Foreign investors buy nearly 100 billion euros of euro zone bonds in May, Citi says
LONDON (Reuters) -Euro zone bonds saw nearly 100 billion euros ($116.4 billion) of buying from outside the bloc in May, Citi said citing European Central Bank data, the latest sign that euro assets are benefitting from a shift away from U.S. markets.
The 97 billion euros of net inflows into euro zone bonds with maturities longer than one year was the largest on a monthly basis since at least 2014, Citi said, pointing to portfolio flow data from the ECB.
"This could potentially be due to substitution out of dollar assets," the bank's analysts said in a note to clients on Monday.
Allocation away from U.S. to European assets has been a big theme across financial markets in 2025, so investors are looking for data indicating to what extent such a move is taking shape.
U.S. President Donald Trump's confrontations with longstanding allies over trade and security, along with attacks on the Federal Reserve, have raised concerns around the safe-haven status of U.S. Treasuries this year.
Euro zone bonds have traded more steadily, boosting their appeal to investors as an asset perceived to be safe.
U.S. 30-year yields are up 40 basis points since April 2, when Trump announced his "Liberation Day" tariffs, while German equivalents are up fewer than 20 basis points.
Citi however noted the May inflows followed 12 billion euros of foreign investor outflows from the bloc's debt in April, which they said could be explained by broad de-risking in the wake of Liberation Day.
"All in, therefore, we would watch out for the June data, released on 18th August, to draw any conclusions," the analysts said.
($1 = 0.8592 euros)
Effettua l'accesso per consultare il tuo portafoglio
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
13 minutes ago
- Yahoo
H1 2025 Results: Increase in Operating Margin & Net Cash Flow, Transformation Underway, Guidance Confirmed
NANTERRE (FRANCE)JULY 28, 2025 H1 2025 RESULTS INCREASE IN OPERATING MARGIN & NET CASH FLOWTRANSFORMATION UNDERWAYGUIDANCE CONFIRMED STRICT COST AND CASH DISCIPLINE DRIVING IMPROVEMENT Organic growth of 1.1%, driven by Electronics and Seating. Operating margin up 20bps, supported by strict cost control, well-contained impact of US tariffs and the first benefits of the EU-FORWARD program. Net Cash Flow more than doubled vs H1 2024, driven by recurring elements: EBITDA increased by €127m and Capex and Capitalized R&D reduced by €232m. Net result penalized by non-cash financial assets depreciation related to SYMBIO. In €m H1 2025 H1 2024 Change Sales 13,477 13,534 -0.4% Organic growth (constant scope & currencies)Adj. EBITDAAs % of sales 1,76213.1% 1,63512.1% +7.8% Operating income 722 700 +3.1% As % of sales 5.4% 5.2%Net result, Group share (269) 5 - Net cash flow 418 201 +€217m Net debt/Adj. EBITDA ratio 1.8x 2.0x -20bps ORGANIZATIONAL TRANSFORMATION TO PROMOTE FURTHER ACCOUNTABILITY AND OPERATIONAL EXCELLENCE Design of a new division centric organization with clear lines of P&L responsibility to drive business performance. Launch of Simplify project to streamline organization and reduce indirect and structural costs; €110m cost base reduction target by 2028, backed by c.€150m restructuring costs over 2025–2028. CONFIRMED FULL-YEAR 2025 GUIDANCE Sales, operating margin, net cash flow, and leverage targets reiterated. Martin FISCHER, Chief Executive Officer of FORVIA, declared: "Our three key priorities — delivering performance, driving business transformation and invigorating our culture— shape our decisions and actions. The quality of our first-half results demonstrates the remarkable commitment of our teams and our strong focus on these priorities. This performance, together with the rising outcomes of self-help measures and the continued strict cost and cash control, enables us to confirm our full-year guidance in a challenging and volatile environment. It also further supports our primary objective of debt reduction. In the first half, we launched major initiatives that underpin our strategic shift. We are streamlining our operating model into a division-centric structure that enhances agility, accelerates decision-making and fosters accountability. Meanwhile, the SIMPLIFY project is building a leaner organization, generating additional cost savings. At the same time, we are transforming