Financial Data and Key Metrics Changes - The gross asset value (GAV) as of December 31, 2025, was approximately $5.3 billion, with Indofood accounting for just over one-third of this value [4] - Turnover increased by 2% to just over $10 billion, driven by higher revenue at Indofood and MPIC, while PacificLight Power experienced a decline [4] - Recurring profit rose by 10% to $740 million, up from $673 million in 2024, marking seven consecutive years of increases [4][5] - Net profit also increased by 10% to a record high of $661 million [4] - The final distribution approved by directors was HK$0.14 per share, contributing to a total annual distribution of HK$0.27 per share, the highest ever [5] Business Line Data and Key Metrics Changes - Indofood achieved record sales, with core profit up 1% to its highest level [9] - MPIC reported record high earnings, with core profit increasing by 15%, primarily driven by the power company Meralco [10] - PLDT, the largest telecommunications firm in the Philippines, saw service revenues and EBITDA reach record highs, with a core profit increase of 1% [12] - PacificLight Power's earnings slightly declined, attributed to lower electricity prices compared to previous years [13] Market Data and Key Metrics Changes - The interest coverage ratio improved to 4.5 times in 2025, up from 4 times the previous year, indicating strong financial health [7] - The average interest cost for the year was around 4.6%, with no borrowings due until September 2027 [6] Company Strategy and Development Direction - The company remains cautiously optimistic about its defensive business nature, which is consumer-facing, allowing it to weather uncertainties in the market [73] - There is a focus on capital recycling and unlocking asset values, with potential IPOs or divestitures being considered for non-core assets [66][68] - The company is actively exploring refinancing options for its upcoming bond due in September 2027, with a preference for bonds over bank loans to diversify credit resources [56][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Indofood's outlook despite uncertainties from geopolitical events, noting a good supply of wheat and stable raw material prices [33] - The company anticipates that 2026 will be better than 2025, although external factors such as the Middle East conflict could impact operations [10] - Management highlighted the importance of maintaining a balance between returning cash to shareholders and reinvesting in growth opportunities [22] Other Important Information - The company has successfully attracted new mainland investors, enhancing liquidity in its share trading [15] - The Philex Mining's Silangan project is expected to be a solid contributor to the company, with higher grades of gold and copper compared to existing operations [14] Q&A Session Summary Question: Concerns about dividend growth and Indofood's payout ratio - Management clarified that the 3% increase in final dividends is based on the final distribution alone, while the total distribution reflects a 10% growth, aligning with recurring profit growth [20][21] Question: Impact of Middle East events on raw material costs for Indofood - Management indicated that Indofood has sufficient wheat supply and does not foresee significant pressure from raw material prices due to the current situation [33] Question: Tariff adjustments for Maynilad water business in 2026 - Expected tariff adjustment for Maynilad in 2026 is around 4%, with ongoing efforts to reduce non-revenue water losses [47] Question: Loss contribution from FP Natural Resources - Management explained that the diminished loss is due to the cessation of operations in the sugar segment and ongoing discussions to sell residual assets [52] Question: Plans for refinancing head office borrowings - Management is actively exploring refinancing options for the $350 million bond due in September 2027, with a focus on market conditions and interest rates [55][58]

Swedbank Q1 2026 Pre-Close Call Summary Company Overview - **Company**: Swedbank (OTCPK:SWDB.F) - **Date of Call**: March 31, 2026 Key Points Industry and Market Trends - The quarter had 2 fewer days compared to the previous quarter, negatively impacting Net Interest Income (NII) by approximately SEK 50 million per day and Net Commission Income (NCI) by SEK 20 million per day [2] - The Swedish krona depreciated against the U.S. dollar and euro by the end of March, but appreciated on average during the quarter compared to the previous quarter [2] - The Riksbank policy rate remained unchanged at 1.75%, while the ECB's policy rate was also unchanged at 2% [2] Financial Performance - The 3-month STIBOR increased by 9 basis points on average compared to the fourth quarter, with a sharp rise of 22 basis points at the end of the quarter [3] - Mortgage list prices in Sweden were adjusted, with a decrease of 15-20 basis points on February 17 and an increase of 30-40 basis points on March 24 [4] - Actual mortgage prices fell by 2 basis points on three-month fixings in the first two months of the quarter, compared to a decrease of 11 basis points in the previous quarter [4] Market Share and Volumes - Swedbank's mortgage volumes increased by SEK 2 billion or 13.4% of the total market increase in the first two months of the quarter [5] - Corporate lending