Financial Data and Key Metrics Changes - Revenue increased by 7.1% to $7.83 billion, with a 7.5% increase in local currencies [10] - Gross profit rose by 8% to $1.6 billion, with margins improving by 34 basis points to 40.3% [10] - EBIT increased by 13.3% to $709 million, with margins up by 49 basis points to 9.1% [11] - Net profit grew by 14.2% to $628 million, with a margin of 8%, a 50 basis point increase compared to the previous year [11] - Earnings per share increased by 14.1% to $0.34 [11] - Free cash flow generated was $468 million, maintaining a net cash position [15][16] Business Line Data and Key Metrics Changes - Milwaukee business achieved 11.9% sales growth globally [10] - Ryobi's Power Tools grew in low double digits, while Outdoor products grew in mid single digits, resulting in an overall growth of 8.7% in local currencies [10] - Non-core business decreased as the company rationalized product lines to improve operating profits [10] Market Data and Key Metrics Changes - The company maintained a strong balance sheet with shareholders' equity increasing by 6.4% to $6.7 billion [13] - Net current assets increased by 10.5% to $3.1 billion [13] - Working capital as a percentage of sales improved by 190 basis points to 16.8% [13] Company Strategy and Development Direction - The company focuses on operational excellence, strategic partnerships, and a diversified supply chain to navigate geopolitical challenges [6][7] - Emphasis on disruptive innovation and technology solutions to enhance productivity and safety for professional end users [27][90] - Plans for geographical expansion into new markets, including Asia and Latin America, while deepening existing market penetration [66][74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to navigate uncertainties in the macroeconomic environment [7][16] - The focus remains on continuous improvement in product development and maintaining a competitive edge through innovation [28][39] - The company anticipates continued positive free cash flow generation despite tariff impacts [15] Other Important Information - The interim dividend declared was HKD 125 per share, a 15.7% increase over the previous year [11] - The effective tax rate was at 7.8%, which is sustainable in the near term [13] - The company has a strong commitment to R&D, increasing spending to 4.6% of sales [12] Q&A Session Summary Question: How does the company plan to maintain growth? - The company will continue to cultivate relationships with existing users and expand into new verticals while leveraging its strong partnerships with retailers [79][90] Question: What are the key growth pillars for RYOBI? - RYOBI's growth strategy includes leveraging existing users, expanding geographically, and adding new businesses and users [57][58] Question: How does Milwaukee Tool plan to innovate? - Milwaukee Tool focuses on understanding user needs and developing technology solutions that enhance productivity and safety [81][90]

Financial Data and Key Metrics Changes - Revenue increased by 7.1% to $7.83 billion, with a 7.5% increase in local currencies [8] - Gross profit rose by 8% to $1.6 billion, with margins improving by 34 basis points to 40.3% [8] - EBIT increased by 13.3% to $709 million, with margins up by 49 basis points to 9.1% [9] - Net profit grew by 14.2% to $628 million, with a margin of 8%, a 50 basis point increase [10] - Earnings per share increased by 14.1% to $0.034 per share [10] - Free cash flow generated was $468 million, maintaining a net cash position [14][15] Business Line Data and Key Metrics Changes - Milwaukee business achieved 11.9% sales growth globally [8] - Ryobi's Power Tools grew in low double digits, while Outdoor products grew in mid single digits, resulting in an 8.7% growth in local currencies [8] - Non-core business decreased as the company rationalized product lines to improve operating profits [8] Market Data and Key Metrics Changes - The company maintained a strong market position and expanded its customer base, showcasing resilience in a challenging business environment [5][6] - The effective tax rate was at 7.8%, 50% higher than the previous year, but sustainable in the near term [12] Company Strategy and Development Direction - The company focuses on disruptive innovation and technology solutions, positioning itself as a technology company rather than just a tool manufacturer [25][87] - Plans for geographic expansion into new markets, including Asia and Latin America, were highlighted [64][72] - The strategy includes leveraging existing user bases, expanding geographically, and adding new businesses [55][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating geopolitical challenges and maintaining agility through a diversified supply chain [6] - The company is well-positioned for future growth, with a focus on operational excellence and strategic partnerships [5][6] - The leadership emphasized the importance of culture and people in driving success and innovation [20][23] Other Important Information - The interim dividend declared was HKD 1.25 per share, a 15.7% increase over the previous year [10] - The company reduced total borrowings by $320 million, optimizing its debt structure [15] Q&A Session Summary Question: How is Milwaukee going to keep growing? - The company plans to cultivate relationships with current verticals and expand into new markets while continuing to innovate [77][80] Question: What are the next verticals Milwaukee is going to enter? - Future verticals are being explored, with a focus on user needs and market demands [78][89]

