas Value Research service receive early access to analyses and insights that are not available on the free site [1]

Market Overview - The three major U.S. indexes ended the holiday-shortened trading week in the red, with the Nasdaq Composite declining by 0.44%, and both the S&P 500 and Dow Jones Industrial Average losing 0.17% each, attributed to renewed trade tensions with the European Union and China [1] - The Federal Reserve's May meeting minutes indicate that new foreign trade tariff policies could lead to persistent inflation, hinder economic growth, and diminish global confidence in U.S. assets [2] Economic Indicators - The second estimate of Q1 2025 Gross Domestic Product (GDP) showed a contraction at an annual rate of 0.2%, an improvement from the initial estimate of a 0.3% decline, marking the first drop in three years [2] - The labor market remains resilient but shows slight signs of weakening, with jobless aid rising to 240,000 for the week ending May 24th, and Continuing Jobless Claims increasing to 1.92 million [2] Stock Performance - Banco Comercial Português (BPCGY) shares gained 13.9% since being upgraded to Zacks Rank 2 (Buy) on March 31, outperforming the S&P 500's 6.1% increase [3] - PDS Biotechnology Corporation (PDSB) also saw a return of 9.5% since its upgrade to Zacks Rank 2 on March 31 [4] - A hypothetical portfolio of Zacks Rank 1 (Strong Buy) stocks returned -8.32% in 2025 (through May 5), compared to -5.35% for the S&P 500 index [4] Zacks Recommendations - StoneCo Ltd. (STNE) and BlackBerry Limited (BB) advanced 30.9% and 26.1% respectively since their Zacks Recommendation upgrades to Outperform on April 9 and March 4 [7] - The Zacks Focus List portfolio has returned -3.23% through April 30, 2025, compared to -4.92% for the S&P 500 index [11] - The Zacks Earnings Certain Admiral Portfolio (ECAP) returned +3.20% in Q1 2025, outperforming the S&P 500 index's -4.30% decline [15] Long-term Performance - The Zacks Focus List portfolio has produced an annualized return of +11.33% since 2004, compared to +9.95% for the S&P 500 index [13] - The Top 10 portfolio has delivered a cumulative return of +1832.3% since 2012, significantly outperforming the S&P 500 index's +434.2% return [23]

Market Overview - In the first 100 days of 2025, the stock market faced one of its worst starts in decades, resulting in significant losses for investors, including large pension funds like CalSTRS [1] - CalSTRS Chief Investment Officer Scott Chan highlighted "unprecedented and world-changing" risks primarily related to policy changes under the Trump administration, including tariffs that have created market uncertainty [2] Investment Strategy - CalSTRS is concerned about tariffs, potential recession, and geopolitical tensions, particularly regarding U.S. involvement in conflicts like the Russia-Ukraine war and NATO's future [3] - The pension fund increased its stake in Trump Media & Technology Group (DJT) by 21,004 shares, or 28%, bringing its total to 95,463 shares valued at $1.87 million as of the end of March [4] Portfolio Adjustments - Despite increasing its position in DJT, CalSTRS reduced its stakes in several top holdings, indicating a defensive strategy focused on fixed income and cash due to economic concerns under Trump [4] - The fund aims for a 30-year target of 7% annual returns to meet retirement obligations, but the stock market drop and underperformance of investments like Trump Media could jeopardize these returns [5] Controversial Holdings - CalSTRS holds significant positions in major companies, including Tesla (1.5% of assets), Apple (6.5%), Microsoft (5.2%), NVIDIA (5.2%), Amazon (3.5%), and Meta (2.5%) [7][9] - The pension fund received numerous requests to divest from Tesla, particularly due to controversies surrounding CEO Elon Musk's actions, reflecting growing pressure from stakeholders [8][9]

Core Viewpoint - Gabriel Holding A/S reports an increase in profit for the second quarter and maintains its expectations for the 2024/25 financial year despite challenging market conditions in the furniture industry [1][2]. Financial Performance - Total revenue for the first half of 2024/25 increased by DKK 7.8 million to DKK 476.8 million compared to DKK 469.0 million in the previous year [3]. - EBITDA for the first half was DKK 44.7 million, up from DKK 35.0 million, while EBIT rose to DKK 16.0 million from DKK 10.5 million [3]. - Profit before tax for the first half increased to DKK 9.2 million from DKK 1.2 million [3]. - In the second quarter, revenue increased by 3% to DKK 248.7 million, with EBITDA at DKK 30.8 million and EBIT at DKK 15.6 million [3]. Continuing Operations - Continuing operations showed a revenue growth of 9%, with operating profit (EBIT) increasing to DKK 20.9 million compared to DKK 4.2 million in the first half of 2024/25 [3]. - Revenue from continuing operations was DKK 261.5 million, up from DKK 240.9 million [3]. - In the second quarter, revenue from continuing operations increased by 10% to DKK 138.1 million [3]. Market Conditions and Expectations - Management anticipates that challenging market conditions will persist in the second half of 2024/25 due to geopolitical risks and uncertainties regarding tariffs, inflation, currencies, and interest rates [2][4]. - Expectations for full-year revenue are maintained at DKK 485 – 530 million, representing 0 – 10% growth, and operating profit (EBIT) is expected to be between DKK 20 – 30 million [4]. Investigations and Restructuring - An external investigation regarding irregularities in Mexico continues, with preliminary findings indicating no evidence of fraudulent activity [3]. - The Group has initiated adaptations in the Mexican FurnMaster unit, discontinuing loss-making contracts, which has led to non-recurring restructuring costs affecting the half-year results [3].