our business portfolio through a thorough strategic review of each business group and all product lines, while actively pursuing asset disposals. We will present our strategy and mid-term financial goals at our Capital Market Day on February 24, 2026.' H1 2025 FINANCIAL RESULTS (detailed analysis in Appendices) H1 2025 Group consolidated sales and operating income GROUP (in €m) H1 2024 Currency effect Organic growth H1 2025 Reported change Sales13,534 -205 +148 13,477 -57 -1.5% -0.4% Operating income 700 722 +3.1% As a % of sales 5.2% 5.4% +20bps In H1 2025, worldwide auto production rose by 3.1%, to 44.9 million LVs (S&P Mobility July estimate). Strong growth in Asia (+7.8%) more than offset volume decline in EMEA (-3.1%) and Americas (-2.4%). These regional variations represented an unfavorable geographic mix of close to 4 points for FORVIA. H1 2025 organic growth stood at +1.1% of last year's sales: Product sales organic growth at +2.9% were in line with market volume growth, driven by Electronics, Seating and Interiors. Tooling sales were exceptionally high in the first half of 2024. Excluding the unfavorable geographic mix, organic growth represented an outperformance of 2 points, driven by Europe and Asia excluding China. The currency effect represented a negative impact of €205 million on sales (-1.5%), that started to materialize in Q2. H1 2025 consolidated operating income of €722 million, up 20bps at 5.4% of sales. Margin development was supported by improvement in Seating, Electronics and Interiors. Tariffs had no material impact thanks to effective counter measures. The year-on-year increase in operating income to €722 million in H1 2025, mainly reflected: Increased flexibility in production costs and reduction in operating costs (hiring freeze, travel restrictions, marketing expenses cut…), The first benefits of the EU-FORWARD program which contributed to the 100bps margin expansion of EMEA to 4.1% of sales, and synergies with FORVIA HELLA, for a combined amount of €65 million, and despite: Volume effect and operational challenges in the North American Interiors and Lighting businesses, A negative currency impact of €20 million. H1 2025 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME in €m H1 2025 H1 2024 Change Sales 13,477 13,534 Operating income before PPA 722 700 Purchase Price Allocation -92 -93Restructuring -248 -222 -26 Other non-recurring operating income and expense -16 -43 +27 Net financial interest -236 -250 +14 Other financial income and expense -72 79 -151 Income before tax of fully consolidated companies 59 171 -112 Income taxes -124 -59 -65 Share of net income of associates -154 -12 -142 Consolidated net income before minority interest -219 100 -319 Minority interest -50 -95 +45 Consolidated net income, Group share -269 5 -274 The consolidated net income, Group share, was a net loss of €269 million in H1 2025, penalized by €136 million non-cash financial asset depreciation related to SYMBIO joint venture, while the €5 million profit generated in H1 2024 included a capital gain on disposal of €134 million. It also reflected: Restructuring expenses The rapid pace of deployment of the EU-FORWARD program explains the high level of restructuring costs. The new operations in H1 2025 accounted for around 2,100 announced job cuts. With a total of 2,900 reductions in 2024, EU-FORWARD has already achieved half of its original target of 10,000 cuts, ahead of schedule. Net financial interest Net financial interest represented a charge of €236 million, an improvement of €14 million vs. H1 2024, notably reflecting impact of lower interest rates on floating-rate debt. Other financial income and expenses H1 2024 financial income included €134 million in capital gains realized by FORVIA HELLA from the sale of its stake in BHTC to AUO Corporation in China. Share of net income of associates: SYMBIO SYMBIO is a French company specializing in hydrogen systems for vehicles, jointly held by FORVIA, Michelin and Stellantis. Mid July 2025, Stellantis announced the termination of its hydrogen fuel cell technology development program, a decision with major implications for SYMBIO, which relies on the carmaker for over 80% of its business serious operational and financial risks for SYMBIO's future, FORVIA booked a non-cash depreciation of the financial assets related to the joint