Summary of Stora Enso Investor and Media Webcast Company Overview - **Company**: Stora Enso - **Event**: Investor and Media Webcast - **Key Participants**: Jutta Mikkola (Head of Investor Relations), Hans Sohlström (President and CEO), Niclas Rosenlew (CFO) Key Points Industry and Company Developments - Stora Enso is creating Europe's largest listed pure-play forest company through a de-merger, aimed at unlocking business potential and maximizing shareholder value [2][3] - The new forest company will manage 1.2 million hectares of forest land in Sweden, valued at approximately EUR 5.7 billion, and will be listed on the Stockholm and Helsinki Stock Exchanges [2][3] - The de-merger is expected to be completed in the first half of 2027, pending board and shareholder approvals [3] Strategic Focus - Stora Enso will sharpen its focus on renewable materials, particularly renewable packaging, while the new forest company will operate independently [3][4] - The strategic review of Central European sawmills and building solutions operations is underway, with potential divestment being considered [5][6] Financial Insights - Historical data indicates that Swedish forest assets have appreciated at an average rate of 7% per year over the last 30 years, suggesting strong long-term value appreciation potential [4][18] - The company recently sold 175,000 hectares of forest land for EUR 900 million, reinforcing the appetite for such assets among investors [20][21] Management and Operational Changes - Thomas Hallenberg has been appointed as President and CEO of the new Swedish forest business entity [6][8] - A new business area focused on wood and energy has been established, integrating wood sourcing and trading operations [9][10] Revenue and Growth Opportunities - The new forest company will explore various revenue streams, including precision forestry, renewable energy, and carbon sequestration markets [17][18] - The management aims to maximize asset value through efficient forest management and innovative practices [17][18] Shareholder Value Maximization - Current Stora Enso shareholders will retain their ownership share in the new forest company, allowing them to choose their investment allocation based on risk and return preferences [21] - The company emphasizes that the timing of any divestment will be carefully considered to maximize shareholder value [28] Wood Supply and Cost Management - An 18-year wood supply agreement will be established, gradually decreasing committed volumes to Stora Enso while increasing volumes to third-party customers [23][35] - Currently, 93% of Stora Enso's wood supply is sourced externally, indicating a strong reliance on external procurement [24][35] Future Outlook - The management is confident that the de-merger and strategic focus will lead to improved performance and shareholder value [40] - The upcoming capital market day on November 25 will provide further insights into the new forest company and its operations [4][13] Additional Insights - The strategic review of the sawmill and building solutions business is aimed at ensuring that any divestment occurs at a time that reflects appropriate value for shareholders [27] - The integration of pulp mills into the renewable packaging strategy is seen as a competitive advantage for Stora Enso [29][30] This summary encapsulates the key developments and strategic directions discussed during the Stora Enso investor webcast, highlighting the company's focus on maximizing shareholder value through the de-merger and operational efficiencies.

Financial Performance - Net revenues reached RMB 1,129 million, a 49% year-over-year increase[11] - Gross profit was RMB 353 million, with a year-over-year growth of 71%[8,9] - Non-GAAP operating profit amounted to RMB 188 million, showing a 124% year-over-year increase[8,10] - Gross margin steadily improved, reaching 31.2% in 2025 Q3[38,120] Capital Resources - Total capital resources stood at RMB 15.4 billion[11] - Cash and cash equivalents amounted to RMB 3.5 billion[11] - Operating cash flow generated was USD 501 million[14] Shareholder Value - Total capital returned to shareholders since IPO reached RMB 0.4 billion, with 66% in the form of share repurchases[17] Business Growth - International business experienced significant growth, outperforming the industry average, with a 72% year-over-year increase in revenues from international business[7,34,35] - The company achieved a moderate recovery in its Mainland China business[7]

3Q25 Results November 14, 2025 Disclaimer The information contained in this presentation is only a summary and does not purport to be complete. This presentation has been prepared solely for informational purposes and should not be construed as financial, legal, tax, accounting, investment or other advice or a recommendation with respect to any investment. This presentation does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to b ...

NOVEMBER 2025 ACS Investor Day Strategy Recap Our Data Center Business Model Strategy Recap 2 Strategy Recap & CMD Targets 2024 CMD Recap RECAP CMD 2024 | WE HAVE MADE GREAT PROGRESS IN THE 5 STRATEGIC PRIORITIES IDENTIFIED IN THE 2024 CMD, DELIVERING TANGIBLE RESULTS Top-line growth Margin expansion Operational Expand our margins by delivering high-value services, with reinforced engineering capabilities, supply chain and systems The Group has increased its backlog, mainly driven by high growth segments Ba ...