Financial Data and Key Metrics Changes - Group operating earnings before fair value movements decreased by 8% year on year to HKD 5.2 billion [7] - Total earnings decreased by 5% to HKD 5.6 billion [7] - EBITDAF was down by 5% to HKD 12.4 billion compared to the same period last year [9] - Capital investments of over CHF 8 billion were lower than last year [10] - Total interim dividends declared for the first half of 2025 remained at $1.26 per share, same as last year [10] Business Line Data and Key Metrics Changes - Hong Kong business maintained solid core earnings with capital expenditures standing at HKD 4.5 billion, primarily for growth initiatives [12] - Mainland operations saw a 15% reduction in earnings due to market challenges [13] - Energy Australia faced intense retail competition leading to margin compression and a decrease in customer accounts [16] Market Data and Key Metrics Changes - Competitive market conditions in Australia resulted in a reduction in customer numbers [7] - Lower tariffs in the Mainland impacted operating earnings from the nuclear portfolio [14] - The energy transition in the Mainland is expected to add significant renewable capacity, with over 270 gigawatts added in the first half [26] Company Strategy and Development Direction - The company is focused on investing in foundational growth in its core Hong Kong regulated business while targeting opportunities in fast-growing energy transition markets [24] - The strategy includes a GBP 52.9 billion five-year development plan to deliver reliable power and advance decarbonization efforts [25] - The company aims to maintain discipline in investment decisions, ensuring projects meet return thresholds [47] Management's Comments on Operating Environment and Future Outlook - Management acknowledged specific market headwinds in the Mainland and Australia affecting performance but emphasized strong fundamentals [5] - The company is closely monitoring the introduction of Policy Document 136 and will evaluate its renewable portfolio to maximize value [15] - Management expects to continue improving margins in Australia through cost optimization and recontracting efforts [44] Other Important Information - Free cash flow generation was CHF 7.1 billion, down CHF 0.9 billion compared to the first half of 2024 [21] - The company has a strong liquidity position of close to CHF 30 billion despite an increase in net debt [22] - The company is actively exploring renewable energy opportunities in Taiwan and Vietnam while remaining disciplined in capital commitments [33] Q&A Session Summary Question: Outlook for Australian business margins - Management expects improved margins in the second half due to government price increases and recontracting opportunities [44] Question: Expected returns for new renewable projects in China - Management maintains a target of achieving 6 gigawatts by 2029 but will be selective in project identification due to market uncertainties [46] Question: Changes in overseas business strategy - Management noted weaker performance in overseas markets but emphasized ongoing investments in reliability and flexibility of generation assets [48] Question: Funding for renewable projects in Australia - Management confirmed that Energy Australia has strong cash flow generation and plans to fund small CapEx through its balance sheet while larger projects will be project financed [61] Question: Dividend policy and potential increases - Management reiterated a commitment to a reliable dividend policy, with any increases dependent on sustainable growth in underlying business performance [68]

Financial Data and Key Metrics Changes - Group operating earnings before fair value movements decreased by 8% year on year to HKD 5.2 billion [7] - Total earnings decreased by 5% to HKD 5.6 billion [7] - EBITDAF was down by 5% to HKD 12.4 billion compared to the same period last year [9] - Capital investments of over CHF 8 billion were lower than last year [10] - Total dividends per share declared for the first half of 2025 remained at $1.26, the same as last year [10] Business Line Data and Key Metrics Changes - Hong Kong business maintained solid core earnings with capital expenditures standing at HKD 4.5 billion, primarily for growth initiatives [13] - Mainland operations saw a 15% reduction in earnings due to market challenges [14] - Energy Australia faced intense retail competition leading to margin compression and a decrease in customer accounts, resulting in operating earnings of HKD 167 million [17] Market Data and Key Metrics Changes - Competitive market conditions in Australia resulted in a reduction in customer numbers [7] - Lower tariffs in the Mainland impacted operating earnings from the nuclear portfolio [15] - The Mainland's renewable earnings were lower due to reduced wind resources and higher curtailment [15] Company Strategy and Development Direction - The company is focused on investing in foundational growth in its core Hong Kong regulated business while