venture, consolidated under equity method, for €136 million. H1 2025 CONSOLIDATED CASH FLOW STATEMENT in €m H1 2025 H1 2024 Change Operating income 722 700 +22 Depreciation and amortization 1,040 935 +105 Adj. EBITDA 1,762 1,635 +127 Capex -274 -419 +145 Capitalized R&D -420 -507 +87 Change in WCR including factoring -24 97 -121 Restructuring -109 -90 -19 Other (operational) -27 -52 +25 Financial expenses -269 -289 +20 Taxes -221 -175 -46 Net cash flow 418 201 +217 Net cash flow increased by 108% to €418 million, with a quality improvement reflecting three recurring elements: The increase of the EBITDA that stood at 13.1% of sales, up 100bps vs. H1 2024, The 35% reduction of Capital expenditure, primarily in Europe, The 17% decrease of Capitalized R&D, essentially driven by the 11% reduction of Gross R&D (-€130 million). Change in working capital and factoring represented an outflow of €24 million, resulting from: a limited cash-out (€92 million) from working capital, with controlled inventories and net outflows from account receivables and payables, a €68 inflow from factoring to anticipate collection of tariffs recovery in the US. Amount of receivables factoring was kept below €1.3 billion at June 30, 2025. The year-on-year increase in tax cash-out mainly reflects the €68 million withholding tax refund received in H1 2024, linked to the extraordinary dividend from FORVIA HELLA received in 2023. After dividends paid to minorities (€56 million), new leases contracted (€72 million, reduced by 42%) and €90 million of other flows (mainly on change in currencies), net financial debt at June 30, 2025 was reduced by 193 million vs December 31, 2024 and stood at €6,430 million. Net debt/Adj. EBITDA ratio stood at 1.8x at June 30, 2025, vs. 2.0x at December 31, 2024. GROUP DEBT MATURITY Improved debt profile through active refinancing since the start of 2025 Since the start of the year and to date, the Group has successfully issued cumulated amount of c. €1.7 billion of new debt instruments, essentially maturing in 2030. New issuances reflected enhanced diversification of sources (Euro bond market, inaugural bond on the USD and c.€220 million of Schuldschein notes issued in July 2025). These proceeds were used to buy back 2026 maturities, now mostly cleared like the 2025 ones, as well as a portion of 2027 maturities. In parallel, the Group extended from June 2027 to June 2028 the maturity of a €650m bank loan. In all, these transactions allowed FORVIA to extend its average debt maturity1, now of 3.3 years compared to 3.1 at end of 2024. Gross debt was reduced by €321 million to €10,802 million at June 30, 2025 and gross cash by €128 million to 4,372 million. OTHER H1 2025 HIGHLIGHTS Business transformation and deleveraging We have been conducting a comprehensive review of the portfolio to prioritize leadership positions per product line over overall size. It includes an analysis across the 6 business groups and 24 product lines of the Group, to identify higher synergies, simplify scopes, and discontinue certain activities. In particular, it was decided to reduce the cash burn of the hydrogen activities while maintaining their long-term strategic importance. Concurrently, disposal processes have progressed, with the number of eligible assets revised upward and sizeable disposal processes on going. Major initiatives to boost agility and performance through a highly efficient organization The automotive industry is navigating a complex and fast-evolving environment, demanding greater agility and responsiveness. To support its profound transformation, the Group initiated two strategic projects to lead change effectively. The organization model is being transformed, with a clear P&L reporting structure defined. The new setup is division-centric, promoting higher levels of accountability and empowerment across teams. Through the SIMPLIFY Project, the Group aims to reinvent its ways of working across SG&A and indirect operations. It conducted a thorough benchmarking exercise to identify areas for improvement, leading to the definition of key structural levers, such as eliminating non-essential tasks, automating transactional activities with GenAI, and optimizing organizational design. The project ambition is to reduce the cost baseline by 110 million euros by 2028, supported by restructuring costs of c.150 million euros