Market Signal Briefing

Spot bitcoin ETFs in the US recorded $40.5 million in net outflows yesterday amid a broad recovery in crypto market prices.

LONDON — European stocks are set to open higher on Tuesday, continuing positive momentum built at the start of the week on the back of the region's defense stocks.

The U.K.'s FTSE index is seen opening 0.31% higher, Germany's DAX up 0.22%, France's CAC 40 up 0.2% and Italy's FTSE MIB 0.33% higher, according to data from IG.

European defense stocks were among the strong movers on Monday, with Thyssenkrupp gaining almost 7.9% by the end of the session following the spinout and IPO of its German warship manufacturer TKMS.

Hensoldt topped the STOXX 600 index, having added almost 8%, Renk gained around 6.7%, and Rheinmetall closed 5.9% higher after U.S. President Donald Trump had another tense meeting with Volodymyr Zelenskyy over the weekend regarding Ukrainian territory.

Third-quarter earnings season is kicking into gear this week with L'Oreal and Assa Abloy due to report Tuesday. There are no major data releases Tuesday.

Looking at global markets, U.S. stock futures were slightly higher overnight after Monday's broad rally. Investors await a busy earnings week that could inform the trajectory of the markets, with Netflix and Coca-Cola set to report on Tuesday.

Elsewhere, Asia-Pacific markets traded higher overnight, with South Korea's Kospi index jumping more than 2% to hit a sixth consecutive record high, building on a rally spurred by optimism around an impending trade deal with the U.S.

South Korean stocks have been on a roll since U.S. Treasury Secretary Scott Bessent told CNBC in an exclusive interview Wednesday stateside that Washington was "about to finish up" trade negotiations with the Asian country.

— CNBC's Nur Hikmah Md Ali, Hugh Leask and Pia Singh contributed to this market report.

ATLANTA & ZUG, Switzerland--(BUSINESS WIRE)--The Coca-Cola Company and Gutsche Family Investments have agreed to sell a 75% controlling interest in Coca-Cola Beverages Africa Pty. Ltd. to Coca-Cola HBC AG, the companies announced today.

CCBA is the largest Coca-Cola bottler in Africa. It operates in 14 countries on the continent and accounts for about 40% of all Coca-Cola product volume sold across Africa. Coca-Cola HBC is one of the largest Coca-Cola bottlers in the world, with operations in 29 countries across Europe and Africa, including Nigeria and Egypt.

Coca-Cola will sell 41.52% out of its 66.52% stake in CCBA to Coca-Cola HBC, and Coca-Cola HBC is acquiring 33.48% of CCBA that is held by GFI. In total, the transaction values 100% of CCBA at an equity value of US$3.4 billion.

The transactions are targeted to close by the end of 2026.

Coca-Cola and Coca-Cola HBC have also agreed to a separate option agreement for Coca-Cola HBC to acquire the remaining 25% of CCBA still owned by Coca-Cola within a six-year period from closing.

Refranchising Progress

The sale of Coca-Cola’s stake in CCBA is another significant step in the ongoing refranchising of company-owned or controlled bottling operations.

In 2024, bottling investments, as a percent of consolidated net revenue, was 13%, down from 52% in 2015. Following the closing of this transaction, the company expects bottling investments to make up approximately 5% of consolidated net revenue.

In July 2025, Coca-Cola reached another milestone in the refranchising process in India with the sale of a 40% ownership stake in Hindustan Coca-Cola Beverages Pvt. Ltd. to Jubilant Bhartia Group. Coca-Cola continues to own 60% of the Indian bottler.

“Coca-Cola HBC is a strong and valued bottler that will help usher in the next chapter of growth for CCBA,” said Henrique Braun, executive vice president and chief operating officer of Coca-Cola. “Coca-Cola HBC has demonstrated a strong track record of growing our system across Africa, having strong market share growth in Egypt and realizing strong volume and share growth in Nigeria over the past several years. We are pleased with Coca-Cola HBC’s continued and aligned investment in the Coca-Cola system and in taking another significant step forward in the refranchising of company-owned bottling operations.”

GFI Ongoing Involvement

After the sale, the Gutsche family will continue its involvement in both the Coca-Cola system and Africa through its ownership stake in Coca-Cola HBC.

“For more than eight decades, the Gutsche family has been dedicated to developing the Coca-Cola business across Southern and Eastern Africa,” said GFI Chairman Philipp Hugo Gutsche. “Coca-Cola HBC is the ideal partner to carry the CCBA business forward and to realize their shared vision for the Coca-Cola system on the continent.”

Coca-Cola HBC Expansion

Following closing of the acquisition, Coca-Cola HBC will represent two-thirds of Africa’s total Coca-Cola system volume and cover over 50% of the continent’s population, solidifying its long-term commitment to growth in Africa. With a proven track record of operating in Africa for nearly 75 years since its founding in Nigeria, the acquisition creates a platform for Coca-Cola HBC to share best practices, roll out its leading bespoke capabilities, and invest further in CCBA to drive sustainable, profitable growth.

“We are very excited to announce the acquisition of a majority stake in CCBA, with a path to full ownership,” said Zoran Bogdanovic, CEO of Coca-Cola HBC.

“With almost 75 years of experience in Nigeria and with our successful acquisition of Coca-Cola’s bottling business in Egypt in 2022, we see huge growth opportunities in Africa. It has a sizable and growing consumer base and significant potential to increase per capita consumption,” Bogdanovic said. “We believe we can unlock this growth and create value for our shareholders by leveraging our best-in-class bespoke capabilities, commercial expertise and industry-leading approach to sustainability. We appreciate the trust placed in us by Coca-Cola and GFI and look forward to welcoming the CCBA team to Coca-Cola HBC and driving joint success.”

Next Steps

Coca-Cola HBC’s acquisition of CCBA is targeted to be completed by the end of 2026, subject to satisfaction of conditions, including customary regulatory and antitrust approvals.

As part of the acquisition, Coca-Cola HBC will pursue a secondary listing on the Johannesburg Stock Exchange, underpinning its commitment to South Africa and the African continent.

Rothschild & Co acted as sole financial adviser to Coca-Cola. Goldman Sachs Bank Europe SE, Amsterdam Branch and UBS AG London Branch acted as financial advisers to Coca-Cola HBC. Nomura International acted as sole financial adviser to GFI.

About The Coca-Cola Company

The Coca-Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Our company’s purpose is to refresh the world and make a difference. We sell multiple billion-dollar brands across several beverage categories worldwide. Our portfolio of sparkling soft drink brands includes Coca-Cola, Sprite and Fanta. Our water, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, BODYARMOR, Powerade, Costa, Georgia, Fuze Tea, Gold Peak and Ayataka. Our juice, value-added dairy and plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and AdeS. We’re constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. Learn more at www.coca-colacompany.com and follow us on Instagram, Facebook and LinkedIn.

About Coca-Cola HBC AG

Coca-Cola HBC is a growth-focused consumer packaged goods business and strategic bottling partner of The Coca-Cola Company. We open up moments that refresh us all, by creating value for our stakeholders and supporting the socio-economic development of the communities in which we operate. With a vision to be the leading 24/7 beverage partner, we offer drinks for all occasions around the clock and work together with our customers to serve 750 million consumers across a broad geographic footprint of 29 countries. Our portfolio is one of the strongest, broadest and most flexible in the beverage industry, with consumer-leading beverage brands in the sparkling, adult sparkling, juice, water, sport, energy, ready-to-drink tea, coffee, and premium spirits categories. These include Coca-Cola, Coca-Cola Zero Sugar, Fanta, Sprite, Schweppes, Kinley, Costa Coffee, Caffè Vergnano, Valser, FuzeTea, Powerade, Cappy, Monster Energy, Finlandia Vodka, The Macallan, Jack Daniel’s and Grey Goose. We foster an open and inclusive work environment amongst our 33,000 employees and believe that building a more positive environmental impact is integral to our future growth. We rank among the top sustainability performers in ESG benchmarks such as the 2024 Dow Jones Best-in-Class Indices, CDP, MSCI ESG, FTSE4Good and ISS ESG.

Coca-Cola HBC is listed on the London Stock Exchange (LSE: CCH) and on the Athens Exchange (ATHEX: EEE). For more information, please visit https://www.coca-colahellenic.com.

About Coca-Cola Beverages Africa

CCBA is the eighth largest Coca-Cola authorised bottler in the world by revenue, and the largest on the continent. It accounts for over 40% of all Coca-Cola ready-to-drink beverages sold in Africa by volume. With over 14,000 employees in Africa, CCBA group services more than 800,000 customers with a host of international and local brands. CCBA group operates in 14 countries: South Africa, Kenya, Ethiopia, Uganda, Mozambique, Namibia, Tanzania, Botswana, Zambia, Eswatini, Lesotho, Malawi and the islands of Comoros and Mayotte.

About Gutsche Family Investments

Gutsche Family Investments is a private company incorporated under the laws of South Africa. The Gutsche family’s association with TCCC started in 1940 when PR Gutsche joined the SA Bottling Company Proprietary Limited as an employee. In 1956, the Gutsche family became a minority shareholder of the company and in 1960 became the sole shareholder. From 1960 to 1995, the company grew and acquired more territory within South Africa and started expansion into East Africa in 1994. At this time, the company became known as Coca-Cola Sabco Proprietary Limited and was a subsidiary of GFI. On the formation of CCBA in July 2016, GFI contributed its majority shareholding in several sub-Saharan African bottling businesses and held approximately 33.5% of CCBA.

Forward-Looking Statements

This press release may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature.

Forward-looking statements are subject to certain risks and uncertainties that could cause The Coca-Cola Company’s actual results to differ materially from its historical experience and its present expectations or projections. These risks include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement entered into in connection with the proposed sale, the ability to satisfy all conditions to closing, including obtaining clearances under applicable antitrust regulations, and complete the proposed sale on the anticipated timeline, the disruption of management’s attention from our ongoing business operations due to the proposed sale and the failure to realize the anticipated benefits from the proposed sale, and other risks discussed in The Coca-Cola Company’s filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequently filed reports on Form 10-Q, which filings are available from the SEC.

