Core Insights - Klarna Group achieved its first billion-dollar revenue quarter, totaling $1.082 billion in Q4 2025, marking a 38% year-over-year increase [1] - The growth was driven by a record GMV of $38.7 billion and a 101% increase in banking consumers, reaching 15.8 million [1] Revenue Growth - The US market was the primary growth engine, with revenue accelerating 58% year-over-year as Klarna reached 29 million domestic consumers [2] - Significant market share gains were observed in the Fair Financing segment, which grew 165% as users moved away from traditional revolving credit [2] User Engagement - The Klarna Card saw substantial adoption, ending the quarter with 4.2 million active users, nearly double the count from the previous quarter [2] - Engaged users generate over 3 times the revenue of average consumers, indicating a strategic shift from a payments provider to a global digital bank [1] Operational Efficiency - Klarna demonstrated significant operating leverage through AI-driven efficiencies and disciplined underwriting [3] - Since 2022, the company has doubled its revenue while reducing operating expenses by 8% and decreasing headcount by 49%, resulting in a revenue per employee of $1.24 million [3] Company Overview - Klarna Group operates as a digital bank and flexible payments provider in the UK, the US, Germany, Sweden, and internationally, offering payment and marketing solutions to consumers and merchants [4]

The number of tax returns the IRS has received so far this tax season is down from last year, but refunds are up double digits, IRS data show. The average refund through Feb. 6 was $2,290, up nearly 11% from $2,065 at the same time in 2025 while total returns received fell 5.2%. The IRS noted refund numbers should rise further, too, as refunds claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) are required by law to be held until Feb. 15. These “refund numbers do not ...

Signal vs. Noise: Markets, Misconceptions, and the Case for Optimization in 2026The central theme of 2025 was the disconnect between market sentiment and economic reality. The year began with widespread apprehension regarding aggressive tariffs and forecasts of a recession. Yet, it concluded with global equities at all-time highs and the U.S. economy maintaining consistent growth as the anticipated economic contraction failed to materialize.The fourth quarter reflected this broad dynamic. Markets focused on ...

Core Insights - The FTSE 100 has shown strong performance in 2026, rising 7.69% year-to-date and 22.75% over the past year, outperforming the S&P 500, which is down 0.24% year-to-date but up 12.16% over the past year [1][10] Market Trends - Rising geopolitical tensions and U.S. market volatility related to AI concerns have led investors to reassess their U.S. exposure and shift away from American securities [2][3] - The "AI scare" has heightened investor anxiety, particularly affecting the S&P 500 due to its heavy concentration in the information technology sector, prompting a rotation away from U.S. equities [3] Sector Performance - The FTSE 100 benefits from a heavier weighting in banks and mining stocks, with limited exposure to big tech and AI-driven companies, contributing to its outperformance compared to the S&P 500 [4] - U.K. large caps are trading at approximately a 40% valuation discount relative to U.S. equities, with U.K. banks showing compelling valuations compared to U.S. peers [5] Economic Indicators - The S&P Global U.K. Composite PMI rose to 53.9 in February, indicating continued economic momentum, marking the strongest level since April 2024 [6] - U.K. retail sales saw a 4.5% year-over-year increase in January, the strongest annual gain in almost four years [7] - The U.K. recorded a £30.4 billion ($40.9 billion) budget surplus in January 2026, a significant improvement from the previous year [8] Inflation and Monetary Policy - U.K. inflation eased to 3.0% in January, the lowest since March 2025, raising expectations for a potential interest rate cut by the Bank of England [9][10] - Following the inflation data, market expectations for a March rate cut by the Bank of England increased to nearly 90% [10][11] Investment Opportunities - Investors can consider U.K. ETFs such as iShares MSCI United Kingdom ETF (EWU) and Franklin FTSE United Kingdom ETF (FLGB) for increased exposure to the U.K. market [12] - Other diversified ETFs with significant U.K. exposure include iShares MSCI Europe Small-Cap ETF (IEUS) and iShares Core MSCI Europe ETF (IEUR) [13]

Core Viewpoint - ING Groep Inc. has shown significant stock performance, with a 72.51% increase over the past year, leading to optimism among long-term shareholders, while concerns about potential overvaluation arise from the price-to-earnings (P/E) ratio analysis [1]. Group 1: Stock Performance - The current trading price of ING Groep Inc. is $29.59, reflecting a 1.91% increase in the current session [1]. - Over the past month, the stock has increased by 3.34% [1]. - The stock has experienced a substantial increase of 72.51% over the past year [1]. Group 2: P/E Ratio Analysis - The P/E ratio is a critical metric for investors, comparing the current share price to the company's earnings per share (EPS) [2]. - A higher P/E ratio may indicate that investors expect better future performance, potentially suggesting overvaluation, but it can also reflect investor confidence in future earnings and dividends [2]. - ING Groep has a lower P/E ratio compared to the aggregate P/E of 15.82 for the Banks industry, which may suggest that the stock is undervalued despite the potential for underperformance relative to peers [3].