targeting opportunities in fast-growing energy transition markets [26] - The five-year development plan of GBP 52.9 billion aims to deliver safe and reliable power while advancing decarbonization efforts [28] - The company is pursuing a disciplined capital allocation strategy based on risk-return principles [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged specific market headwinds in the Mainland and Australia but emphasized the strength of the core business [5] - The company is committed to operational excellence and building energy infrastructure to drive decarbonization [6] - Management expressed confidence in improving margins in Australia through recontracting and cost optimization initiatives [46] Other Important Information - The company has a strong balance sheet and a recently affirmed A stable rating by S&P [6] - Free cash flow generation was CHF 7.1 billion, down CHF 0.9 billion compared to the first half of 2024 [23] - The company is actively evaluating renewable energy opportunities in Taiwan and Vietnam [35] Q&A Session All Questions and Answers Question: Regarding the Australian business and forward prices - Management indicated that while forward prices may trend downward, there are opportunities for improved margins in the second half due to government price increases and recontracting efforts [46] Question: About the China business and operational renewable capacity targets - Management maintained the target of raising operational renewable capacity in China to 6 gigawatts by 2029 but emphasized a selective approach due to market uncertainties [49] Question: Overall overseas business strategy and performance - Management acknowledged weaker performance in the first half due to headwinds in China and Australia but highlighted strong generation business performance [50] Question: On Energy Australia's funding and CapEx - Management confirmed that Energy Australia has strong cash flow generation and plans to fund small CapEx through its balance sheet while larger projects will be project financed [63] Question: About the clean energy transmission system and CapEx for imports - Management stated that the clean energy transmission system is nearing completion, but significant CapEx will be required for future imports to meet energy targets [94] Question: On dividend policy and potential increases - Management reiterated a commitment to a reliable and consistent dividend policy, with any increases dependent on sustainable growth in the underlying business [96]

Financial Performance and Key Metrics - PCCW reported a revenue increase of 7% to over US$2.4 billion and EBITDA growth of 6% to US$771 million [3] - HKT achieved a 4% revenue growth and a 3% increase in EBITDA, with adjusted fund flow also rising by 3% [3][11] - The overall EBITDA margin for HKT remained stable at 37% [11] - The net debt to EBITDA ratio improved to 4.17x compared to 4.2x a year ago [16] Business Line Performance - The OTT regional service recorded a 10% revenue growth and a 51% improvement in EBITDA [3][12] - View TV's revenue retreated in the first half due to event timing, but margins remained stable, with expectations for a rebound in the second half [3][4] - The talent management business saw increased international exposure for artists, contributing to overall performance [8][9] Market Performance - The OTT business maintained its leading position among Asian players, with a 19% year-on-year growth in paid subscribers [5][12] - Advertising revenue remained stable despite a soft consumer spending environment in Hong Kong [8][13] - The Free TV business revenue decreased to US$44 million from US$62 million last year due to fewer concerts and events [12][13] Company Strategy and Industry Competition - PCCW is focused on leveraging digital infrastructure and AI to enhance customer service and drive digital transformation for enterprises [3] - The company aims to optimize resource allocation and enhance viewer experience through a diversified content portfolio and expanded partnerships [5][6] - The strategy includes balancing Korean, Chinese, and local content to maximize returns [7] Management Commentary on Operating Environment and Future Outlook - Management acknowledged a challenging macro environment but emphasized a commitment to delivering high-quality services and profitable growth [2] - There are strong expectations for content performance in the second half, particularly with popular shows and concerts scheduled [7][9] - The company is optimistic about achieving positive cash flow in the OTT business in the coming months [6][12] Other Important Information - An interim dividend of HKD9.77 per share was declared, reflecting a prudent dividend policy [4] - The company reported a decrease in operating expenses by 5% to US$376 million, improving the ratio from 17.4% to 15.5% [13] - Capital expenditures fell by 3% to US$142 million, with a focus on efficiency [14] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating the end of the analyst briefing [17]