Coca-Cola HBC's actual results and events could also differ materially from those anticipated in the forward-looking statements in this announcement, including the corresponding risks described above. By their nature, forward-looking statements involve risk and uncertainty and they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. There can be no assurance that future results, level of activity, performance or achievements of Coca-Cola HBC or CCBA will meet these expectations.

You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither The Coca-Cola Company nor Coca-Cola HBC undertake any obligation to publicly update or revise any forward-looking statements, other than as required by law or regulation.

Volta Finance Limited (VTA/VTAS)
Legal Entity Identification Code: 2138004N6QDNAZ2V3W80

Publication of the Annual Report and Audited Financial Statements
(the “Accounts”) for the financial year ended 31 July 2025 and
Notice of the Annual General Meeting

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES

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Guernsey, 21 October 2025

Volta Finance Limited has published its results for the financial year ended 31 July 2025. The 2025 Accounts are attached to this release and will be available on the Volta Finance Limited website (www.voltafinance.com).

Notice of the Annual General Meeting of Volta Finance Limited on Thursday 4 December 2025 may be found at pages 87 and 88 of the Accounts.

For further information, please contact:

Company Secretary and Portfolio Administrator
BNP Paribas S.A., Guernsey Branch
[email protected]
+44 (0) 1481 750 850

Corporate Broker
Cavendish Financial plc
Andrew Worne
Daniel Balabanoff
+44 (0) 20 7397 8900

For the Investment Manager
AXA Investment Managers Paris
François Touati

[email protected]
+33 (0) 1 44 45 84 47

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ABOUT VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange's Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

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ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with more than 3,000 professionals and €879 billion in assets under management as of the end of June 2025.

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This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the "Volta Finance") whose portfolio is managed by AXA IM.

This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

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This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

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This press release contains statements that are, or may deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "anticipated", "expects", "intends", "is/are expected", "may", "will" or "should". They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance's investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance's actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide - 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

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2025.07.31 VFL - Annual Report_unsigned

Data presented at IDWeek 2025 after study stopped early for efficacyPrimary endpoint met, demonstrating non-inferiority of oral tebipenem HBr compared to intravenous treatment1Data will be shared with regulatory authorities to support regulatory filings
CAMBRIDGE, Mass., Oct. 21, 2025 (GLOBE NEWSWIRE) -- Spero Therapeutics, Inc. (Nasdaq: SPRO) and GSK plc (LSE/NYSE: GSK) today announced efficacy and safety results of the positive pivotal phase 3 PIVOT-PO trial evaluating tebipenem HBr, an investigational oral treatment for complicated urinary tract infections (cUTIs), including pyelonephritis (NCT06059846). These results were presented on October 20, 2025, in a late-breaking oral abstract session at IDWeek 2025 in Atlanta, Georgia.

Complicated UTIs represent an important health issue, with an estimated 2.9 million cases of cUTIs treated annually in the U.S. alone.2 These infections are often caused by multidrug-resistant pathogens3 and carry serious risks including organ failure, sepsis, and even death.3-5 They also result in significant emergency department visits and hospitalizations, contributing to over $6 billion per year in healthcare costs.6 Current standard of care includes carbapenem antibiotics in cases of sepsis or resistance to other antibiotics, but they are only available for intravenous administration.7, 8

The trial, which was stopped early for efficacy in May this year, demonstrated non-inferiority of tebipenem HBr compared to intravenous imipenem-cilastatin in hospitalized patients with cUTI, including pyelonephritis, based on the overall response (composite of clinical cure plus microbiological eradication of the bacteria causing the infection) at the test of cure visit. Tebipenem HBr (oral, 600 mg) achieved a 58.5% overall success rate (261/446 participants) compared to 60.2% overall success rate (291/483 participants) for imipenem-cilastatin (intravenous, 500 mg) (adjusted treatment difference: −1.3%; 95% CI: −7.5%, 4.8%). The safety profile of tebipenem HBr was generally similar to that of other carbapenem antibiotics. The most frequently reported adverse events (in ≥3% of patients who received tebipenem HBr) were diarrhea and headache; these events were all mild or moderate and non-serious.

Tony Wood, Chief Scientific Officer, GSK, said: “Complicated UTIs can have serious consequences for patients, including organ failure and sepsis, and oral options for drug-resistant infections are limited. These ground-breaking data show for the first time that cUTIs, including pyelonephritis, can be treated with an oral carbapenem antibiotic as effectively as with an intravenous one. We have a long-standing commitment to delivering novel anti-infectives and are delighted to offer the potential of tebipenem HBr as an effective oral alternative that could be taken at home.”

Esther Rajavelu, Chief Executive Officer, Spero Therapeutics, said: “These data presented at IDWeek represent the culmination of years of dedicated work by our team in close collaboration with GSK. We are deeply grateful to the physicians, researchers, support staff, and, most importantly, to the patients who made this study, and the ones before it, possible. Along with GSK, we are now focused on advancing tebipenem HBr toward FDA submission and bringing this important therapy to patients in need.”

Dr George Sakoulas, Infectious Disease specialist, Sharp Memorial Hospital in San Diego, commented: “Increasing antibiotic resistance among community-acquired bacteria that cause complicated urinary tract infections is greatly amplifying the burden of treatment for patients, clinicians, and payers. The therapeutic flexibility of a new oral antibiotic may reduce the need for intravenous antibiotics to treat cUTI, providing benefit to patients and improving treatment options.”

Secondary endpoints also show:

Clinical cure (i.e. absence of symptoms) rates at test of cure visit were 93.5% in the tebipenem HBr group (417/446) compared to 95.2% in the imipenem-cilastatin group (460/483) with adjusted treatment difference: −1.6% (95% CI: −4.7%, 1.4%)Microbiological response rates at test of cure visit were 60.3% in the tebipenem HBr group (269/446) compared to 61.3% in the imipenem-cilastatin group (296/483) with adjusted treatment difference: −0.8% (95% CI: −6.9%, 5.3%)Overall, clinical and microbiological response rates at test of cure in participants with infections caused by antimicrobial-resistant Enterobacterales were consistent with the respective response rates in the primary analysis population.
Spero has licensed tebipenem HBr to GSK for development and commercialization in all markets except certain Asian territories. GSK plans to work with US regulatory authorities to include the data as part of a filing in Q4 2025. If approved, tebipenem HBr would be the first oral carbapenem antibiotic in the US for patients who suffer from cUTIs, adding to GSK’s growing anti-infectives portfolio and helping address the challenges of antimicrobial resistance (AMR).

The development of tebipenem HBr is supported in part with federal funds from the U.S. Department of Health and Human Services; Administration for Strategic Preparedness and Response; Biomedical Advanced Research and Development Authority (BARDA), under contract number HHSO100201800015C.

About tebipenem HBr
Tebipenem pivoxil as hydrobromide salt (Tebipenem HBr) is a late-stage development asset developed in collaboration with Spero Therapeutics. Tebipenem HBr is being developed to treat cUTIs, including pyelonephritis. In September 2022, GSK entered into an exclusive license agreement with Spero Therapeutics for the development and commercialization of tebipenem HBr in all markets, except certain Asian territories. Under this agreement GSK has sub-licensed back to Spero Therapeutics the rights and responsibility to conduct certain development work including the PIVOT-PO Phase 3 study, after which sponsorship of the new drug application (NDA) will be transferred to GSK from Spero Therapeutics. Tebipenem HBr has received Qualified Infectious Disease Product (QIDP) and Fast Track designations from the U.S. Food and Drug Administration (FDA).

About the PIVOT-PO trial
PIVOT-PO was a global, randomized, double-blind, pivotal, non-inferiority (NI margin: -10%) Phase 3 clinical trial of oral tebipenem HBr compared to IV imipenem-cilastatin, in hospitalized adult patients with cUTI including pyelonephritis. Patients were randomized 1:1 to receive tebipenem pivoxil (600 mg) orally every six hours, or imipenem-cilastatin (500 mg) IV every six hours, for a total of seven to ten days. Matching placebos were used to maintain blinding. The primary efficacy endpoint was overall response (composite of clinical cure plus microbiological eradication) at the test-of-cure visit (about 17 days from first dose administration of study drug) in patients with qualifying pathogens susceptible to imipenem. The trial enrolled a total of 1,690 patients, with randomization stratified by age, baseline diagnosis (cUTI or pyelonephritis), and the presence or absence of urinary tract instrumentation. For further details on the trial, refer to clinicaltrials.gov identifier NCT06059846.

About complicated urinary tract infections (cUTIs)
cUTIs are broadly described as any UTI that carries an increased risk of morbidity and mortality.3 Definitions of cUTIs are not currently uniform among international societies and regulatory agencies.5, 9 cUTIs encompass a heterogeneous patient population due to the wide range of host factors, comorbidities and urological abnormalities associated with cUTIs.5, 9 Risk factors for cUTI include indwelling catheters, ureteric stents, neurogenic bladder, obstructive uropathy, urinary retention, urinary diversion, kidney stones, diabetes mellitus, immune deficiency, urinary tract modification, and UTIs in renal transplant patients.3, 10-13

About GSK
GSK is a global biopharma company with a purpose to unite science, technology, and talent to get ahead of disease together. Find out more at gsk.com.