volumes grew by SEK 3.3 billion, representing 13.4% of total market growth, with a market share of 15% at the end of February [6] - Retail deposits grew by SEK 13 billion, with Swedbank accounting for SEK 6.2 billion, or 46.1% of market growth [6] Baltic Region Insights - Total lending in the Baltics increased by 13.7% year-on-year in January, with private lending up by 12.7% and corporate lending by 14.8% [6] - Total deposits in the Baltics increased by 8.3% year-on-year, with private deposits growing by 9.3% [7] Commission Income and Expenses - The Swedish stock market increased by 9.6% up to March 27, impacting asset management fees [9] - The Swedish mutual fund market had net inflows of approximately SEK 15 billion in January and February, down from SEK 80 billion in the fourth quarter [9] - Commission expenses are impacted by large investments in transforming the Swedish payment system, with a cost guidance of around SEK 27.5 billion for 2026 [10][11] Tax and Regulatory Changes - The bank tax in Sweden was adjusted, with a base deduction introduced in 2026, raising the tax rate to 7 basis points [11] - Latvia's NII tax is in its second year, while Lithuania abolished its NII tax for 2026 [12] Future Outlook - The integration of Entercard and the sale of its consumer finance portfolio will be updated in the Q1 report [14][18] - The impact of higher commission expenses due to payment system reforms is expected to continue throughout 2026 [26] Additional Notes - The call emphasized the importance of monitoring macroeconomic indicators and their effects on Swedbank's financial performance [1] - The next Q1 report is scheduled for release on April 29, 2026 [40]

KDDI Update Briefing Summary Company Overview - **Company**: KDDI Corporation - **Date of Briefing**: March 31, 2026 - **Context**: The briefing was held to discuss the findings of a Special Investigation Committee regarding fictitious circular transactions at KDDI's subsidiaries, gPlan and Big Globe. Key Findings from the Special Investigation Committee - **Investigation Purpose**: The investigation aimed to uncover the nature of fictitious circular transactions, assess their impact on KDDI's financial statements, identify similar incidents, analyze root causes, and recommend prevention measures [5][6][32]. - **Investigation Duration**: Conducted from January 14, 2026, to March 31, 2026, involving document reviews, digital forensics, and interviews with 80 individuals [6][7]. - **Fictitious Transactions**: Approximately 99.7% of gPlan and Big Globe's advertising agency business was recorded through fictitious circular transactions, which were not part of an organized scheme by KDDI [10][11]. - **Transaction Timeline**: Fictitious transactions occurred from August 2018 to December 2025, initiated by key individuals (Person A and Person B) to cover business losses and meet sales targets [9][13][50]. - **Financial Impact**: Cumulative revenue reversal of ¥246.1 billion and operating profit reduction of ¥49.9 billion due to these transactions [52][53]. Root Causes Identified - **Lack of Expertise**: A company-wide lack of expertise in the advertising agency business and insufficient risk awareness were significant contributors to the misconduct [32][39]. - **Concentration of Authority**: Authority was overly concentrated in specific individuals, leading to insufficient checks and balances in transaction processes [32][57]. - **Inadequate Internal Controls**: Insufficient verification of transactions and a lack of effective internal audits allowed the misconduct to continue undetected [41][62]. Recommendations for Prevention - **Strengthening Governance**: KDDI plans to enhance group governance and risk management systems, focusing on eliminating reliance on specific individuals and improving separation of duties [36][66]. - **Improving Credit Management**: Recommendations include reviewing management standards for business partners and enhancing credit evaluation processes [59][66]. - **Revising Internal Audit Practices**: Strengthening internal audit methodologies to ensure effective oversight of subsidiaries and their operations [41][66]. Future Initiatives by KDDI - **Withdrawal from Advertising Business**: KDDI will withdraw from the advertising agency business due to the lack of substance in operations, as 99.7% of the business was tied to fictitious transactions [90]. - **Personnel Changes**: Key executives involved in the misconduct have resigned, and disciplinary actions have been taken against two former employees [54]. - **Legal Actions**: KDDI is considering civil lawsuits and potential criminal charges against those involved in the fictitious transactions [78][79]. Financial Outlook - **Revised Financial Forecast**: KDDI revised its revenue forecast downward by ¥270 billion and operating profit by ¥88 billion for the fiscal year ending March 2026, primarily due to the impact of the fictitious transactions [73][74]. - **Impact on Cash Flow**: Despite the financial adjustments, KDDI asserts that there will be no impact on its cash flow generation capability [80]. Conclusion - KDDI acknowledges the severity of the findings and is committed to implementing effective measures to prevent recurrence of such misconduct, aiming to restore stakeholder trust and strengthen corporate governance [70][80].

