Strategic Divestments - StoneCo divested Linx and related assets to TOTVS for an enterprise value of R$305 billion and a total value of R$341 billion[12] - SimplesVet was divested to PetLove for an enterprise value of R$140 million and a total value of R$155 million[12] - The value captured from divestments represents approximately 25% of StoneCo's market capitalization, while the divested assets accounted for less than 5% of the company's adjusted net income[11, 14] Financial Performance (2Q25) - StoneCo's adjusted basic EPS for continuing operations increased by 409% year-over-year[20, 45] - Adjusted net income from continuing operations increased by 237% year-over-year to R$5981 million[20, 39] - Total revenue and income from continuing operations grew by 202% year-over-year to R$35009 million[34, 39] - Adjusted gross profit from continuing operations increased by 139% year-over-year to R$15615 million[39] Business Segments - MSMB (Micro, Small, and Medium Businesses) payments client base increased by 64% year-over-year[26] - MSMB TPV (Total Payment Volume) increased by 12% year-over-year[26] - Retail deposits increased by 36% year-over-year[28] - Credit portfolio increased by 25% quarter-over-quarter[30] Guidance Update - StoneCo updated its 2025 adjusted gross profit guidance to > R$6375 billion, reflecting a 145% year-over-year increase[17] - The company updated its 2025 adjusted basic EPS guidance to > R$96 per share, representing a 32% year-over-year increase[17] Future Outlook (2027 Guidance) - StoneCo projects MSMB TPV to exceed R$670 billion by 2027, with a CAGR of +14%[46] - The company anticipates retail deposits to surpass R$140 billion by 2027, with a CAGR of +17%[46] - StoneCo expects its credit portfolio to exceed R$55 billion by 2027, with a CAGR of +66%[46] - The company forecasts adjusted gross profit to exceed R$102 billion by 2027, with a CAGR of +18%[46] - StoneCo projects adjusted basic EPS to exceed R$150 per share by 2027, with a CAGR of +27%[46]

Core Insights - Oma Savings Bank Plc's core business remains stable despite challenges from declining interest rates and economic uncertainty, with ongoing improvements in risk management and regulatory compliance [2][3][14] Financial Performance - For the first half of 2025, net interest income decreased by 17.2% year-on-year, totaling EUR 90.9 million, while the second quarter saw a 16.1% decline to EUR 44.0 million [6][12] - Comparable profit before taxes for the second quarter was EUR 19.0 million, a significant increase from EUR 5.5 million in the previous year, while the first half profit before taxes was EUR 21.7 million, down from EUR 29.2 million [4][17] - Total operating income for January-June 2025 decreased by 15.7% to EUR 119.4 million, with a 12.1% decline in the second quarter [12][13] - Operating expenses increased by 31.8% in the first half of 2025, reaching EUR 65.1 million, primarily due to personnel growth and branch network expansion [5][12] Risk Management and Compliance - The bank has initiated a new action plan to enhance risk management, with expenses of EUR 2.6 million recorded in the second quarter, continuing until the end of 2025 [3][15] - The controlled winding down of a non-compliance portfolio has reduced from approximately EUR 240 million to EUR 200 million [3][15] Customer and Market Position - The mortgage loan portfolio grew by 1.2% year-on-year, while the corporate loan portfolio decreased by 7.5% [7][12] - The deposit portfolio increased by 7.9% over the past year, indicating a stable customer base [7][12] - Customer satisfaction remains high, with a focus on enhancing customer service and experience [9][19] Capital and Equity - The total capital ratio strengthened to 18.7% at the end of June 2025, up from 15.6% a year earlier, with accumulated equity reaching EUR 591 million [10][13] Future Outlook - The bank has lowered its earnings guidance for 2025, estimating comparable profit before taxes to be between EUR 50-65 million, influenced by high costs and slower growth in fee and commission income [14][17]

Group 1 - Oma Savings Bank Plc will publish its Half-Year Financial Report for January-June 2025 on 4 August 2025, with results presented by CEO Karri Alameri [1] - A Finnish-language webcast will be held on the same day at 11.00 EET, and the recording will be available later [1] - The bank operates 48 branch offices and digital service channels, serving over 200,000 private and corporate customers [2] Group 2 - OmaSp focuses primarily on retail banking operations, providing a broad range of banking services through its own balance sheet and as an intermediary for partners' products [2] - The bank emphasizes personal service and aims to offer a premium customer experience through both digital and traditional channels [3] - A significant portion of the personnel owns shares in OmaSp, indicating employee commitment and investment in the company's success [3]

