Financial Performance - The EPSO-G Group's adjusted net profit for 2025 was stable at EUR 42 million, slightly up from EUR 41.9 million in 2024 [2] - Adjusted EBITDA for 2025 was EUR 76.7 million, reflecting a 5% increase from EUR 73 million in 2024 [2] - Revenue increased by 10.7% to EUR 532.5 million in 2025, compared to EUR 480.9 million in 2024 [9] - Net profit decreased by 31.2% to EUR 37.8 million in 2025 from EUR 54.9 million in 2024 [9] - Investments in energy infrastructure totaled EUR 211.1 million, down 10.6% from EUR 236.1 million in 2024 [9] Investment Activities - The Group invested EUR 211.1 million in infrastructure, which is nearly 11% less than in 2024 [3] - EPSO-G Invest allocated EUR 73.1 million to the defence sector by acquiring shares in Rheinmetall Defence Lietuva [3] Key Projects and Events - The Baltic electricity systems were successfully synchronised with continental European networks on 9 February 2025 [3] - Construction began on a 155 mm artillery ammunition factory in Baisogala on 4 November 2025 [4] - An EU funding agreement was signed for a study on the Nordic-Baltic hydrogen corridor [4] Sustainability Initiatives - The Group's Scope 1 and 2 greenhouse gas emissions fell by 14% compared to 2019 [5] - EPSO-G aims to reduce Scope 1 and 2 GHG emissions by 30% by 2026 and achieve net-zero emissions by 2050 [5] Management and Performance Indicators - Women held 19% of top-level management positions in 2025, up from 14% in 2024 [6] - The average interruption time (AIT) for electricity supply was reduced to 0.41 minutes in 2025, down from 0.855 minutes in 2024 [7] - There were no unplanned gas transmission interruptions attributable to the operator in 2025 [8]

Summary of Key Points from the Conference Call Industry and Company Overview - The report focuses on the European SMID (Small and Mid-cap) stocks and their resilience against AI disruption, particularly in the context of generative AI technologies [2][5]. Core Insights and Arguments - A proprietary AI Displacement Risk framework was introduced, rating 184 European SMID stocks from 0 (no/very low AI moat risk) to 4 (very high risk) [5]. - Eight "AI risk-proof" stocks were identified, which are fundamentally attractive and have the potential for performance catch-up against their peers [2][8]. - The selected stocks are characterized by durable competitive advantages that are not easily disrupted by AI technologies [8]. Specific Company Insights 1. **Asmodee**: - AI tools cannot replace the appeal of physical board games, but can enhance development and productivity. The stock was added to the top picks on January 21 [4]. 2. **BAM Groep**: - Operates in a sector where execution and client relationships are key, with AI serving as a tool rather than a competitive threat [4]. 3. **Bunzl**: - Value creation is based on physical logistics, indicating no AI threat to its competitive moat [4]. 4. **EasyJet**: - The core strengths lie in tangible assets like airport slots, with AI enhancing operational efficiency rather than posing a threat [4]. 5. **Enagás**: - Minimal structural impact from AI due to its regulated role as Spain's gas transmission operator [4]. 6. **Flughafen Zürich**: - Largely insulated from AI disruption, with only mild long-term pressure anticipated on business travel [4]. 7. **Merlin Properties**: - Transitioning towards becoming a major data center owner-operator, presenting a compelling opportunity in AI infrastructure [4]. 8. **Princes Group**: - Operates in a capital-intensive food processing environment, where value is driven by scale and relationships rather than digital processes [4]. Additional Important Insights - The "0" risk category stocks have shown solid positive returns, outperforming those with higher AI exposure [6]. - The report emphasizes the importance of distinguishing between companies with durable moats and those that may be vulnerable to AI disruption [8]. - The average year-to-date performance of the selected low-risk stocks was calculated, highlighting the potential for re-rating among underperformers [7][9]. Performance Metrics - The average performance of the selected stocks rated with the lowest risk of AI displacement was noted to be 7.1% year-to-date [10]. Conclusion - The report provides a focused selection of stocks that are expected to perform well despite the rise of AI technologies, emphasizing the importance of fundamental analysis in identifying resilient companies [8].

Core Viewpoint - Enagas is exploring opportunities to acquire regulated energy assets in Europe that align with its hydrogen-focused strategy while ensuring the maintenance of its dividend policy and credit ratings [1] Group 1: Company Strategy - Enagas is shifting its focus towards hydrogen infrastructure and is open to M&A operations that support this strategy [1] - The company has previously divested assets in the United States, Chile, and Mexico to concentrate on Spain and Europe [1] - Enagas has cut dividends and reduced debt to finance its transition into managing hydrogen infrastructure [1] Group 2: Potential Acquisitions - Enagas is in discussions to acquire a 32% stake in Terega from Singapore's GIC, which is involved in a planned hydrogen pipeline between Spain and France [1] - The CEO highlighted that Terega is a well-known partner in daily operations and major projects, making it a suitable candidate for acquisition if conditions are favorable [1] - The company prioritizes maintaining its dividend policy and credit ratings while pursuing investment opportunities [1]

Core Viewpoint - Lithuania's gas transmission system operator Amber Grid has established a natural gas transportation agreement to the Kaliningrad region, adhering to international agreements and EU regulations, with a contract duration until December 31, 2030 [1] Group 1: Agreement Details - The new transit service conditions are set for five years, with service prices regulated by the National Energy Regulatory Council [1] - The permissible revenue level for 2026 is approximately €30 million [1] Group 2: Capacity and Regulations - The contract allows for a capacity of 10.5 million m³ per day at the exit point to the Kaliningrad region [2] - Commercial gas trading remains prohibited under Lithuanian law, ensuring that the volume of gas entering and exiting the pipelines is strictly accounted for [2]