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The Market Online
5 days ago
- Business
- The Market Online
What is going on here? Watch out for DroneShield, Pure Hydrogen, and Nel ASA
The stock market is currently taking no prisoners. Megatrends such as AI and high-tech have enabled investors to reap substantial returns over the past two years. But for the past three months, defense and armament stocks have been performing a wild dance on the trading floor. With special public programs to upgrade NATO, investors are expecting billions to flow into companies that maintain a defense segment in their business model. But how can a 600% rise in share prices be justified with just 20% more orders? What if DroneShield disappoints in September? The Australian hydrogen specialist Pure Hydrogen (GREY:PHCLF) is currently expanding into the US, and much remains to be seen here. So where are the opportunities for investors? This article is disseminated in partnership with Apaton Finance GmbH. It is intended to inform investors and should not be taken as a recommendation or financial advice. Nel ASA – Storm clouds on the horizon Well-known hydrogen stocks from the hype years of 2020 to 2022 have recently attracted renewed attention. In particular, the two former hopefuls, Nel ASA and Plug Power, are struggling with weak momentum, disappointed investors, and challenging conditions. While the US under Donald Trump has significantly scaled back climate protection at the national level, the EU's unclear subsidy policy is also causing uncertainty. Ironically, however, the United States is one of the world's largest CO₂ emitters. Norwegian pioneer Nel ASA could get back on track with the help of the recently announced EU climate and infrastructure programs. However, progress was still bumpy in the second quarter of 2025. Revenue fell by 48% to NOK 174 million, and operating income was once again deep in the red at NOK -86 million. At least cash reserves remain solid at just under NOK 1.93 billion, which leaves room for manoeuvre. Strategically, Nel is now focusing on PEM electrolysers and sees opportunities on an industrial scale if the EU plans become reality. In any case, Nel's share price is not far from its all-time low. Technically, it could jump upwards without any major reason, as the market seems to have dried up completely after years of sell-offs. Pure Hydrogen – Paving the way for the green hydrogen economy in Australia In an increasingly unstable world, independent energy production is becoming more and more important. Australian hydrogen specialist Pure Hydrogen (GREY:PHCLF) is pursuing this exact path and establishing itself as a leader in innovation for clean energy solutions. The goal is to reposition Australia as an energy nation through regional production and global export of emission-free hydrogen. Its activities focus on three technologies: green hydrogen from renewable energies, turquoise hydrogen from methane pyrolysis with fixed carbon binding, and the still young category of emerald hydrogen, whose low-emission production is currently being tested in several pilot projects. Studies show that hydrogen-based solutions in combination with existing gas infrastructure are often cheaper and faster to implement than a purely electric transformation. Very exciting! Pure Hydrogen is already developing a wide range of applications, from hydrogen-powered commercial vehicles and generators to mobile refueling solutions. The Company is thus addressing both the industrial and mobility sectors. In parallel, Pure Hydrogen is working with Botswana H2 and Botala Energy on an energy project in southern Africa. Another milestone is the recently approved gas exploration in the Cooper Basin, which provides its subsidiary, Real Energy Queensland, with 25 years of production security, a strategic foothold for stabilizing the transition to a hydrogen economy. The next step in expansion is now underway in the US. Pure Hydrogen has signed a term sheet with Riverview International, a leading US commercial vehicle dealer based in California, for the purchase of a hydrogen-powered garbage truck. Under this agreement, Riverview has committed to purchase a TG23-110 H2 fuel cell vehicle. The vehicle, which complies with CARB (California Air Resources Board) certification and other US standards, will be assembled in Australia and shipped to the Riverview plant in West Sacramento. The truck, valued at AUD 600,000, will initially serve as a demonstration vehicle for potential US customers. Pure plans to work with Riverview to organize test drives at various customer locations to demonstrate the vehicle's performance and overall suitability for fleet applications. The Company hopes to secure larger orders for entire fleets of garbage trucks. This development follows participation in ACT Expo 2025, North America's largest event for clean and advanced commercial vehicle technology. With its clear focus, technical breadth, and ambitious projects, Pure Hydrogen is well positioned to play a leading role in the growing hydrogen market. The stock is currently trading at around AUD 0.10 in Australia and is