Core Insights - Bridgewater Bancshares, Inc. (BWB) operates in the banking sector, providing a range of financial services including commercial real estate loans, commercial loans, and deposit products [1] Performance Overview - Over the past 30 days, BWB has experienced a modest gain of approximately 0.78%, reflecting investor confidence and positive market sentiment [2][6] - Despite a recent decline of 2.63% over the last 10 days, this dip may present a strategic buying opportunity for investors [2] Growth Potential - BWB's stock price has significant growth potential, with an estimated increase of 21.89%, indicating that the stock is currently undervalued [3][6] - Analysts have set a target price of $23.50 for BWB, suggesting further room for appreciation in the stock [5] Financial Health - The company has a robust financial health, evidenced by a Piotroski Score of 8, which indicates strong financials, efficient operations, and a solid balance sheet [4][6]

Credicorp Ltd (NYSE:BAP) is one of the best emerging markets stocks to buy right now. On February 12, Credicorp Ltd (NYSE:BAP) delivered fourth-quarter and full-year 2025 results. Fourth quarter net profit totaled $468.8 million, translating to earnings per share of $5.88. Credicorp Ltd. (BAP) Reports Strong Earnings and Loan Growth Outlook The company generated $2.18 billion in revenue, which dropped to $1.8 billion on accounting for interest expenses. Total profit for the full year totaled $1.94 billio ...

Core Insights - Nu Holdings Ltd (NYSE:NU) is recognized as a promising investment opportunity in emerging markets, with a significant investment plan of approximately R$ 2.5 billion (around USD 475 million) over the next five years to enhance its offices in Brazil [1][3] Group 1: Expansion Plans - The company aims to increase workspace capacity in São Paulo and establish new offices in Campinas, Rio de Janeiro, and Belo Horizonte, along with expansions in Mexico City and Bogotá, and future locations in Washington, D.C. and Buenos Aires [3] - This investment in workspace is aligned with the company's growth, as customer numbers surged from 59 million to 127 million over the past five years, accompanied by record revenues and profits [3] Group 2: Brand Partnerships - On January 21, Nu Holdings announced a multi-year partnership with the Mercedes-AMG PETRONAS F1 Team, intending to utilize Formula 1's global audience of over 827 million fans to enhance its brand presence in Latin America, the U.S., and other markets [4] - The company currently serves 127 million customers across Brazil, Mexico, and Colombia, and has achieved over 20% revenue growth, reaching $6.36 billion in the past year [4] Group 3: Company Overview - Nu Holdings Ltd. is the publicly traded parent company of Nubank, a digital-first bank founded in Brazil, and is one of the largest digital banking platforms globally, with over 127 million customers [5] - Founded in 2013, Nubank provides app-based services such as credit cards, accounts, loans, and investments, focusing on low costs and high customer engagement [5]

Core Insights - TBC Bank Group reported a record fourth quarter for 2025, with full-year net profit exceeding GEL 1.4 billion, a 9% increase year-over-year, and a return on equity (ROE) of 24.2% [6] - The company experienced a 15% year-over-year increase in top-line revenue for the fourth quarter, primarily driven by a 23% rise in net interest income [3] - The full-year dividend was declared at GEL 8.87 per share, reflecting a 10% increase year-over-year, with a payout ratio of 35% [4] Financial Performance - Operating expenses increased by 10% year-over-year in the fourth quarter and 18% for the full year, resulting in a cost-to-income ratio of 37.5%, down 40 basis points [1] - Net interest margin (NIM) remained stable at 7% in the fourth quarter, with a full-year increase of 30 basis points, attributed to a higher share of TBC Uzbekistan in the portfolio [2] - The group's cost of risk declined by 50 basis points to 1.1%, with expectations for Georgia's cost of risk to be around 80 basis points in 2026 [7] Regional Insights - In Georgia, the economy showed strong performance with a real GDP growth of 7.5% in 2025, and the company expects around 5% growth in 2026 [8] - Uzbekistan's economy also demonstrated dynamism with a real GDP growth of 7.7% in 2025, and significant scale-up progress was noted, including 45% loan growth year-over-year [10][11] - The company aims to pivot its loan mix in Uzbekistan due to regulatory changes, with expectations of around 20% gross loan book growth for the year [12] Operational Developments - TBC Bank's digital engagement improved significantly, with over 250,000 new customers added during the year, representing a 24% growth [9] - The company issued nearly 1 million TBC daily banking cards and doubled its retail brokerage customers to over 100,000 [9] - In Uzbekistan, TBC Bank became a top 10 bank for both retail loans and deposits, with market shares of 4.2% and 3.8%, respectively [14] Management and Strategy - The company will host a Strategy Day in New York on February 21, with a live webcast available for those unable to attend in person [16] - Group CEO Vakhtang Butskhrikidze will focus on overseeing operations in Georgia and Uzbekistan, while Giorgi Tkhelidze is set to become CEO of the Georgian subsidiary [15]

LEI: 213800ZBKL9BHSL2K459 20 February 2026 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION OSB GROUP PLC Appointment of CEO OSB GROUP PLC (“OSBG” or the “Group”) is very pleased to announce the appointment of Enrique Alvarez Labiano as Chief Executive Officer (CEO), subject to regulatory approval, with effect from a date to be agreed. This appointment follows a comprehensive search process conducted by the Board, facilitated by a global executive search firm and managed by David Weymouth, Chair, which conside ...