About Spero Therapeutics
Spero Therapeutics, headquartered in Cambridge, Massachusetts, is a clinical-stage biopharmaceutical company focused on identifying and developing novel treatments for rare diseases and multi-drug resistant (MDR) bacterial infections with high unmet need. For more information, visit www.sperotherapeutics.com

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding the progress and results of Spero's Phase 3 PIVOT-PO trial; the timing of a planned FDA filing in 2H 2025 for tebipenem HBr; the potential of tebipenem HBr to be the first oral carbapenem antibiotic for U.S. patients with cUTI, including pyelonephritis; the potential receipt of milestone payments under Spero’s license and collaboration agreements; and the potential benefits of any of Spero’s current or future product candidates in treating patients. In some cases, forward-looking statements may be identified by terms such as "may," "will," "should," "expect," "plan," "aim," "anticipate," "could," "intent," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms or other similar expressions. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of important risks, uncertainties and other factors that may cause actual results to differ materially from those indicated by such forward looking statements, including whether tebipenem HBr will advance through the clinical development process, or at all, taking into account the effects of possible regulatory delays, slower than anticipated patient enrollment, manufacturing challenges, clinical trial design and clinical outcomes; whether the results of such trials will warrant submission for approval from the FDA or equivalent foreign regulatory agencies; whether the FDA will ultimately approve tebipenem HBr and, if so, the timing of any such approval; whether the FDA will require any additional clinical data or place labeling restrictions on the use of tebipenem HBr that would delay approval and/or reduce the commercial prospects of tebipenem HBr; whether a successful commercial launch can be achieved and market acceptance of tebipenem HBr can be established; whether results obtained in preclinical studies and clinical trials will be indicative of results obtained in future clinical trials; Spero's reliance on third parties to manufacture, develop, and commercialize its product candidates, if approved, including, in the case of tebipenem HBr, Spero’s reliance on GSK pursuant to the exclusive GSK License Agreement to develop tebipenem HBr and GSK’s right thereunder to determine whether to further develop tebipenem HBr; Spero's need for additional funding; the ability to commercialize Spero's product candidates, if approved; Spero's ability to retain key personnel; Spero's leadership transitions; whether Spero's cash resources will be sufficient to fund its continuing operations for the periods and/or trials anticipated; and other factors discussed in the "Risk Factors" set forth in filings that Spero periodically makes with the SEC. The forward-looking statements included in this press release represent Spero's views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, Spero explicitly disclaims any obligation to update any forward-looking statements.

Investor Relations Contact:
Shai Biran, PhD
Spero Therapeutics
[email protected]

Media Inquiries:
[email protected]

References

1. Hong D. et al, Oral Tebipenem Pivoxil Hydrobromide vs Intravenous Imipenem-Cilastatin in Patients with Complicated Urinary Tract Infections or Acute Pyelonephritis: Efficacy and Safety Results from the Phase 3 PIVOT-PO study, Oral presentation at IDWeek 2025, 20 October 2025.
2. Carreno JJ, et al. Longitudinal, Nationwide, Cohort Study to Assess Incidence, Outcomes, and Costs Associated With Complicated Urinary Tract Infection. Open Forum Infect Dis. 2019;6:ofz446.
3. Sabih A, Leslie SW. Complicated urinary tract infections. In: StatPearls. 2023. StatPearls Publishing: Treasure Island, FL, USA.
4. Vallejo-Torres L, et al. Cost of hospitalised patients due to complicated urinary tract infections: a retrospective observational study in countries with high prevalence of multidrug-resistant Gram-negative bacteria: the COMBACTE-MAGNET, RESCUING study. BMJ Open. 2018;8:e020251.
5. Marantidis J, Sussman RD. Unmet Needs in Complicated Urinary Tract Infections: Challenges, Recommendations, and Emerging Treatment Pathways. Infect Drug Resist. 2023:16:1391-1405.
6. Lodise TP, et al. Hospital admission patterns of adult patients with complicated urinary tract infections who present to the hospital by disease acuity and comorbid conditions: How many admissions are potentially avoidable? Am J Infect Control. 2021;49(12):1528-1534.
7. Cotroneo, N., et al. In Vitro and In Vivo Characterization of Tebipenem, an Oral Carbapenem. Antimicrobial agents and chemotherapy. 2020. 64(8), e02240-19.
8. Maeda M, et al. Efficacy of carbapenems versus alternative antimicrobials for treating complicated urinary tract infections caused by antimicrobial-resistant Gram-negative bacteria: protocol for a systematic review and meta-analysis. BMJ Open. 2023 Apr 21;13(4):e069166.
9. Fernandez MM, et al. Poster presented at ESCMID Global, 27–30 April 2024, Barcelona, Spain. Poster P1023.
10. Bonkat G, et al. Keep it Simple: A Proposal for a New Definition of Uncomplicated and Complicated Urinary Tract Infections from the EAU Urological Infections Guidelines Panel. Eur Urol. 2024;86(3):195-197.
11. Wagenlehner FME, et al. Epidemiology, definition and treatment of complicated urinary tract infections. Nat Rev Urol. 2020;17(10):586-600.
12. Gomila A, et al. Predictive factors for multidrug-resistant gram-negative bacteria among hospitalised patients with complicated urinary tract infections. Antimicrob Resist Infect Control. 2018;7:111.
13. Altunal N, et al. Ureteral stent infections: a prospective study. Braz J Infect Dis. 2017;21(3):361-364.

Please see below information about transactions made under the third tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).

Date on which the buy-back tranche was announced: 23 July 2025.

The duration of the buy-back tranche: 24 July to no later than 27 October 2025.

Further information on the tranche can be found in the stock market announcement on its commencement dated 23 July 2025, available here: https://newsweb.oslobors.no/message/651645

From 13 October to 17 October 2025, Equinor ASA has purchased a total of 1,129,635 own shares at an average price of NOK 235.3736 per share.

Overview of transactions:

DateTrading venueAggregated daily volume (number of shares)Daily weighted average share price (NOK)Total daily transaction value (NOK)     13 OctoberOSE278,535238.535566,440,485.49 CEUX    TQEX        14 OctoberOSE285,400235.025167,076,163.54 CEUX    TQEX        15 OctoberOSE    CEUX    TQEX        16 OctoberOSE281,000235.918366,293,042.30 CEUX    TQEX        17 OctoberOSE284,700232.091866,076,535.46 CEUX    TQEX        Total for the periodOSE1,129,635235.3736265,886,226.79 CEUX    TQEX        Previously disclosed buy-backs under the trancheOSE14,704,821249.93803,675,294,128.05CEUX   TQEX   Total14,704,821249.93803,675,294,128.05     Total buy-backs under the tranche (accumulated)OSE15,834,456248.89903,941,180,354.84CEUX   TQEX   Total15,834,456248.89903,941,180,354.84 Following the completion of the above transactions, Equinor ASA owns a total of 42,531,946 own shares, corresponding to 1.66% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 32,211,644 own shares, corresponding to 1.26% of the share capital).

This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

Contact details:

Investor relations
Bård Glad Pedersen, senior vice president Investor Relations,
+47 918 01 791

Media
Sissel Rinde, vice president Media Relations,
+47 412 60 584

Detailed overview of transactions

Long-term continuous OGSIVEO treatment for up to 4 years was associated with further tumor size reductions, increase in objective response rate, sustained improvement in desmoid tumor symptoms and consistent safety profile

October 21, 2025 02:00 ET

 | Source:

SpringWorks Therapeutics, Inc.

STAMFORD, Conn., Oct. 21, 2025 (GLOBE NEWSWIRE) -- SpringWorks Therapeutics, Inc., a healthcare company of Merck KGaA, Darmstadt, Germany, announced today that long-term efficacy and safety data from the Phase 3 DeFi trial of OGSIVEO® (nirogacestat), an oral gamma secretase inhibitor for the treatment of adults with progressing desmoid tumors who require systemic treatment, were published in the Journal of Clinical Oncology (JCO). The long-term follow-up data from DeFi, which was a global, randomized, multicenter, double-blind, placebo-controlled trial, were previously presented at the 2024 Connective Tissue Oncology Society Meeting. The new results published in JCO utilized a December 2024 data cutoff date (the final data cut of the clinical trial) and showed that longer-term treatment with OGSIVEO was associated with further reductions in tumor size, an increase in objective response rate (ORR) with additional partial responses (PRs) and complete responses (CRs), sustained improvement in patient reported outcomes, and a consistent safety profile compared to the April 2022 data cut off utilized for the primary analysis of the trial. The JCO e-publication can be accessed at the following link: https://ascopubs.org/doi/abs/10.1200/JCO-25-00582.

“Desmoid tumors are locally aggressive and complex tumors whose unpredictable growth can cause significant pain, functional impairment, and emotional distress. For many patients, these tumors disrupt daily life in ways that are often underestimated, so advancing treatment options that offer durable symptom relief and tumor control can make a meaningful difference for patients,” said Ravin Ratan, M.D., M.Ed., Associate Professor, Department of Sarcoma Medical Oncology, Division of Cancer Medicine, The University of Texas MD Anderson Cancer Center in Houston and lead author of the JCO publication. “While the optimal duration of therapy may vary for many patients and is best decided between individual patients and their physicians, the new data published in the JCO provide physicians with additional information regarding the long-term safety and efficacy of nirogacestat, and will help inform treatment decisions and improve patient care.”

In the Phase 3 DeFi trial primary analysis, which was previously published in the New England Journal of Medicine, OGSIVEO showed significant improvement versus placebo in progression-free survival (PFS), objective response rate (ORR), and patient-reported outcomes (PRO) in adult patients with progressing desmoid tumors (DT; median [range] exposure: 20.6 [0.3-33.6] months).1 In the JCO publication, long-term efficacy and safety were evaluated in patients randomized to OGSIVEO and followed through the final data-cutoff date of December 2024. The median duration of OGSIVEO treatment in these patients was 33.6 (0.3 to 61.8) months.

Objective response rates (ORR) improved with long-term OGSIVEO treatment. While ORR was 34.3% (n = 24) in year 1, it increased to 45.7% (n = 32) in patients who received OGSIVEO for up to 4 years, with three additional complete responses (CRs) and three additional partial responses (PRs) since the primary analysis and yielding 24 (34.3%) PRs and 8 (11.4%) CRs in total. The median best percent reduction from baseline in target tumor size by RECIST 1.1 with continuous OGSIVEO treatment was −32.3% at year one (n=46) and −75.8% (n=15) for patients completing at least four years of treatment. Improvements in patient-reported outcomes (PROs) of pain, desmoid tumor-specific symptom severity, desmoid tumor-specific physical functioning, global health status/quality of life and role functioning occurred early (as early as Cycle 2, the first post-treatment timepoint evaluated as disclosed at the primary analysis) and were sustained with up to 45 months of treatment with OGSIVEO.

Overall, the incidence and severity of frequently reported treatment emergent adverse events (TEAEs) decreased through years two, three and four of treatment. The most common adverse events (>15%) reported in patients receiving OGSIVEO were diarrhea, ovarian toxicity, rash, nausea, fatigue, stomatitis, headache, abdominal pain, cough, alopecia, upper respiratory tract infection, and dyspnea. Please see Important Safety Information below, including Warnings & Precautions relating to diarrhea, ovarian toxicity, hepatotoxicity, non-melanoma skin cancers, electrolyte abnormalities, and embryo-fetal toxicity.2

“We are pleased that long-term continuous nirogacestat treatment for up to four years was associated with additional late responses and further tumor size reductions,” said Uche Iloeje, M.D., Senior Vice President, Global Head of Medical Affairs at SpringWorks Therapeutics. “These data represent the largest prospective analysis from a randomized controlled clinical trial of long-term exposure to any systemic agent for desmoid tumors and provide valuable insights on the benefits of OGSIVEO for patients with desmoid tumors.”