also listed on the Frankfurt Stock Exchange. For forward-thinking investors, this offers a speculative entry point into an exciting sector with a promising future. The valuation is still low! DroneShield – Flying high until the crash landing A quick word about Australian defense company DroneShield. According to reports, the hyped defense technology specialist is investing another AUD 13 million to triple its production capacity. This is a drop in the ocean given the size of the industry, as the market for anti-drone technology, estimated at over USD 10 billion, is growing twice as fast as other defense segments. An even more sobering look at the fundamentals: With estimated revenue of around AUD 200 million, the Company is currently valued at around AUD 3.2 billion. This translates into a price-to-sales ratio of 16. DroneShield's share price has increased sixfold in just five months. The Company will release its Q2 figures at the beginning of September. If no dramatic jump in revenue and order intake can be reported, the stock could face a sharp sell-off. So those looking to seize the moment may want to realize their profits before the Q2 report is released. The hydrogen sector has struggled in the past 12 months, but the turnaround seems to have been achieved. DroneShield has taken the lead with an increase of over 130%. Source: LSEG as of July 23, 2025 Industry rotation is underway. While defense stocks are gradually giving up gains, alternative energy producers such as Nel ASA, Plug Power, and Pure Hydrogen are back in demand. DroneShield's share price appears to be overvalued, so be cautious of a shift in sentiment here. In short, selection is therefore key once again. Conflict of interest Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as 'Relevant Persons') currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. In this respect, they intend to sell or acquire shares or other financial instruments of the companies (hereinafter each referred to as a 'Transaction'). Transactions may thereby influence the respective price of the shares or other financial instruments of the Company. In this respect, there is a concrete conflict of interest in the reporting on the companies. In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual this reason, there is also a concrete conflict of interest. The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies. Risk notice Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. 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Business Upturn
5 days ago
- Business
- Business Upturn
Subsea 7 S.A. Notice of Extraordinary General Meeting
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW Luxembourg – 24 July 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) (the Company) today published and distributed to eligible holders of common shares the notice of meeting for an extraordinary general meeting of shareholders (the EGM). The purpose of the EGM is to consider the proposed combination between Subsea7 and Saipem SpA. The EGM is scheduled to take place at 15:00 (local time) on 25 September 2025 at 5, place Winston Churchill, L-1340 Luxembourg. The holders of common shares on record at the close of business on 11 September 2025 will be entitled to vote. The deadline for submission of votes for holders of common shares is 19 September 2025. The notice of meeting and supporting materials, including the common merger plan, the report of the board of directors with respect to the common merger plan, and the reports of the respective independent experts of the Company and Saipem SpA, will shortly be available on the Company's website, The EGM agenda includes the proposal to distribute a dividend of €450m, equating to approximately NOK 18.00 per share as at today's date. This distribution is in accordance with the terms of the merger with Saipem S.p.A., conditional on completion of the merger and expected to be paid immediately before the proposed merger effective date. In addition, the EGM agenda includes a proposal to distribute a special dividend of €105m, equating to approximately NOK 4.15 per share, as at today's date. This distribution is related to a permitted business divestment in accordance with the merger agreement with Saipem SpA. The distribution is expected to be paid after closing of the relevant transaction or (if earlier) immediately before the proposed merger effective date. The key dates relating to both proposed dividends shall be published as soon as these dates are fixed. ******************************************************************************* Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry's partner and employer of choice in delivering the efficient offshore solutions the world needs. Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62. ******************************************************************************* Contact for investment community enquiries:Katherine TonksInvestor Relations DirectorTel +44 20 8210 5568 [email protected]
Euronews
6 days ago
- Euronews
Cruise line pays Norwegian villages to host slow travel tourists