over 2025–2028. Order intake In H1 2025, FORVIA recorded order intake of €14 billion, compared to €15 billion in H1 2024, reflecting delayed tenders, notably in North America in the context of new tariffs imposed by the US administration. This order intake continued to demonstrate solid momentum in Electronics and in China: Electronics accounted for 34% of the total order intake Asia represented 36%, including 30% from China H2 2025 OUTLOOK AND 2025 FULL-YEAR GUIDANCE CONFIRMED The Group anticipates the production environment to remain volatile and uncertain. Based on S&P Mobility July estimates, the automotive market production is expected to reach 45 million LVs in H2 2025, slightly above H1 would represent a drop by 2.2% vs. H2 2024, with all main regions being impacted, including China. The geographic mix that was strongly unfavorable in H1 (-4 pts) is expected to level off. To preserve its performance, the Group will maintain rigorous cost control and disciplined cash management. It will also benefit from higher savings related to the EU-FORWARD program. Therefore, taking into account the tariffs enacted to date, the Group confirms its 2025 full-year guidance*: Sales between €26.3bn and €27.5bn, at constant exchange rates** Operating margin between 5.2% and 6.0% of sales Net Cash-flow ≥2024 level (i.e. 655M€) Net debt/Adjusted EBITDA ratio ≤1.8x at December 31, 2025 on a organic basis*** Beyond this organic deleveraging target, the Group is committed to restore a solid balance sheet with the objective of reducing Net debt/Adjusted EBITDA ratio below 1.5x in 2026, supported by disposals. *The guidance assumes no other major disruption materially impacting production or retail sales in any major automotive region during the year** 2024 average exchange rates: EUR/USD = 1.08, EUR/CNY = 7.79***With no net contribution from asset disposals FINANCIAL CALENDAR October 20, 2025 Q3 2024 sales announcement (before market hours) February 24, 2026 FY 2025 results announcement (before market hours) Capital Market Day A webcasted conference call will be held today at 09:00am (CET). If you wish to follow the presentation using the webcast, please access the following link: A replay will be available as soon as possible. You may also follow the presentation via conference call: France +33 1 70 91 87 06 United Kingdom +44 (0) 207 107 06 13 United States 1 (1) 631 570 56 13 PRESS ANALYSTS/INVESTORS Christophe MALBRANQUEGroup Media Relations Director+33 (0) 6 21 96 23 Adeline MICKELERGroup Head of Investor Relations+33 (0) 6 61 30 90 Sébastien LEROYDeputy Head of Investor Relations +33 (0) 6 26 89 33 About FORVIA, whose mission is: 'We pioneer technology for mobility experiences that matter to people'. FORVIA, a global automotive technology supplier, comprises the complementary technology and industrial strengths of Faurecia and HELLA. With around 250 industrial sites and 78 R&D centers, over 150,000 people, including more than 15,000 R&D engineers across 40+ countries, FORVIA provides a unique and comprehensive approach to the automotive challenges of today and tomorrow. Composed of 6 business groups and a strong IP portfolio of over 13,000 patents, FORVIA is focused on becoming the preferred innovation and integration partner for OEMs worldwide. In 2024, the Group achieved a consolidated revenue of 27 billion euros. FORVIA SE is listed on the Euronext Paris market under the FRVIA mnemonic code and is a component of the CAC SBT 1.5° index. FORVIA aims to be a change maker committed to foreseeing and making the mobility transformation happen. APPENDICES H1 SALES AND OPERATING MARGIN BY BUSINESS GROUPS Sales In €m H1 2025 H1 2024 Change Organic Change SEATING 4,305 4,197 +2.6% +3.7% ELECTRONICS 2,286 2,091 +9.3% +10.0% INTERIORS 2,497 2,557 -2.3% +0.1% LIGHTING 1,849 1,968 -6.1% -5.5% CLEAN MOBILITY 2,043 2,191 -6.8% -4.2% LIFECYCLE SOLUTIONS 497 530 -6.2% -3.2% GROUP 13,477 13,534 -0.4% +1.1% Organic growth was mostly driven by Electronics and Seating: Sales in Seating benefited from robust dynamic in China, especially with BYD and Chery. Europe recorded mid-single digit growth supported by BMW (frames and complete seats) and Renault (Master and 5 E-Tech), Sales in Electronics rose double-digit with solid growth in all regions. Sales were mostly driven by Japanese OEMs in Asia, by VW and Stellantis in Europe and