About the DeFi Trial

DeFi (NCT03785964) was a global, randomized (1:1), multicenter, double-blind, placebo-controlled pivotal Phase 3 trial that evaluated the efficacy, safety and tolerability of nirogacestat in adult patients with progressing desmoid tumors. The double-blind phase of the study randomized 142 patients (nirogacestat, n=70; placebo n=72) to receive 150 mg of nirogacestat or placebo twice daily. Key eligibility criteria included tumor progression by ≥20% as measured by Response Evaluation Criteria in Solid Tumors (RECIST 1.1) within 12 months prior to screening. The primary endpoint was progression-free survival, as assessed by blinded independent central review, or death by any cause. Secondary and exploratory endpoints included safety and tolerability measures, objective response rate, duration of response, changes in tumor volume assessed by magnetic resonance imaging (MRI), and changes in patient-reported outcomes. DeFi also included an open-label extension phase.

About Desmoid Tumors

Desmoid tumors are rare, locally aggressive tumors of the soft tissues that can be serious, debilitating, and, in rare cases when vital structures are impacted, life-threatening.3,4

Desmoid tumors are most commonly diagnosed in patients between the ages of 20 and 44 years, with a two-to-three times higher prevalence in females.5,6 In the U.S., up to 1650 people are diagnosed with desmoid tumors every year.5,7,8

Although desmoid tumors do not metastasize, they can be associated with recurrence rates of up to 77% after surgical resection.6,9 Desmoid tumor experts and treatment guidelines now recommend systemic therapies as first-line intervention for most tumor locations requiring treatment.10,11

About OGSIVEO® (nirogacestat)

OGSIVEO® (nirogacestat) is an oral, selective, small molecule gamma secretase inhibitor approved in the United States and European Union as monotherapy for the treatment of adult patients with progressing desmoid tumors who require systemic treatment.

The FDA and the EMA have granted Orphan Drug designation for OGSIVEO for the treatment of desmoid tumors.

IMPORTANT SAFETY INFORMATION

WARNINGS AND PRECAUTIONS

Diarrhea: Diarrhea occurred in 84% of patients treated with OGSIVEO. Grade 3 events occurred in 16% of patients. Monitor patients and manage using antidiarrheal medications. Modify dose as recommended.Ovarian Toxicity: Female reproductive function and fertility may be impaired in patients treated with OGSIVEO. Impact on fertility may depend on factors like duration of therapy and state of gonadal function at time of treatment. Long-term effects on fertility have not been established. Advise patients on the potential risks for ovarian toxicity before initiating treatment. Monitor patients for changes in menstrual cycle regularity or the development of symptoms of estrogen deficiency, including hot flashes, night sweats, and vaginal dryness.Hepatotoxicity: ALT or AST elevations occurred in 30% and 33% of patients, respectively. Grade 3 ALT or AST elevations (>5 × ULN) occurred in 6% and 2.9% of patients. Monitor liver function tests regularly and modify dose as recommended.Non-Melanoma Skin Cancers: New cutaneous squamous cell carcinoma and basal cell carcinoma occurred in 2.9% and 1.4% of patients, respectively. Perform dermatologic evaluations prior to initiation of OGSIVEO and routinely during treatment.Electrolyte Abnormalities: Decreased phosphate (65%) and potassium (22%) occurred in OGSIVEO-treated patients. Phosphate <2 mg/dL occurred in 20% of patients. Grade 3 decreased potassium occurred in 1.4% of patients. Monitor phosphate and potassium levels regularly and supplement as necessary. Modify dose as recommended.Embryo-Fetal Toxicity: Oral administration of nirogacestat to pregnant rats during the period of organogenesis resulted in embryo-fetal toxicity at maternal exposures below human exposure at the recommended dose of 150 mg twice daily. Advise pregnant women of the potential risk to a fetus. Advise females and males of reproductive potential to use effective contraception during treatment with OGSIVEO and for 1 week after the last dose. ADVERSE REACTIONS

The most common (≥15%) adverse reactions were diarrhea, ovarian toxicity, rash, nausea, fatigue, stomatitis, headache, abdominal pain, cough, alopecia, upper respiratory tract infection, and dyspnea.Serious adverse reactions occurring in ≥2% of patients were ovarian toxicity (4%).The most common laboratory abnormalities (≥15%) were decreased phosphate, increased urine glucose, increased urine protein, increased AST, increased ALT, and decreased potassium.
DRUG INTERACTIONS

CYP3A Inhibitors and Inducers: Avoid concomitant use with strong or moderate CYP3A inhibitors (including grapefruit products, Seville oranges, and starfruit) and strong or moderate CYP3A inducers.Gastric Acid Reducing Agents: Avoid concomitant use with proton pump inhibitors and H2 blockers. If concomitant use cannot be avoided, OGSIVEO can be staggered with antacids (e.g., administer OGSIVEO 2 hours before or 2 hours after antacid use).Consult the full Prescribing Information prior to and during treatment for important drug interactions.
To report suspected adverse reactions, contact SpringWorks Therapeutics at 1-888-400-SWTX (1-888-400-7989) or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

Please see full Prescribing Information for OGSIVEO for more information.

About SpringWorks Therapeutics

SpringWorks Therapeutics, a healthcare company of Merck KGaA, Darmstadt, Germany, is a commercial-stage biopharmaceutical company dedicated to improving the lives of patients with rare tumors. We developed and are commercializing the first and only FDA and EC approved medicine for adults with desmoid tumors and the first and only FDA and EC approved medicine for both adults and children with neurofibromatosis type 1 associated plexiform neurofibromas (NF1-PN). We are also advancing a portfolio of novel targeted therapy product candidates for patients with additional rare tumors and hematological cancers.

For more information, visit www.springworkstx.com and follow @SpringWorksTx on X, LinkedIn, Facebook, Instagram and YouTube.

About Merck KGaA, Darmstadt, Germany

Merck KGaA, Darmstadt, Germany, a leading science and technology company, operates across life science, healthcare and electronics. More than 62,000 employees work to make a positive difference to millions of people’s lives every day by creating more joyful and sustainable ways to live. From providing products and services that accelerate drug development and manufacturing as well as discovering unique ways to treat the most challenging diseases to enabling the intelligence of devices – the company is everywhere. In 2024, Merck KGaA, Darmstadt, Germany, generated sales of € 21.2 billion in 65 countries.

The company holds the global rights to the name and trademark “Merck” internationally. The only exceptions are the United States and Canada, where the business sectors of Merck KGaA, Darmstadt, Germany, operate as MilliporeSigma in life science, EMD Serono in healthcare and EMD Electronics in electronics. Since its founding in 1668, scientific exploration and responsible entrepreneurship have been key to the company’s technological and scientific advances. To this day, the founding family remains the majority owner of the publicly listed company.

Contacts:

Media
[email protected]

References

Gounder M, Ratan R, Alcindor T, et al. Nirogacestat, a Gamma-Secretase Inhibitor for Desmoid Tumors. N Engl J Med. 2023;388:898-912. doi:10.1056/NEJMoa2210140.OGSIVEO. Prescribing Information. SpringWorks Therapeutics, Inc.Sbaraglia M, Bellan E, Dei Tos AP. The 2020 WHO Classification of Soft Tissue Tumours: news and perspectives. Pathologica. 2021;113(2):70-84. doi:10.32074/1591-951X-213.Penel N, Chibon F, Salas S. Adult desmoid tumors: biology, management and ongoing trials. Curr Opin Oncol. 2017;29(4):268-274. doi:10.1097/CCO.0000000000000374.van Broekhoven DLM, Grünhagen DJ, den Bakker MA, van Dalen T, Verhoef C. Time trends in the incidence and treatment of extra-abdominal and abdominal aggressive fibromatosis: a population-based study. Ann Surg Oncol. 2015;22(9):2817-2823. doi:10.1245/s10434-015-4632-y.Skubitz KM. Biology and treatment of aggressive fibromatosis or desmoid tumor. Mayo Clin Proc. 2017;92(6):947-964. doi:10.1016/j.mayocp.2017.02.012.Orphanet Report Series: Rare Diseases collection. Prevalence and incidence of rare diseases: bibliographic data. Number 1, January 2022. Accessed November 5, 2024. https://www.orpha.net/orphacom/cahiers/docs/GB/Prevalence_of_rare_diseases_by_alphabetical_list.pdf.U.S. Department of Commerce. News Blog. U.S. population estimated at 332,403,650 on Jan. 1, 2022. Accessed November 5, 2024. https://www.commerce.gov/news/blog/2022/01/us-population-estimated-332403650-jan-1-2022.Easter DW, Halasz NA. Recent trends in the management of desmoid tumors. Summary of 19 cases and review of the literature. Ann Surg. 1989;210(6):765-769. doi:10.1097/00000658-198912000-00012.Desmoid Tumor Working Group. The management of desmoid tumours: a joint global consensus-based guideline approach for adult and paediatric patients. Eur J Cancer. 2020;127:96-107. doi:10.1016/j.ejca.2019.11.013.Referenced with permission from the NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) for Soft Tissue Sarcoma V.2.2023. © National Comprehensive Cancer Network, Inc. 2023. All rights reserved. Accessed August 2023. To view the most recent and complete version of the guideline, go online to NCCN.org. NCCN makes no warranties of any kind whatsoever regarding their content, use or application and disclaims any responsibility for their application or use in any way.

Yancoal Australia Ltd (OTCPK:YACAF) Q3 2025 Earnings Call October 20, 2025 9:00 PM EDT

Company Participants

Brendan Fitzpatrick - General Manager of Investor Relations
Sharif Burra - Chief Executive Officer
David Bennett
Mark Salem - Executive General Manager of Marketing
Ning Su - Chief Financial Officer

Conference Call Participants

Peter Wang

Presentation

Operator

Thank you for standing by, and welcome to the Yancoal Third Quarter Production Report. [Operator Instructions] I would now like to hand the conference over to Brendan Fitzpatrick. Please go ahead.