Cruise line giant Hurtigruten is now offering passengers the opportunity to visit some of Norway's most remote coastal communities in an effort to promote meaningful slow travel. The 'Open Village' experience will allow travellers to visit three secluded locations: Bessaker, Trᴂna and Sæbø and interact closely with locals while participating in exclusive, immersive activities. This opportunity will only be available on Hurtigruten's Signature Line voyages, which run from May to September. These smaller cruises are the only ones to visit the remote communities during summer, carrying up to 500 passengers per trip. Hurtigruten will also pay NOK 250 (€21.20) per cruise traveller to each village for every visit, allowing each village to potentially earn up to €10,600 per visit. These kinds of initiatives have become all the more urgent for Norway, as the country continues to struggle with overtourism in popular destinations such as Lofoten Islands and Tromsø. It recently became the latest European country to introduce a tourist tax following record visitor numbers and accommodation bookings. Odd Tore Skildheim, head of product development at Hurtigruten, has emphasised that the 'Open Village' programme would lead to more genuine connections while travelling. 'These villages, with a combined population of fewer than 1,000, are not just points on a map,' he said in a press release 'Through our 'Open Village' concept, there is no cost to our guests. Our aim is for guests to feel truly welcomed and for locals to feel genuinely supported.' Live music, festive village parades and cultural history Some of the activities offered as part of the scheme include woodcarving, festive village parades, live music and woodcarving in Bessaker. The village also has historic sites such as Osen Bygdetun, an ancient farm and local museum, and Helleristninger/Gravhaug, for rock carvings. Visitors can learn about local traditions and personal stories, while indulging in homemade fresh coffee, cake and sodd, a traditional Norwegian meat soup. Travellers have a chance to enjoy a self-guided and flexible cultural adventure through curated booklets while visiting Trᴂna, one of Norway's oldest fishing communities. This includes the Petter Drass Chapel, the Trᴂna Local Museum and the village church. Sæbø also offers a live church concert with local musicians. Cruise passengers are able to visit the Avalanche Centre as well and learn about the region's cultural and natural history from guides. Knut Johan Monkan, from Coastal Host Bessaker, highlighted that the 'Open Village' programme is not only important for income for these communities, but also for optimism and growth. 'In a village of just 170 people, 12 businesses benefit directly, from activity providers to artists, bakers and local producers. Without this initiative, places like FABrikken, our new restaurant, and Stokkøy Bakeri, named Norway's best bakery in 2023, would not have managed to keep going,' he said. 'The ripple effects are wide-reaching, and Hurtigruten's presence is essential to creating a sustainable, living village and district.'
Yahoo
22-07-2025
- Business
- Yahoo
Norsk Hydro: Performance and capital discipline, supporting strong results
Hydro's adjusted EBITDA for the second quarter of 2025 was NOK 7,790 million, up from NOK 5,839 million in the same quarter last year. The results increased from higher aluminium and energy prices, and realization of previously eliminated internal profits. This was partly offset by negative currency effects and higher raw material costs, mainly driven by higher alumina cost. Hydro generated NOK 5 billion in free cash flow, while the twelve month adjusted RoaCE ended at 12 percent. Strong results amid uncertain markets Reducing capital expenditure target for 2025 by NOK 1.5 billion, to NOK 13.5 billion Introducing external hiring freeze and structured review of white collar workforce Robust power sourcing portfolio amid challenging wind and solar markets Improvement programs ahead of target for 2025 "I am pleased with the strong results this quarter, as the global market uncertainty is continuing. Hydro is taking proactive measures to reinforce our long-term resilience and operational efficiency. We are taking down our 2025 capital expenditure guiding by NOK 1.5 billion. Hydro has also implemented an external hiring freeze for white collar workers, pending a review of current and future manning needs,' says Eivind Kallevik, President and CEO of Hydro. The global market has become increasingly uncertain, shaped by geopolitical tensions and shifting regulation. This heightened uncertainty complicates demand forecasting and capacity planning, and in response Hydro is reducing the capital expenditure guidance for 2025 by NOK 1.5 billion, to NOK 13.5 billion, to ensure financial flexibility. Under the current political environment, investments will focus on flexibility, risk mitigation, and responsiveness to changing economic and policy conditions. 