Company outlines staged growth plan from strengthening operations to market consolidation Amsterdam 19 November 2025. Cabka N.V. (together with its subsidiaries “Cabka”, or the “Company”), specialized in transforming hard to recycle plastic waste into innovative Reusable Transport Packaging (RTP), listed at Euronext Amsterdam, today presents its staged growth strategy at its Capital Markets Update, outlining a clear path to long-term value creation through two distinct execution phases. The webcast, startin ...

Financial Performance & Capital Allocation - EOG's strategy delivers peer-leading Return on Capital Employed[8] - EOG is committed to returning a minimum of 70% of annual Free Cash Flow[4] - In 2024, EOG returned $53 Billion or 98% of annual Free Cash Flow to shareholders[16] - EOG's marketing strategy provides a competitive advantage through diverse markets[31] Operational Excellence & Efficiency - EOG's decentralized structure provides a broad footprint for learnings, innovation, & technology transfer[23] - In 2024, average well costs were reduced by 6% due to operational excellence[25] - In 2024, total production increased by 8% due to operational excellence[25] - EOG achieved an outstanding cash recycle ratio of 45x at $65 oil[26] Sustainability & Emissions Reduction - EOG is committed to safe operations, leading environmental performance, and community engagement[4] - EOG aims to reduce GHG emissions intensity rate by 25% from 2019 levels by 2030, targeting 147 metric tons CO2e/MBoe[51][52] - EOG is targeting near-zero methane emissions, aiming for 020% or less between 2025-2030[58][62]

Harmony Gold Mining has completed the acquisition of MAC Copper, the proprietor of the high-grade CSA copper mine in New South Wales, Australia. The deal was completed through its wholly owned subsidiary, Harmony Gold (Australia). This acquisition, first announced in May 2025, was executed on 24 October through a Jersey law Scheme of Arrangement. Harmony purchased all of MAC's securities at a price of $12.25 per share, resulting in a total equity valuation of $1.01bn (£756.7bn). The transaction was fin ...

Merck Capital Markets Day Summary Company Overview - **Company**: Merck (OTCPK:MKGA.F) - **Event**: 2025 Capital Markets Day - **Date**: October 16, 2025 Key Industry and Company Insights Strategic Priorities - Merck is focused on driving growth, fostering innovation, and sustainable value creation across its business sectors [2][7][10] - The company emphasizes a disciplined approach to capital allocation, prioritizing investments in areas with the highest returns [12][15] Business Sectors 1. **Electronics** - Merck is concentrating nearly 80% of its electronics business on Semiconductor Solutions, a key growth driver [45] - The semiconductor materials market is expected to grow at 5% to 7%, with Merck positioned to outperform due to trends in AI and advanced computing [48] 2. **Life Science** - The Process Solutions segment is projected to grow at 9% to 10%, with a mid- to high single-digit organic CAGR targeted for the overall Life Science sector [34][37] - The company is adjusting its market growth outlook from 5%-7% to 4%-6% due to factors like reduced academic funding and macroeconomic volatility in China [35][36] 3. **Healthcare** - The recent acquisition of SpringWorks is a strategic move to establish a rare diseases business, expected to contribute to mid-single-digit growth [40][42] - The healthcare segment is facing challenges with maturing products and potential loss of exclusivity for key drugs, impacting growth expectations [43][44] Financial Performance and Outlook - Merck has delivered consistent sales growth over the past 15 years, with a focus on maintaining attractive margins [12][28] - The company anticipates a margin improvement of about 100 basis points over the midterm, driven by higher capacity utilization and efficiency gains [64][66] - Operating cash flow is expected to improve, supported by margin expansion and reduced capital expenditures [30][31] M&A Strategy - Merck maintains a disciplined approach to M&A, focusing on smaller transactions and strategic acquisitions that align with its growth drivers [24][66] - The company has significant firepower for potential deals, with a net debt to EBITDA ratio well below 2% [24] Innovation and Sustainability - Merck is committed to integrating sustainability across its operations, with a goal of achieving 50% emission reductions by 2030 [53] - The company is leveraging artificial intelligence to enhance operational efficiency and drive innovation [57][58] Additional Important Points - Merck's customer-centric approach is designed to improve execution and capital efficiency across its business sectors [67] - The company is actively reviewing its portfolio to adapt to changing market conditions and ensure optimal capital allocation [15][18] - Geopolitical tensions and tariff impacts are being managed proactively to mitigate risks to the business [30][89] This summary encapsulates the key insights and strategic directions discussed during Merck's Capital Markets Day, highlighting the company's focus on growth, innovation, and sustainable practices across its diverse business sectors.

