Market Signal Briefing

By Reuters

October 24, 20255:42 AM UTCUpdated ago

The logo of Italian multinational energy company Eni is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren Purchase Licensing Rights, opens new tab

CompaniesMILAN, Oct 24 (Reuters) - Italian energy group Eni

(ENI.MI), opens new tab said on Friday it would increase its share buyback after better-than-expected third-quarter results.

The company reported an adjusted net profit of 1.25 billion euros ($1.46 billion) in the third quarter, beating an analyst consensus of 1.02 billion euros and coming in just below the 1.27 billion-euro profit posted in the same period of last year.

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Eni said it would raise its full-year 2025 share buyback by 20% to 1.8 billion euros.

($1 = 0.8575 euros)

Reporting by Francesca Landini, editing by Gavin Jones

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

Q3 2025 NAV per share at €163.0

Wendel to reach a key milestone in the implementation
of its business model transformation

Exclusive negotiations with a view to acquire Committed Advisors, a manager specialized in the secondary market: Wendel Investment Managers would further strengthen its position as a leading European midmarket private asset management platform

Wendel announces today exclusive negotiations with a view to acquire a controlling stake in Committed Advisors (“CA”), a global asset management firm specialized in the secondary market providing solutions to investors seeking liquidity for their private equity assetsFollowing the acquisition of Committed Advisors, Wendel Investment Managers, Wendel's third-party asset management platform, would exceed €2001 million in 2026 annual FRE and more than €46 billion in AUM in private equity, private debt, and private market solutions Principal investments operations will leverage IK Partners expertise

Wendel to be advised by IK Partners for all existing2 and future private investments Investments will remain owned and controlled by Wendel (no asset transfer) The IK Partners teams dedicated to managing Wendel's assets will assist Wendel for its unlisted assets investments. This will enable Wendel to benefit from IK Partners' investment expertise, its European reach, and its sourcing capabilities with the aim of improving the financial performance of its investmentsSimplification of the model, to generate stronger performance and cost efficiency. This new organization will take effect on January 1st, 2026 Wendel Growth to become Iron Wave (regulatory approval pending)

Wendel Growth’s direct investments team, building on the track record it has established over the past three years, will spin out from Wendel to launch Iron Wave (regulatory approval pending), a new GP in which they will hold a 70% majority stake, with Wendel retaining a 30% minority interest Q3 2025 Trading update highlights:

Fully diluted Net Asset Value3 as of September 30, 2025: €163.0 per share

Fully diluted NAV per share down -2.8% since June 2025 reflecting Bureau Veritas’s share price decrease in Q3 2025: Wendel Investment Managers: total value in NAV up by 2.6% compared to end of June due to multiples and aggregates increase. Asset management now represents c.26% of GAV excluding cash4 (and c.30% pro forma of Committed Advisors acquisition) Listed assets (c.32 % of GAV excluding cash): total value down by 4.9% mainly due to BVI’s share price decrease in Q3Unlisted assets (c.43% of GAV excluding cash): total value down 2.2% in Q3, mainly due to lower market multiples Wendel Investment Managers: continued growth in revenues and fundraising year to date

Wendel Investment Managers, Wendel's third-party asset management platform to reach €46 billion (€40.3 billion excluding Committed Advisors) in assets under management in private equity, private debt, and secondary following acquisition of Committed AdvisorsMonroe Capital has raised c.$1.2 billion of new funds on various strategies over Q3 2025. Management fees totaled €258.1 million YTD, growing more than threefold compared to last year, thanks to organic growth and strong scope effects Wendel Principal Investments: good overall activity performance and portfolio rotation over the first nine months of 2025

Good revenue growth across the boardSuccessful disposal of the 23.3 million Bureau Veritas shares underlying the exchangeable bond into Bureau Veritas shares issued by Wendel in March 2023 and maturing in March 2026, for a total amount of approximately €591 millionThe new CEOs of Crisis Prevention Institute and Scalian have now taken office and are actively working to create value within both companies Dividend: Wendel will pay an interim dividend of €1.50 per share for 2025 on November 20th

In order to reflect the recurring cash flow generated by its dual business model, Wendel has decided to pay an interim dividend of €1.50 in November 2025 for the 2025 financial year corresponding to about one third of the total dividend paid for the previous financial yearThe balance of the dividend for fiscal year 2025 will be submitted for approval at the next Shareholders’ Meeting, to be held on May 21, 2026 Strong financial structure and committed to remaining Investment Grade

Average debt maturity of 4.2 years with an average cost of 2.6%LTV ratio at 13.8%5 as of September 30, 2025, vs 19.2% as of June 30. 2025. LTV pro forma of the acquisition of Committed Advisors is c. 20%Cash position: €2.4 billion + €875 million in committed credit facility (fully undrawn) Laurent Mignon, Wendel Group CEO, commented:   “With the contemplated acquisition of Committed Advisors and the evolution of our Principal Investments platform, Wendel is continuing the transformation of its business model that began in 2023.

Committed Advisors, a highly regarded company operating in the secondary market with an excellent track record, will be a perfect match with our third-party private asset management platform by adding a new vertical, alongside highly talented teams in private equity (IK Partners) and private debt (Monroe Capital). With €46 billion in assets under management, Wendel is gradually establishing itself as a leading player in the mid-market.

At the same time, the evolution of our historic Principal Investments activity, now operated with the support of an advisory mandate entrusted to IK Partners – while retaining control of our assets – will enable us to increase our capacities and our efficiency.

These new milestones are in line with our strategy: to build a balanced group whose value creation is based on two complementary drivers – asset management, which generates recurring and predictable income, and Principal Investments, which is geared towards long-term value creation on majority-owned investments.”

Wendel Investment Managers (WIM) Evolution

Wendel Investment Managers, Wendel's third-party asset management platform would stand at €46 billion in assets under management and would reach €2006 million in 2026 FRE in lower-mid market private equity, private debt, and private market solutions following the contemplated acquisition of Committed Advisors

Wendel announces today exclusive negotiations with a view to acquire a controlling stake in Committed Advisors (“Committed Advisors” or “CA”) from its founding partners who would also reinvest all of their net proceeds in Committed Advisors funds as part of the envisaged transaction. For Wendel, this transaction would constitute a new milestone in its third-party asset management business, Wendel Investment Managers, which is aimed at generating additional sources of recurring income and intrinsic value creation.

A European secondary market specialist

Founded in 2010, Committed Advisors is a global private investment firm focusing on the midmarket, providing a broad range of solutions to investors and general partners seeking liquidity solutions for their private equity assets. Committed Advisors manages €6.0bn of private assets on behalf of third-party investors and, since inception, has completed over 220 transactions. In 2026, Committed Advisors’ activities are expected to generate around 70 million euros in management fees and around 45 million euros in pre-tax Fee Related Earnings (FRE). CA’s team of 50 professionals, including the 4 founding Managing Partners, focuses on mid-market secondary transactions ranging from €20m to €200m. Committed Advisors’ Secondary Funds (“CASF”) represent CA’s core long-standing strategy, accounting for more than 90% of total AuM. This secondary strategy is designed to build highly diversified portfolios across industry sectors and across geographies (North America: 51%, Europe: 36%, Asia & Rest of the World: 13%). Since inception, CA funds have delivered consistent performance, generating a gross IRR of 19%.

With this partnership, Committed Advisors would become the secondary market specialist within Wendel Investment Managers (Wendel’s asset management platform), which already covers buyout through IK Partners and private credit through Monroe Capital. Committed Advisors will benefit from the platform’s resources and support to consolidate its development and keep generating growth in a secondary market that has more than doubled in size since 2021. Following this transaction, Wendel Investment Managers would reach over €46bn in Assets Under Management and €200million in Fee Related Earnings on a pro forma basis in 2026.