'We believe in the aluminium industry and we see demand for low-carbon aluminium continuing to grow. In the current situation, our focus is on preserving financial strength, improving capital efficiency, and maintaining room to maneuver. We have so far not seen big changes to our operations from tariffs and potential trade wars. Our main concern is whether the uncertainty will lead to a global economic downturn,' says Kallevik. While long-term growth remains central to Hydro's strategy, near-term priorities have shifted to operational efficiency, cost control and maintaining optionality. The ambition is to position the company to respond decisively as conditions evolve and opportunities arise. In June, Hydro launched a structured review of the number of white collar positions to ensure alignment with strategic priorities and operational efficiency. This is part of a broader effort to reinforce financial discipline and enhance organizational flexibility. The review will help the company assess its current and future manning needs. On June 10, Hydro therefore implemented an external hiring freeze for white collar positions. Recruitment for blue collar positions in the business areas will continue as planned. Reliable access to renewable energy is critical to Hydro's low-carbon aluminium strategy. Since the fourth quarter of 2024, Hydro's second largest wind power supplier in Sweden, Cloud Snurran AB, has faced financial and operational challenges. This has resulted in non-delivery of contracted volumes. Consequently, the power purchase agreement (PPA) between the parties was voluntarily terminated by mutual agreement in July 2025, with a negotiated compensation to Hydro of up to EUR 90 million. This development, along with previous challenges at Markbygden Ett AB, highlights broader risks in the Swedish wind market, particularly related to underperformance in production volumes leading to financial distress among producers. While wind energy remains an important part of the mix, these events reinforce the value of Hydro's diversified and robust sourcing portfolio. The sourcing situation for the Norwegian smelters remains robust through 2030, and Hydro continues to actively pursue cost competitive renewable power opportunities. In Brazil, ongoing grid constraints, transmission bottlenecks, and regulatory uncertainty have continued to limit solar and wind power deliveries, pressuring both volumes and pricing. Reflecting these structural challenges, Hydro has revised its return requirements for energy investments in the region. As a result, impairments of approximately NOK 400 million were recognized across parts of the energy portfolio. Despite these headwinds, operations at Albras, Alunorte and Paragominas remain stable, supported by renewable energy delivered under long-term PPAs. Hydro targets NOK 6.5 billion in accumulated improvements by 2030, with 70 percent of the 2025 estimate of NOK 600 million achieved year to date, driven by operational, procurement and commercial initiatives. In the operational improvement program, Hydro Extrusions targets to reduce more than 100 full time equivalents by 2025 through automation to further boost productivity, safety, ergonomics and quality. In the commercial excellence program, greener product sales increased by approximately 50 percent year-to-date 2025 versus the previous year in upcharge revenue. The achievements include the first Hydro CIRCAL contract with a major North American automaker and a strong growth in low-carbon product sales. On June 4, Hydro successfully completed the placement of its inaugural European Green Bond, issuing EUR 500 million in senior unsecured notes under its Euro Medium Term Note (EMTN) programme. The 8 year bond, carrying a fixed annual coupon of 3.75 percent (3.779 percent reoffer yield), attracted strong investor interest and was listed on Euronext Dublin on June 17, 2025. Proceeds will be allocated to eligible green projects aligned with Hydro's Green Bond and market development per business area Adjusted EBITDA for Bauxite & Alumina decreased compared to the second quarter last year, to NOK 1,521 million from NOK 1,616 million, mainly driven by higher cost of raw materials, increased fixed costs and lower alumina sales prices, partly offset by currency and positive effect from gas implementation. PAX traded down to USD 329 per mt at the beginning of the quarter, before recovering to USD 358 per mt by quarter end. The price evolution reflected a relatively balanced alumina market in China, with supply constrained by refinery maintenance and production curtailments. Meanwhile, Guinea revoked several bauxite mining licenses during the quarter, but China's bauxite supply-demand balance remains stable, supported by stockpiles and alternative import sources. Adjusted EBITDA for Hydro Energy increased in the second quarter compared to the same period last year, to NOK 1,069 million from NOK 611 million. The increase was mainly due to higher production and higher gain on price area differences. Average Nordic power prices in the second quarter of 2025 decreased compared to the previous quarter and the same quarter last year. The decrease in prices from last year was primarily due to hydrology, while the decrease compared to the previous quarter was mainly due to lower seasonal demand. Price area differences between