Core Insights - North Media's Q3 2025 performance showed a slight decline in activity levels, with revenue decreases in both Last Mile and Digital Services, but operating profit growth in Digital Services due to reduced losses in Dayli and Bekey [1][2] Financial Performance - Q3 2025 revenue was DKK 286.4 million, down from DKK 299.4 million in Q3 2024, while year-to-date revenue decreased by 2% to DKK 939.2 million [2][6] - EBITDA for Q3 2025 was DKK 12.1 million compared to DKK 19.4 million in the previous year, with year-to-date EBITDA at DKK 71.1 million, down from DKK 120.9 million [2][6] - EBIT for Q3 2025 was -DKK 1.7 million, a decline from DKK 3.0 million in Q3 2024, with a year-to-date EBIT of DKK 29.3 million compared to DKK 59.2 million [2][7] - The EBIT margin for Q3 2025 was -0.6%, down from 1.0% in the previous year, while the year-to-date EBIT margin was 3.1%, down from 6.2% [2][7] Business Area Performance - Last Mile reported Q3 2025 revenue of DKK 247 million, a 4% decrease from Q3 2024, with some positive effects from repatriating invoicing from former franchisees [3] - Digital Services saw a 4% revenue decline to DKK 40 million, primarily due to lower advertising revenue in BoligPortal and a slight setback in Dayli, but EBITDA improved to a profit of DKK 3 million from a loss of DKK 3 million in the previous year [5][6] Operational Developments - The integration of SDR into North Media reached a significant milestone with the completion of automated packing for the Swedish market, expected to lead to long-term cost reductions [1] - The transition costs associated with the automated packing in Sweden impacted EBITDA, but Digital Services reported growth driven by performance improvements in Bekey [6] Guidance for 2025 - The company narrowed its full-year financial guidance for 2025, with expected revenue between DKK 1,270 million and DKK 1,305 million, EBITDA between DKK 105 million and DKK 126 million, and EBIT between DKK 50 million and DKK 70 million [8][13]

Core Points - Distribution Solutions Group, Inc. (DSG) will report its third quarter results for fiscal year 2025 on October 30, 2025, before the market opens [1] - A conference call with prepared remarks will take place at 9:00 a.m. Eastern Time on the same day [1] - Supplemental slides will be available on the Company's investor relations Events page [1]

Core Viewpoint - Goldman Sachs has upgraded Bunzl plc from Sell to Neutral, indicating a more balanced risk/reward profile following a significant share price decline this year [1] Group 1: Stock Performance and Market Reaction - Bunzl's stock has decreased approximately 30% in 2025, primarily due to an April profit warning that reduced growth and margin expectations for the upcoming year [2] - The profit warning was largely attributed to weakness in Bunzl's North American operations, which account for around 60% of the company's total revenue [2] Group 2: Financial Performance and Projections - Despite the lowered guidance, Bunzl's first-half results were generally in line with expectations, and the resumption of its share buyback program has mitigated some near-term risks related to earnings and leverage [3] - Goldman Sachs anticipates EBITA margins of 7.6% for Bunzl in 2025, a decrease from 8% in 2024, but expects gradual improvement in subsequent years [3] Group 3: Valuation and Investment Thesis - Currently, Bunzl trades at approximately 13 times Goldman Sachs' estimated earnings for 2026, compared to a historical mid-cycle average multiple of 17 [4] - The combination of a discounted valuation and Bunzl's resilient business model suggests that the shares are less risky than they were earlier in the year [4]