Brendan Fitzpatrick
General Manager of Investor Relations

Thank you, Travis, and thank you to everyone on the call for joining this briefing on Yancoal's Third Quarter Production Report for 2025. We have several members of Yancoal's executive leadership team to recap the quarter and participate in the question-and-answer session.

On the call, we have Sharif Burra, our Chief Executive Officer; Kevin Su, Chief Financial Officer; Laura Zhang, Company Secretary, Chief Legal, Compliance, Corporate Affairs Officer; David Bennett, EGM Operations; Mark Salem, EGM, Marketing and Logistics; and Mike Wells, EGM Finance.

The commentary provided today is based on the quarterly production report published on the Australian Securities Exchange and the Stock Exchange of Hong Kong announcement platforms yesterday, the 20th of October. There is no presentation pack for this conference call. The Yancoal website holds past presentations for any participants who require additional information on the company.

I'll hand over to our CEO, Sharif Burra, to provide third quarter highlights.

Sharif Burra
Chief Executive Officer

Thanks, Brendan. I also welcome everyone joining us on today's conference call. This is my first time engaging with you since my appointment as CEO last month. I'd like to acknowledge and thank Mr. Yue, our Chair of the Executive Committee, who took on the additional responsibilities of acting CEO earlier this year and did an excellent job conducting both roles. I

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Unilever said on Tuesday the timeline for the planned demerger of The Magnum Ice Cream Company has been delayed due to the U.S. federal government shutdown, with further updates on the revised schedule to be provided as soon as possible.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

LONDON--(BUSINESS WIRE)--India’s smartphone market grew 3% year-on-year (YoY) in Q3 2025, reaching 48.4 million units shipped according to the latest research from Omdia. Vendors filled the channels with new stocks in expectation of a high-demand festive period. The modest growth was driven by a wave of new launches in July and August, retail incentivization and an earlier festive season that pulled forward inventory flows.

“With limited organic demand, 3Q’s momentum was largely sustained through incentive-led channel push rather than pure consumer recovery,” said Sanyam Chaurasia, Principal Analyst at Omdia.

Share
vivo (excluding iQOO) extended its lead in the market with 9.7 million units shipped capturing a 20% market share. Samsung ranked second with 6.8 million units and a 14% market share followed by Xiaomi in third place, narrowly overtaking OPPO (excluding OnePlus), with both vendors shipping 6.5 million units. Apple returned to the top five with 4.9 million units, with incremental growth driven by smaller tier cities.

“With limited organic demand, 3Q’s momentum was largely sustained through incentive-led channel push rather than pure consumer recovery,” said Sanyam Chaurasia, Principal Analyst at Omdia. “Vendors reallocated marketing budgets to high-impact retail incentive programs that rewarded sell-through, ranging from cash-per-unit bonuses to tiered margins and dealer contests with rewards such as gold coins, bikes, and international trips. These incentives motivated distributors and retailers to absorb higher inventory ahead of the festive season. At the same time, vendors intensified consumer-facing schemes – from zero-down-payment EMIs, micro-instalment plans, bundled accessories and extended warranties – to drive conversions.

“vivo extended its lead with a balanced portfolio, aggressive retail programs, and a standout promoter network,” continued Chaurasia. “Its T-series scaled online early in the festive period, while the V60 and Y-series expanded across large-format and rural retail. Samsung gained mid-premium traction with old generation models, refreshed Snapdragon-powered S24 and S25 FE but faced pressure in the entry tier. OPPO’s volumes were driven by an aggressive multi-layered festive channel program, anchored around the F31 series. Outside the top five, Motorola hit a record 4 million units, up 53% YoY, led by G-series and Edge 60 offline expansion. Nothing grew 66%, with CMF Phone 2 Pro and Phone 3a driving volumes, as it repositioned CMF as India’s first locally headquartered sub-brand via its tie-up with Optimus.

“Apple posted its highest-ever shipments in India in 3Q, securing 10% share,” added Chaurasia. “Smaller cities drove volumes through aspirational demand, aggressive festive offers and wider availability. While older iPhones 16s and 15s drove major shipments under discount-led upgrades, the iPhone 17 base model gained traction supported by a strong iPhone 12–15 install base upgrades. Looking ahead, Apple will aim for Pro-model upgrades and deepen its ecosystem to drive long-term value.”

“Despite early momentum, 3Q’s gains are unlikely to sustain into a strong year-end. While government-led reforms such as GST reductions on large appliances lifted overall retail sentiment, smartphone-specific demand recovery remains limited. Urban consumers continue to delay upgrades due to employment uncertainties and rising cost sensitivity, despite better product availability and financing schemes. As a result, sell-out traction lags behind shipment growth, raising concerns of inventory build-up in 4Q, especially after November. In contrast, rural demand has been relatively stable, but insufficient to offset cautious urban sentiment. For full-year 2025, we continue to expect a modest decline, reflecting a fragile recovery cycle that remains highly sensitive to economic tailwinds and channel correction dynamics,” concluded Chaurasia.

India’s smartphone shipments and annual growth

Omdia Smartphone Market Pulse: 3Q25

Vendor

3Q25 shipments (million)

3Q25

market share

3Q24

shipments (million)

3Q24

market share

Annual

growth

vivo

9.7

20%

8.2

17%

19%

Samsung

6.8

14%

7.5

16%

-9%

Xiaomi

6.5

13%

7.8

17%

-17%

OPPO

6.5

13%

6.3

13%

3%

Apple

4.9

10%

3.3

7%

47%

Others

14.0

29%

13.9

30%

1%

Total

48.4

100%

47.1

100%

3%

Note: vivo excludes iQOO. OPPO excludes OnePlus. Xiaomi estimates include sub-brand POCO. Percentages may not add up to 100% due to rounding.

Source: Omdia Smartphone Horizon Service (sell-in shipments), October 2025

ABOUT OMDIA

Omdia, part of Informa TechTarget, Inc. (Nasdaq: TTGT), is a technology research and advisory group. Our deep knowledge of tech markets combined with our actionable insights empower organizations to make smart growth decisions.

PARIS--(BUSINESS WIRE)--TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and the independent French consulting and engineering group Oteis have signed a deal for the sale of TotalEnergies’ sustainable consultancy and solutions affiliate GreenFlex to Oteis, a divestment that reflects TotalEnergies’ strategy to concentrate its activities on energy production and supply.

With over 800 employees and some thirty agencies in France and the rest of Europe, Oteis Conseil & Ingénierie operates in several fields: construction, water and development, infrastructure, and industry. The group’s ability to integrate new teams and develop their skills following deals similar to the GreenFlex acquisition has delivered strong growth in recent years.

Oteis intends to harness GreenFlex’s expertise in environmental and social consultancy, low-carbon energy performance and transition financing to establish a major new player with a full range of services and solutions on their markets.

For the teams at GreenFlex, the deal represents an opportunity to expand into new markets while continuing to help businesses and regions to become more sustainable, decarbonize and improve their energy efficiency.

Following divestment, TotalEnergies will become a major GreenFlex customer, signing a contract for the production of French Energy Saving Certificates (CEEs).

Completion of the project is subject to the usual conditions, including the consultation of employee representatives and the authorization of the competition authorities.

***

About TotalEnergies

TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations.

About GreenFlex

GreenFlex supports businesses and regional authorities from designing of their roadmap to launching of operations and ongoing monitoring. This end-to-end support is based on a multi-disciplinary model, combining consultancy, dedicated contacts, digital tools, and financing. GreenFlex’s teams work in nineteen offices across France and the rest of Europe. http://www.greenflex.com/

About Oteis

An independent French consulting and engineering group, Oteis operates in many fields: Construction, Water & Development, Infrastructure & Civil Engineering, and Industry & Processes. When acting as a Consultant, or providing assistance for project ownership or project management, we support public and private entities at every stage of their project: planning, feasibility, design, construction, operation and maintenance, and renovation and rehabilitation. With our "Green & Digital" inspiration for innovative, high-performance and resilient structures, Oteis is a bold company with a proven track record of past projects delivered by its committed, multidisciplinary teams. The experience of our 850 employees and our dense regional network (over thirty agencies in mainland France, the French overseas territories, Belgium, and Monaco) allow us to combine technical expertise, customer closeness, and agility alongside innovation, value and low-carbon ambitions for our customers’ projects. More information at www.oteis.fr.

@TotalEnergies TotalEnergies TotalEnergies TotalEnergies

Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

About Jamie Ashcroft
Jamie Ashcroft, the News Editor for Proactive UK, has developed an impressive career in financial journalism, focusing on the small-cap sector for over fourteen years. Before joining the Proactive team, he was a stockbroker during the global financial crisis, a role that complemented his educational background - a first-class degree in Business and Economics and qualifications in software design and development.
As one of the early external hires at Proactive in 2009, Jamie contributed... Read more

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Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

DETROIT — General Motors is set to report its third-quarter earnings before the bell Tuesday amid a litany of challenges facing the automotive industry.

Here is what Wall Street is expecting, according to average estimates compiled by LSEG:

Earnings per share: $2.31 adjustedRevenue: $45.27 billionThose results would mark a 7.2% decrease in revenue compared with a year earlier and a 22% drop in adjusted earnings per share. GM's 2024 third-quarter results included $48.76 billion in revenue, net income attributable to stockholders of $3 billion and adjusted earnings before interest and taxes of $4.1 billion.

GM's results come a week after the company pre-reported a $1.6 billion special-item impact from its pullback in all-electric vehicles. The cost, which includes a $1.2 billion noncash impact and $400 million in cash, will not affect its adjusted results, but it will hurt the automaker's bottom line.

Aside from EV changes, GM and the broader auto industry continue to face challenges from changing regulations, tariffs, inflation and other disruptions.

Several Wall Street analysts expressed "investor concerns" that GM could miss estimates for the quarter, as well as additional "downside risk" due to shifts in truck production, trim mix and other issues such as warranty costs.

GM CFO Paul Jacobson in July said the tariff impact will likely be "slightly higher" during the third quarter than it was in the prior quarter. He said at the time that GM still expects between $4 billion and $5 billion in increased tariff costs in 2025, at least 30% of which the company expects to offset.

