Financial Performance - Okeanis Eco Tankers reported a fleetwide TCE of $50,500 per day in Q2 2025, compared to $64,900 in 6M 2024 [16] - Adjusted EBITDA for Q2 2025 was $473 million, versus $639 million in Q2 2024 [16] - The company's adjusted profit was $267 million in Q2 2025, compared to $397 million in Q2 2024 [16] - Adjusted EPS was $083 in Q2 2025, compared to $123 in Q2 2024 [16] - TCE revenue reached $640 million in Q2 2025 and $1126 million for the first half of 2025 [16, 21] Balance Sheet and Capital Structure - Total debt stood at $6309 million in Q2 2025 [16] - Total cash was $653 million in Q2 2025 [16] - Total assets amounted to $10831 billion in Q2 2025 [16] - Total equity was $4283 million in Q2 2025 [16] - The company's book leverage was 57% in Q2 2025 [16] Fleet and Commercial Operations - VLCC TCE was $49,800 per day and Suezmax TCE was $51,400 per day in Q2 2025 [16] - For Q3 2025 guidance, 77% of available VLCC spot days are fixed at $44,200 per day, and 60% of available Suezmax spot days are fixed at $34,200 per day [37]

Emi-Le (XMT-1660) Clinical Development - Mersana is advancing Emi-Le to address the high unmet need in post-Topo-1 TNBC, with over 40 patients enrolled in the expansion phase at two doses and plans to present initial expansion data in the second half of 2025[5] - Confirmed objective responses were observed across various tumor types including HR+BC, endometrial cancer, ovarian cancer, and ACC-1[5] - In the intermediate dose range, an ORR of 31% (8/26) was observed in evaluable patients with B7-H4 high tumors, including a 23% (3/13) ORR in TNBC and a 50% (2/4) ORR in endometrial cancer[55] - In evaluable patients with B7-H4 high post-Topo-1 TNBC in the intermediate dose range, the confirmed ORR was 23% (3/13), and 29% (2/7) in patients with ≤4 prior lines of therapy[58] - Preliminary data in the high dose range suggest potential for even greater clinical activity, with 7 out of 11 evaluable patients achieving tumor reductions of ≥30% at doses >674 mg/m2[67] XMT-2056 and Platform Collaborations - XMT-2056, an Immunosynthen STING agonist HER2 ADC, is in Phase 1 dose escalation, with plans to present initial clinical pharmacodynamic STING activation data in 2025[5] - Mersana has a global license option agreement with GSK plc for XMT-2056[5] - Mersana has a Dolasynthen research collaboration with Johnson & Johnson and an Immunosynthen research collaboration with Merck KGaA, Darmstadt, Germany[5] Safety and Tolerability - Emi-Le was observed to be generally well-tolerated, with any treatment-related adverse event (TRAE) occurring in 830% (117/141) of patients, Grade 3 TRAEs in 369% (52/141), and TRAEs leading to treatment discontinuation in 35% (5/141)[43] - The most common TRAEs were transient AST increase, generally asymptomatic and reversible proteinuria, generally low-grade fatigue and nausea[47] Market Opportunity - The global relapsed/refractory TNBC market is projected to exceed $1 billion annually starting in 2025[28] ACC-1 Clinical Activity - In patients with ACC-1, the ORR was 556% (5/9) across all doses, unselected for B7-H4 expression[94]

Transaction Overview - Gildan will acquire all outstanding shares of HanesBrands for 0102x Gildan shares and \$080 cash per HanesBrands share[32] - The total enterprise value of the transaction is \$44 billion, implying an 89x LTM adjusted EBITDA multiple, or 63x on a fully synergized basis[32] - Upon closing, HanesBrands shareholders will own approximately 199% of Gildan shares on a non-diluted basis[32] Financial Highlights - The LTM pro forma revenue is \$69 billion, and the LTM pro forma adjusted EBITDA is approximately \$16 billion, including expected run-rate cost synergies of \$200 million[32] - Gildan expects to realize at least \$200 million of annual run-rate cost synergies within 3 years of closing, with approximately \$50 million to be realized in 2026, approximately \$100 million in 2027, and approximately \$50 million in 2028[32] - Gildan's adjusted diluted EPS CAGR over the next three years is expected to be in the low 20% range, starting from the midpoint of Gildan's 2025 adjusted diluted EPS guidance[32] Financial Position - Gildan obtained \$23 billion of committed transaction financing and expects to refinance HanesBrands' existing debt[32] - The expected closing net debt leverage ratio is 26x, with an expected net debt leverage ratio of less than 20x within 12 to 18 months post-closing, in line with the stated long-term target net debt leverage ratio of 15x – 25x[32]