Investment Rating - The report maintains an "Outperform" rating for the banking sector, consistent with the previous rating [6]. Core Insights - The impact of the current "anti-involution" trend on credit is expected to be small overall, but slightly greater than the effects observed during the supply-side reform period from 2015 to 2017 [11][12]. - Credit management is a crucial tool for banks in responding to supply-side reforms, primarily through reducing credit exposure to overcapacity industries and refining client lists to limit loan amounts [12][13]. - The report suggests that the current banking environment is facing a credit slowdown, which may amplify the impact of "anti-involution" on credit growth [13]. Summary by Sections Investment Suggestions - The report recommends focusing on banks such as Xiamen Bank, Chongqing Bank, Yucheng Rural Commercial Bank, Shanghai Bank, and Shanghai Agricultural Bank, as well as major state-owned banks [2][57]. Historical Context and Data Analysis - During the supply-side reform period, the year-on-year growth rates of RMB credit were 14%, 13.5%, and 13.5% from 2015 to 2017, with social financing growth rates of 12.5%, 12.6%, and 14.8% respectively, indicating limited impact on credit pulses [12][13]. - The analysis shows that the impact of supply-side reform on credit was less than 1%, with a more significant effect on joint-stock banks compared to state-owned banks [18][22]. Credit Management and Asset Quality - Credit management during the supply-side reform led to a notable increase in non-performing loan (NPL) ratios in overcapacity industries, with a significant rise in overall NPL ratios for listed banks in the second half of 2016 [13][32]. - The report indicates that the "anti-involution" trend may lead to a similar, albeit slightly larger, impact on credit quality compared to the previous reforms, particularly affecting private enterprises more than state-owned ones [11][45]. Industry Trends and Projections - The report highlights that the proportion of private enterprises in the affected industries has increased compared to the supply-side reform period, suggesting that credit control measures may disproportionately impact these firms [45]. - It notes that the current banking sector is experiencing a degree of asset scarcity, which could further exacerbate the effects of credit management policies [45][46].

Financial Performance Highlights - Net income available to common stockholders was $402 million[8], an 18% increase quarter-over-quarter and an 13% increase year-over-year[8] - Diluted earnings per share (EPS) reached $0.92[8], a 19% increase quarter-over-quarter and an 18% increase year-over-year[8] - Total revenue was $2037 million[8], a 5% increase quarter-over-quarter and a 4% increase year-over-year[8] - The efficiency ratio improved to 64.8%[8] - Return on tangible common equity (ROTCE) was 11.0%[8] Key Business Segment Performance - Private Bank contributed $0.06 to EPS[11], up $0.02 quarter-over-quarter[11], and is expected to deliver a ~20 to 24% return on equity for FY2025[11] - Net interest income (NII) was $1437 million[8], up 3% quarter-over-quarter and 2% year-over-year[8] - Noninterest income was $600 million[8], up 10% quarter-over-quarter and 8% year-over-year[8] Balance Sheet and Capital Management - Average deposits increased by 1% quarter-over-quarter to $174.1 billion[8] - The CET1 ratio remained strong at 10.6%[11] - The company repurchased $200 million of common stock at a weighted-average price of $39.00[45]

Core Viewpoint - Intermediate Capital Group (ICG) reported strong growth in assets under management (AUM) and fundraising activities for the first quarter of FY26, indicating a positive investment landscape and robust demand for its funds [2][4][12]. AUM Performance - As of June 30, 2025, ICG's AUM reached $123 billion, reflecting a 3% growth over the last three months and a 15% increase year-on-year, with a compound annual growth rate (CAGR) of 18% over the last five years [2][4]. - Fee-earning AUM stood at $82 billion, up 4% in the quarter and 11% year-on-year [2][4]. Fundraising and Deployment - Total fundraising for Q1 FY26 amounted to $3.4 billion, driven primarily by Europe IX ($1.5 billion) and Infrastructure Europe II ($1.2 billion) [3][4]. - The deployment of funds in Q1 FY26 was $2.8 billion, with realisations totaling $1.1 billion [3][4]. Investment Strategies - The investment landscape remains attractive for various strategies, including structured capital, secondaries, and real assets equity [4]. - Infrastructure Europe II has shown strong momentum, with a total fund size of €2.5 billion, significantly higher than its predecessor [4]. Financial Metrics - At the end of Q1 FY26, ICG had $34 billion in dry powder, indicating substantial available capital for future investments [5]. - The balance sheet investment portfolio was valued at £2.9 billion, with total available liquidity of £1.1 billion and net financial debt of £477 million [14]. Foreign Exchange Rates - The average GBP to EUR exchange rate for Q1 FY26 was 1.1759, while the GBP to USD rate was 1.3507, reflecting fluctuations that may impact international operations [9]. Company Overview - ICG is a global alternative asset manager with over three decades of experience, focusing on generating attractive returns across various investment strategies [12][13].