GM's full-year guidance, which it modified in May due to tariffs, includes adjusted EBIT of between $10 billion and $12.5 billion, or $8.25 to $10 adjusted earnings per share; net income attributable to stockholders of $7.7 billion to $9.5 billion; and adjusted automotive free cash flow between $7.5 billion and $10 billion.

Shares of GM are up about 9% in 2025, as of Monday's close.

This is developing news. Please check back for additional updates.

Q3: 2025-10-20 Earnings SummaryEPS of $1.54 beats by $0.15

 |

Revenue of

$872.00M

(8.46% Y/Y)

beats by $41.06M

Zions Bancorporation, National Association (NASDAQ:ZION) Q3 2025 Earnings Call October 20, 2025 5:30 PM EDT

Company Participants

Shannon Drage - Senior VP, Senior Director of IR & Strategic Finance
Harris Simmons - Chairman & CEO
R. Richards - Executive VP & CFO
Derek Steward - Executive VP & Chief Credit Officer
Scott McLean - President, COO & Director

Conference Call Participants

Manan Gosalia - Morgan Stanley, Research Division
David Rochester
Kenneth Usdin - Bernstein Autonomous LLP
Benjamin Gerlinger - Citigroup Inc., Research Division
Matthew Clark - Piper Sandler & Co., Research Division
John Pancari - Evercore ISI Institutional Equities, Research Division
Peter Winter - D.A. Davidson & Co., Research Division
Christopher McGratty - Keefe, Bruyette, & Woods, Inc., Research Division
David Smith - Truist Securities, Inc., Research Division
Bernard Von Gizycki - Deutsche Bank AG, Research Division
Anthony Elian - JPMorgan Chase & Co, Research Division
Sun Young Lee - TD Cowen, Research Division
Timothy Coffey - Janney Montgomery Scott LLC, Research Division
Jon Arfstrom - RBC Capital Markets, Research Division

Presentation

Operator

Greetings and welcome to Zions Bancorp Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. Now I will turn the conference over to Shannon Drage, Senior Director of Investor Relations. Thank you, and you may begin.

Shannon Drage
Senior VP, Senior Director of IR & Strategic Finance

Thank you, Von, and good evening, everyone. Welcome to our conference call to discuss the third quarter earnings for 2025. My name is Shannon Drage, Senior Director of Investor Relations.

I would like to remind you that during this call, we will be making forward-looking statements. Please note that actual results may differ materially. We encourage you to review the disclaimer in the press release or Slide 2 of the presentation, dealing with forward-looking information and the presentation of non-GAAP measures, which applies equally to statements made during this call. A copy of the earnings release as well

Recommended For You

Key developments in Q3 2025 and after balance sheet date:

•      Revenue of NOK 252 million in the third quarter of 2025, 54% lower compared to same period last year, but representing the highest quarterly revenue achieved so far in 2025;
•      EBITDA of NOK -116 million in the third quarter of 2025, compared to NOK -51 million in the same period last year. EBITDA in the third quarter of 2025 includes NOK 31 million of restructuring costs related to the personnel reductions announced in July;
•      Exited the quarter with order backlog consisting of firm purchase orders of approximately NOK 1.0 billion. 

“Revenue for the third quarter of NOK 252 million came in lower than we expected as a combination of customer-related timing shits and workforce adjustments. On the positive side, higher activity for hydrogen distribution contributed to strong sequential growth in the quarter”, says Morten Holum, CEO of Hexagon Purus. “The second round of workforce reductions in Germany was completed during the quarter and is expected to take full effect from 2026. Our overall ambition remains unchanged; the ongoing portfolio review, combined with cost-cutting initiatives, are aimed at maintaining sufficient liquidity to bridge the Company to EBITDA and cash break even”.

Hexagon Purus Q3 2025 consolidated financials
In the third quarter of 2025, Hexagon Purus (“the Company” or “the Group”) generated revenue of NOK 252 million, down 54% compared to the corresponding period in 2024, but an increase of 30% from the second quarter of 2025. The main reason for the revenue decline was significantly lower activity in the hydrogen infrastructure and hydrogen heavy-duty mobility applications, while demand in hydrogen transit bus and aerospace applications remained strong, consistent with earlier quarters in 2025.

Total operating expenses in the third quarter of 2025 ended at NOK 368 (595) million, leading to an operating profit before depreciation (EBITDA) of NOK -116 (-51) million, equivalent to an EBITDA margin of -46% (-9%).

Total assets at the end of the third quarter of 2025 amounted to NOK 3,988 (4,620) million. Inventory amounted to NOK 758 (678) million as of the end of the third quarter of 2025, and the majority of inventory consists of raw materials and work-in-progress. Trade receivables decreased sequentially by NOK 10 million in the third quarter of 2025 to NOK 234 (468) million.

Total equity was NOK 1,054 (1,739) million per the third quarter of 2025, equal to an equity ratio of 26% (38%). The increase in non-current liabilities to NOK 2,298 (2,057) million is mainly driven by non-cash interest added to the principal of the two outstanding convertible bonds, partly offset by a reduction in lease liabilities to NOK 492 (505) million. Total current liabilities stood at 636 (824) million at the end of the third quarter of 2025, of which trade payables made up NOK 179 (358) million.

Net cash flow from operating activities in the third quarter of 2025 was NOK -115 (-115) million. Working capital increased by NOK 26 million in the third quarter, primarily driven by higher inventory levels in preparation for increased activity in the fourth quarter and a reduction in contract liabilities. This was partly offset by a decrease in trade receivables and an increase in trade payables.

Net cash flow from investing activities was NOK -34 (-135) million in the third quarter of 2025, of which NOK 14 (128) million relates to investments in production equipment and facilities.

Net cash flow from financing in the third quarter of 2025 was NOK -15 (-25) million.

Cash and cash equivalents ended at NOK 360 (269) million as of the third quarter of 2025.

Hydrogen Mobility and Infrastructure (HMI)
Revenue for the HMI segment totaled NOK 233 million in the third quarter of 2025, a decrease of 55% compared to the same period last year, but an increase of 42% from the second quarter of 2025. The year-over-year decline in revenue is primarily owed to lower activity within hydrogen infrastructure and heavy-duty hydrogen mobility, which is partially offset by higher year-over-year revenue from aerospace applications.

EBITDA for the HMI segment amounted to NOK -47 million in the third quarter of 2025, corresponding to a margin of -20%, compared to NOK 11 million and a margin of 2% in the same period last year. Adjusted for restructuring costs and a one-off customer payment, EBITDA was NOK -28 million, equal to a margin of -12% in the third quarter of 2025.

Historical segment financials are made available on www.hexagonpurus.com together with Q3
2025 report and presentation.

Battery Systems and Vehicle Integration (BVI)
Revenue for the BVI segment in the third quarter of 2025 was NOK 13 (29) million. Revenue in the quarter was primarily comprised of vehicle deliveries to Hino and income from the sublease of part of the Company’s Dallas facility to Hino.

EBITDA for the BVI segment ended at NOK -30 (-21) million in the third quarter of 2025.

Historical segment financials are made available on www.hexagonpurus.com together with Q3
2025 report and presentation.

Outlook
The Company has put behind it a challenging first nine months of the year, marked by market softness and significant restructuring initiatives across several business units. The measures implemented during this period are now beginning to yield tangible results, and the organization is increasingly aligned with expected market demand for the coming years. Focus remains on maintaining stable operational performance and delivery following the organizational adjustments made earlier in the year.

In line with expectations and previous communication, third-quarter performance represented an improvement in revenue and operating results, driven by higher activity levels and the benefits of a leaner cost base. Based on the current order backlog, the fourth quarter is expected to deliver further improvement in financial performance.

The anticipated increase in revenue is expected to gradually release working capital, while capital expenditure will remain at a low level. Combined, these factors are expected to result in a lower cash burn going forward compared to the levels observed earlier in the year.

The Company has adjusted the cost base to match the demand outlook. Customer dialogues for 2026 orders are progressing well, and the strategic review of the business portfolio continues in parallel. The ambition remains unchanged; the ongoing portfolio review, combined with cost-cutting initiatives, are aimed at maintaining sufficient liquidity to bridge the Company to EBITDA and cash break-even.

Presentation of the results
Hexagon Purus will present the Q3 2025 results today, 21 October, at 08:30 CEST and the presentation will be broadcast live via https://hexagonpurus.vivida.live.

The presentation will be held in English and will be virtual. A recording of the presentation will be made available on www.hexagonpurus.com.

For more information:
Mathias Meidell, IR Director, Hexagon Purus ASA
Telephone: +47 909 82 242 | [email protected]

Salman Alam, CFO, Hexagon Purus ASA
Telephone: +47 476 12 713 | [email protected]

About Hexagon Purus ASA
Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace.

Learn more at www.hexagonpurus.com and follow @HexagonPurus on X and LinkedIn.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

HPUR Q3 2025 Report

HPUR Q3 2025 Presentation

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of V.F. Corporation (NYSE: VFC) between October 30, 2023 and May 20, 2025, both dates inclusive (the "Class Period"), of the important November 12, 2025 lead plaintiff deadline.

So what: If you purchased V.F. Corporation securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the V.F. Corporation class action, go to https://rosenlegal.com/submit-form/?case_id=44811 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 12, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Details of the case: According to the lawsuit, defendants disseminated materially false and misleading statements and/or concealed material adverse facts concerning the true state of V.F. Corporation's turnaround plans. Specifically, defendants provided investors with material information concerning V.F. Corporation's turnaround plan ("Reinvent"), which in part focused on efforts to return the Vans brand to positive growth. The lawsuit alleges that defendants concealed that additional significant reset actions would be necessary to return the Vans brand to growth, and would result in significant setbacks to Vans' revenue growth trajectory. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the V.F. Corporation class action, go to https://rosenlegal.com/submit-form/?case_id=44811 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

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SOURCE THE ROSEN LAW FIRM, P. A.