GM in North America, Interiors: Organic sales were flat, penalized by strong comparable on tooling sales in North America and Europe. Sales in China rose at double-digit, supported by ramp up of programs with BYD, Lighting business was penalized by discontinuation of programs, Clean Mobility were down mid-single digit, notably penalized by the disposal of Hug Engineering. Sales were almost flat in Q2, supported by solid performance in North America (high single digit growth) where activity was lifted by Ford, Lifecycle Solutions activity was penalized by overall low level of its customer investments. Operating income In €m H1 2025 H1 2024 Change SEATING 239 194 +23.0% % of sales 5.5% 4.6% +0.9 pt ELECTRONICS 142 122 +17.0% % of sales 6.2% 5.8% +0.4 pt INTERIORS 48 37 +29.5% % of sales 1.9% 1.4% +0.5 pt LIGHTING 81 99 -17.8% % of sales 4.4% 5.0% -0.6 pt CLEAN MOBILITY 167 187 -10.5% % of sales 8.2% 8.5% -0.3 pts LIFECYCLE SOLUTIONS 45 62 -27.6% % of sales 9.1% 11.7% -2.6 pts GROUP 722 700 +3.1% % of sales 5.4% 5.2% +0.2 pt Group operating margin expansion in H1 2025 was supported by noticeable margin improvement at Seating, Interiors and Electronics: Operating margin expanded by 90 bps at Seating, benefiting from operating leverage in Europe and China, Operating margin improved by 40 bps in Electronics, driven by further catch-up of Clarion activities and on-going improvement of HELLA's activities, Profitability was up 50 bps at Interiors, with more than 100 bps expansion in Europe but with some underperforming plants in North America, Lighting profitability was penalized by missing volumes and operational difficulties in North America but improved in Europe, Clean Mobility maintained a high-quality margin of 8.2% despite sales decline. Operating margin was around 10% excluding hydrogen activities. Lifecycle Solutions profitability suffered from an unfavorable product mix H1 SALES AND OPERATING MARGIN BY REGIONS Sales In €m H1 2025 H1 2024 Change Organic Change Currency change Perf vs. auto prod EMEA 6,570 6,518 +0.8% +1.6% -0.8% +5 pts o/w Europe 6,421 6,353 +1.1% +1.9% -0.8% +6 pts AMERICAS 3,499 3,686 -5.1% -2.4% -2.7% - o/w North America 3,116 3,283 -5.1% -4.0% -1.1% - ASIA 3,408 3,331 +2.3% +4.0% -1.7% -4 pts o/w China 2,563 2,566 -0.1% +1.5% -1.6% -10 pts o/w Rest of Asia 845 764 +10.6% +12.5% -2.0% +10 pts GROUP 13,477 13,534 -0.4% +1.1% -1.5% -2 pts FORVIA recorded outperformance in all regions but China in H1: EMEA: In a market declining by 4% (S&P Mobility July estimate), sales in Europe ex. Russia recorded positive organic growth of 1.9%, showing 6 points of outperformance, driven by Seating, Electronics and Lighting, Americas: in North America, in a market down by 4.1%, product sales (excluding tooling sales that stood at a high level in H1 2024) dropped by only 2%, slightly outperforming the market, notably supported by Electronics and Clean Mobility, Asia: China recorded organic growth of 1.5%, supported by double-digit growth with Chinese OEMs, but underperformed the market. In the Rest of Asia, growth of 12.5% represented an outperformance of 10 points. Operating income In €m H1 2025 H1 2024 Change EMEA 268 202 +32.9% % of sales 4.1% 3.1% +1 pt AMERICAS 122 166 -26.4% % of sales 3.5% 4.5% -1 pt ASIA 331 332 -0.3% of sales 9.7% 10.0% -0.3 pt GROUP 722 700 +3.1% % of sales 5.4% 5.2% +0.2 pt Operating margin evolution were contrasted by region: EMEA: Operating margin was up 100 bps where the execution of EU-FORWARD yielded first significant results, Americas: profitability was penalized by underperformance in North America on missing volumes and operational challenges at Interiors and Lighting, Asia maintained an operating margin close to double digit reflecting strong progress in Rest of Asia and light decline in China. Q2 SALES BY BUSINESS GROUPS AND REGIONS By Business Groups In €m Q2 2025 Q2 2024 Change Organic Change SEATING 2,152 2,221 -3.1% -0.3% ELECTRONICS 1,142 1,081 +5.6% +7.9% INTERIORS 1,280 1,361 -5.9% -1.4% LIGHTING 914 975 -6.2% -4.1% CLEAN MOBILITY 1,041 1,109 -6.1% -1.0% LIFECYCLE SOLUTIONS 246 256 -4.0% +0.6% GROUP 6,775 7,003 -3.3% +0.1% By RegionsQ2 2025 Q2 2024 Change Organic Change Currency change Perf vs. auto prod (bps) EMEA 3,330 3,383 -1.6% -0.3% -1.3% +2 pts o/w Europe 3,252 3,294 -1.3% -0.1% -1.2% +2 pts AMERICAS 1,766 1,904 -7.2% -1.1% -6.2% +1 pt o/w North