SAP Conference Call Summary - November 14, 2025 Company Overview - **Company**: SAP (NYSE: SAP) - **Industry**: Software and Cloud Services Key Points and Arguments Financial Performance and Growth - SAP experienced a strong start in Q1 2025, but faced tariff disruptions impacting Q2 and Q3, leading to a cautious outlook in September [3][4] - CCB (Cloud and Cloud-Based) growth is projected to be slightly down by year-end, influenced by the WalkMe acquisition and deal slippage [4][6] - Q3 showed strong CCB growth, with underlying performance remaining robust despite M&A impacts [7][9] - Large transactions in the pipeline could significantly affect Q4 CCB growth if closed within the year [8][12] - The institutional business in the U.S. has shown signs of recovery, with a significant deal signed with IDIQ for up to $1 billion [9][10] Cloud Revenue Insights - Cloud revenue growth is expected to be at the low end of guidance, with a 0.7% variance from initial projections [6][22] - The company emphasizes the importance of CCB growth as a more meaningful metric than cloud revenue alone [25][22] - Approximately 40% of SAP's ERP maintenance base is on the RISE journey, indicating significant potential for future cloud revenue growth [27][28] Market Position and Competitive Landscape - SAP is growing at approximately 29% in the PaaS and SaaS segments, outperforming competitors like Workday and Oracle [48] - The company is focused on maintaining a competitive edge through AI integration and enhancing customer experiences [62][67] AI and Transformation Initiatives - SAP views AI as an opportunity to enhance its offerings, with a focus on data management and integration [62][64] - The company is investing in tools to facilitate customer transitions to S/4HANA, aiming to reduce risks and costs associated with migration [36][38] - New AI-driven functionalities are being developed to improve operational efficiency and customer satisfaction [72][74] Future Outlook - SAP aims to achieve Rule of 40 status, balancing growth and profitability, with expectations for revenue growth to accelerate in 2026 and 2027 [52][51] - The company is optimistic about its long-term growth trajectory, driven by cloud conversion and new business opportunities [50][51] Challenges and Risks - The company acknowledges potential challenges in sustaining high growth rates as market conditions evolve [48][50] - There is a recognition of the need for continuous adaptation and innovation to maintain competitive advantages in a rapidly changing market [68][70] Additional Important Insights - SAP's transformation initiatives are seen as essential for long-term success, with a focus on leveraging AI and data analytics to enhance product offerings [15][36] - The company is actively recruiting talent to support its growth strategy, particularly in AI and cloud services [69][70] - SAP's historical expertise in various verticals provides a competitive advantage in developing tailored solutions for customers [67][68]

Summary of Marathon Mining Group's Conference Call Company Overview - **Company**: Marathon Mining Group - **Industry**: Rare Earth and Magnetic Materials Key Points and Arguments Supply Chain Development - Marathon Mining Group is actively building a domestic supply chain for rare earth and magnetic materials in the U.S. to mitigate supply chain risks posed by Chinese commercial policies [2][3][4] - The company has invested $1 billion in private investments and has established cooperation agreements with the U.S. government during both the Trump and Biden administrations to ensure scalable production capabilities in the West [2][4] Production and Capacity Goals - The company plans to complete the commissioning of its heavy rare earth separation circuit by mid-2026, which will process both its own ores and third-party materials to meet the demand for neodymium-iron-boron magnets [2][4][11] - Investment in chloride facilities is aimed at optimizing cost structures by reducing costs associated with hydrochloric acid and soda [2][4] - The second phase of refining aims for a capacity of 6,000 tons, with the ability to handle heavy rare earths [11] Strategic Partnerships and Market Position - The partnership with the U.S. Department of Defense is a recognition of the company's vertical integration strategy initiated in 2017, addressing supply chain insecurity, particularly against Chinese policies [3][5] - The company is collaborating with General Motors (GM) to cautiously build its magnetic business, accumulating experience before scaling up [3][8] Market Dynamics and U.S. Policy - Washington shows a heightened urgency to reduce dependence on China, which extends beyond rare earths to multiple industries, emphasizing the importance of a strong supply chain for competitiveness in sectors like robotics, AI, data centers, and automotive [5][6] - Approximately 30% of magnets are used in the automotive supply chain, which is a significant sector for employment in the U.S. [5] Technological and Operational Challenges - The company has implemented measures to manage technological execution challenges by analyzing past failures and ensuring that each phase of production is well-defined before proceeding [8][9] - The focus is on producing high-grade, high-recovery mineral concentrates to generate substantial free cash flow, which has been sufficient to cover investments for the second phase of operations [8][9] Sales Strategy and Market Conditions - The company has halted sales of certain concentrate products due to tariff-induced transportation fluctuations and prices falling below intrinsic value, in line with agreements with the Department of Defense [10] - The strategy includes entering the Chinese market while adhering to the agreement's requirements [10] Future Outlook - The U.S. is in a positive development phase in the rare earth and magnetic materials sector, relying on Mountain River as a resource source and expanding capabilities for independent growth [7] - The company plans to increase its recycling efforts and expects significant business expansion over the next five years through various initiatives [7] Quality Control and Product Specifications - The company employs a vertical integration strategy to ensure the purity of refined materials, adapting to different application requirements, particularly in the automotive sector [14] - This strategy allows for flexibility in adjusting specifications to optimize supply chain efficiency while maintaining competitive advantages [14]