the south and north of the Nordic market regions increased compared to the same quarter last year and the previous quarter as the northern areas were influenced by strong hydrology. Adjusted EBITDA for Aluminium Metal decreased in the second quarter of 2025 compared to the second quarter of 2024, to NOK 2,423 million from NOK 2,520 million, mainly due to higher alumina cost, lower sales volume and negative currency effects, partly offset by higher all-in metal prices and lower energy cost. Global primary aluminium consumption was up 2.2 percent compared to the second quarter of 2024, driven by a 4.1 percent increase in World ex. China. The three month aluminium price increased throughout the second quarter of 2025, starting the quarter at USD 2,507 per mt and ending at USD 2,598 per mt. Adjusted EBITDA for Metal Markets decreased in the second quarter of 2025 compared to the same period last year, to NOK 276 million from NOK 309 million due to lower results from sourcing and trading activities, partly offset by increased results from recyclers. Adjusted EBITDA for Extrusions decreased in the second quarter of 2025 compared to the same quarter last year, to NOK 1,260 million from NOK 1,377 million driven by lower sales margins, partly compensated by higher sales volumes and lower fixed cost. European extrusion demand is estimated to have been flat in the second quarter of 2025 compared to the same quarter last year, but increasing 4 percent compared to the first quarter. Demand for building & construction and industrial segments has stabilized at moderate levels with some uptick in order bookings throughout the quarter. Automotive demand has been negatively impacted by lower European light vehicle production in the first quarter, partly offset by increased production of electric vehicles. North American extrusion demand is estimated to have decreased 1 percent in the second quarter of 2025 compared to the same quarter last year, but increased 5 percent compared to the first quarter. Extrusion demand has continued to be very weak in the commercial transport segment driven by lower trailer builds. Automotive demand has also been weak. Demand has been positive in the building & construction and industrial segments. While the impacts from the introduction of tariffs and duties are still uncertain at this stage, order bookings have started to develop better for domestic producers due to lower key financials Compared to the first quarter of 2025, Hydro's adjusted EBITDA decreased to NOK 7,790 million from NOK 9,516 million, mainly due to lower realized alumina price and negative currency effects, partly offset by realization of previously eliminated internal profits, normalization of alumina sales volumes, and positive raw material costs. Net income (loss) amounted to NOK 2,450 million in the second quarter of 2025. Net income (loss) included a NOK 480 million unrealized derivative loss, mainly on LME related contracts, and a net foreign exchange gain on risk management instruments of NOK 72 million. The result also included impairment in equity accounted investments of NOK 392 million and NOK 102 million in rationalization charges and closure costs. Further, foreign exchange losses of NOK 508 million was also adjusted for. The tax effect on these adjustments reflected a standardized tax rate for taxable gains and tax-deductible losses. Hydro's net debt increased from NOK 15.1 billion to NOK 15.5 billion during the second quarter of 2025. The net debt increase was mainly driven by EBITDA contribution and net operating capital release being more than offset by shareholder distributions. Adjusted net debt increased from NOK 21.8 billion to NOK 23.0 billion, which was a combination of both increased net debt of NOK 0.4 billion and increased adjustments of NOK 0.8 billion, driven by increased net pension liability and increased financial liabilities. Reported earnings before financial items and tax (EBIT), and net income include effects that are disclosed in the quarterly report. Adjustments to EBITDA, EBIT and net income (loss) are defined and described as part of the alternative performance measures (APM) section in the quarterly report. Investor contact:Martine Rambøl Hagen+47 Media contact:Halvor Molland+47 information was submitted for publication from Hydro Investor Relations and the contact persons set out above. Certain statements included in this announcement contain forward-looking information, including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Hydro management concerning plans, objectives and strategies, such as planned expansions, investments, divestments, curtailments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, and (i) qualified statements such as "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream businesses; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro's key markets and competition; and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Except where required by law, Hydro disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. Attachments Report Q2 2025 NHY presentation Q2 2025Melden Sie sich an, um Ihr Portfolio aufzurufen.