Financial Data and Key Metrics Changes - PCCW reported a revenue increase of 7% to over US$2.4 billion and EBITDA growth of 6% to US$771 million [3] - HKT achieved a 4% revenue growth and a 3% increase in EBITDA, with adjusted fund flow also rising by 3% [3][12] - The overall EBITDA margin for HKT remained stable at 37% [12] Business Line Data and Key Metrics Changes - The OTT regional service recorded a 10% revenue growth and a 51% improvement in EBITDA [3][13] - View TV's revenue retreated in the first half due to event timing, but margins remained stable, with expectations for a rebound in the second half [3][4] - The talent management business saw increased international exposure for artists, contributing to overall business performance [10] Market Data and Key Metrics Changes - The OTT business experienced a 27% growth in subscription and advertising revenue, despite softer syndication and event revenue in the Middle East [13] - Digital membership for View TV grew by over 4% to reach 3,300,000, reflecting a younger audience segment [9] Company Strategy and Development Direction - PCCW is focused on leveraging digital infrastructure and AI to enhance customer service and drive digital transformation for enterprises [3] - The company aims to maintain its market leadership in the OTT space by optimizing content offerings and expanding partnerships [4][5] Management Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macro environment but emphasized a commitment to delivering high-quality services and achieving profitable growth [2] - There are strong expectations for content performance in the second half, particularly with popular shows and concerts scheduled [3][8] Other Important Information - An interim dividend of HKD9.77 per share was declared, reflecting a prudent dividend policy aimed at sustainable growth [4] - HKT's gross debt decreased to US$5.57 billion, indicating successful deleveraging efforts [16] Q&A Session Summary Question: What are the expectations for View TV's performance in the second half? - Management expects View TV's performance to rebound in the second half due to a lineup of popular shows and concerts scheduled [3][4] Question: How is the company addressing the challenges in advertising revenue? - The company is expanding monetization opportunities through AVOD tiers and optimizing content offerings to attract advertisers [6][14] Question: What is the outlook for HKT's digital transformation solutions? - HKT is experiencing strong demand for its digital transformation solutions, which is driving revenue growth [11]

Financial Data and Key Metrics Changes - Revenues increased by 1.5% to €620,000,000 compared to the previous year [5] - Adjusted EBITDA grew by 2.5% to €99,000,000, with an EBITDA margin increase from 15.8% to 16% [5][29] - Net backlog decreased by 3.2% from €786,000,000 to €761,000,000 [5] Business Line Data and Key Metrics Changes - Made to measure segment increased by 8.6%, while superyacht segment grew by 26.5% [28] - Composite yachts above 80 feet accounted for more than half of the orders in Q2 [21] Market Data and Key Metrics Changes - The U.S. market showed a significant increase in negotiations, rising from €270,000,000 to €420,000,000 [34] - The Middle East market is recovering, with negotiations resuming after previous disruptions [68] Company Strategy and Development Direction - The company focuses on high-end markets, specifically above 24 meters, and aims to maintain a strong position despite market pressures [32][33] - A cost containment program has been implemented to enhance competitiveness and support profitability [60][78] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in achieving the guidance for 2025, despite market uncertainties and pressures from competitors [41] - The upcoming boat shows are expected to provide significant opportunities for sales and brand exposure [6][40] Other Important Information - The company has no debt and maintains over €100,000,000 in cash after paying dividends [42] - The Ravenna Shipyard is expected to be fully operational by October, enhancing production capabilities [40] Q&A Session Summary Question: How do you feel about the news on tariffs in the U.S. market? - Management indicated that tariffs are manageable and do not significantly impact the company, as most products do not have an American flag [47][49] Question: What gives you confidence to reach the 16.5% adjusted EBITDA margin guidance? - Confidence stems from a favorable product mix and a cost containment program that has been implemented [60] Question: Is the increase in order intake driven by a specific region? - The increase is widespread, with notable recovery in the Middle East and the U.S. market returning to normal [68] Question: Can you elaborate on the ongoing cost-cutting initiatives? - The company is reducing fixed costs by adjusting production rates and postponing non-essential expenses, with a goal to cut approximately 5% of fixed costs [78]