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SummaryCompaniesHanoi to bar petrol-powered motorbikes from city centre from mid-2026Japanese officials, manufacturers raise alarm over Hanoi motorbike planBan risks job losses, bankruptcies, documents showHonda sales down after measures unveiled; VinFast set to gainHANOI/TOKYO, Oct 21 (Reuters) - The Japanese government and some of the nation's top manufacturers have warned Vietnam that a planned ban on petrol-powered motorbikes in Hanoi could spark job losses and disrupt a $4.6 billion market that is dominated by Honda

(7267.T), opens new tab, according to documents reviewed by Reuters and seven people familiar with the matter.

In July, Vietnamese Prime Minister Pham Minh Chinh issued a directive prohibiting petrol motorbikes from entering the centre of the capital from the middle of 2026, as the country seeks to reduce high levels of air pollution. Broader restrictions are due in 2028 and bans are expected to spread to other parts of the country.

Sign up here.

In response, the Japanese embassy in Hanoi sent a letter to Vietnamese authorities saying a sudden ban could "affect employment in supporting industries" such as motorcycle dealers and parts suppliers, according to a statement from the embassy summarising its letter. The embassy declined to share the full contents of the letter, which is being reported for the first time.

The embassy also urged Vietnamese authorities to consider an "appropriate roadmap" for electrification that would include a preparation period and staged implementation of regulations.

The embassy declined to say when the letter was sent, although one Japanese government official said it was relayed in September.

Vietnam's two-wheeler market is one of the world's largest - worth an estimated $4.6 billion this year, according to market research firm Mordor Intelligence - with the number of registered motorbikes last year approaching 80% of the country's population of 100 million, one of the highest ownership rates globally.

MANUFACTURERS WARN OF POTENTIAL BANKRUPTCIESThe main trade group for foreign motorcycle makers in Vietnam, which is led by Honda and includes Yamaha

(7272.T), opens new tab and Suzuki

(7269.T), opens new tab, sent its own letter to the government in July warning that the ban could result in "production interruptions and the risk of bankruptcy" for companies in the supply chain, according to a copy of the letter reviewed by Reuters.

The manufacturers said the ban could have "spillover effects" on hundreds of thousands of workers and cited potential disruptions for nearly 2,000 dealers and some 200 component suppliers.

They urged the implementation of a transitional period "with a minimum preparation time of two to three years" to allow time for them to adjust production lines while a network of charging stations and safety standards are expanded.

Vietnamese officials have thus far declined to act on the requests from the Japanese government and manufacturers, according to three people familiar with the discussions. These people, like others who spoke to Reuters, declined to be identified because of the sensitivity of the issue.

Vietnam's government did not respond to a request for comment.

The government has said the ban is necessary to tackle high air pollution levels in Hanoi. Authorities in Ho Chi Minh City, Vietnam's largest metropolis, have also signalled plans to restrict petrol-powered vehicles.

Addressing concerns about the switch to electric power, Prime Minister Chinh told Japanese executives in August that reducing emissions is a global issue requiring joint efforts "to choose the most optimal solution with a suitable roadmap," according to the government's online portal.

IN VIETNAM, HONDA IS SYNONYMOUS WITH MOTORBIKESHonda, which controls 80% of the two-wheeler market in Vietnam with 2.6 million vehicles sold last year, has led the charge to have authorities revise the directive, according to three of the people, all of whom attended or were briefed about meetings with the Vietnamese government and other officials in recent months.

In private, one Honda representative raised the possibility that the company could consider scaling back its production in Vietnam in response, according to one of the people.

Honda said it was closely monitoring the situation, but had no plan to close factories.

The Japanese manufacturer has four factories in Vietnam, where it is so dominant that its brand name has become a shorthand for "motorbike" in Vietnamese.

Almost all of the motorbikes it sells in Vietnam and elsewhere are powered by petrol. But it does also offer the CUV e: and ICON e: battery-powered models in the country.

Honda's sales in Vietnam tumbled by almost 22% in August from July, the month the ban was unveiled, before recovering slightly in September. The company recorded double-digit sales declines from a year earlier in August and September.

As Honda's automotive business has been squeezed by heightened competition due to a global shift to electric cars, it has become more reliant on its motorcycle business as a profit driver.

VINFAST SALES ARE RISING - FASTMeanwhile, sales of electric motorbikes and e-bikes made by Nasdaq-listed Vietnamese firm VinFast

(VFS.O), opens new tab rose 55% to nearly 70,000 in the second quarter of 2025 from the first quarter.

They are expected to surge following the ban, according to a consumer survey conducted in September by market research firm Asia Plus.

The proposed environmental measures have also had an impact on Vietnam's petrol car sales, which fell 18% in September from a year earlier for members of VAMA, the country's largest auto industry association, which includes several Japanese brands.

Last month, VAMA said it did not expect a direct impact from the motorbike ban but acknowledged that "some customers are hesitant to buy new cars" following the government's announcements.

Japanese carmaker Toyota

(7203.T), opens new tab is the market leader with more than a quarter of total car sales in September, according to data from VAMA.

Reporting by Francesco Guarascio and Phuong Nguyen in Hanoi, Daniel Leussink in Tokyo; Additional reporting by Maki Shiraki and Kentaro Okasaka in Tokyo, Khanh Vu in Hanoi; Editing by David Dolan and Thomas Derpinghaus.

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Francesco leads a team of reporters in Vietnam that covers top financial and political news in the fast-growing southeast Asian country with a focus on supply chains and manufacturing investments in several sectors, including electronics, semiconductors, automotive and renewables. Before Hanoi, Francesco worked in Brussels on EU affairs. He was also part of Reuters core global team that covered the COVID-19 pandemic and participated in investigations into money laundering and corruption in Europe. He is an eager traveler, always keen to put on a backpack to explore new places.

Daniel Leussink is a correspondent in Japan. Most recently, he has been covering Japan’s automotive industry, chronicling how some of the world's biggest automakers navigate a transition to electric vehicles and unprecedented supply chain disruptions. Since joining Reuters in 2018, Leussink has also covered Japan’s economy, the Tokyo 2020 Olympics, COVID-19 and the Bank of Japan’s ultra-easy monetary policy experiment.

Intention follows comprehensive strategic review process and would represent the optimal capital allocation pathway to support a stronger and sustainable future for Galapagos

Mechelen, Belgium; October 21, 2025, 07:30 CET; regulated information – inside information – Galapagos NV (Euronext & NASDAQ: GLPG) today announced its intention to wind down its cell therapy business and pursue new transformational business development transactions with its available cash resources. The intention to wind down follows a comprehensive review of strategic alternatives, including a potential divestiture.

The plan would enable the Company to enhance operational efficiencies and focus on utilizing its available cash to execute its strategy of building a pipeline of novel therapeutics through strategic business development transactions under the leadership of its new management team.

“We have undertaken a thorough strategic review and sale process to identify potential buyers or investors with the expertise and resources to take the cell therapy business forward,” said Henry Gosebruch, Chief Executive Officer of Galapagos. “Following a limited number of non-binding offers, ultimately no viable proposals were received with terms or financing that would reasonably support the business’ future. After a comprehensive review of all strategic alternatives, given the ongoing investment requirements, coupled with evolving market dynamics and taking into account the interest of all relevant stakeholders, we believe that allocating our capital to other areas of unmet need would be a more attractive use of our resources. Now that this comprehensive strategic review process has concluded, we look forward to continuing to pursue transformative business development opportunities.”

Based on this assessment and extensive input from its advisors, Galapagos intends to wind down its cell therapy business. This intention to wind down the cell therapy business aims to support a stronger and more sustainable future for Galapagos. We are deeply grateful to our dedicated employees, investigators, patients, shareholders, and partners for their continued commitment and support.

The intention to wind down the cell therapy business was unanimously approved by the Board of Galapagos NV other than the two Directors appointed by Gilead, both of whom recused themselves from the vote. This intention is subject to the conclusion of consultations with works councils in Belgium and the Netherlands, during which Galapagos will continue to operate the business. Galapagos would consider any viable proposal to acquire all, or part of the cell therapy business, if such a proposal emerges during the wind down process.

The intention to wind down, if ultimately implemented, is anticipated to impact approximately 365 employees across Europe, the U.S. and China, as well as the closure of the sites in Leiden (the Netherlands), Basel (Switzerland), Princeton and Pittsburgh (U.S.), and Shanghai (China). The remaining Galapagos NV organization would be repositioned for long-term growth through transformational business development, and would keep a dedicated presence at its headquarters in Mechelen, Belgium. The non-cell therapy activities would continue to be managed by Galapagos.

In the event that the board would effectively proceed with a full wind down decision (i.e. when the intention would be confirmed after works council procedures), the Company would expect to incur the following spend related to the cell therapy business: €100 million to €125 million of operating costs from Q4 2025 through 2026 and €150 million to €200 million of one-time restructuring costs in 2026. An updated 2025 cash outlook will be provided with the Company’s third-quarter earnings in early November.

In connection with this process, Paul Weiss, Linklaters and Rutgers & Posch are serving as legal advisors and Morgan Stanley & Co. International plc is acting as financial advisor.

This press release contains inside information within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation).

For further information, contact Galapagos:
Investor Relations
Glenn Schulman

+1 412 522 6239
[email protected]

Corporate Communications
Marieke Vermeersch
+32 479 490 603

[email protected]

Visit us at www.glpg.com or follow us on LinkedIn or X.