        
With this new partnership, Wendel has line of sight to a sizeable platform managing multiple private asset classes: private equity, private credit and secondary, focused on the midmarket. Wendel Investment Managers platform is to become one of the main European players in terms of Assets Under Management & Fee Related Earnings, and will pursue its growth organically, with enhanced potential to generate operational synergies, and externally in the coming years.

A transaction specifically designed by both parties to align the strategic interests of all stakeholders, over the long-term

Wendel would acquire at closing 56% of Committed Advisors (“CA”) from its foundersIn line with Wendel Investment Managers model, CA’s teams would continue to operate autonomously with the same management and investment strategies, in the same markets and under the same brand. Committed Advisors investment committee would remain independentWendel would allocate up to €500m make anchor commitments in CA’s successor funds (19% gross IRR across previous funds) as well as the development of new strategies in the secondary mid-marketCA management would reinvest 100% of the initial net proceeds in CA’s successor fundsPost closing, CA management would retain a 44% equity interest in the GP with a sell-down over a period of 10 years The transaction would include (i) an initial transaction and (ii) subsequent transactions, structured to ensure strong alignment of interests among all stakeholders:

(i)      Initial controlling transaction

As part of the initial transaction, Wendel would acquire 56% of CA shares and allocate up to €500m to make anchor commitments in CA’s successor funds as well as the development of new strategies, and would be entitled to 20% of the carried interest of all such future funds raised by CA. A payment of €258 million would be made at closing, with an additional earnout of up to €128 million payable in 2028, 2029 and 2030, subject to FRE and fund raising targets.

(ii)      Subsequent transactions

The remaining 44% of CA’s share capital would be acquired by Wendel through subsequent transactions scheduled between 2029, 2032 and 2035. The valuation of these transactions would be linked to the growth in FRE over the period. Further, the broader CA Team will also benefit from a share of such value creation.

Subject to the finalization of negotiations and satisfaction of customary completion conditions (including regulatory approvals), the acquisition of the majority stake is expected to close in the first quarter of 2026.

Principal Investments Framework Evolution
Principal investments operations to leverage IK Partners’ expertise and move to a more efficient model

Wendel to be advised by IK Partners for all existing7 and future private investments

To strengthen the monitoring and performance of its unlisted controlled assets, Wendel has decided to appoint IK Partners (“IK”) as a paid advisor covering its unlisted portfolio, including Stahl, Scalian, Globeducate, CPI, and ACAMS. This advisory mandate aims both to strengthen the operational monitoring of these assets and to support Wendel in deploying capital in new opportunities that meet its investment criteria. The assets will remain owned and controlled by Wendel (no asset transfer).

Wendel will retain its decision-making power at the investment committee and on the boards of directors of current and future portfolio companies.

Wendel will continue to manage and lead this activity, while benefiting from broader and more in-depth expertise and access to a diversified and densified pipeline of opportunities. Teams at IK will also contribute sector expertise and analytical capabilities to accelerate decision-making.

IK will set up a dedicated team for this new activity, including several professionals from Wendel's investment team who would have chosen to join IK Partners

This approach illustrates the gradual integration of the Wendel platform, promoting the pooling of expertise between teams.

This new arrangement will take effect on January 1, 2026.

Wendel Growth: model simplification and upcoming launch of Iron Wave (regulatory approval pending) for direct investments

As part of its refocusing on its two core businesses, which began three years ago, Wendel announces that it has received or secured around €75 million in liquidity through secondary transactions on existing investments in funds and funds of funds, and is assessing liquidity opportunities on the remaining exposure in order to finance the Iron Wave project (subject to pending regulatory approval) and to generate additional resources for the Group.

Wendel is evolving its venture capital investment structure, which until now has been operated under the Wendel Growth brand. This business will become Iron Wave, a new GP controlled and managed by Antoine Izsak and Victoire Laurenty who will hold 70% of the share capital and will leverage its three-year track record. Having played an incubator role in the development of this business, Wendel will retain a minority stake in Iron Wave of 30%. Furthermore, major French institutional investors have expressed their intention to support the project alongside Wendel. Iron Wave will advise Wendel on existing direct growth investments made by Wendel Growth.

Net Asset Value as of September 30, 2025: €163.0 per share on a fully diluted basis

Wendel’s Net Asset Value (NAV) as of September 30, 2025, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

Fully diluted Net Asset Value was €163.0 per share as of September 30, 2025 (see detail in Appendix 1), as compared to €167.7 on June 30, 2025, representing a decrease of -2.8%. Compared to the last 20-day average share price as of September 30, the discount to September 30, 2025, fully diluted NAV per share was -50.6%.

Asset management activities contribution to NAV was positive, +€1.1 at constant exchange rate due to IK Partners and Monroe Capital blended multiples’ evolution and good FRE generation. A total of €67M of sponsor money is included in the NAV as of end of September, for both IK Partners and Monroe Capital.

Bureau Veritas contributed negatively to Net Asset Value, as end of September 2025, its 20-day average share price was down YTD (-10.6%). However, IHS Towers (+23.2% 20-day average share prices) and Tarkett (+0,6 %, based on ongoing Tender offer) impacted positively on the NAV. Total value creation per share of listed assets was down (-€3.6) on a fully diluted basis over the third quarter.

Unlisted assets contribution to NAV was negative over the course of the quarter with a total change per share of -€1.5 at constant exchange rate, reflecting overall multiples’ decrease.

Cash operating costs, Net Financing Results and Other items impacted NAV by -€0.4, at constant exchange rate, as maintains a good cost control. FX had a limited impact of -€0.3 on NAV, the dollar remaining broadly stable over the quarter.

Total Net Asset Value evolution per share amounted to -€4.7 since June 30, 2025.

Wendel’s Principal Investments’ portfolio rotation

On September 16, 2025, Wendel announced the successful completion of the disposal of the 23.3 million Bureau Veritas shares underlying the exchangeable bond into Bureau Veritas shares issued by Wendel in March 2023 and maturing in March 2026, for a total amount of approximately 591 million euros.

Following this Placement, Wendel’s holding in Bureau Veritas is reduced from 26.5% of the share capital and 41% of voting rights to approximately 21.4% of the share capital and 35% of voting rights.

As part of this transaction, Wendel has entered into a lock-up commitment for its Bureau Veritas shares of 180 calendar days from the date of the settlement and delivery of the Placement, subject to customary exemptions.

Wendel Investment Managers
c.26% of Gross Asset Value excluding cash

Over the first nine months of 2025, platform (IK Partners and Monroe Capital), focused on the midmarket private markets registered again a strong level of activity, generating a total of €258.1 million in Managements Fees and others, up by +233% vs 2024 thanks to good organic growth and strong scope effects: IK Partners was consolidated since the end of April in 2024, while for the first nine months of 2025, IK Partners is consolidated for the entire year, and Monroe Capital since the end of March 2025.

As of September 30, 2025, Wendel’s third-party asset management platform8 represented total assets under management of €40.3 billion (of which €11.0 billion of Dry Powder9), and FPAuM10 of €29.3 billion, FX adjusted, up +192% year-to-date. Over the period, €6.4 billion new Fee-Paying AuM were generated and about €3.6 billion of exits and payoffs have been realized. Since the beginning of the year, new fundraisings amounted to €3.4 billion.

Sponsor money invested by Wendel

Wendel uncalled commitments in IK Partners funds amount to €377 million (of which €300 million in IK X). As of September 30, 2025, a value of €67 million of sponsor money has been called in IK Partners and Monroe Capital funds.

Principal Investments companies’ revenues

Listed Assets: c.32% of Gross Asset Value excluding cash

Bureau Veritas - Robust and consistent revenue performance delivered in Q3 2025; FY 2025 outlook reaffirmed
(full consolidation)

In the third quarter of 2025, Bureau Veritas reported revenue of EUR 1,583.7 million, representing a 2.3% increase compared to the same period in 2024. The Group delivered robust organic growth of 6.3%, maintaining momentum consistent with the 6.6% achieved in the first nine months of the year.