Financial Data and Key Metrics Changes - Sales increased by 9.9% year on year to approximately $63 million [2] - Gross profit grew by 10.1% year on year to about $35 million, with a gross profit margin of 55.5% [2] - Profit before tax rose by 17% year on year to $26.6 million, while net profit increased by 13.4% year on year to $21.7 million [3] - Diluted EPS was $1.96 per share, with an interim dividend declared at the same payout ratio of 80% as in the past [3] Business Segment Data and Key Metrics Changes - Sales from the Fixed First Connectivity segment decreased by 13% year on year to $7.6 million [4] - Sales from the Mobile First Connectivity segment increased by 14.4% year on year to $36.8 million [4] - Warranty and support services revenue grew by 6.9% year on year to $13.4 million, while software licenses revenue surged by 33.8% year on year to about $5 million [4] Market Data and Key Metrics Changes - Sales in the EMEA region increased by 39.2% year on year to $20.5 million [5] - Asia Pacific sales rose by 44% year on year to $5.9 million, while sales in other regions, mainly Australia, increased by 25% year on year [5] - Sales to North America decreased by 6.4% year on year to $34 million due to uncertainties with trade policies [5] Company Strategy and Development Direction - The company is optimistic about the growth in the EMEA region, which is expected to become a strong growth driver [11] - New product launches are planned, including innovative products that have no similar offerings in the market [13] - The company aims to expand its software offerings and create new subscription packages to enhance its ecosystem [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall demand for products in North America despite temporary shipment limitations [5] - The company is focusing on building dedicated products for non-US markets to enhance competitiveness [40] - Management emphasized the importance of creating value for customers and the long-term goal of becoming a connectivity company rather than just a networking company [117] Other Important Information - Recurring revenue increased by 12.5% year on year, accounting for 28.1% of total sales [6] - The number of devices with subscriptions increased by almost 18% year on year, with a take-up rate of 36.5% [6] - The company maintains a healthy balance sheet with a net cash balance of $53 million as of June 2025 [10] Q&A Session Summary Question: Can you elaborate on the situation regarding the US markets and shipments? - Management clarified that shipments were temporarily halted due to uncertainties about tariffs but have since fully resumed [20][22] Question: How significant is the new partnership with Iridium compared to Starlink? - Management indicated that while Iridium is trusted by traditional customers, Starlink has stronger momentum, and the revenue from Iridium is expected to be smaller [24][26] Question: What changes have occurred in the product structure, especially with Starlink? - The company now offers a full range of Starlink products and plans to launch a new integrated product called AntennaMax [32][34] Question: What is driving the strong growth in the EMEA region? - The transportation market in Europe is undergoing extensive upgrades, creating demand for connectivity solutions [39][40] Question: What steps have been taken to increase the subscription take-up rate? - Increased awareness among partners and addressing bottlenecks in the purchasing management portal are key strategies [43][44] Question: How does the company view the future of edge computing? - Management sees edge computing as a trend that will expand the ecosystem and enhance product stickiness, but revenue implications are still being explored [101][104] Question: What is the monetization strategy for the SpeedFusion Connect app? - The current focus is on user adoption rather than immediate monetization, with plans to explore charging in the future [115] Question: How does the company plan to position itself in the next 5 to 10 years? - The long-term goal is to become a connectivity company, expanding beyond just networking products [117]

Financial Data and Key Metrics Changes - Q2 2025 income increased by 15% year-on-year, excluding notable items, driven by double-digit growth across Global Banking, Global Markets, and Wealth Solutions [2][3] - Operating income for the group was $5.5 billion, up 14% or 15% excluding notable items [4] - Profit before tax for the quarter was $2.4 billion, up 34%, with a return on tangible equity (RoTE) of 19.7% [5][14] - Earnings per share for the first half was up 41% year-on-year, with a tangible net asset value (TNAV) per share of $16.8, up 16% year-on-year [14][15] Business Line Data and Key Metrics Changes - Corporate and Institutional Banking (CIB) income for the quarter was $3.3 billion, up 9%, driven by a 47% increase in Global Markets income [15] - Wealth and Retail Banking (WRB) income was up 4% to $2.1 billion, with Wealth Solutions income up 20% [17][18] - Non-interest income (Non NII) grew by 31% year-on-year, driven by strong performance in Global Markets and Wealth Solutions [7][8] Market Data and Key Metrics Changes - Underlying customer deposits increased by 4% or $19 billion in the quarter, with strong net new money from affluent clients [12] - Risk-weighted assets (RWA) increased by $6 billion in the quarter, with over half attributed to foreign exchange impacts [13][14] - The overall credit portfolio remained resilient, with a loan loss rate of 12 basis points in Q2, benefiting from net recoveries in CIB [11][12] Company Strategy and Development Direction - The company announced a new share buyback of $1.3 billion, aiming to exceed $8 billion in capital returns from 2024 to 2026 [3][14] - The strategy focuses on supporting clients through a diversified network and enhancing