Financial Data and Key Metrics Changes - Q3 2025 revenue decreased to RMB 9.1 million due to lower sales of mining machines, resulting in an operational loss of RMB 41.8 million [4] - Nine months 2025 revenues were RMB 184.7 million, a decrease of 11% compared to the same period in 2024 [6] - Nine months 2025 loss from operations was RMB 21 million, compared to income from operations of RMB 39.8 million in the same period of 2024 [7] - Net income for nine months 2025 was RMB 78.7 million, an increase from RMB 38.7 million in nine months 2024 [7] - As of September 30, 2025, cash position was $66.5 million, with total assets of $160.6 million and total liabilities of $5.6 million [8] Business Line Data and Key Metrics Changes - Cryptocurrency mining machines remain the primary revenue contributor, accounting for the entirety of total net revenue [4] - The company experienced a decrease in revenue due to the transition of the Aleo Miner series project into a stable stage, leading to softer demand [4][5] - Nine months 2025 cost of revenue increased by 42.9% to RMB 108.2 million, impacted by impairment charges against excess mining machines inventory [6] Market Data and Key Metrics Changes - The cryptocurrency and mining machine industry is characterized by cyclical volatility, affecting quarterly performance [4][5] - The company’s results are better measured on a year-to-date basis due to the lack of fixed seasonal patterns in crypto projects [5] Company Strategy and Development Direction - The company’s growth strategy for 2026 and beyond focuses on the development and sale of Gold Shield mining machines and ETH accumulation [8] - A commitment to R&D is emphasized, with approximately $9 million invested year-to-date to drive technological advancement [9] - New product launches, including the XTM mining series and the Dogecoin mining machine, are expected to contribute significantly to revenue in 2026 [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic market environment and the need for agility and innovation to capture emerging trends [5] - The company is optimistic about the potential of new product launches and strategic partnerships to drive growth [12][14] - The acquisition of a proof-of-stake technology platform is seen as a significant step to enhance blockchain infrastructure capabilities [13][14] Other Important Information - The company has initiated staking a portion of its ETH treasury holding with FalconX, aiming to diversify ETH staking initiatives [12] - The partnership with FalconX focuses on optimizing ETH acquisition and pursuing yield generation strategies [12] Q&A Session Summary Question: Timing of Dogecoin launch in 2026 - The Dogecoin mining machine is expected to be launched in the first half of 2026, contributing revenue in the second half of 2026 [16] Question: Role of staking platform post-acquisition - The acquisition of the staking platform is still in process, with preliminary work ongoing to ensure a smooth integration once completed [17] Question: Marketing strategy for the staking platform - The new staking platform will be branded under the company's own brand, with decisions on the specific branding still to be made [19] Question: R&D investment outlook - R&D expenses are expected to decrease in Q4 2025, with no new chip launches anticipated in that quarter [20]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $2,382 million, representing a sequential increase of 7.8% [4][11] - Gross margin improved to 22%, up 1.6 percentage points sequentially [4][15] - Profit from operations was $351 million, with EBITDA at $1,430 million and an EBITDA margin of 60% [4] - Profit attributable to the company was $192 million [4] - Total assets at the end of Q3 were $49.4 billion, with total cash on hand at $11.4 billion and total liabilities at $16.4 billion [6] - Debt-to-equity ratio was 34.8%, and net debt-to-equity ratio was 0.4% [6] - Net cash generated from operating activities was $941 million, while net cash used in investing activities was $2.062 billion [7] Business Line Data and Key Metrics Changes - Wafer revenue from 12-inch and 8-inch wafers accounted for 77% and 23% respectively, with stable proportions [11] - The utilization rate was 95.8%, and wafer shipments increased by 4.6% sequentially to 2,499,000 standard logic 8-inch equivalent wafers [11] - Blended wafer price increased by 3.8% sequentially due to a favorable product mix [11] Market Data and Key Metrics Changes - Revenue by region showed China accounting for 86%, the Americas 11%, and New Asia 3% [13] - Revenue from the China region increased by 11% sequentially, driven by demand pull-in and domestic market expansion [13] Company Strategy and Development Direction - The company is focusing on strengthening its product platforms, with advancements in specialty