Four key business lines drove the growth: Marine & Offshore (+16.2%), Buildings & Infrastructure (+7.1%), Industry (+6.9%), and Certification (+5.9%). Agri-Food & Commodities and Consumer Products Services demonstrated resilient performance with low-single-digit organic growth in the third quarter of 2025.

Q3 2025 Highlights

Continued progress in implementing the LEAP I 28 strategy, delivering results that highlight the Company operational resilience and strategic focusAcceleration of M&A programs with two transactions signed in October for a total annualized revenue of c. EUR 32 million in line with the LEAP | 28 portfolio strategy: the first one to expand leadership in the B&I division in Europe, and the second to create new strongholds in the Renewables space. Eight acquisitions signed or closed year-to-date adding EUR 92 million of annualized revenueCompletion of a EUR 700 million bond issuance carrying a coupon of 3.375% with maturity in October 2033, and rated A3 by Moody’s. This issuance enables the Company to leverage attractive financial market conditions in the context of its capital allocation within the LEAP | 28 strategy 2025 Outlook confirmed

Based on the 9-month performance, leveraging a robust opportunities pipeline, a solid backlog, and mid-to-long-term strong market fundamentals, Bureau Veritas reaffirms its outlook for the full year 2025:

Mid-to-high single-digit organic revenue growth,Improvement in adjusted operating margin at constant exchange rates,Strong cash flow, with a cash11 conversion above 90%. For more informations : group.bureauveritas.com

IHS Towers – IHS Towers will report its Q3 results in November 2025.

Tarkett – Tarkett reported its Q3 trading update on October 22, 2025.
(for more information: https://www.tarkett-group.com/en/investors/)

Unlisted Assets: c.43% of Gross Asset Value excluding cash

  Sales (in millions)
  9 months 2024 9 months 2025 Stahl €687.9 €684.3 CPI $112.0 $115.9 ACAMS $76.8 $84.4 Scalian (2)  €401.3 €378.6 Globeducate(1)   n/a €269.8 (1) The acquisition of Globeducate was finalized on October 16, 2024. Globeducate's fiscal year ends in August, and the figures presented correspond to the last nine months ending at the end of August 2025.Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 9 months revenue from December 1, 2024, to August 31, 2025.

(2) End of 2024, Scalian, which had a different fiscal year-end from Wendel, has aligned its fiscal year-end with Wendel. As a result, the revenue contribution corresponds to 9 months of revenue from January 1, 2025 to September 30, 2025. The contribution published last year (€409.3 million) corresponded to 9 months of revenue from October 1, 2024 to June 30, 2025.

Stahl – Total sales12 slightly down -0.5 % for the first 9 months of 2025 in challenging market conditions  
(full consolidation)  

Stahl, the world leader in specialty coatings for flexible substrates, posted total sales of €684.3 million in the first 9 months of 2025, representing a total decrease of -0.5 % versus last year.

Q3 2025 was characterized by the persistence of challenging market conditions experienced since the second half of 2024, intensified by the unstable tariff landscape which notably impacted performance and volumes in Leather, and particularly also the Wet-End activities, generating uncertainty among customers.  

Organic growth was -5.2%, scope contributed positively by +7.3% thanks to the Weilburger acquisition completed in September 2024, while FX was negative (-2.6%), mostly through USD and CNY weakening against the EUR. 

Crisis Prevention Institute – Revenue growth of + 3.5% as compared with 9M 2024 
(full consolidation) 

Crisis Prevention Institute ended the first nine months of 2025 with revenues of $116 million, up +3.5% compared to 9M 2024. Of this increase, +2.7% was organic growth, -0.1% came from FX movements, and +0.9% came from scope effect (acquisition of Verge, in Norway, in January 2025). CPI experienced slower growth in North America (+1.3% vs. 9M 2024) amid ongoing federal oversight and funding uncertainty within CPI’s end markets. This was partially offset by volume growth in customer renewals and encouraging acceleration in activity across international markets up by +22% YTD (+14% organic YTD excluding Verge).   

On August 20, 2025, Andee Harris became CEO of CPI and a member of the company’s board of directors, following the retirement of CPI’s former CEO, Tony Jace. 

ACAMS – Revenue up by +9.9% as compared with 9M 2024
(full consolidation)

ACAMS, the global leader in training and certifications for anti-money laundering and financial-crime prevention professionals, reported revenue of $84.4 million for the first nine months of 2025 representing 9.9% compared to 9M 2024, or 9.1% after FX.

Results for the first nine months were driven by double-digit growth in the Americas segment, mainly from the sales of new certifications and 43% growth in conference sponsorship & exhibition. APAC reversed the negative trend from 2024 and was up 7% vs. prior year, offset by weaker performance in Europe which continues to be affected by softness in the European banking market.

Strategic investments made by ACAMS in the past few years are positively impacting performance, including the appointment of several new Executive Leadership Team members, including the Chief Commercial Officer as well as enhancements to the company’s technology platform and market expansion with the introduction of the Certified Anti-Fraud Specialist certification (CAFS).

Scalian - Decrease of total sales of -5.6% year-to-date, reflecting persistently tough market conditions for engineering services and digital services companies
Appointment of William Rozé as a CEO
(full consolidation) 

Scalian, a leading consulting firm in digital transformation and operational performance, reported total sales of €378.6 million as of September 30, 2025, a -5.6% decrease vs. last year. The slowdown is spread across several sectors and geographies and more pronounced in France and on automotive in Germany. Sales decreased by -10.2% on a like-for-like basis. This decline was partially offset by a positive scope effect of 4.5%, driven by acquisitions realized over the past months that were accretive to both growth and margin. 

As announced in September, William Rozé has now taken office as Chief Executive Officer. His in-depth knowledge of the Group’s businesses, combined with his unifying leadership, will be key to driving Wendel’s long-term development and strategic ambitions. 

Globeducate – Revenue growth of +12.1%13 over 9-month period ending August 31, 2025 

(Accounted for by the equity method. Globeducate acquisition was completed on October 16th, 2024. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. 9 months revenue from December 1, 2024 to August 31, 2025).

Globeducate, one of the world’s leading bilingual K-12 education groups, recorded first nine months of 2025 with revenues of €269.8 million representing a total increase of +12.1% over last year. Of this increase, +7,2% was organic growth, +4.1% came from accretive M&A transactions and +0,8% came from FX movements.

Since the beginning of Globeducate’s fiscal year (September 1, 2024 – August 31, 2025), the Group has completed 3 acquisitions: Olympion School and the International School of Paphos in Cyprus, and l’Ecole des Petits in the UK. 

Return to shareholders

Interim dividend to be paid on November 20, 2025

In order to reflect the recurring cash flow generated by its dual business model, Wendel has decided to pay an interim dividend of €1.50 in November 2025 for the 2025 financial year corresponding to about one third of the total dividend paid for the previous financial year.

The payment schedule is as follows:

ex-dividend date: November 18, 2025 record date: November 19, 2025 payment date: November 20, 2025 The balance of the dividend for fiscal year 2025 will be submitted for approval at the next Shareholders’ Meeting, to be held on May 21, 2026.

Share buyback

Since the beginning of August 2025, Wendel has repurchased 183 064 shares for a total amount of 15 million euros.

Agenda

Friday, December 12, 2025

2025 Investor Day.

Wednesday, February 25, 2026

Full-Year 2025 Results – Publication of NAV as of December 31, 2025, and Full-Year consolidated financial statements (post-market release)

Wednesday, April 22, 2026

Q1 2026 Trading update – Publication of NAV as of March 31, 2026 (post-market release)

Thursday, May 21, 2026

Annual General Meeting

Wednesday, July 29, 2026

H1 2026 results – Publication of NAV as of June 30, 2026, and condensed Half-Year consolidated financial statements (post-market release)

About Wendel

Wendel is one of Europe’s leading listed investment firms. Regarding its Principal Investments strategy, the Group invests in companies which are leaders in their field, such as ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. In 2023, Wendel initiated a strategic shift into third-party asset management of private assets, alongside its historical principal investment activities. In May 2024, Wendel completed the acquisition of a 51% stake in IK Partners, a major step in the deployment of its strategic expansion in third-party private asset management and also completed in March 2025 the acquisition of 72% of Monroe Capital. As of September 30, 2025, Wendel Investment Managers manages 40 billion euros on behalf of third-party investors, and c.5.3 billion euros invested in its Principal Investments activity.