digital asset offerings [22][28] - The company is committed to sustainable finance, targeting to mobilize $300 billion by 2030 [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trends supporting the business, despite external uncertainties [38] - The outlook for net interest income (NII) is expected to decline by a low single-digit percentage year-on-year, with a recovery in HIBOR anticipated later in the year [7][21] - Management remains optimistic about the growth of Wealth Solutions and the transition of deposits into assets under management [52][70] Other Important Information - The Fit for Growth program has achieved $500 million in run-rate savings, with a revised phasing of spending expected to be between 35% to 45% in 2025 [9][10] - The company is actively engaging in digital asset solutions, including a joint venture to issue a Hong Kong dollar-backed stablecoin [29][64] Q&A Session Summary Question: Insights on net interest income and deposit performance - Management provided details on HIBOR assumptions and the sustainability of deposit momentum, indicating that current deposits may transition into assets under management as uncertainty decreases [34][36][46] Question: Wealth Solutions and revenue guidance - Management acknowledged the current reliance on deposits but expressed confidence in the eventual shift towards higher-margin products as clients mature [50][52] Question: SC Ventures monetization and capital distribution - Management emphasized the strategic nature of SC Ventures and the focus on exceeding capital distribution targets, highlighting strong capital generation capabilities [73][84]

Financial Data and Key Metrics Changes - Q2 income increased by 15% year on year, excluding notable items, driven by double-digit growth across Global Banking, Global Markets, and Wealth Solutions [1][2] - Operating income for the Group was $5.5 billion, up 14% or 15% excluding notable items, reflecting strong performance in CIB and WRB [3][4] - Profit before tax for the quarter was $2.4 billion, up 34%, with a return on tangible equity (RoTE) of 19.7% [4][13] - Earnings per share for the first half increased by 41% year on year, with TNAV per share up 16% year on year to $16.8 [13][14] Business Line Data and Key Metrics Changes - CIB income for the quarter was $3.3 billion, up 9%, driven by a 47% increase in Global Markets income [14][15] - Wealth and Retail Banking income was up 4% to $2.1 billion, with Wealth Solutions income increasing by 20% [16] - Non-NII grew by 31% year on year, driven by strong performance in Global Markets and Wealth Solutions [6][19] Market Data and Key Metrics Changes - Underlying customer deposits increased by 4% or $19 billion in the quarter, with strong net new money from affluent clients [11][16] - Intra ASEAN corridor income increased by 17%, driven by FX and commodity trading [22] - The Group's affluent AUM reached $420 billion at the end of the first half of 2025, with an 11% CAGR since 2016 [25] Company Strategy and Development Direction - The company is focused on delivering a cross-border strategy to support client needs, with a strong emphasis on digital asset solutions and sustainable finance [21][26][30] - The Fit for Growth program aims to simplify, standardize, and digitize operations, with a target of achieving $1.5 billion in savings [8][90] - The company is committed to exceeding $8 billion in capital returns from 2024 to 2026, with a new share buyback of $1.3 billion announced [2][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying trends supporting the business, despite uncertainties in the external environment [36][41] - The outlook for net interest income (NII) is expected to be down by a low single-digit percentage year on year, with guidance for total income growth in 2025 upgraded to the bottom of the 5% to 7% range [6][19][20] - The company remains optimistic about the demand for origination in global banking, with a strong pipeline and growth in corporate lending [24] Other Important Information - The company achieved a significant gain of $238 million from the Solve India transaction, retaining a non-controlling interest in the acquiring entity [17][18] - The company is actively engaging in the digital asset space, including a joint venture to issue a Hong Kong dollar-backed stablecoin [27][29] Q&A Session Summary Question: Insights on net interest income and deposit performance - Management provided details on HIBOR assumptions and the sustainability of deposit momentum, indicating that current deposit growth is a positive sign for future asset management [33][34][36][44] Question: Wealth Solutions and net new money flow - Management acknowledged the current reliance on deposits but expressed confidence that clients will eventually shift towards higher-margin wealth products as uncertainty decreases [50][52][70] Question: Stablecoins and digital assets - Management discussed the strategic importance of digital assets and stablecoins, emphasizing their readiness to provide services in this evolving market [61][63][65] Question: Cost management and Fit for Growth program - Management clarified that the Fit for Growth program is a transformation initiative rather than a cost-cutting measure, with a focus on long-term efficiency and savings [87][90]