America 1,561 1,692 -7.8% -2.9% -4.9% - ASIA 1,679 1,716 -2.1% +2.4% -4.5% -4 pts o/w China 1,259 1,320 -4.6% +0.4% -5.0% -9 pts o/w Rest of Asia 420 396 +5.9% +8.9% -3.0% +7 pts GROUP 6,775 7,003 -3.3% +0.1% -3.4% -2 pts DISCLAIMER This presentation contains certain forward-looking statements concerning FORVIA. Such forward-looking statements represent trends or objectives and cannot be construed as constituting forecasts regarding the future FORVIA's results or any other performance indicator. In some cases, you can identify these forward-looking statements by forward-looking words, such as "estimate," "expect," "anticipate," "project," "plan," "intend," "objective", "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "would,", 'will', "could,", "predict," "continue," "convinced," and "confident," the negative or plural of these words and other comparable terminology. Forward looking statements in this document include, but are not limited to, financial projections and estimates and their underlying assumptions including, without limitation, assumptions regarding present and future business strategies (including the successful integration of HELLA within the FORVIA Group), expectations and statements regarding FORVIA's operation of its business, and the future operation, direction and success of FORVIA's business. Although FORVIA believes its expectations are based on reasonable assumptions, investors are cautioned that these forward-looking statements are subject to numerous various risks, whether known or unknown, and uncertainties and other factors, all of which may be beyond the control of FORVIA and could cause actual results to differ materially from those anticipated in these forward-looking statements. For a detailed description of these risks and uncertainties and other factors, please refer to public filings made with the Autorité des Marchés Financiers ('AMF'), press releases, presentations and, in particular, to those described in the chapter 2."Risk factors & Risk management' of FORVIA's 2024 Universal Registration Document filed by FORVIA with the AMF on March 7, 2025 under number D. 24-0080 (a version of which is available on Subject to regulatory requirements, FORVIA does not undertake to publicly update or revise any of these forward-looking statements whether as a result of new information, future events, or otherwise. Any information relating to past performance contained herein is not a guarantee of future performance. Nothing herein should be construed as an investment recommendation or as legal, tax, investment or accounting advice. The historical figures related to HELLA included in this presentation have been provided to FORVIA by HELLA within the context of the acquisition process. These historical figures have not been audited or subject to a limited review by the auditors of FORVIA. FORVIA HELLA remains a listed company. For more information on FORVIA HELLA, more information is available on This presentation does not constitute and should not be construed as an offer to sell or a solicitation of an offer to buy FORVIA securities. DEFINITIONS OF TERMS USED IN THIS DOCUMENT Sales growth FORVIA's year-on-year sales evolution is made of three components: A 'Currency effect', calculated by applying average currency rates for the period to the sales of the prior year, A 'Scope effect' (acquisition/divestment), And 'Growth at constant currencies'. As 'Scope effect', FORVIA presents all acquisitions/divestments, whose sales on an annual basis amount to more than €250 million. Other acquisitions below this threshold are considered as 'bolt-on acquisitions' and are included in 'Growth at constant currencies'. In 2021, there was no effect from 'bolt-on acquisitions'; as a result, 'Growth at constant currencies' is equivalent to sales growth at constant scope and currencies also presented as organic growth. Operating income Operating income is the FORVIA group's principal performance indicator. It corresponds to net income of fully consolidated companies before: Amortization of intangible assets acquired in business combinations. Other non-recurring operating income and expense, corresponding to material, unusual and non-recurring items including reorganization expenses and early retirement costs, the impact of exceptional events such as the discontinuation of a business, the