Yahoo
19-07-2025
- Business
- Yahoo
Vend Marketplaces ASA (SBBTF) Q2 2025 Earnings Call Highlights: Strategic Growth Amid Revenue ...
Group Revenue: NOK1,694 million, a 2% year-on-year decline. EBITDA: NOK583 million, a 25% increase year-on-year. Capital Distribution from Adevinta: EUR336 million received. Shareholder Returns: NOK6.2 billion returned through dividends and share buybacks. Mobility Revenue Growth: 4% increase in Q2. Real Estate Revenue Growth: Double-digit growth with 11% increase in classified revenues. Jobs Revenue Growth: 3% growth in Norway. Recommerce Revenue Decline: 6% decline in Q2. Operating Profit: NOK330 million, up from NOK199 million last year. Net Profit: Approximately NOK5.2 billion. Cash Flow from Operating Activities: NOK313 million, up from NOK174 million last year. Net Debt: NOK0.2 billion at the end of Q2. EBITDA Margin for Mobility: 58%, with 65% excluding transactional models. EBITDA Margin for Real Estate: 53%, with 59% excluding transactional business model. EBITDA Margin for Jobs: 60% in a seasonally strong quarter. EBITDA Margin for Recommerce: Improved by 2% points. Warning! GuruFocus has detected 11 Warning Signs with SBBTF. Release Date: July 18, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Vend Marketplaces ASA (SBBTF) achieved a 25% growth in EBITDA, reaching NOK583 million, primarily due to reduced operating expenses. The company has successfully increased revenue per ad across all verticals, indicating strong strategic momentum. Vend Marketplaces ASA (SBBTF) has returned approximately NOK6.2 billion to shareholders through dividends and share buybacks, demonstrating a commitment to shareholder value. The company is leveraging AI to enhance product offerings, such as improving ad quality and matching capabilities, which could drive future growth. The transition to a single technology platform is expected to free up capacity for innovation and expansion across multiple markets. Negative Points Group revenues declined by 2% year-on-year, impacted by a reduction in the other/HQ segment and soft advertising revenues. Vend Marketplaces ASA (SBBTF) faced a NOK10 million violation penalty from the Financial Supervisory Authority of Norway due to inappropriate information sharing in pre-close calls. Advertising revenues continue to decline, particularly affecting the recommerce and mobility segments. The company anticipates potential declining volumes in the second half of the year, particularly in the real estate sector. Despite cost reductions, the full financial benefits of strategic measures, such as platform consolidation and divestments, will take time to materialize. Q & A Highlights Q: Could you share your latest thinking on the appropriate scope of your headcount, considering recent exits and headcount reductions? Is there another leg down? A: Christian Printzell Halvorsen, CEO of We have reduced our workforce from around 2,000 to 1,720. We expect further reductions over time, driven by divestments and platform consolidation, but significant changes are unlikely in 2025. Full financial effects will be seen in 2027. Q: Can you update us on the competitive threat in Norwegian property and the impact of package changes on listings? A: Christian Printzell Halvorsen, CEO of There are no changes in our competitive position. We maintain a strong share of listings, and our package distribution remains stable. Competition highlights the value we provide to home sellers. Q: How do you view the potential for profitability in your recommerce business, given the current growth trends and R&D levels? A: Christian Printzell Halvorsen, CEO of We remain confident in reaching profitability within the indicated timeframe. Growth in transactional business and strong cost control are key. Platform consolidation is crucial for innovation and synergy extraction. Q: Could you elaborate on the development of advertising revenues and the competitive landscape for private car volumes in Sweden? A: Christian Printzell Halvorsen, CEO of Advertising is transitioning post-media split, requiring rebuilding commercial relationships. Private car volume decline in Sweden is driven by subverticals like caravans and motorcycles. Q: Can you discuss the margin progression and how you intend to manage margin versus growth in H2 and into 2026? A: Per Morland, CFO: We aim to achieve medium-term targets through growth and cost efficiency. Monetization and platform consolidation will drive margin improvements. We are on track to meet our 2027 targets. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. 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