Wendel is listed on Eurolist by Euronext Paris.

Standard & Poor’s ratings: Long-term: BBB, stable outlook – Short-term: A-2 

Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.

For more information: wendelgroup.com

Follow us on LinkedIn @Wendel 

Press contacts  Analyst and investor contacts Christine Anglade: +33 6 14 04 03 87          Olivier Allot: +33 1 42 85 63 73 [email protected] [email protected]     Caroline Decaux: +33 1 42 85 91 27             
[email protected]        Primatice   Olivier Labesse: +33 6 79 11 49 71   [email protected]   Hugues Schmitt: +33 6 71 99 74 58   [email protected]       Kekst CNC   Todd Fogarty: +1 212 521 4854   [email protected]
 
Appendix 1: Fully diluted NAV per share of €163.0 as of September 30, 2025

(in millions of euros)
 
  09/30/2025 06/30/2025 Listed investments Number of shares Share price (1) 2,271 3,088 Bureau Veritas 66.6m/89.9m(2) €26.1/€29.2 1,742 2,630 IHS 63.0m/63.0m $7.0/$5.7 377 307 Tarkett
  €17.0/€16.9 152 151 Investment in unlisted assets (3) 2,965 3,071 Asset Management Activities (4) 1,888 1 824 Asset Managers (IK Partners & Monroe) 1,821 1 775 Sponsor Money 67 49 Other assets and liabilities of Wendel and holding companies (5) 127 150 Net cash position & financial assets (6) 2,448 1,770 Gross asset value
 
  9,699 9,903 Wendel bond debt
 
  -2,381 -2,373 IK Partners transaction deferred payment and Monroe earnout -235 -235 Net Asset Value
 
  7,082 7,295 Of which net debt
 
  -169 -838 Number of shares
 
  44,512,038 44,461,997 Net Asset Value per share €159.1 €164.1 Wendel’s 20 days share price average
  €80.6 €86.6 Premium (discount) on NAV -49.3% -47.2% Number of shares – fully diluted 42,413,585 42,457,994 Fully diluted Net Asset Value, per share €163.0 €167.7 Premium (discount) on fully diluted NAV -50.6% -48.4% (1)  Last 20 trading days average as of September 30, 2025, and June 30, 2025. Tarkett share price as of September 30, 2025 is based on ongoing Tender Offer.
(2)  Number of shares adjusted from the Forward Sale Transaction of 30,357,140 shares of Bureau Veritas. The value of the call spread transaction to benefit from up to c.15% of the stock price appreciation on the equivalent number of shares is taken into account in Other assets & liabilities.

(3)  Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Globeducate, Wendel Growth). Aggregates retained for the calculation exclude the impact of IFRS16. Globeducate valued based on transaction multiples.

(4)  Investments in IK Partners and Monroe (excl. Cash to be distributed to shareholders). Valued as a platform based on Net Income / Distributable earnings multiples.

(5)  Of which 2,098,453 treasury shares as of September 30, 2025 and 2,004,003 as of June 30, 2025.
(6)  Cash position and short-term financial assets of Wendel & holdings.

Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.If co-investment and managements LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 285 of the 2024 Registration Document.

Appendix 2: Loan-to-Value Ratio as of Sept.30, 2025

  Sept. 30, 2025 Total Assets as of September 30, 2025 (A) 7251
 
  Total cash as of 30/09/2025 2448
 
  Bond debt & accrued interest (2 381) IK Parners deffered payments & Monroe earnout                                            (236) Total debt as of Sept. 30, 2025                                       (2 617)
 
  Net debt (B) (169)
 
 
 
  Spot LTV before restatements (B/A) 2.3%
 
  Puts related to Monroe acquisition                                            (467) Funds Uncalled Commitments Monroe Capital                                            (119) Funds Uncalled Commitments IK Partners                                            (377) Total adjustments (C) (964)
 
 
 
 
 
  S&P LTV as of Sept. 30, 2025 (B+C)/(A+C) 13.8% Appendix 3: Glossary

AUM (Assets under Management): Corresponding – for a given fund – to total investors’ commitment (during the fund’s investment period) or total invested amount (post investment period). FRE (Fee-Related Earnings): Earnings generated by recurring fee revenues (mainly management fees). It excludes earnings generated by more volatile performance-related revenues. GP (General Partner): Entity in charge of the overall management, administration and investment of the funds. The GP is paid by management fees charged on assets under management (AuM). 1 Consolidated proforma FRE including minority interest, on a full-year basis, [email protected].

2 Stahl, Scalian, Globeducate, CPI and ACAMS.

3 Fully diluted of share buybacks and treasury shares. Without adjusting for dilution, NAV stands at €7,082m and €159.3 per share.

4 GAV excluding cash & other assets.

5 LTV calculation explained in Appendix 2.

6 Consolidated proforma FRE including minority interest, on a full-year basis, EUR/USD at spot rate.

7 Stahl, Scalian, Globeducate, CPI and ACAMS.

8 IK Partners et Monroe Capital

9 Commitments non invested

10 Fee Paying AuM

11 (Net cash flow generated from operating activities – lease debt repayments + income tax) / adjusted operating profit.

12 Total sales including wet-end activities and Weilburger

13 9 months revenue from December 1, 2024 to August 31, 2025. Indian operations are deconsolidated and accounted for by the equity method due to the absence of audited figures. These figures are compared with the same period last year and are estimated and non-audited

Wendel_Q3_2025_EN

The cooperation with RAK Motors marks full market readiness for FX Super One’s entry into the UAE.
RAS AL KHAIMAH, United Arab Emirates, Oct. 23, 2025 (GLOBE NEWSWIRE) -- Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future,” “FF,” or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced a strategic cooperation with RAK Motors, a Ras Al Khaimah-based automotive dealer. Under this cooperation, RAK Motors is authorized to provide sales, delivery, and after-sales services for the FX Super One in the UAE region.

RAK Motors, a long-established automotive distributor based in Ras Al Khaimah, has extensive experience in representing global automotive brands such as Toyota and Nissan. Under the cooperation, FF has authorized RAK Motors as its exclusive agent for the UAE market for up to one year, subject to special cases. They will oversee the full spectrum of sales and after-sales operations for the FX Super One in the UAE, covering both commercial and individual customers. This includes vehicle display and test-drive management, order fulfillment and delivery, and comprehensive after-sales and customer care services, all executed in close collaboration with and under the guidance of FF.

The strategic cooperation marks a significant milestone for FF — establishing a complete end-to-end ecosystem in the UAE that spans production, manufacturing, sales, and service for the FX Super One. Currently, FF UAE is building an international team of elite professionals. In May 2025, Faraday Future took possession of its Ras Al Khaimah regional facility and operations center in the UAE. Covering 108,000 square feet, the facility integrates offices, production workshops, and operational hubs, jointly supporting both the FF and FX brands. The facility will empower the Company to meet the diverse needs of customers across the Gulf Cooperation Council (GCC) countries, with the potential to expand into European and North African markets.

“This cooperation with RAK Motors marks the completion of all necessary preparations for FX Super One’s official entry into the UAE market. It also represents another key advancement in FF and FX’s Global Automotive Industry Bridge Strategy,” said FF Executive Vice President and Head of UAE, Tin Mok. “The Middle East will serve as a critical springboard for FF and FX’s future expansion into Europe, Africa, and other global markets.”