CAPEX and Investments - Gerdau expects to invest R$6 billion in 2025 and R$47 billion in 2026, focusing on maintenance, coking plants, blast furnaces, and competitiveness[13] - Approximately 45% of the total estimated CAPEX for 2026 is allocated to three main projects: Midlothian Expansion, Scrap Processing in Pindamonhangaba, and Miguel Burnier Mining[18] - The Miguel Burnier sustainable mining platform has a CAPEX of R$36 billion between 2023 and 2026 and a potential EBITDA gain of approximately R$11 billion per year[99] Financial Management and Liquidity - Gerdau's average debt term is 72 years, with a gross debt of R$181 billion and cash reserves of R$90 billion, resulting in a net debt of R$91 billion and a net debt/EBITDA ratio of 085x[37] - The company has strong liquidity in US dollars, with 59% of its cash held in USD[40, 41] - Approximately 75% of free cash flow generated from 1Q18 to 2Q25 was allocated to shareholders through dividends and buybacks, with shareholder remuneration totaling R$174 billion and buybacks at R$33 billion[59, 60] Brazil Operations - Gerdau's Brazil operations have a crude steel capacity of approximately 78 million tons per year and a rolling capacity of approximately 82 million tons per year[76] - The company anticipates moderate growth prospects in Brazil for the segments in which it operates, including automotive (+14%), industry, agriculture, and other (+17%), and civil construction (+05%) in 2026[80] - Gerdau is investing in a new hot coil rolling capacity in Brazil, expecting a total available capacity of 1080kt/year in 4Q25 and a potential EBITDA of R$400 million per year[93, 98] North America Operations - Gerdau has re-balanced its operational footprint in North America to minimize shipments between countries and has captured additional business from import declines due to tariffs[149] - The company has increased SBQ new sales quoting in the US by 60%, indicating new local investment activity[149] - Gerdau is well-positioned in high-growth end-markets in North America, such as renewable energy and data centers, and is increasing capacity at its Midlothian mill with a R$12 billion investment and a potential EBITDA of R$275 million per year[159, 166, 172]

Financial Data and Key Metrics Changes - SGH reported revenue of $10.7 billion, up 1% year-on-year, with EBIT increasing by 8% to $1.54 billion, aligning with high single-digit EBIT growth guidance [3][26] - NPAT rose by 9% to $924 million, while operating cash flow surged by 49% to $1.95 billion, reflecting strong cash conversion across the business [4][5] - EBITDA margins expanded to 19% and EBIT margins to 14.3%, driven by increased profitability at Boral and higher contributions from equity-accounted earnings [4][26] Business Line Data and Key Metrics Changes - Westrac's revenue increased by 4% to $6.1 billion, with EBIT rising by 2% to $639 million, supported by strong capital sales [11][12] - Boral's revenue was up 1% to $3.6 billion, with EBIT growing by 26% to $468 million, reflecting pricing discipline and operational efficiencies [13][14] - Coats experienced a 9% decline in revenue to $1 billion, with EBIT down 9% on a normalized basis, impacted by lower customer activity in the South [17][18] - Beach's production increased by 9% to 19.7 million BOEs, with revenue rising by 13% to $2 billion, and NPAT up 32% to $451 million [21][22] Market Data and Key Metrics Changes - Australian commodity export volumes increased by 3% in FY 2025, with iron ore exports expected to grow in the medium term [13] - Construction activity remained elevated, supporting customer demand into FY 2026, particularly in infrastructure projects [16][39] Company Strategy and Development Direction - SGH's strategy focuses on sectors with long-duration demand tailwinds, including mining, infrastructure, and energy, aiming for sustainable value creation and TSR outperformance [2][39] - The company plans to enhance sales effectiveness, operating leverage, and innovation to drive performance in FY 2026 [37][39] Management's Comments on Operating Environment and Future Outlook - Management noted mixed market conditions but expressed confidence in strong customer activity and demand, particularly in Westrac and Boral [48][50] - The outlook for Coats remains positive in the medium term, supported by macroeconomic settings and the execution of the Grow30 strategy [39][40] Other Important Information - SGH completed the acquisition of the remainder of Boral, further solidifying its position as a leading diversified operating company [5] - The company achieved a 27% uplift in cash conversion to 95%, supporting a 10% deleveraging of the business [5][30] Q&A Session Summary Question: Westrak and parts pricing dynamics - Management indicated a mid-single-digit price increase expected for July, with a potential slight reduction in the second half due to currency mix [42] Question: Coats' time utilization improvement - Management noted gradual improvement in time utilization, tracking closer to the target of 60% [43][44] Question: Westrak's service revenue performance - Management acknowledged strong customer activity but noted some work deferment impacting service revenue in the second half [48][49] Question: Boral's margin targets - Management expressed confidence in achieving mid-teen margin targets despite flat volume expectations, focusing on operational efficiencies [56][57] Question: Coats' southern region performance - Management observed stabilization in southern regions, with expectations for recovery in the second half of FY 2026 [55] Question: LNG cargo marketing plans - Management outlined plans to market LNG cargoes starting in FY 2026, with expected significant earnings contributions from the Krux project [90][92]

