Core Insights - The company is optimistic about biological development in Q2 2025, which is expected to lead to increased volume and positive cost development in the latter half of the year [1] - The merger with Wilsgård AS enhances SalMar's presence in Norway and strengthens its operational capabilities [2][3] - SalMar has issued NOK 2 billion in new green bonds to support sustainable development and improve capital access [3] - The company has increased its volume guidance for 2025, anticipating a total harvest of 298,000 tonnes, an 18% increase compared to 2024 [5] - Despite lower salmon prices in the first half of 2025, strong demand for SalMar's products continues, with expectations of lower global supply growth in the second half [6] Financial Performance - Q2 2025 operational EBIT for Norway was NOK 696 million, with a harvest volume of 54,500 tonnes and EBIT per kg of NOK 12.8 [8] - Group operational EBIT for Q2 2025 was NOK 524 million, with a total harvest volume of 64,500 tonnes and EBIT per kg of NOK 8.1 [8] - The first half of 2025 was characterized by lower salmon prices due to increased volume and a high proportion of downgraded fish [8] Operational Developments - Strong biological performance was noted in Northern Norway, contributing to positive cost development [8] - The company is entering the third quarter with record-high biomass for the season, setting the stage for increased volume [4] - The share of superior quality fish has significantly increased from July 2025 onwards compared to the first half [4]

Financial Performance - Lloyds Banking Group's H1 2025 net income increased by 6% YoY to £8.914 billion[6, 26] - The group's underlying profit before impairment reached £4.003 billion, an 11% increase YoY[26] - The company's statutory profit after tax was £2.544 billion, with a return on tangible equity (RoTE) of 14.1%[26, 82] - The group's net interest income (NII) for H1 2025 was £6.7 billion, a 5% increase YoY[37] Lending and Deposits - Lending increased by 3% YTD, with total lending at £471.0 billion in Q2 2025, up £4.8 billion or 1% QoQ[6, 31] - Deposits increased by 2% YTD, with total deposits at £493.9 billion in Q2 2025, up £6.2 billion or 1% QoQ[6, 31] - The company provided over £8 billion in lending to first-time buyers in H1 2025[6] Capital and Efficiency - The group's capital generation was strong at 86bps in H1 2025[6] - The pro forma CET1 ratio was 13.8%[26, 27] - The company achieved gross cost savings of approximately £1.5 billion compared to 2021, with around £300 million in H1 2025[17] Strategic Initiatives and Outlook - The company expects approximately £1.2 billion higher hedge income in 2025 compared to 2024, and approximately £1.5 billion higher in 2026 compared to 2025[58] - The group reaffirms its 2025 guidance, including net interest income of approximately £13.5 billion and an asset quality ratio of approximately 25bps[5, 38, 97] - The company is targeting over £1.5 billion of additional revenues from strategic initiatives by 2026[16]

Core Insights - Touax has secured a €50 million green loan from the European Investment Bank (EIB) aimed at enhancing its freight railcars business, aligning with climate action initiatives [2][7] - The loan, with a term of 14 years, provides financial stability for Touax's long-term investment plans, supported by the EU's InvestEU programme [3][4] - The EIB's backing is part of a broader strategy to promote sustainable transport and reduce CO2 emissions by facilitating the transition from road to rail freight [4][9] Company Overview - Touax Group is a leading European player in leasing tangible assets such as freight railcars, river barges, and containers, managing €1.3 billion in assets [6] - The company is listed on the Euronext stock market in Paris and is included in various indices such as CAC® Small and CAC® Mid & Small [6] Financial Structure - Touax has developed an innovative financial structure that combines existing debt from commercial banks with new debt from the EIB to support its investment cycle [4]