Findings of Investigation by the Special Investigation Committee March 31, 2026 Toshiya Natori, Attorney-at-law, SHIN MARUNOUCHI LAW FIRM Tomohiro Hen, Attorney-at-law, Nagashima Ohno & Tsunematsu Yasunori Sato, Certified Public Accountant, Deloitte Tohmatsu LLC Outline of Investigation (1) The Special Investigation Committee (the "Committee") was retained by KDDI on January 14, 2026 to investigate the circular transactions lacking substance at BIGLOBE and G-PLAN (the "Fictitious Circular Transactions"). ◼ ...

MOL Group Corporate Management Plan Taking the leap to becoming a global social infrastructure company March 31, 2026 © 2026 Mitsui O.S.K. Lines, Ltd. A bulk carrier equipped with the Wind Challenger, a hard sail wind-assisted propulsion system On to the Next Stage As a social infrastructure company with its origins in ocean transportation, the Mitsui O.S.K. Lines Group is committed to expanding its business fields while pursuing sustainable growth. Under the Group Corporate Management Plan "BLUE ACTION 203 ...

Financial Data and Key Metrics Changes - In 2025, the company achieved revenue of CNY 3.23 billion, representing a year-on-year increase of 12.9% [6] - The net profit attributable to shareholders for the full year stood at CNY 5.64 billion, a year-on-year increase of 71.9% [7] - The overall expense ratio for 2025 was 11.6%, down 0.8 percentage points compared to 2024 [8] - Gross margins stood at 19.1%, driven by premiumization and an increased revenue share from the high-margin vehicle business [7] Business Line Data and Key Metrics Changes - Handset products achieved revenue growth of 8.6% year-on-year, driven by a premiumization strategy [9] - Vehicle revenue increased by 21.3% year-on-year, capitalizing on the rise in advanced intelligent drives [11] - XR business revenue declined year-on-year, but revenue from AR smart glasses camera modules surged by 800% [12] - Pan-IoT revenue grew rapidly, exceeding 60% growth in 2026 [30] Market Data and Key Metrics Changes - The global handset market is forecasted to contract by 12.9% in 2026, yet the company expects its handset business to grow against this trend [19] - Revenue from major overseas clients is projected to grow by over 100% in 2026 [21] - The vehicle optics sector is entering a period of rapid growth, driven by AI technology and software-defined vehicles [22] Company Strategy and Development Direction - The company has set a new round of its 100 billion strategy, focusing on AI-enabled wearable smart hardware and robotics as high-certainty growth opportunities [4] - Plans to spin off the vehicle business to maximize its value and deepen collaboration across the industrial chain [5][22] - The company aims to leverage optical perception as a core starting point for strategic deployment across various information domains [4] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving high-quality growth in 2026 despite external challenges and industry fluctuations [1] - The company anticipates continued growth in the handset business driven by sustained ASP increases and optimization of customer structure [19] - Management highlighted the importance of AI technology in transforming the vehicle business and enhancing product offerings [22] Other Important Information - The company achieved significant improvements in R&D capabilities, establishing a full-stack software algorithm and integrated hardware-software solution capabilities [3] - ESG commitments include reaching carbon peak emissions by 2028 and achieving carbon neutrality by 2050 [40] Q&A Session Summary Question: Future R&D plans and revenue from transmission-based products - Management indicated plans for establishing research institutes and focusing on semiconductor production and packaging [44][45] Question: XR market outlook and volume changes - Management noted that while VR is stable, AR is evolving and expects significant growth in AR glasses within the next few years [54] Question: Investment strategy and cooperation with external parties - Management emphasized the importance of ecosystem collaboration and plans to bring in new partners for development [58] Question: Value layout and long-term focus areas - Management discussed the integration of optics and AI, focusing on perception intelligent agents and expanding optical capabilities [66] Question: Optical communication direction - Management confirmed a shift towards CPU packaging technology rather than traditional optical modules [70] Question: Handset revenue growth related to overseas customers - Management acknowledged growth from major overseas clients but refrained from disclosing specific details [75] Question: Impact of storage issues on handsets - Management acknowledged challenges in the handset business but expressed confidence in achieving growth through strong relationships with key clients [80]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenue of CNY 3.23 billion, representing a year-on-year increase of 12.9% [6] - The net profit attributable to shareholders for the full year stood at CNY 5.64 billion, a year-on-year increase of 71.9% [7] - The overall expense ratio for 2025 was 11.6%, down 0.8 percentage