Financial Performance & Capital Allocation - EOG reported adjusted net income of $1.3 billion, resulting in adjusted EPS of $2.32 and adjusted CFPS of $4.57 for 2Q 2025[9] - The company generated $1.0 billion in free cash flow during 2Q 2025[9] - EOG increased its regular quarterly dividend rate by 5%[10] - The company returned $1.1 billion to shareholders, including $0.5 billion in regular dividends and $0.6 billion in share repurchases during 2Q 2025[10] - EOG is targeting approximately $4.3 billion in free cash flow for full-year 2025, based on $65 WTI and $3.50 HH[14] - The company has committed $3.5 billion of cash return year-to-date through regular dividends and share repurchases[14] - EOG's regular dividend represents a $2.1 billion cash return commitment for 2025[63] Operational Highlights & Strategic Initiatives - EOG acquired Encino, creating a premier Utica asset position totaling 1.1 million net acres[10] - The company was awarded an onshore concession in the UAE to explore and appraise approximately 900,000 acre unconventional oil prospect[10] - EOG's average total production is projected to be 1,224 MBOED for 2025[13,16] - The company's average oil production is projected to be 521 MBOD for 2025[13,16] - EOG estimates $150 million of synergies to be realized in the first year following the Encino acquisition[27] - EOG's Janus Gas Processing Plant has a capacity of 300 MMcfd and supports Permian operations[54] Environmental Targets - EOG is targeting a 25% reduction in GHG emissions intensity rate from 2019 levels by 2030[70] - The company aims to maintain near-zero methane emissions, at 0.20% or less[69] - EOG is committed to zero routine flaring[69]

Group 1 - The second amendment to the 2025 Universal Registration Document was filed with the French Financial Markets Authority (AMF) on 1 August 2025 [1] - The document is available to the public free of charge and can be accessed on the Company's website and the AMF's website [2] - Societe Generale employs around 119,000 people and serves over 26 million clients in 62 countries, providing a wide array of financial solutions [3] Group 2 - Societe Generale is committed to sustainability and aims to be a leading partner in environmental transition, embedding ESG offerings across its business [4] - The Group is included in major socially responsible investment indices, highlighting its commitment to ESG principles [4] - The company operates three complementary business segments: French Retail, Global Banking and Investor Solutions, and Mobility, International Retail Banking and Financial Services [7]

Core Insights - Orange Group reported solid first-half results for 2025, with an EBITDAaL growth of 3.8% and an increase in organic cash flow by 7.7%, prompting an upgrade of the EBITDAaL growth target for the year [2][3][6] Financial Performance - Revenues for the first half of 2025 reached €19,853 million, a slight increase of 0.3% compared to the previous year [2][58] - EBITDAaL for the first half was €5,675 million, reflecting a growth of 3.8% [2][58] - Consolidated net income excluding the GEPP provision was €1,167 million, while including the provision, the net income was -€105 million [9][10] - eCAPEX for the first half was €3,023 million, up 4.1% year-on-year [11][58] - Free cash flow from telecom activities was €1,086 million, down 13.5% year-on-year due to license payment phasing [13][58] Regional Performance - France's revenues decreased by 2.2% to €8,569 million, with retail services stable [16][27] - Africa & Middle East segment saw a revenue increase of 12.8% to €4,140 million, marking the tenth consecutive half of double-digit growth [16][31] - European revenues remained stable at €3,495 million, with retail services growing by 1.2% [16][36] Operational Highlights - The mobile customer base reached 261.6 million globally, with a 6.4% increase, while fixed broadband accesses grew by 4.4% [7][36] - Orange maintained its leadership in mobile network quality in France for the 14th consecutive time [29] - The launch of a new division in Orange Business dedicated to defense and security aims to capitalize on opportunities in the sovereignty sector [5][42] Strategic Initiatives - Orange's sustainability efforts included issuing a €750 million sustainable bond and exceeding its 2025 target for reducing greenhouse gas emissions by 41% [19][20] - The company is focused on digital inclusion, having provided free digital training to 2.9 million beneficiaries since 2021 [21] Future Outlook - The full-year guidance for EBITDAaL growth has been raised to above 3% [6][17] - The company aims to achieve organic cash flow from telecom activities of at least €3.6 billion by the end of 2025 [17]

Company Focus - GeoPark emphasizes profitability, discipline, and sustainable value creation as its core operational focus [1] - The company maintains a highly attractive valuation and efficient operations, prioritizing capital return [1] Investment Approach - The investment strategy highlighted focuses on value companies with solid long-term potential, indicating a preference for stability and growth [1]