%)NAQ4'2512M25SalesEBITDASalesEBITDAMexico63 %118 %59 %97 %Argentina15 %(47 %)17 %(21 %)United States9 %4 %10 %3 %Others13 %25 %13 %21 %Total100 %100 %100 %100 %Mexico- EBITDA increased significantly during the fourth quarter, supported by a strict focus on expense control and the operational efficiencies implemented, which began to be reflected in results. On a full-year basis, EBITDA was impacted by lower product demand during the first nine months, affected by heavy rains and weakness in the construction ...

Core Viewpoint - Sanoma Corporation has announced the initiation of a share repurchase program aimed at supporting its incentive program, with a maximum acquisition of 675,000 shares, representing 0.41% of total shares, and a budget of EUR 8.0 million for this purpose [1] Group 1: Share Repurchase Details - The share repurchase will commence on 12 February 2026 and is expected to conclude by 31 December 2026, pending approval at the 2026 Annual General Meeting [1] - The repurchased shares will be acquired through public trading on Nasdaq Helsinki Ltd. at the market price at the time of purchase [1] - The 2025 Annual General Meeting authorized the Board to repurchase up to 16,000,000 shares, approximately 9.8% of the total shares, using funds from the company's unrestricted shareholders' equity [2] Group 2: Company Overview - Sanoma Corporation operates as a learning and media company across Europe, focusing on providing educational content and solutions to enhance K12 education [3][5] - The company reported net sales of approximately EUR 1.3 billion in 2025, with an adjusted operating profit margin of 14.4% [6] - Sanoma employs nearly 5,000 professionals and is committed to sustainability, aligning with the UN Sustainable Development Goals [5][6]

Financial Data and Key Metrics Changes - For Q3 2025, the company achieved an adjusted EBITDA of $150.5 million and a net profit of $91.5 million, marking the best quarter of the year [4][17] - The net loan-to-value (LTV) ratio improved from 24.1% in Q2 to 20.5% in Q3, supported by strong operational cash flows [6][18] - The company declared a cash dividend of $73.2 million, corresponding to a payout ratio of 80% for the quarter, marking 15 consecutive quarters of dividend payments [7][24] Business Line Data and Key Metrics Changes - The fee-based business in pools contributed $7.1 million in fee income, maintaining steady performance [17] - The average time charter equivalent (TCE) income was reported at $26,040 per day, with total TCE incomes reaching $247 million [17] Market Data and Key Metrics Changes - The product tanker market showed significant strength in Q3, driven by higher trading volumes and strong refinery margins, particularly from increased export flows out of the Middle East and Asia [4][8] - Clean petroleum product volumes on water for 2025 continued to track above the four-year average, with Q3 showing an unseasonal increase compared to previous years [8][9] - The overall clean petroleum product capacity growth in 2025 has been limited, with only about 0.5% net growth in clean product tanker supply [11] Company Strategy and Development Direction - The company is focused on fleet renewal, having sold four older vessels and announced a preliminary agreement to acquire 14.45% of TORM shares [5][6] - Hafnia aims to maintain a transparent and consistent dividend policy, ensuring sustainable and predictable returns across market cycles [6][7] - The company is advancing its sustainability strategy and technological capabilities to strengthen its competitive edge in the maritime sector [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the underlying market strength and the potential for higher earnings due to seasonal demand as winter approaches [24] - The company anticipates a solid financial position and effective cost structure, supporting an operational cash flow break-even of below $13,000 per day for 2026 [21][24] - Geopolitical tensions, particularly related to Russian exports, have influenced the market dynamics, with a decline in clean petroleum product exports from Russia [19][20] Other Important Information - The company has made significant progress in reducing its weighted average debt margins by more than 50 basis points, strengthening its financial position [18][20] - The liquidity position at the end of the quarter was over $630 million, consisting of around $130 million in cash and $500 million in environmental financing capacity [20] Q&A Session Summary Question: Coverage of the LR2 fleet in 2026 - The company has covered 67% of its LR2 fleet for 2026, with three ships on three-year deals and one on a two-year deal [25][26] Question: Impact of Russian CPP exports decline - The decline in Russian clean petroleum product exports has positively affected the market, with conventional tonnage increasing supply to South America [27][28] Question: Red Sea reopening impact on fleet supply - The analysis indicated that the reopening of the Red Sea would have a limited impact on fleet supply, with a net effect of approximately 43 MR units [34][35] Question: Changes in insurance costs for transiting the Red Sea - There has not been a significant shift in insurance costs for transiting the Red Sea, with limited movement from well-known owners on the clean side [38] Question: Effects of purchase options on cash break-even - The refinancing and purchase options have significantly improved cash flow break-even, expected to be below $13,000 per day for the next year [42] Question: Future fleet renewal or growth strategy - The company is cautious about new builds at current pricing levels and is focusing on strategic acquisitions like the TORM stake [43][44] Question: Net LTV forecast for Q4 - The net LTV at the end of Q3 was 20.5%, and the company is consistent with its dividend policy, which will depend on market values in the quarter [47][48]