closure or sale of an industrial site, disposals of non-operating buildings, impairment losses recorded for property, plant and equipment or intangible assets, as well as other material and unusual losses. Income on loans, cash investments and marketable securities; Finance costs. Other financial income and expense, which include the impact of discounting the pension benefit obligation and the return on related plan assets, the ineffective portion of interest rate and currency hedges, changes in value of interest rate and currency instruments for which the hedging relationship does not satisfy the criteria set forth in relationship cannot be demonstrated under IFRS 9, and gains and losses on sales of shares in subsidiaries. Taxes. Adjusted EBITDA In compliance with the ESMA (European Securities and Markets Authority) regulation, the term 'Adjusted EBITDA' has been used since January 1, 2022. Net cash flow Net cash flow is defined as follow: Net cash from (used in) operating and investing activities less (acquisitions)/disposal of equity interests and businesses (net of cash and cash equivalents), other changes and proceeds from disposal of financial assets, and new or extended leases. Repayment of IFRS 16 debt is not included. Net financial debt Net financial debt is defined as follow: Gross financial debt less cash and cash equivalents and derivatives classified under non-current and current assets. It includes the lease liabilities (IFRS 16 debt). 1 Excluding commercial paper, leases and overdraft Attachment 2025 07 28 FORVIA H1 2025 RESULTS PR_ENError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 minutes ago
- Yahoo
Brewer Heineken's first-half profits beat forecasts
LONDON (Reuters) -Dutch brewer Heineken on Monday reported a 7.4% rise in half-year organic operating profit, ahead of analyst expectations, even as its sales in Europe dragged and tariff risks increased. The world's No.2 brewer has been locked in difficult, prolonged price negotiations in Europe, which hurt sales, offsetting a boost from a late Easter and good weather. The company said its second-quarter revenues and volumes rose 2.1% and fell 1.2% respectively on an organic basis, versus analyst forecasts of a 1.2% rise and 0.3% decline. Analysts had expected a 7% increase in organic operating profit over the first-half. Heineken credited growth in regions like Africa and Asia, which have previously dragged on results, and savings that offset cost inflation and negative currency movements for the profit beat. "Our advantaged geographical footprint helped us to adapt to ongoing macro-economic challenges which impacted consumer sentiment and expenditures," CEO Dolf van den Brink said in a statement. The company left its full-year guidance unchanged at 4% to 8% annual profit growth, adding that the impact of U.S. tariffs had grown. U.S. President Donald Trump and the European Union on Sunday struck a deal that would see the U.S. impose a 15% tariff rate on most EU goods. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 minutes ago
- Yahoo
EnduroSat and WISeSat.Space Partner to Deliver Quantum-Resilient Secure IoT Nanosatellite Infrastructure
FOR IMMEDIATE RELEASE EnduroSat and Partner to Deliver Quantum-Resilient Secure IoT Nanosatellite Infrastructure Sofia, Bulgaria & Geneva, Switzerland – July 28, 2025 – WISeKey International Holding AG (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, via its subsidiary AG, a company that focuses on space technology for secure satellite communication, specifically for IoT applications, and EnduroSat, a leading provider of software-flexible satellites, as part of their strategy to diversify partners in the industry, are pleased to announce the signing of a Memorandum of Understanding (MoU) to establish a framework aimed at achieving a strategic partnership to extend the development and deployment of ultra-secure, quantum-resilient nanosatellite systems for Internet of Things (IoT) applications. The cooperation targets the integration of SEALSQ secure elements, such as the VaultIC292, VaultIC408, and QS7001, into satellite payloads and ground-level endpoints. These components enable strong hardware-based security and digital identity protection, ensuring encrypted communications and trusted authentication across the IoT satellite network. The project aims to implement post-quantum