On October 28, Faraday Future will host the FX Super One Middle East Final Launch Event, “Super One, Palace of Intelligence,” at the Armani Hotel Dubai – Burj Khalifa. The first batch of FX Super One vehicles is scheduled for delivery in November 2025. This is a key step in its expansion to markets outside the U.S. and a pivotal moment in FF and FX’s “Three-Pole” strategy.

The event will be livestreamed on FF.com starting at 8:15 am PDT on October 28 at the following links:

English (Global) - https://www.ff.com/us/FX-SuperOne-UAE/English (Middle East Area) - https://www.ff.com/ae_en/FX-SuperOne-UAE/Chinese - https://www.faradayfuturecn.com/cn/FX-SuperOne-UAE/
ABOUT FARADAY FUTURE 
Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company’s mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future’s flagship model, the FF91, exemplifies its vision for luxury, innovation, and performance. The FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. For more information, please visit

https://www.ff.com/us/.  
  
FORWARD LOOKING STATEMENTS 
This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding future FX production, delivery and sales, as well as FF and/or FX expansion to additional international markets, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

  Important factors, among others, that may affect actual results or outcomes include, among others: the Company’s ability to secure agreements with OEMs to sell FX vehicles in the Middle East and elsewhere; the ability of OEMs and suppliers to timely delivery products and parts to the UAE; the Company's ability to homologate FX vehicles for sale in the Middle East and elsewhere; the Company’s ability to secure the necessary funding to execute on the FX strategy, which will be substantial; and the Company’s ability to continue as a going concern and improve its liquidity and financial position. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on March 31, 2025, and Form 10-Q filed on August 19, 2025, and other documents filed by the Company from time to time with the SEC. 
  
CONTACTS 
Investors Relations (English):

[email protected]  Investors (Chinese):

[email protected] Media:

[email protected]  A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eb544c60-4669-43c5-9ab7-5058a1423b24

Faraday Future Announces Strategic Cooperation with RAK Motors to Oversee FX Super One Sales and Ser...
Faraday Future Announces Strategic Cooperation with RAK Motors to Oversee FX Super One Sales and Ser...

CALGARY, AB / ACCESS Newswire / October 24, 2025 / At the request of CIRO, Mkango Resources Ltd. (AIM:MKA)(TSX-V:MKA) ("Mkango" or the "Company") wishes to confirm that the Company's management is unaware of any material change in the Company's operations that would account for the recent increase in market activity.

LONDON, UK / ACCESS Newswire / October 24, 2025 / TR-1: Standard form for notification of major holdings 1. Issuer Details ISIN GB00BP2C3V08 Issuer Name GENFLOW BIOSCIENCES PLC UK or Non-UK Issuer UK 2.

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.

Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) earlier this week announced it has secured the right to acquire up to 100% of the Cucho Copper Project in Peru’s Ancash Department. The initial agreement gives Solis a 75% interest, with a staged path to full ownership.

The company said Cucho is located 40km from the coast and near major export infrastructure. It noted the project sits on land with low agricultural use and minimal nearby communities, making access and development potentially straightforward.

Solis Minerals highlighted that surface geochemical indicators are widespread across the site. Historical drilling completed in 2014 involved seven holes and more than 2,000m of drilling, all showing significant copper mineralisation. The company said these results are consistent with operating projects in the region.

“The real kicker for us was that the untested geophysical and geochemical anomalies are really actually very attractive,” CEO Mitch Thomas said.

The company outlined its immediate plans for a 90-day exploration phase, which includes permitting, surface sampling, and a drone magnetic survey. Drilling at Cucho is expected before the end of 2025.

Solis also reported that its other assets — including Chancho, El Pollo, and Canyon — remain active. Additional assays are pending, and the Canyon project is expected to be drill-ready by mid-2026.

The company told investors that it aims to maintain a broad exploration portfolio to maximise discovery potential.

Proactive:

Solis Minerals has acquired 75% of the Cucho Copper Project in Peru. This is quite a development. Joining me to discuss it is the company's CEO, Mitch Thomas. Mitch, good to see you after quite some time — you've been very busy behind the scenes.

Mitch Thomas:

Yes, we have. Great to see you again.

Proactive:

The company believes that Cucho has the potential to host a globally significant copper deposit. Can you walk investors through the decision behind this move?

Mitch Thomas:

For sure. The opportunity came up about four months ago. It’s located close to the coast — about 40km from export facilities — and has great infrastructure: access to roads, water, and so on. It's also on low prospectivity agricultural land with few nearby communities.

When we looked at surface mineralisation, we found geochemical indicators widespread across the area. Reviewing the historical drilling from 2014 — seven holes and over 2,000 metres — all intercepted significant mineralisation with grades consistent with operating projects in that region.

But the real kicker for us was the untested geophysical and geochemical anomalies, which are very attractive. So overall, it’s a very enticing project and a strong addition to our portfolio.

Proactive:

In parallel, you've also released assay results from Chancho, El Pollo and Isla Western. What are the key takeaways?

Mitch Thomas:

We remain optimistic, especially about Chancho. But we had to cleanse the market with the assays we had on hand. We tried to tell the story based on that, though we are still awaiting more results. In the next few weeks, as more assays come in, we’ll get a clearer geological picture. It’s still early days for those projects.

Proactive:

Now that you've secured 75% of the Cucho Copper Project and are progressing at El Pollo and Canyon, does that shift focus away from Chancho and Isla Western? What comes next?

Mitch Thomas:

We're an energetic company, and we want to give our shareholders as many chances as possible to hit that large copper-gold discovery. Cucho is an earn-in agreement up to 75%, with an option to go to 100% at any time.

We’re currently in a 90-day period. During this, we’ll start permitting, conduct surface sampling, and run a drone magnetic survey. These activities will help inform our next steps and shape the upcoming drill program.

Our goal is to be drilling Cucho before the end of the year. We’re also advancing Canyon, with drilling hopefully by mid-next year. A lot of irons in the fire — all with the aim of making a large discovery within our portfolio.

Proactive:

Solis Minerals’ Mitch Thomas, thank you very much.

Mitch Thomas:

Thank you.

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.

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.

SummaryJohn Wiley & Sons owns a vast library of high-quality, human-generated academic content, making it valuable in an AI-dominated internet.WLY's strategy to license its content for AI training and niche applications could drive new revenue streams and improve margins.Despite recent revenue declines and moderate risks, WLY's AI potential and solid dividend yield support a cautious buy rating.If WLY can stabilize or grow revenues by capitalizing on AI licensing, the stock's long-term prospects could significantly improve.Getty Images

It's estimated that up to 57% of text content on the Internet was written and/or translated by Artificial Intelligence. Some believe that this number will rise to 90% by 2026. Interestingly enough, researchers at Oxford found that when generative

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in WLY over 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.

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By Reuters

October 24, 20253:55 AM UTCUpdated ago

A logo of Blackstone is pictured in Manhattan, New York City, U.S. July 29, 2025. REUTERS/Mike Segar/File Photo Purchase Licensing Rights, opens new tab

Oct 24 (Reuters) - An affiliate of U.S. private equity major Blackstone

(BX.N), opens new tab has bought a 9.99% stake in India's Federal Bank

(FED.NS), opens new tab via preferential equity shares and warrants for 61.97 billion rupees ($705.05 million), the Indian lender said on Friday.

($1 = 87.8950 Indian rupees)

Sign up here.

Reporting by Manvi Pant; Editing by Janane Venkatraman

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

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in ELVA over 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.

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Aditi Bharade

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Ford is boosting production of its F-150 pickup trucks.

Brandon Bell/Getty Images

2025-10-24T04:01:22Z

Ford is doubling down on its F-150 pickup trucks and planning to increase production by 50,000 units in 2026.
It's adding 1,000 new jobs and moving over some EV workers to achieve this target.
This comes after one of its major aluminum-producing plants saw a massive fire in September.

Ford is ramping up production of its top-selling pickup truck, the F-150 series, and moving staff over from its EV unit to keep manufacturing rolling.

