Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, is currently underperforming the S&P 500, with its year-to-date performance lagging behind major stock market indexes [1][5]. Group 1: Top Holdings and Performance - As of August 15, the top 10 holdings of Berkshire Hathaway include significant investments in Apple, American Express, Bank of America, Coca-Cola, Chevron, Moody's, Occidental Petroleum, Kraft Heinz, Mitsubishi, and Chubb [2][6]. - The year-to-date performance of the top holdings shows that Apple is down 5.3%, while Coca-Cola and Mitsubishi are outperforming the S&P 500 with gains of 12.3% and 22.3%, respectively [5][8]. - Berkshire Hathaway sold 7% of its Apple position and 4% of its Bank of America position in the second quarter, while increasing its stake in Chevron by 3% [3][4]. Group 2: Comparison with Market Indexes - Year-to-date, Berkshire Hathaway Class A shares are up 6.2%, which is lower than the SPDR S&P 500 ETF Trust (+10.1%), Invesco QQQ Trust (+13.2%), and SPDR Dow Jones Industrial Average ETF (+6.0%) [5][7]. - Among the top 10 holdings, only Coca-Cola and Mitsubishi are outperforming the S&P 500, while five of the top 10 are outperforming the Dow Jones Industrial Average [8].

Press Release Kaiseraugst (Switzerland), Maastricht (Netherlands), July 31, 2025 Management Report H1 2025 highlights Key figures | in € millions | H1 2025 | H1 2024 | % Change | Q2 2025 | Q2 2024 | % Change | | --- | --- | --- | --- | --- | --- | --- | | Sales | 6,510 | 6,298 | 3 | 3,236 | 3,227 | 0 | | Organic sales growth (%) | 7 | | | 6 | | | | Adj. EBITDA | 1,260 | 976 | 29 | 610 | 513 | 19 | | Adj. EBITDA margin (%) | 19.4 | 15.5 | | 18.9 | 15.9 | | | Net profit (total group) | 541 | 50 | 982 | | | | ...

Core Viewpoint - dsm-firmenich has announced the redemption of a €750 million hybrid bond, which will be executed at 100% of its nominal value plus accrued interest on August 5, 2025 [1]. Company Overview - dsm-firmenich is a Swiss company focused on nutrition, health, and beauty, with dual headquarters in Kaiseraugst, Switzerland, and Maastricht, Netherlands [2]. - The company operates in nearly 60 countries and generates revenues exceeding €12 billion, employing around 30,000 people globally [2]. - dsm-firmenich specializes in creating essential nutrients, flavors, and fragrances using natural and renewable ingredients, supported by advanced science and technology [2]. Financial Details - The hybrid bond, issued on May 27, 2020, has a coupon rate of 3.75% and is classified as equity under IFRS rules [1]. - The redemption of the bond reflects the company's financial strategy and commitment to managing its capital structure effectively [1].

6 May 2025 | 6:10PM EDT S&P 500 Beige Book 3 themes from 1Q 2025 conference calls: Tariffs, consumers, and AI Our quarterly S&P 500 Beige Book reviews conference call transcripts to gain a qualitative perspective on key issues facing company managements. This quarter, we highlight three themes from 1Q earnings calls: (1) managements discussed how the recent tariffs affect their businesses; (2) companies discussed the current state of the consumer; and (3) companies continued to discuss the impact of AI on t ...

Core Points - dsm-firmenich shareholders approved all proposals of the Board of Directors at the Annual General Meeting, including the Management Report, consolidated financial statements, and Sustainability Report 2024 [1][4] - The shareholders present represented 72.72% of the shares [2] Financial Highlights - A dividend of €2.50 per share was approved, to be paid on May 16, 2025, with the last trading day for entitlement on May 7, 2025 [4] - A maximum total remuneration of €3,682,582 for the Board of Directors for the year through the 2026 AGM was approved [4] - A maximum total remuneration of €43,982,072 for the Executive Committee for the financial year 2026 was approved [4] Board and Committee Updates - Thomas Leysen was re-elected as Chairman of the Board, and several other board members were re-elected [4] - Carla Mahieu, Thomas Leysen, Frits van Paasschen, and André Pometta were re-elected to the Compensation Committee, with plans to appoint Carla Mahieu as Chair [4] Auditor and Proxy - PricewaterhouseCoopers AG was elected as the auditor [4] - Christian Hochstrasser was re-elected as the independent proxy [4] Capital Management - An amendment to the capital band provision was approved, allowing the Board to decrease share capital by up to 90% of the current share capital, to be used for a share buyback program announced on February 13, 2025 [4]

Core Insights - dsm-firmenich reported a strong performance in Q1 2025, with significant growth across its businesses and effective execution of its strategic plan, including cost and revenue synergy programs [2][4][10] Financial Performance - Sales for Q1 2025 reached €3,274 million, a 7% increase from €3,071 million in Q1 2024 [2][9] - Organic sales growth was recorded at 8% [10] - Adjusted EBITDA rose to €650 million, a 40% increase from €463 million in Q1 2024, with an Adjusted EBITDA margin of 19.9% compared to 15.1% in the previous year [2][11] Business Unit Performance - **Perfumery & Beauty (P&B)**: Sales increased to €1,015 million, with a 3% organic sales growth. Adjusted EBITDA was €230 million, down 2% from the previous year, with a margin of 22.7% [14][15][16] - **Taste, Texture & Health (TTH)**: Sales reached €851 million, reflecting a 7% organic sales growth. Adjusted EBITDA increased by 12% to €168 million, with a margin of 19.7% [18][19][20] - **Health, Nutrition & Care (HNC)**: Sales were €528 million, with 7% organic sales growth. Adjusted EBITDA rose 16% to €92 million, achieving a margin of 17.4% [23][24][25] - **Animal Nutrition & Health (ANH)**: Sales surged to €874 million, a 17% increase, with organic sales growth of 19%. Adjusted EBITDA skyrocketed to €186 million, up 675%, with a margin of 21.3% [27][28][30] Strategic Initiatives - The company announced a €1 billion share buyback program, initiated in April 2025, aimed at reducing issued capital [6][8] - dsm-firmenich expects a full-year Adjusted EBITDA of at least €2.4 billion for 2025, which includes a €150 million contribution from temporary vitamin price effects due to supply disruptions [5][6]