cryptographic (PQC) algorithms, aligned with NIST recommendations such as CRYSTALS-Kyber and CRYSTALS-Dilithium, to safeguard against future quantum computing threats. WISeSat will provide the PQC algorithmic stack and support, while EnduroSat will incorporate these into its satellite and communication platform. EnduroSat brings its expertise in modular satellite design, in-orbit validation, and scalable deployment systems. It will lead the physical integration of SEALSQ secure components into next-generation satellite buses and contribute to the overall mission architecture. WISeSat will support cryptographic integration and field engineering resources, ensuring that each system meets high-security and resilience benchmarks. The partnership further outlines the future integration of post-quantum cryptographic solutions and secure elements into both EnduroSat and WISeSat satellite infrastructures. EnduroSat will also support the design and deployment of WISeSat's future missions, ensuring compliance with defined security and performance requirements. This collaboration builds on WISeSat's successful deployment of its new-generation PQC-ready nanosatellite in December 2025 and EnduroSat's proven record of delivering more than 60+ satellites to orbit for institutional, scientific, and commercial customers. The resulting architecture will offer scalable, tamper-proof IoT connectivity services from Low Earth Orbit (LEO), critical for use-cases in logistics, critical infrastructure, defense, and environmental monitoring. 'This partnership with EnduroSat marks a significant step forward in our mission to deliver quantum-resilient, end-to-end secure satellite infrastructure,' said Carlos Moreira, Founder and CEO of WISeKey. 'By integrating SEALSQ's advanced secure elements into the expanding WISeSat constellation, we are building a tamper-proof communications backbone in space. Together with EnduroSat's modular satellite technology, we are enabling scalable and ultra-secure IoT connectivity services from Low Earth Orbit—critical for securing data and infrastructure in the quantum era.' 'We are excited to initiate this partnership,' said Raycho Raychev, founder & CEO of EnduroSat. 'We hope to accelerate the introduction and establishment of much stronger encryption capabilities into the satellite industry.' About AG is pioneering a transformative approach to IoT connectivity and climate change monitoring through its innovative satellite constellation. By providing cost-effective, secure, and global IoT connectivity, WISeSat is enabling a wide range of applications that support environmental monitoring, disaster management, and sustainable practices. The integration of satellite data with advanced climate models holds great promise for enhancing our understanding of climate change and developing effective strategies to combat its impacts. As the world continues to grapple with the challenges of climate change, initiatives like WISeSat's IoT satellite constellation are essential for creating a more resilient and sustainable future. About WISeKeyWISeKey International Holding Ltd ('WISeKey', SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) Corp which focuses on trusted blockchain NFTs and operates the marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform. Each subsidiary contributes to WISeKey's mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company's semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey's strategic direction and its subsidiary companies, please visit About EnduroSatEnduroSat is a space infrastructure builder that engineers, builds, and operates exceptional satellites. The company streamlines space missions in LEO and beyond, handling every step from mission design to launch and operations. EnduroSat serves more than 360 customers globally and employs more than 230 space professionals across 6 locations worldwide. For more information, visit DisclaimerThis communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act ('FinSA'), the FinSa's predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey. Press and Investor Contacts WISeKey International Holding LtdCompany Contact: Carlos MoreiraChairman & CEOTel: +41 22 594 3000info@ WISeKey Investor Relations (US) The Equity Group CatiTel: +1 212 836-9611 lcati@ ENDUROSAT EADCompany Contact: Raycho RaychevFounder & CEOinfo@