The auto company said in a press release on Thursday that it will increase the production of its best-selling trucks, the F-150 and F-Series Super Duty series, by more than 50,000 units in 2026.

"We are adding up to 1,000 new jobs to increase F-Series production to recover lost volume and fulfill strong customer demand," Ford's CEO, James Farley, said in a Thursday earnings call.

The increased output also aims to recover production losses from a fire at a plant belonging to the Atlanta-based Novelis, one of Ford's major aluminum suppliers.

The fire broke out in Novelis' Oswego plant in September. Ford's finance chief said in the earnings call that the fire could cost Ford up to $2 billion in adjusted profits for the fourth quarter of 2025.

The increased focus on the gas and hybrid F-150 pickup trucks means that Ford will halt the production of its electric pickup truck, the F-150 Lightning.

"F-150 Lightning assembly at the Rouge Electric Vehicle Center will remain paused as Ford prioritizes gas and hybrid F-Series trucks, which are more profitable for Ford and use less aluminum," the press release said.

It added that all hourly employees from Ford's Rouge Electric Vehicle Center in Dearborn, Michigan, would be moved over to the Dearborn Truck Plant to work on boosting output for the F-150 trucks.

The company reported third-quarter revenue of $50.5 billion, a 9% increase from the same period a year ago. Its stock price has risen about 11.6% in the past year.

This is not the first time Ford's EV unit has taken hits as the company looks to slash costs. At the end of 2024, Ford paused F-150 Lightning production for seven weeks to cut costs.

Representatives for Ford did not respond to a request for comment from Business Insider.

Ford

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Donald Trump has announced that he is ending "all trade negotiations" with Canada.

The move is in retaliation for a TV advert in Ontario that opposed US tariffs - and on Truth Social, the president claimed it was factually incorrect.

He wrote: "They only did this to interfere with the decision of the US Supreme Court, and other courts.

"TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE U.S.A.

"Based on their egregious behaviour, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED."

The advert in question had featured former president Ronald Reagan speaking negatively about tariffs - and arguing they cause job losses and trade wars.

Image:
Ronald Reagan. Reuters file pic

But the Ronald Reagan Presidential Foundation has since accused Ontario's government of "using selective audio and video" without permission - and warned it is considering legal options.

More on Canada

Three men consent to being extradited from Scotland to Canada

Canada's Marineland 'threatens to euthanise 30 beluga whales' in row with government

FIFA to use dynamic pricing for 2026 World Cup tickets - here's what you need to know

Mr Trump's announcement could further inflame trade tensions between the neighbouring countries, which have already been building for months.

Earlier this month, Canadian Prime Minister Mark Carney had held talks with the president to try and reach a deal.

Read more US news:
Putin criticises Trump's new sanctions
Entire East Wing of White House demolished
Trump pardons crypto billionaire

Please use Chrome browser for a more accessible video player

Vision or vanity? Trump's ballroom at the White House

More than 75% of the country's exports go to the US - with C$3.6bn (£1.9bn) of Canadian goods crossing the border daily.

The developments may have caught Mr Carney by surprise.

Just hours earlier, he had challenged Mr Trump to a friendly bet on who would win the baseball world series between the Toronto Blue Jays and Los Angeles Dodgers.

Q3: 2025-10-23 Earnings SummaryEPS of $4.25 beats by $0.91

 |

Revenue of

$537.49M

(-11.23% Y/Y)

misses by $4.47M

The Boston Beer Company, Inc. (NYSE:SAM) Q3 2025 Earnings Call October 23, 2025 5:00 PM EDT

Company Participants

Michael Andrews - Associate General Counsel & Corporate Secretary
C. Koch - Founder, Chairman, President & CEO
Diego Reynoso - CFO & Treasurer

Conference Call Participants

Nik Modi - RBC Capital Markets, Research Division
Filippo Falorni - Citigroup Inc., Research Division
Peter Grom - UBS Investment Bank, Research Division
Eric Serotta - Morgan Stanley, Research Division
William Kirk - ROTH Capital Partners, LLC, Research Division

Presentation

Operator

Greetings, and welcome to the Boston Beer Company Third Quarter 2025 Earnings Call. [Operator Instructions] And as a reminder, this conference is being recorded. It is now my pleasure to introduce to you Mike Andrews, Associate General Counsel and Corporate Secretary. Thank you, Mr. Andrews. Please go ahead.

Michael Andrews
Associate General Counsel & Corporate Secretary

Thank you. Good afternoon, and welcome. This is Mike Andrews, Associate General Counsel and Corporate Secretary of The Boston Beer Company. I'm pleased to kick off our 2025 third quarter earnings call. Joining the call from Boston Beer are Jim Koch, Founder, CEO and Chairman; and Diego Reynoso, our CFO.

Before we discuss our business, I'll start with our disclaimer. As we stated in our earnings release, some of the information we discuss and that may come up on this call reflect the company's or management's expectations or predictions of the future. Such predictions are forward-looking statements. It's important to note that the company's actual results could differ materially from those projected in these forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in the company's most recent 10-Q and 10-K. The company does not undertake to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

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SummaryDanaos remains a compelling opportunity, supported by strong financials and a favorable supply-demand gap in maritime transport.2Q2025 results show revenue growth to $262.15 million, with stable adjusted EBITDA and a growing fleet, highlighting DAC's operational resilience.Valuation using industry multiples (PE, EV/EBITDA, P/CF, P/BV) positions DAC as a leader in margin and financial solvency versus peers.Maintain STRONG BUY rating, as DAC's upside potential is reinforced by robust fundamentals and attractive relative valuation. Miragest/E+ via Getty Images

On May 29th of this year, I wrote a report on Danaos (NYSE:DAC), in which I explored why the company was a good opportunity even in the face of increased market volatility resulting from

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.

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Q3: 2025-10-22 Earnings SummaryEPS of $0.46 beats by $0.10

Ategrity Specialty Insurance Company Holdings (NYSE:ASIC) Q3 2025 Earnings Call October 22, 2025 5:00 PM EDT

Company Participants

Justin Cohen - CEO & Director
Neelam Patel - Chief Financial Officer
Chris Schenk - President & Chief Underwriting Officer

Conference Call Participants

Taylor Scott - Barclays Bank PLC, Research Division
Pablo Singzon - JPMorgan Chase & Co, Research Division
Elyse Greenspan - Wells Fargo Securities, LLC, Research Division
Andrew Kligerman - TD Cowen, Research Division
Matthew Heimermann - Citigroup Inc., Research Division

Presentation

Operator

Good afternoon, everyone, and thank you for joining us today for Ategrity's Third Quarter Fiscal Year 2025 Earnings Results Conference Call. Speaking today are Justin Cohen, Chief Executive Officer; Chris Schenk, President and Chief Underwriting Officer; and Neelam Patel, Chief Financial Officer. After Justin, Chris and Neelam have made their formal remarks, we will open the call to questions. [Operator Instructions]

Before we begin, I would like to mention that certain matters discussed in today's conference call are forward-looking statements relating to future events, management's plans and objectives for the business and the future financial performance of the company that are subject to risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements.

The risk factors that may affect results are referred to in our press release issued today, our final prospectus and other filings filed with the SEC. We do not undertake any obligation to update the forward-looking statements made today. Finally, the speakers may refer to certain adjusted or non-GAAP financial measures on this call. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is also available in our press release issued today, a copy of which may be obtained by visiting the Investor Relations website at investors.ategrity.com.

I will now turn the call over to Justin.