points compared to 2024 [8] Business Line Data and Key Metrics Changes - Handset products revenue grew by 8.6% year-on-year, driven by a premiumization strategy [9] - Vehicle revenue increased by 21.3% year-on-year, benefiting from rising penetration rates of advanced intelligent drives [11] - XR business revenue declined year-on-year, but revenue from AR smart glasses camera modules surged by 800% [12] Market Data and Key Metrics Changes - The global handset market is forecasted to contract by 12.9% in 2026, yet the company expects its handset business to grow against this trend [19] - Revenue from major overseas clients is projected to grow by over 100% in 2026 [21] - The company anticipates that revenue from the pan-IoT business will grow rapidly, exceeding 60% [30] Company Strategy and Development Direction - The company has identified four high-certainty growth opportunities for the next five years, including AI-enabled wearable smart hardware and robotics [4] - A spin-off listing of the vehicle business is planned to maximize its value and deepen collaboration across the industrial chain [22][23] - The company aims to leverage optical perception as a core starting point for strategic deployment across various information domains [4] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving high-quality growth in 2026 despite external complexities and industry fluctuations [1] - The company plans to continue driving growth from both product and client sides, particularly in high-end products [19] - Management highlighted the importance of AI technology in transforming the vehicle optics sector and enhancing driving safety and user experience [22] Other Important Information - The company achieved a gross margin of 19.1% in 2025, driven by premiumization and an increased share of high-margin vehicle business [7] - The company has established a full-stack software algorithm and integrated hardware-software solution capabilities [3] - ESG commitments include reaching carbon peak emissions by 2028 and achieving carbon neutrality by 2050 [39][40] Q&A Session Summary Question: Future R&D plans and revenue from transmission-based products - Management indicated plans for establishing research institutes and focusing on semiconductor production and packaging [44][45] Question: XR market outlook and volume changes - Management noted that while VR is stable, AR is evolving and expects significant growth in AR glasses within the next few years [54] Question: Investment strategy and cooperation with external parties - Management emphasized the importance of ecosystem collaboration and plans to bring in new partners for development [58] Question: Value layout and long-term focus areas - Management discussed the integration of optics and AI, focusing on mass production and system solutions [65][66] Question: AI optical communication direction - Management confirmed a shift towards CPU packaging technology for future products [70] Question: Handset revenue growth related to overseas customers - Management acknowledged growth from major overseas clients but could not disclose specific details [76] Question: Impact of storage issues on handsets - Management acknowledged challenges in the handset business but expressed confidence in achieving growth through strong client relationships [81]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenue of CNY 3.23 billion, representing a year-on-year increase of 12.9% driven by the handset, vehicle, and pan-IoT sectors [4] - The full-year gross margin stood at 19.1%, a 1 percentage point increase year-on-year, attributed to the premiumization of smartphone imaging and the rising revenue share of the high-margin vehicle business [5] - Net profit attributable to shareholders reached CNY 5.64 billion, a year-on-year increase of 71.9%, with a 37.8% growth when excluding investment income [5] Business Line Data and Key Metrics Changes - Handset products revenue grew by 8.6% year-on-year, driven by a premiumization strategy, with ASP for lenses rising over 10% and modules by 15% [7][8] - Vehicle revenue increased by 21.3% year-on-year, supported by mass production of new products like 70-megapixel ADAS cameras [10] - XR business revenue declined overall, but AR smart glasses camera modules surged by 800% year-on-year, offsetting VR/MR declines [11] Market Data and Key Metrics Changes - The global handset market is forecasted to contract by 12.9% in 2026, yet the company expects its handset business to grow by 5%-10% year-on-year [18][20] - The vehicle optics sector is entering a rapid growth phase, driven by the rise of smart cars and AI technology [21] - The pan-IoT revenue grew rapidly, exceeding 60% in 2026, indicating strong market demand [29] Company Strategy and Development Direction - The company has set a new round of its 100 billion strategy, focusing on AI-enabled wearable smart hardware and robotics as high-certainty growth opportunities [3] - Plans to spin off the vehicle business to maximize its value and deepen collaboration across the industrial chain [4][21] - The strategic focus includes enhancing optical perception capabilities and integrating AI across various business