H1 2025 Performance & Strategic Review - Evotec achieved > €40 million in annualized gross savings through Priority Reset initiatives[13] - Discovery & Preclinical Development (D&PD) experienced an 11% revenue decline due to soft demand for transactional business[19] - Just - Evotec Biologics (JEB) saw a 16% year-over-year revenue growth, driven by strong non-Sandoz/non-DOD business[19] - The company is implementing a new operating model[18] and focusing investments in technology leadership[13] Technology & Asset Monetization - Evotec is expanding its E.MPD (Electronic Medical Product Documentation) database, now encompassing ~27,000 patients across various therapeutic areas[40] - A non-binding term sheet was signed for the sale of Just - Evotec Biologics EU site in Toulouse to Sandoz, including purchase price consideration, technology license fees, development revenues, milestones, and royalties[19] - The company is pursuing an IP licensing model for its proprietary continuous manufacturing platform and J CHO cell line[50] Financials & Outlook - The company is ahead of its cost-out plan[13], with FY 2025 total cost-out target of €60+ million[29] - Total liabilities and lease obligations decreased to €462 million from €478 million (end of Q1 '25)[35] - The company expects revenue between €800 million[62] for FY2025 - The company aspires to achieve revenue CAGR of 8-12% and an adjusted EBITDA margin >20% by 2028[70]

Financial Performance - Record gross revenue of $110.2 million, a 73% increase year-over-year and a 7.2% sequential increase[86] - Record net revenue of $70.8 million, a 72% increase year-over-year and a 7.9% sequential increase[86] - Adjusted EBITDA of $5.7 million, a 64% increase year-over-year and a 16% sequential increase[86] - International revenue reached $7.4 million, a 208% increase year-over-year and a 21% sequential increase[86] - Free cash flow was $5.0 million, compared to ($4.8) million in the prior year period[86] Strategic Initiatives - Completed the acquisition of Motif Labs Ltd, expecting approximately $15 million in run-rate cost synergies[44] - Completed the acquisition of Collective Project Limited, fast-tracking entry into the cannabinoid beverages category and the U S market[47] - Strategic investments from BAT totaled over $345 million to fund research & development and international M&A[48] - Invested $21 million into German cannabis leader Sanity Group to establish a foothold in the rapidly growing German market and expand export volume to Europe[61] - 27% of flower harvest at Moncton facility was seed-based in Q3 Fiscal 2025[65] Market Position - Organigram is the 1 LP in market share in Canada[17] - 1 in vapes, 1 in pre-rolls, 1 in milled flower, 1 in hash, 3 in edibles, 3 in dried flower in Canada[86]

Business Overview - Katapult operates a lease-to-own solution connecting consumers and merchants for omnichannel transactions[6] - The company's mission is to enable consumers to acquire durable goods and connect retailers with engaged consumers[11] - Katapult estimates a total US addressable market of $50-60 billion for underserved consumers[26] Financial Performance - Gross originations grew by 30.4% year-over-year in Q2 2025[20] - Revenue increased by 22.1% year-over-year in Q2 2025[20] - Adjusted EBITDA was $0.3 million in Q2 2025, exceeding the breakeven outlook[20] - Total app originations have reached $300.3 million since the launch of the app marketplace in Q1 2023[35] - KPay originations grew 81% year-over-year in Q2 2025, representing approximately 39% of total gross originations[20, 36] Customer Base and Engagement - Approximately 990,000 applications were approved in the last twelve months[10] - Repeat customers accounted for 58.4% of gross originations in Q2 2025[14, 20, 44] - Total application volume grew by over 91% year-over-year in Q2 2025[17, 20] Marketplace and Merchant Partnerships - The platform includes over 200 merchants[10, 42] - Approximately 60% of Q2 2025 gross originations started in the app marketplace[20, 31, 33, 35]

Company Overview - Springer Nature reported revenues of €1.85 billion in 2024[7] - Research segment contributes 77% to Springer Nature's revenues[11, 12] - Digital revenues account for 88% of Springer Nature's total revenues[12] - Contracted revenues represent 62% of Springer Nature's research revenues[12] Market Position and Growth - The research publishing market is estimated at €10.2 billion in 2023[17] - North America accounts for 42% of the research publishing market in 2023[17] - The number of research articles has grown from 1.6 million in 2013 to 2.6 million in 2023, representing a 5% CAGR[20] Open Access and Technology - Springer Nature published half of its primary research content open access in 2024[29] - Springer Nature has over 90 AI initiatives to transform the publishing process[31] - Snapp, Springer Nature's submission platform, has received over 2 million submissions since launch[32] Strategy and Goals - The company aims to outperform the Research market by around +1% p.a in the mid-term, assuming a market growth of +30% to +35% p.a[43] - Springer Nature expects to increase its adjusted operating profit margin by approximately 100bps mid-term[43]