Justin

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October 24, 2025 01:00 ET

 | Source:

Nokia Oyj

Press Release
Nokia extends long-term partnership with VNPT in Vietnam

Companies sign deal extension to upgrade VNPT’s radio infrastructure across the Hanoi area, border provinces, and the South of Vietnam.Deployment of Nokia's advanced AirScale equipment portfolio will enhance connectivity and increase network capacity.Deal aims to further improve mobile coverage, accelerate digital transformation and contribute to Vietnam's socio-economic development. 24 October 2025
Espoo, Finland – Nokia today announced the extension of its long-term partnership with Vietnam Posts and Telecommunications Group (VNPT), one of Vietnam's leading telecommunications operators, through a new agreement to upgrade and expand radio infrastructure across Vietnam. The new deal focuses on the Hanoi area, border provinces, and the southern region, marking an important step in advancing the nation’s digital connectivity.

Under the agreement, Nokia will deploy equipment from its industry-leading AirScale portfolio, powered by its energy-efficient ReefShark System-on-Chip technology, delivering premium connectivity, low latency and enhanced network capacity while reducing power consumption. The scope also includes comprehensive network management services to ensure optimal performance and reliability.

This upgrade will significantly improve mobile coverage quality, particularly in border regions and key economic and social hubs. It will enable people and businesses across multiple provinces to better access telecommunications and digital transformation services, supporting Vietnam’s broader goals of economic growth and digital inclusion.

The contract reinforces Nokia’s strong commitment to the telecom sector in Vietnam, further demonstrated by its decision to establish Vietnam as a manufacturing hub for AirScale equipment in 2024. The hub supplies both domestic and international markets, creating new economic opportunities and strengthening regional supply chains.

“Extending our partnership with Nokia is an important step in strengthening Vietnam’s telecommunications and digital infrastructure, reaffirming our commitment to meeting the growing connectivity and digital service needs of people, businesses, and government. With Nokia’s advanced technology, we aim to deliver world-class services and support Vietnam’s digital transformation goals,” said Huynh Quang Liem, CEO, VNPT.

“We are proud to deepen our partnership with VNPT and contribute to Vietnam’s digital future. Our advanced technology delivers outstanding performance, enabling VNPT to provide faster, more reliable connectivity, especially in key border regions and major economic and social centers. This expansion will give people and businesses better access to essential digital services, driving economic growth and enhancing quality of life,” said Hiro Miura, Head of Southeast Asia Market Unit, Nokia.

Multimedia, technical information, and related news
Product Page: AirScale Radio Access

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Media inquiries
Nokia Press Office
Email: [email protected]

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Sui (SUI), a relatively new project in the crypto space, has been attracting significant attention due to its strong market performance, innovative ecosystem, and ambitious vision. As of October 2025, the token is trading at $2.48, showing a 0.70% daily decline and a market capitalization of $9.01 billion, reflecting its current dominance in the market.

On-chain analytics firm Glassnode has explained how Bitcoin losing $108,500 could lead to a deeper correction, if the past pattern is to go by.

Bitcoin Is At Risk Of Losing The 0.85 Quantile Level
In its latest weekly report, analytics firm Glassnode has talked about how Bitcoin is currently looking from the perspective of the Supply Quantiles Cost Basis model. This model maps price levels according to the amount of BTC supply that would be lost if the cryptocurrency were to trade at its current price today. There are three supply “quantiles” involved in the indicator: 0.95, 0.85, and 0.75, corresponding to levels where 5%, 15%, and 25% of the supply would be held at a loss, respectively.

Below is the chart shared by Glassnode that shows the trend in the different Bitcoin supply quantiles over the last few years.

Looks like BTC is currently retesting the middle level of the model | Source: Glassnode’s The Week Onchain – Week 42, 2025
As is visible in the graph, Bitcoin surged above the 0.95 quantile during its price rally earlier in the month, as the supply in profit approached the 100% mark during the new all-time high (ATH). With the recent bearish action, however, the cryptocurrency has fallen below the line and is now trading around the 0.85 quantile situated at $108,600. Thus, it would appear that about 15% of the BTC supply is in the red at the moment.

Bitcoin has already faced dips below this mark, so it’s possible that the coin may be at risk of losing the line. “Historically, failure to hold this threshold has signalled structural market weakness and often preceded deeper corrections toward the 0.75 quantile,” explained the analytics firm.

BTC last saw such a decline to the 0.75 quantile during the consolidation period in mid-2024. Currently, this level is equivalent to $97,500. It now remains to be seen whether the asset can maintain above the 0.85 quantile, and if not, whether a retest of the 0.75 quantile will take place.

The 0.95 quantile isn’t the only level that Bitcoin has lost during the recent drawdown; its price has also dropped below the average cost basis of the short-term holders (STHs) located at $113,100. STHs here refer to the BTC investors who purchased their coins within the past 155 days.

This group is considered to represent the fragile side of the market, prone to making panic moves during times of volatility. With BTC dropping below the cost basis of the cohort, its members are now underwater. “Historically, this structure often precedes the onset of a mid-term bearish phase, as weaker hands begin to capitulate,” noted Glassnode.

In an X post, the analytics firm has shared a chart that puts into perspective the net unrealized loss held by the Bitcoin STHs right now.

How the net unrealized profit/loss of the STHs has changed over the last couple of years | Source: Glassnode on X
BTC Price
Bitcoin hasn’t been able to sustain a recovery recently as its price is still trading around $109,100.

The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com

Leading cryptocurrencies rallied alongside stocks on Thursday after the White House confirmed a meeting between President Donald Trump and his Chinese counterpart, Xi Jinping.

CryptocurrencyGains +/-Price (Recorded at 9:25 p.m. ET)Bitcoin (CRYPTO: BTC)+2.08%$110,412.88Ethereum (CRYPTO: ETH)
               +1.41%$3,869.42XRP (CRYPTO: XRP)                         +1.20%$2.39Solana (CRYPTO: SOL)                         +6.52%$192.78Dogecoin (CRYPTO: DOGE)                         +2.37%$0.1951Cryptos In The GreenBitcoin hit an intraday high of $111,288.59, but failed to push beyond, falling back into the $110,000 zone. Trading volume dropped 30% in the last 24 hours.

Ethereum oscillated in the $3,800-$3,900 range, while trading activity remained on the lower side. XRP and Solana also gained momentum.

Liquidations hit $225 million in the last 24 hours, with over $130 million in bearish shorts positions erased from the cryptocurrency market, according to Coinglass. 

Bitcoin's open interest spiked 2.08% over the last 24 hours to $69.38 billion. However, since the month began, the open interest has plummeted by nearly 17%.

"Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

Cryptocurrency (Market Cap>$100 M)Gains +/-Price (Recorded at 9:15 p.m. ET)ChainOpera AI (COAI )    +137.94%$0.5703PAX Gold (PAX)    
               +65.45%$0.008355River (RIVER )          +21.04%$9.49The global cryptocurrency market capitalization stood at $3.71 trillion, following an increase of 2.25% in the last 24 hours.

Stocks Rebound On Trump-Xi MeetingStocks rallied on Thursday. The Dow Jones Industrial Average rose 144.20 points, or 0.31%, to finish at 46,734.61. The S&P 500 jumped 0.58% to close at 6,738.44, while the tech-focused Nasdaq Composite finished up 0.25% at 22,941.80.

The rebound came after the White House confirmed that Trump will meet Xi next week in South Korea, fuelling investors' optimism amid trade tensions between the two countries 

Why Bitcoin Should Break North Of $112,000Blockchain analytics firm CryptoQuant noted that the Bitcoin Short-Term Holder Spent Output Profit Ratio has fallen to 0.992, its lowest level since April.

The indicator, which measures realized profit or loss for short-term investors, suggested that weak hands were currently selling their BTC at a loss.

"A decisive reclaim and hold of the STH-SOPR above the 1.0 level would be necessary to confirm a bullish trend shift," CryptoQuant stated.

Widely followed cryptocurrency analyst and trader Michaël van de Poppe said Bitcoin would "chop" until key macroeconomic data such as the Consumer Price Index and the Federal Reserve policy meeting next week.

"This cycle is far from over and I think we’ll start to see more strength, again, when Bitcoin breaks north of $112,000 as a crucial level," the analyst projected.