segments [30][37] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving high-quality growth in 2026 despite external challenges and industry fluctuations [1] - The company anticipates continued growth in the handset business driven by ASP increases and optimization of customer structure [18] - The outlook for the XR business remains positive in the long term, with expectations for new product launches and market expansion [23] Other Important Information - The company achieved significant ESG milestones, maintaining an AA rating from MSCI ESG and setting ambitious carbon reduction targets [38] - The integration of AI technology across production processes has led to improved efficiency and product quality [16] Q&A Session Summary Question: Future R&D plans and revenue from transmission-based products - Management indicated plans for establishing research institutes and focusing on semiconductor production and packaging, but specific revenue projections for transmission products were not disclosed [41][43] Question: XR market outlook and product volume changes - Management noted that while VR is stable, AR is evolving with new product launches expected to drive growth, with mass production of new AR products planned for 2027 [49] Question: Investment strategy and collaboration with external parties - The company aims to enhance collaboration with ecosystem partners and is open to new investors to achieve synergistic development [50][51] Question: Handset revenue growth related to overseas customers - Management confirmed that overseas customers, particularly in North America and Korea, are expected to contribute significantly to revenue growth [60]

Astellas Pharma R&D Day Summary Company Overview - **Company**: Astellas Pharma - **Event**: R&D Day - **Key Speakers**: Naoki Okamura (CEO), Tadaaki Taniguchi (CRDO) Core Industry Focus - **Primary Focus Areas**: 1. Immuno-oncology 2. Targeted protein degradation 3. Blindness and regeneration 4. Genetic regulation Key Points and Arguments Vision and Strategy - Astellas aims to transform innovative science into value for patients, focusing on outcomes that matter to patients and the costs to the healthcare system [3][4] - The **Focus Area Approach** is employed to address high unmet medical needs, linking biology, modality, and technology [3][4] R&D Progress - Achieved proof of concept (POC) for three assets: ASP 2138, ASP 7317, and zitidagresib (ASP 3082) [5] - Over the past five years, Astellas accelerated its pipeline, achieving 12 phase II first subject doses and initiating one new phase III trial [5] - Terminated 21 clinical stage programs to reallocate resources to higher value assets, improving overall pipeline quality [6] Financial and Operational Strategy - Focus on maximizing sales of strategic brands to mitigate revenue decline from XTANDI's loss of exclusivity [8] - Implementing a new end-to-end operational model to enhance productivity and integrate research, development, commercialization, and lifecycle management [9] Pipeline Development - Building a robust pipeline with strategic brands, flagship programs, and follow-on programs [9][10] - Examples include the prostate cancer franchise and the acquisition of IZERVAY for geographic atrophy in age-related macular degeneration [10] Specific Program Updates - **Setidegrasib**: A targeted protein degrader for solid tumors with KRAS G12D mutations, showing promising results in pancreatic ductal adenocarcinoma (PDAC) and non-small cell lung cancer (NSCLC) [24][25] - ORR of 58.3% in PDAC and 37.5% in NSCLC with ongoing phase III trials [26][28] - **ASP2138**: A bispecific antibody targeting claudin 18.2 in gastric cancer, preparing for phase III trials [30] - **ASP7317**: Achieved POC for severe visual impairment in geographic atrophy, moving towards phase III [34] Future Outlook - Astellas plans to transform its R&D organization and governance structure to enhance productivity from 2024 to 2026, aiming for significant improvements in R&D productivity by 2030 to 2034 [15][36] - Continuous investment in cutting-edge technologies, including AI and robotics, to accelerate drug discovery and clinical trials [20][21] Additional Important Insights - Astellas emphasizes the importance of portfolio discipline, making strategic decisions to discontinue low-value projects [6][45] - The company is actively collaborating with external partners and academia to enhance its R&D capabilities [22] - Astellas aims to maintain a 30% operating margin sustainably while investing in R&D and managing expenses effectively [53][58] This summary encapsulates the key points discussed during Astellas Pharma's R&D Day, highlighting the company's strategic focus, R&D progress, and future outlook in the pharmaceutical industry.

Astellas R&D Day Pioneering science to change tomorrow March 31, 2026 1 ©2026 ASTELLAS PHARMA INC. AND ITS AFFILIATES. Cautionary statement regarding forward-looking information In this material, statements made with respect to current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Astellas Pharma. These statements are based on management's current assumptions and beliefs in light of the information c ...