Core Idea - Pekka Pykäri, the Chief Risk Officer of Oma Savings Bank, will step down from his management role by August 31, 2025, but will continue in other risk control duties until December 31, 2025 [1][2] Company Overview - Oma Savings Bank is a solvent and profitable Finnish bank, employing around 600 professionals and providing services through 48 branch offices and digital channels to over 200,000 private and corporate customers [3] - The bank primarily focuses on retail banking operations, offering a wide range of banking services, including credit, investment, and loan insurance products, as well as mortgage banking [3] Customer Service Philosophy - The core idea of Oma Savings Bank is to provide personal service and maintain a close relationship with customers through both digital and traditional channels [4] - The bank aims to deliver a premium customer experience through personalized service and easy accessibility, with a strong commitment to customer-oriented development of operations and services [4] - A significant portion of the personnel also owns shares in the bank, indicating a commitment to the company's success and employee engagement [4]

Investment Rating - The report indicates a bullish outlook for stocks, credit, and energy, while being neutral on bonds and bearish on the USD [6][11]. Core Insights - Geopolitical tensions and resistance levels in major indices are impacting stock momentum, but declining volatilities in Europe and Asia may stabilize positioning [2][6]. - CTAs have shifted from a very short to a moderately long position in energy commodities, indicating a significant repositioning trend [5][20]. - The USD's weak reaction to geopolitical events suggests a potential loss of its safe-haven status, which is favorable for CTAs holding short positions in the currency [4][11]. Summary by Sections Equities - The report suggests a bullish stance on most indices except for US small and mid-cap stocks, which are neutral, and Asia excluding China, which is bearish [6][11]. - Key resistance levels to watch for the S&P 500 are at 6050, with current momentum showing signs of weakening [21][22]. Bonds - CTAs are currently moderate duration buyers in bonds, with a preference for Italian and Australian bonds while remaining neutral on Korea and EU bonds, and bearish on US, UK, and Japanese bonds [11][29]. Credit - The report indicates a bullish outlook across the credit market, with CTAs maintaining a long position [11][20]. Currencies - The USD is viewed as bearish against all currencies, with a notable bullish sentiment towards emerging market currencies like the Brazilian Real and Mexican Peso [11][20]. Commodities - The focus is primarily on energy commodities, with CTAs significantly increasing their long positions, while also reducing shorts in agricultural commodities [5][11].

Core Idea - Oma Savings Bank Plc has established a Shareholders' Nomination Committee composed of representatives from its five largest shareholders to prepare proposals for the election and remuneration of the Board of Directors [1][2][3] Nomination Committee Responsibilities - The Nomination Committee is tasked with preparing proposals for the election and remuneration of Board members and identifying potential candidates for the Annual and Extraordinary General Meetings [2][3] - Proposals must be submitted to the Board of Directors by the end of the month preceding the Annual General Meeting or in advance of the Extraordinary General Meeting [3] Company Overview - Oma Savings Bank Plc is a solvent and profitable Finnish bank, serving over 200,000 private and corporate customers through 48 branch offices and digital channels [4] - The bank focuses on retail banking and offers a wide range of services, including credit, investment, and loan insurance products, as well as mortgage banking operations [4] Customer Service Philosophy - The company emphasizes personal service and aims to be close to its customers through both digital and traditional channels, striving for a premium customer experience [5] - Employee development is a priority, with a commitment to versatile tasks and continuous improvement, and a significant portion of the personnel own shares in the bank [5] Nomination Committee Members - The representatives appointed to the Nomination Committee include: - Raimo Härmä from Etelä-Karjalan Säästöpankkisäätiö - Ari Lamminmäki from Parkanon Säästöpankkisäätiö - Jouni Niuro from Liedon Säästöpankkisäätiö - Aino Lamminmäki from Töysän Säästöpankkisäätiö - Simo Haarajärvi from Kuortaneen Säästöpankkisäätiö [6]

Group 1 - Parkanon Säästöpankkisäätiö's holding in Oma Savings Bank Plc has decreased to 9.99 percent, falling below the 10 percent threshold as of June 12, 2025 [1][2] - Parkanon Säästöpankkisäätiö owns 3,330,000 shares of OmaSp, which corresponds to 9.99 percent of the total shares and voting rights [2] - The total number of shares in OmaSp is 33,317,089, with each share having one vote [2] Group 2 - Oma Savings Bank Plc is a solvent and profitable Finnish bank, providing services through 48 branch offices and digital channels to over 200,000 customers [3] - The bank focuses on retail banking operations and offers a wide range of banking services, including credit, investment, and loan insurance products [3][4] - OmaSp aims to provide a premium customer experience through personal service and easy accessibility, with a commitment to customer-oriented service development [5]