Photo Courtesy: Marc Bruxelle on Shutterstock.com

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Rongchai Wang
Oct 24, 2025 03:34

The European Union has imposed sanctions on the Russia-linked A7A5 stablecoin, part of its 19th sanctions package. This move affects Russia's crypto strategies.

The European Union has intensified its economic measures against Russia by blacklisting the A7A5 stablecoin, a digital asset tied to the Russian state, according to CoinMarketCap. This decision forms part of the EU's 19th sanctions package, which aims to curb Moscow's financial strategies amidst its ongoing conflict with Ukraine.

Comprehensive Sanctions Package
This latest package of sanctions includes a complete ban on transactions involving the A7A5 stablecoin across the EU. The move underscores the EU's efforts to prevent Russia from utilizing digital assets to circumvent economic restrictions. Additionally, a Paraguay-based exchange associated with trading the A7A5 token has been blacklisted for allegedly facilitating sanction evasion.

Broader Economic Restrictions
The 19th sanctions package not only targets the cryptocurrency sector but also extends to Russian energy enterprises and third-country banks. The EU's actions reflect a broader strategy to apply economic pressure on sectors that support Russia's geopolitical maneuvers. The EU's report, released on October 23, highlights concerns over Russia's increasing reliance on digital currencies to bypass traditional financial barriers.

Impact on Russia's Crypto Ambitions
By targeting the A7A5 stablecoin, the EU aims to undermine Russia's crypto-related strategies. The sanctions could significantly impact Russia's ability to leverage digital currencies in evading international restrictions. This move also signals the EU's commitment to tightening its grip on digital financial channels that could potentially aid sanctioned states.

Global Crypto Market Implications
These sanctions may have broader implications for the global cryptocurrency market. As regulatory bodies like the EU take a firmer stance on digital assets linked to geopolitical conflicts, other regions might follow suit, potentially leading to increased scrutiny and regulation of cryptocurrencies worldwide.

Image source: Shutterstock

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Darius Baruo
Oct 24, 2025 03:54

Shiba Inu (SHIB) may see a price reversal as T. Rowe Price includes it in a new Multi-Coin ETF, indicating growing institutional interest.

The cryptocurrency Shiba Inu (SHIB) is showing signs of potential price stabilization, fueled by recent developments involving T. Rowe Price. According to CoinMarketCap, the financial giant has filed for a Multi-Coin ETF that includes SHIB, alongside other prominent altcoins, signaling a growing acceptance of the memecoin within institutional circles.

Shiba Inu Price Technical Analysis
Currently, SHIB is forming a support base around the $0.0000090 to $0.0000095 range. Technical indicators suggest a decrease in bearish momentum, hinting at a possible reversal in price trends. This development follows a significant market downturn earlier in October, which saw many altcoins, including SHIB, experience sharp sell-offs.

Institutional Recognition and Market Impact
T. Rowe Price's decision to include SHIB in its Multi-Coin ETF is a noteworthy endorsement for the cryptocurrency. This move could potentially enhance SHIB's credibility, attracting more investors and possibly stabilizing its price. Institutional backing is often seen as a positive catalyst for cryptocurrencies, providing them with greater legitimacy and exposure.

Influence of Social Media and Memecoin Hype
Adding to the intrigue, Elon Musk's recent social media activity has reignited interest in dog-themed cryptocurrencies. A tweet about Floki, another memecoin, has stirred the market, with potential spillover effects on SHIB. Such social media endorsements have historically influenced cryptocurrency prices, and SHIB may benefit from this renewed attention.

As the cryptocurrency market continues to evolve, the inclusion of Shiba Inu in institutional investment products like T. Rowe Price's ETF could mark a significant step in its maturation. Investors and market watchers will be keenly observing how these developments impact SHIB's trajectory in the coming months.

For more detailed insights, visit the CoinMarketCap website.

Image source: Shutterstock

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Global macro signals are flashing both warning and opportunity for Bitcoin (BTC). On one hand, major bank Standard Chartered PLC has flagged the potential for Bitcoin to dip below $100,000 in the near term.

On the other hand, significant growth in global M2 money supply strengthens the backdrop for a longer-term upside.

Short-Term Correction Predicted as Trade & Liquidity Risks Mount
According to head of digital asset research Geoff Kendrick at Standard Chartered, Bitcoin could briefly fall under the $100,000 mark amid intensifying global risks, particularly the escalating U.S.–China trade tensions.

BTC's price moving sideways on the daily chart. Source: BTCUSD on Tradingview
Although he deems the drop as temporary, Kendrick frames it as a “buying opportunity,” asserting this may be “the last time Bitcoin is EVER below” $100,000. He further points to shifts in capital flows, notably from gold into Bitcoin, as signs of rotation and deeper structural appeal.

Technical indicators such as the 50-week moving average are cited as meaningful support zones, adding credence to his view that the correction may be short-lived.

Bullish Macro Backdrop: M2 Growth & Institutional Flows Intact
Despite the caution in the short run, the macro landscape offers supportive themes. Analysts note that global M2 money supply growth accounts for a significant portion of Bitcoin’s historical price variance, highlighting the asset’s evolving role beyond speculative crypto.

As central banks continue to inject liquidity, Bitcoin’s correlation with broader money-supply trends reinforces its potential as a hedge or portfolio diversifier rather than purely a speculative vehicle.

Furthermore, institutional interest and on-chain activity remain elevated, underscoring that this pull-back could be a healthy mid-cycle reset rather than a structural reversal.

What This Means for Bitcoin (BTC) Investors
In practical terms, investors should brace for potential near-term downside around or below $100,000 while keeping an eye on key support levels and macro catalysts. Kend­rick maintains his bullish target of $200,000 by year-end and even $500,000 by 2028, suggesting that the current dip could represent a long-term entry point.

At the same time, the market remains exposed to trade-war developments, Fed policy surprises, and liquidity shocks, factors that could trigger more substantial movement. A dip below $100K may feel ominous, but for some strategists, it could be the last major shopping window before the next leg higher.

Cover image from ChatGPT, BTCUSD on Tradingview

The crypto market turned green this week, bringing a wave of relief to traders after days of uncertainty. The total market capitalization climbed past $3.72 trillion, up more than 2%, as top assets like Bitcoin and Ethereum regained ground.

XRP Price at an Important LevelXRP is now trading around $2.40, up nearly 1% in the last 24 hours. The token continues to defend a major support zone between $2.30 and $2.40, which is considered an important range.

If XRP can hold this level, it could signal a short-term recovery. However, a daily close below $2.30 might open the door to deeper losses, possibly toward the $2.25 range.

Market Trends and IndicatorsXRP has formed a bullish divergence on the daily chart, a sign that prices might steady or move slightly higher in the short term.Despite this, the broader trend still leans bearish, as the token continues to form lower highs and lower lows on the weekly chart.

In the coming days, XRP traders are likely to see more sideways movement between $2.30 and $2.55. A breakout above $2.55 could signal fresh momentum, while a drop below $2.30 may trigger more selling.

Next Big Catalyst?The next major catalyst for XRP may be close. Several asset managers including Grayscale, Bitwise, 21Shares, CoinShares, and Franklin Templeton have filed for XRP-based exchange-traded funds (ETFs). These filings are now under regulatory review, and approval could come soon.

A $1.8 trillion asset management firm has also applied for an actively managed crypto ETF that will include XRP along with Bitcoin, Ethereum, Solana, and Cardano. The fund will trade on NYSE Arca, giving investors regulated access to multiple digital assets.

Why ETFs Matter for XRPThere are now 20 XRP-linked exchange-traded product (ETP) filings, double the number for Ethereum. ETFs allow investors to gain exposure to XRP through the stock market without directly holding the token. This structure removes custody risks and makes XRP more accessible to traditional investors.

Bitcoin’s rise to over $100,000 was largely supported by ETF inflows. A similar structure could help XRP attract steady institutional demand over time, even if the price reaction is gradual at first.

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