technologies and 28-nanometer ULP logic processes [18][19] - The company is seizing growth opportunities in the automotive chip market by launching multiple specialty processes [19] - The overall production lines are still in short supply, indicating a robust demand for the company's products [20] Management's Comments on Operating Environment and Future Outlook - The fourth quarter is expected to follow a traditional seasonal pattern, with revenue guidance flat to up 2% sequentially and gross margin expected between 18% to 20% [8][17] - Full-year revenue is anticipated to exceed $9 billion, marking a new milestone [17] - The company is collaborating with customers to ensure sustainable orders amid the ongoing reshuffling in the domestic industrial chain [20] Other Important Information - For the first three quarters of 2025, revenue reached $6.838 billion, up 17.4% year-over-year, with a gross margin of 21.6% [16] Q&A Session Summary Question: Inquiry about the impact of the super cycle on the company - Management discussed the potential effects of the super cycle on the company's operations and market positioning [24] Question: Questions regarding MCU and other product lines - Management provided insights into the performance and future expectations for MCU and other integrated circuits [26] Question: Inquiry about the company's growth in AI and other sectors - Management addressed the growth in AI and other major application fields, noting moderate growth or stability [20]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $2,382 million, representing a sequential increase of 7.8% [4][11] - Gross margin improved to 22%, up 1.6 percentage points sequentially [4][15] - Profit from operations was $351 million, with EBITDA at $1,430 million and an EBITDA margin of 60% [4] - Profit attributable to the company was $192 million [4] - Total assets reached $49.4 billion, with total cash on hand at $11.4 billion and total liabilities at $16.4 billion [5] - The debt-to-equity ratio was 34.8%, and the net debt-to-equity ratio was 0.4% [5] - Net cash generated from operating activities was $941 million, while net cash used in investing activities was $2.062 billion [6] Business Line Data and Key Metrics Changes - Wafer revenue from 12-inch and 8-inch wafers accounted for 77% and 23% respectively, with stable proportions [11] - The utilization rate was 95.8%, and wafer shipments increased by 4.6% sequentially to 2,499,000 standard logic 8-inch equivalent wafers [11] - Blended wafer price increased by 3.8% sequentially due to a favorable product mix [11] Market Data and Key Metrics Changes - Revenue by region: China accounted for 86%, America 11%, and New Asia 3% [12] - Revenue from the China region increased by 11% sequentially, driven by demand pull-in and domestic market expansion [12] Company Strategy and Development Direction - The company is focusing on strengthening its product platforms, with advancements in specialty technologies and a variety of applications [18] - The company is actively collaborating with customers to ensure shipments and meet demand amid industry reshuffling [19][20] - The fourth quarter is expected to follow a traditional seasonal pattern, with revenue guidance flat to up 2% sequentially [8][17] Management's Comments on Operating Environment and Future Outlook - Management noted that the overall production lines are still in short supply, indicating strong demand [20] - The company anticipates a successful completion of 2025, with full-year revenue expected to exceed $9 billion [17][21] Other Important Information - For the first three quarters of 2025, revenue reached $6.838 billion, up 17.4% year-over-year [16] - The gross margin for the first three quarters was 21.6%, up 5.3 percentage points compared to the same period last year [16] Q&A Session Summary Question: Inquiry about the super cycle and 2026 outlook - Management discussed the potential for a super cycle in 2026 and the company's readiness to meet demand [23][24] Question: Questions regarding MCU and product lines - Management provided insights on MCU production and the company's focus on various product lines, including NOR Flash and NAND Flash [25][26] Question: Further inquiries on specific technologies and market trends - Management addressed questions related to specific technologies such as CMOS Image Sensors and market trends in automotive and consumer electronics [27][28]

Nasdaq: ICG 1 Disclaimer This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding Intchains Group Limited's ("Intchains" or the "Company") future results of operations and financial position, financial targets, business strategy, plans and objectives for future operations, are forward-looking statements. The Company has based these forward-looking statements largely on its current estimates ...