Forward-looking statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than present and historical facts and conditions contained in this press release are forward-looking statements that involve substantial risks and uncertainties. When used in this press release, the words “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “is designed to,” “may,” “might,” “plan,” “potential,” “predict,” “objective,” “should,” or the negative of these and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about our intention to wind down our cell therapy business as part of our ongoing transformation, business strategy, plans and our objectives for future operations. These forward-looking statements are based on management’s current expectations, are neither promises nor guarantees, and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements. Such risks include but are not limited to the following: our ability to successfully implement the winding down of our cell therapy business within the expected timeframe or at all, or if implemented, will achieve its anticipated economic benefits; our ability to identify suitable buyers or investors; our ability to successfully pursue new transformational business development transactions; potential litigation associated with the winding down; negative impact of this press release on our stock price, employee retention, business relationships and business generally; the outcome of the consultations with works councils in Belgium and the Netherlands; changes to our capital allocation strategies; our ability to advance product candidates into, and successfully complete, clinical trials; the initiation, timing, progress and results of our preclinical studies and clinical trials and our research and development programs; our ability to identify product candidates that have commercial success and/or are profitable; the timing or likelihood of regulatory filings and approvals; differing interpretations and assessments by regulatory authorities on our clinical trial data; the risk that interim or preliminary data that we report differ from actual final results; risks related to conducting global clinical trials, including the possibility of differing perspectives and requirements by local regulatory authorities; new or changing government regulations; uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; clinical failure at any stage of clinical development; uncertainty inherent to patient enrollment and enrollment rate; our ability to use and expand our drug discovery efforts; competition; side effects caused by our product candidates; delays in obtaining regulatory approval of manufacturing processes and facilities or disruptions in manufacturing processes; the rate and degree of market acceptance of our product candidates if approved by regulatory authorities; our ability to develop sales and marketing capabilities; risks related to the commercialization of our product candidates, if approved; the pricing and reimbursement of our product candidates, if approved; our ability to implement our business model, strategic plans for our business, product candidates and technology; the scope of protection we are able to establish and maintain for intellectual property rights covering  our product candidates and technology; our ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property rights and proprietary technology of third parties; regulatory developments in the United States, Europe and other jurisdictions; our ability to enter into strategic arrangements and strategic collaboration agreements; our ability to maintain and establish collaborations or obtain additional grant funding; our ability to attract and retain qualified employees and key personnel; and other factors described under the headings “Special Note Regarding Forward-Looking Statements” and “Item 3. Key Information—D. Risk Factors” in our latest Annual Report on Form 20-F and other periodic filings with the U.S. Securities and Exchange Commission. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.

Galapagos Announces Intention to Wind Down Cell Therapy Business as Part of the Company’s Ongoing Transformation

Solana’s Anatoly Yakovenko invites developers to “steal” his AI-assisted Percolator DEX idea.The open-source move fuels debate on ethics and innovation in decentralized finance.Solana’s potential in the $210B DeFi perps market gains renewed attention.Solana co-founder Anatoly Yakovenko has reignited debate in the decentralized finance (DeFi) sector after publicly urging developers to “steal” his idea for a new perpetual futures decentralized exchange (DEX).

In an October 20 post on X, Yakovenko revealed that he has been developing the prototype, dubbed “Percolator,” with the assistance of AI tool Claude.

Percolator Prototype and Open-Source DevelopmentYakovenko’s comments and the accidental upload of related code to GitHub have drawn widespread attention, highlighting tensions between open-source collaboration and intellectual property boundaries.

Sponsored

Sponsored

Percolator is an on-chain perpetual futures DEX built on the Solana blockchain. It manages position tracking, collateral management, and margin calculations directly on-chain. The protocol uses a “slab” structure—a sharded matching engine that separates order books by token. This design aims to boost execution speed and prevent contagion between markets.

Yakovenko’s call to “steal the idea” has been interpreted as an experiment in open innovation. Yakovenko’s invitation to replicate the concept seems to test open innovation in DeFi. He wants to see if the competitive AMM dynamics from spot trading can also work in perpetual markets. The GitHub repository suggests the project is still early. The routing system is functional, but liquidation modules remain under construction.

Mixed Community Reactions and Ethical QuestionsThe DeFi community responded swiftly. Yearn Finance founder Andre Cronje joked, “Didn’t read. Aped. If I lose my money, I am blaming you,” signaling early enthusiasm. Developer @rinegade_sol said, “I’ll cook it,” expressing intent to build independently, while others offered technical feedback such as adding AI-readable examples to documentation.

ill cook it oki, i actually was about to start working on own onchain perps implementation, but would prefer to learn more from your ideas and experiment on it over time!
here almost finished new terminal from scratch for any perp/dex/amm on solana: pic.twitter.com/JiGG5YOy3S

— rinegade (svm/acc) (@rinegade_sol) October 20, 2025While many see Yakovenko’s move as consistent with Solana’s hackathon-driven, collaborative ethos, others warn that blurring the line between open-source and intellectual property could lead to disputes over commercialization or profit-sharing. If another team commercializes Percolator’s concept, questions of ownership and attribution may surface.

The initiative also underscores Solana’s strategic positioning in a competitive DeFi landscape. With perpetual futures trading volume surpassing $210 billion in 2023, Solana’s push into this market could help it compete with established players such as GMX and Hyperliquid.

Innovation Catalyst or Risky Experiment?Yakovenko’s statement, though unconventional, has revived discussion around open-source ethics and innovation in DeFi. By inviting the community to experiment with his design, he may accelerate Solana’s technical evolution while testing the boundaries of decentralized collaboration.

Supporters argue that the move strengthens Solana’s ecosystem by inspiring developers to build more efficiently with AI-assisted tools. Critics counter that it exposes the protocol to imitation without ensuring sustainable governance or incentives.

Whether Percolator becomes a community-driven success or a cautionary tale, the episode underscores how innovation in Web3 increasingly depends on transparent, collective experimentation. For now, all eyes are on Solana’s GitHub repositories—where DeFi’s next chapter may be taking shape.

Disclaimer

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On-chain data shows the Ethereum MVRV Ratio has just given a signal that last took the cryptocurrency’s price from $3,300 to $1,400.

Ethereum MVRV Ratio Has Formed A Death Cross
In a new post on X, analyst Ali Martinez has talked about a signal that has appeared for Ethereum in the Market Value to Realized Value (MVRV) Ratio. This on-chain indicator measures the ratio between the ETH Market Cap and Realized Cap.

The Realized Cap here is a capitalization model for the cryptocurrency that calculates its total value by assuming the ‘real’ value of each token in circulation is equal to the price at which it was last transacted on the blockchain.

Since the last transaction of any token is likely to represent the last time it changed hands, the price at its time would denote its current cost basis. As such, the Realized Cap is a measure of the total cost basis of the ETH circulating supply. In other words, the model represents the amount of capital the investors as a whole have put into the asset.

The Market Cap, on the other hand, signifies the value that the investors are carrying in the present. Thus, its comparison with the Realized Cap in the MVRV Ratio tells us about the profit-loss situation of the holders.

When the value of the indicator is greater than 1, it means the investors are holding more value than they put in. On the other hand, it being under the cutoff suggests the overall market is underwater.

Now, here is the chart shared by Martinez that shows the trend in the Ethereum MVRV Ratio and its 160-day moving average (MA) over the past year:

The value of the metric appears to have gone under the 160-day MA in recent days | Source: @ali_charts on X
As displayed in the above graph, the Ethereum MVRV Ratio has witnessed a decline recently as ETH’s price has gone down, implying holder profitability has been dropping.

With the latest drawdown, the indicator’s daily value has plunged below the 160-day MA. In the chart, Martinez has highlighted the previous instances of this crossover taking place. It would appear that the MVRV Ratio’s fall under this line in February led into a significant decrease in the ETH price from $3,300 to $1,400, a swing of almost 60%.

Other instances of the crossover, however, didn’t mean much for Ethereum. It should be noted, though, that in these instances, including the one from earlier in the month, the metric was swift to recover back above the line, essentially canceling out the death cross.

It now remains to be seen whether the latest break below the line is going to be a sustainable one like in February, or if it will be another quick dip.

ETH Price
At the time of writing, Ethereum is floating around $4,000, down 2% over the last week.

The price of the coin seems to have overall traded sideways over the last few days | Source: ETHUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView

Bitcoin retests its 50-week SMA after sharp volatility. Traders watch $111K resistance as funding rates recover and market sentiment stays cautious.

Virtual currencies recorded mixed performance after Monday's rallies. Bitcoin has dropped below $110,000 again after touching $111,600 high. While the altcoin market remained somewhat muted, Avantis stole the show as its native token saw a staggering 60% upswing on its 24-hour price chart. AVNT has jumped from $0.4703 on the daily timeframe to $0.

After the massive crash on October 10 – which saw Bitcoin (BTC) touch $102,000 before recovering some losses – some analysts now predict that the top cryptocurrency may be on the verge of another bullish rally as it enters the ‘disbelief phase.’

Bitcoin In Disbelief Phase – Trouble For Bears?
According to a CryptoQuant Quicktake post by contributor Darkfost, Bitcoin appears to be entering the disbelief phase, which increases the possibility of a rebound to the upside. The contributor emphasized the slightly negative funding rate to support their analysis.

For the uninitiated, the Bitcoin disbelief phase occurs when a new uptrend begins, but most investors remain skeptical after a recent correction, doubting that the recovery is real. During this phase, lingering bearish sentiment and short positions often act as fuel for a stronger rally once confidence returns.

Darkfost stated that investors’ skepticism toward BTC returning to bullish mode can be gauged through BTC funding rates in the derivatives market. Funding rates remained negative at -0.004% on the exchange for six out of seven days over the past week, indicating traders are still slightly bearish.

Source: CryptoQuant
The likely reason behind traders’ short bias is the October 10 crypto market crash that led to a liquidation worth $19 billion. Since then, traders have consistently chosen to short the market instead of getting trapped in another price pullback.

However, the longer BTC remains in the disbelief phase, the stronger the potential for an explosive upside move becomes. Darkfost added:

If the current uptrend continues to establish itself, the growing pile of short positions against it could become a powerful fuel for the next leg higher. As these shorts get liquidated, it would drive prices upward, triggering a short squeeze.

If a short squeeze happens, then BTC could quickly rally to major liquidity zones around $113,000 level, and even as high as $126,000 region, where significant short orders liquidations are clustered.

The analyst shared two previous instance where such a pattern played out. In September 2024, BTC fell to $54,000 before surging to a new all-time high beyond $100,000.

Similarly, in April 2025, the flagship digital asset rallied from $85,000 to $111,000, before climbing even higher to $123,000. To conclude, the Bitcoin market may be on the verge of another short squeeze, fueled by investors’ skepticism.

BTC Investors Need To Be Cautious
Although BTC is giving hints of a looming short squeeze, investors should still exercise some caution before entering the market in hopes of an instant turnaround in sentiment. For example, Bitcoin activity recently slumped below its 365-day average, raising fears of a loss of momentum.

That said, some crypto analysts forecast that BTC is likely done with the price correction and is set to surge in the coming days. At press time, BTC trades at $110,814, up 2.8% in the past 24 hours.

Bitcoin trades at $110,814 on the daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash, charts from CryptoQuant and TradingView.com