Core Insights - Apollo Global Management has appointed Jaycee Pribulsky as Partner and Chief Sustainability Officer, effective October 1, 2025, succeeding Dave Stangis who will transition to a senior advisor role in 2026 [1][2] Leadership Transition - Dave Stangis, the inaugural CSO since 2021, played a crucial role in establishing Apollo's sustainability organization and will assist in the leadership transition [2][5] - Stangis previously held significant roles at The Campbell's Company and Intel Corporation, contributing to corporate responsibility initiatives [2][4] Jaycee Pribulsky's Background - Jaycee Pribulsky brings over 20 years of experience in sustainability, operations, and innovation, having served as Chief Sustainability Officer at Nike [3][4] - At Nike, she led sustainability strategies across product, operations, and supply chain, and managed sustainability governance and reputation [3] Apollo's Sustainability Strategy - Apollo's sustainability strategy aims to enhance long-term value creation and risk management across its investment platform [1][6] - The strategy focuses on identifying material risks and opportunities across asset classes, supporting performance, efficiency, and innovation [6] Company Overview - Apollo Global Management is a high-growth, global alternative asset manager with approximately $840 billion in assets under management as of June 30, 2025 [7] - The firm aims to provide clients with excess returns across various investment types, including investment-grade credit and private equity [7]

Group 1 - Sanoma Corporation executed a share buyback on June 2, 2025, acquiring 6,000 shares at an average price of €9.47 per share, totaling a cost of €56,820 [1] - The company now holds a total of 788,988 of its own shares following this acquisition [2] - Sanoma's net sales for 2024 were approximately €1.3 billion, with an operational EBIT margin excluding PPA of 13.4% [4] Group 2 - Sanoma is committed to sustainability, aligning its strategy with the UN Sustainable Development Goals and the UN Global Compact [2] - The company offers a range of learning products and services aimed at enhancing educational outcomes for children [3] - Sanoma operates across Europe with a workforce of nearly 5,000 professionals [4]

Core Insights - The company reported a Q1 sales growth of 9.7% at constant exchange rates (CER) and a business EPS of €1.79, indicating a strong start to 2025 [1][3][8] Sales Performance - Pharma launches generated sales of €0.8 billion, reflecting a 43.8% increase, primarily driven by ALTUVIIIO [6] - Dupixent sales reached €3.5 billion, up 20.3%, while vaccine sales amounted to €1.3 billion, up 11.4% due to favorable phasing of Beyfortus [6] - Total IFRS net sales were reported at €9,895 million, representing a 10.8% increase [8] Financial Metrics - Business EPS increased by 17.0% reported and 15.7% at CER, reaching €1.79 [6][8] - IFRS net income rose by 65.2% to €1,872 million, with IFRS EPS reported at €1.52, up 67.0% [8] - Free cash flow was reported at €1,029 million [8] Pipeline and Approvals - The company achieved six regulatory approvals across various therapeutic areas, including immunology, rare diseases, and oncology [6][5] - Significant progress was noted in the pipeline, with new data from mid-stage studies unlocking late-stage studies in asthma and skin diseases [6][5] Capital Allocation and Strategy - The company confirmed its capital allocation strategy, including a share buyback program of €5 billion, with 72% already repurchased [7][4] - The anticipated closing of the sale of a controlling stake in Opella is expected in Q2 [7] Future Outlook - Sales are projected to grow by a mid-to-high single-digit percentage at CER in 2025, with business EPS expected to increase at a low double-digit percentage at CER before share buyback [7]

Group 1 - Sanoma Corporation delivered a total of 10,814 own shares to four employees as part of the Restricted Share Plan 2022−2024 [1] - After the share delivery, Sanoma holds a total of 527,157 own shares [1] - In 2024, Sanoma's net sales amounted to approximately €1.3 billion, with an operational EBIT margin excluding PPA of 13.4% [4] Group 2 - Sanoma is committed to sustainability, aiming to maximize its positive impact on society while minimizing its environmental footprint [2] - The company offers a range of learning products and services, including printed and digital content for various educational levels [3] - Sanoma operates across Europe and employs close to 5,000 professionals [4]