Financial Performance - RADCOM achieved a new quarterly revenue record of $17.7 million, representing a 19.3% year-over-year increase[15, 38, 42] - The company's non-GAAP operating margin was 19.5%, reflecting improved profitability[15, 38] - RADCOM ended Q2 2025 with a record-high cash and bank deposits of $101.6 million and generated $2.6 million in positive cash flow[15, 47] - The company reaffirms its full-year 2025 revenue guidance, projecting year-over-year growth of 15% to 18%, with a midpoint of $71.1 million[32, 51] - Q2 2025 GAAP diluted EPS was $0.15, while the non-GAAP diluted EPS was $0.25[38] Strategic Focus - RADCOM is continuing its investment in R&D, particularly in agentic AI (agent-to-agent and multi-model workflows)[17] - The company is involved in several Proof of Concepts (POCs) in the lab for its high-capacity user plane analytics and is engaged in field trials with Tier 1 operators[17] - RADCOM is focused on key markets, including North America, Japan, and EMEA[17] Market Trends - Telecom industry trends indicate that 84% of telco executives agree that AI agents will reinvent how their organizations are building and operating their digital infrastructures[25] - A 6% growth in the mobile core market is projected through to 2029, with operators adding 145 million new 5G subscriptions globally in Q1, bringing the total to 2.4 billion[26]

Vonaprument (ANX007) in Geographic Atrophy (GA) - Vonaprument is the only GA program to demonstrate significant vision preservation, representing a potential blockbuster market opportunity[9, 15] - Phase 2 trial (ARCHER) showed significant time and dose-dependent vision preservation in GA patients, with a 73% risk reduction in BCVA ≥15-letter loss at two consecutive visits in the monthly (EM) dosing group (p = 0.0207) compared to sham[29] - In the ARCHER trial, 21.3% of patients in the sham group experienced persistent BCVA ≥15-letter loss through month 12+, compared to 5.6% in the Vonaprument EM group and 9.8% in the Vonaprument EOM group[25] - Photoreceptor protection was numerically greater in the central macula with Vonaprument, showing a 59% decrease in total Ellipsoid Zone (EZ) loss in the central 1.5 mm area compared to sham[34] - ARCHER II Phase 3 program is now fully enrolled with approximately 630 patients randomized in a 2:1 ratio (Vonaprument to Sham), with topline data expected in 2H'26[39] Safety and Clinical Development - ARCHER trial safety data showed Choroidal Neovascularization events in 3.4% of the sham group, 4.5% of the Vonaprument EM group, and 4.3% of the Vonaprument EOM group[36] - Global registration path established supporting potential first approval in both EU and US for dry AMD with GA; PRIME designation in EU[17] Pipeline and Platform - Annexon has a clinically validated scientific platform with broad potential across multiple therapeutic areas[9] - The company is pioneering a scientific approach to stop complement-driven neuroinflammation by blocking C1q[11, 12] - Annexon has a diverse late-stage clinical platform for classical complement-mediated neuroinflammatory diseases of the body, brain, and eye[14]

Financial Performance & Strategy - Brenntag reported Q2 2025 sales of EUR 38694 million, a decrease of 41% compared to the previous year, adjusted for FX[146] - Operating Gross Profit for Q2 2025 was EUR 9743 million, down by 19% year-over-year, FX adjusted[146] - Q2 2025 Operating EBITA reached EUR 2464 million, a 139% decrease compared to the previous year, FX adjusted[146] - The company's cost-out program contributed approximately EUR 30 million in savings during Q2 2025 compared to Q2 2024[145] - Brenntag maintains a capital allocation framework that includes annual Capex of EUR 300-400 million and M&A spending of EUR 400-500 million, implying a ~3% annual Operating EBITA growth contribution[17] Business Divisions - Brenntag Specialties reported FY 2024 Operating Gross Profit of EUR 12 billion and Operating EBITA of EUR 447 million[7] - Brenntag Essentials reported FY 2024 Operating Gross Profit of EUR 29 billion and Operating EBITA of EUR 781 million[7] - Brenntag Essentials aims for a 5-7% CAGR in Operating EBITA by FY27E, driven by portfolio shifts, volume growth, inflation normalization, and operational excellence[74] - Brenntag Specialties targets a 7-9% CAGR in Operating EBITA by FY27E through price and margin management, cost-out initiatives, portfolio management, and value-added services[100] Market Dynamics & Growth - The chemical distribution market is structurally expanding, with a mid-term underlying sales growth of 3-5% per annum[36] - Brenntag aims for a total CAGR of 10-12%, with organic CAGR contributing 7-9% by 2027[20] - M&A remains a core part of Brenntag's growth strategy, with approximately EUR 39 billion spent on over 100 acquisitions since IPO, contributing around 3% annual Operating EBITA growth[6, 14]