Meudon (France), February 27^th, 2026

Vallourec, a world leader in premium seamless tubular solutions, announces today its results for the fourth quarter 2025. The Board of Directors of Vallourec SA, meeting on February 26^th 2026, approved the Group’s fourth quarter 2025 Consolidated Financial Statements. 

Fourth Quarter 2025 Results

• Q4 Group EBITDA of €214 million, strong 21% EBITDA margin
• Excellent total cash generation of €177 million
• Around €650 million distribution to shareholders targeted by August 2026^a
• Q1 2026 Group EBITDA expected to range between €165 million and €195 million
• Resilient US customer demand while imports continue to decline
• Early signs of activity rebound in key Middle East markets

HIGHLIGHTS

Fourth Quarter 2025 Results

• Group EBITDA of €214 million, up 2% sequentially, EBITDA margin remained strong at 21%
  • Tubes EBITDA per tonne of €548 down (12%) sequentially reflecting negative mix effects
  • Mine & Forest EBITDA at €38 million increasing sequentially by 10%, reflecting higher iron ore market prices partially offset by seasonally lower volumes
• Adjusted free cash flow of €204 million; total cash generation of €177 million – aided by robust collections and inventory management
• Ended the period with a net cash position of €39 million, improving by €179 million sequentially

OUTLOOK

First Quarter 2026 Group EBITDA is expected to range between €165 million and €195 million:

• In Tubes, EBITDA per tonne is expected to be broadly in-line with the Q4 2025 level, while volumes are expected to be below the Q4 2025 level.
• In Mine & Forest, production sold is expected to be around 1.4 million tonnes.

Full Year 2026 results are expected to be influenced by the following dynamics:

• North America Tubes:
  • Sustained strength in sales volumes thanks to Vallourec’s market share gains during 2025
  • A slight near-term decrease in US market prices, with improving industry supply-demand conditions leading to potential improvement later in the year
• International Tubes:
  • Lower sales volumes in H1 2026 due to slower bookings in H2 2025
  • An activity recovery in key Middle Eastern markets setting the stage for higher second half volumes
  • Broadly stable market pricing versus the second half of 2025, with discrete customer contracts driving selective price upside
• Slightly lower year over year iron ore production sold (approximately 5.5 million tonnes) due to an improved production process focusing on value over volume

Philippe Guillemot, Chairman of the Board of Directors and Chief Executive Officer, declared: 

“Vallourec delivered robust results once again in the fourth quarter. EBITDA was above the midpoint of our guidance and we produced a solid 21% EBITDA margin. We converted over 80% of EBITDA to cash – a further demonstration of our consistent improvement in working capital management and operational efficiency. After paying over €370 million to our shareholders in 2025, we returned our balance sheet to a net cash position in December.

“From this solid financial base, we will deliver on our commitment to be one of the most shareholder friendly companies in our peer group. We are targeting returns to shareholders of approximately €650 million between January and August 2026, a nearly €280 million increase versus 2025. We have adopted a balanced distribution framework, limiting warrant dilution through buybacks, growing distributions through a targeted interim dividend payment of €1.75 per share in August^b, and maintaining a defensive balance sheet.

“Reflecting on our 2025 results, I am pleased with the many milestones we have achieved. After reaching zero net debt at the end of 2024, we paid a substantial dividend to shareholders for the first time in a decade in 2025. We significantly narrowed the profitability gap with our primary peer to the lowest level since we embarked on the New Vallourec Plan in early 2022. Finally, our consistent improvement in profitability and financial resilience was recognized with Investment Grade credit ratings across all three rating agencies.

“Our focus in 2026 turns to profitable growth through targeted R&D and capital investments to solve the energy challenges of today and tomorrow. In doing so, we will remain committed to our core principles of value over volume and operational excellence. We are investing in value-added capacity enhancements, including our new high-torque threading line in the US and advanced coating capabilities like our Cleanwell® solution. Meanwhile, we are progressing our ambitions in New Energies, with a recently-announced partnership with XGS Energy in the advanced geothermal arena, and a memorandum of understanding with Baker Hughes in the hydrogen space. We are seeing particularly strong momentum in geothermal markets as the industry searches for ways to deliver clean baseload power to meet rapidly growing energy demand, which is accentuated by rapid growth in artificial intelligence and energy‑intensive data centers.

“In the US, our assets remain highly-utilized and recent booking activity remains strong. Industry pricing has softened slightly, but we are encouraged by the downward trend in imports due to Section 232 tariffs and the resilience of our customers’ activity. In International markets, commercial activity remained subdued in the second half of 2025. In the Middle East we are seeing signs of acceleration – especially in markets with higher levels of unconventional activity.

“We see potential for activity to increase in the second semester and beyond as the oil market rebalances, gas-related activity increases and the acceleration of depletion necessitates investments to maintain and grow production.”

The consolidated financial statements are included in the pdf version of the press release.

Key Quarterly Data

INFORMATION AND FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms as “believe”, “expect”, “anticipate”, “may”, “assume”, “plan”, “intend”, “will”, “should”, “estimate”, “risk” and or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, Vallourec’s results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which they operate. Readers are cautioned that forward-looking statements are not guarantees of future performance and that Vallourec’s or any of its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if Vallourec’s or any of its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks include those developed or identified in the public documents filed by Vallourec with the French Financial Markets Authority (Autorité des marches financiers, or “AMF”), including those listed in the “Risk Factors” section of the Universal Registration Document filed with the AMF on March 27, 2025, under filing number n° D. 25-0192.

Accordingly, readers of this document are cautioned against relying on these forward-looking statements. These forward-looking statements are made as of the date of this document. Vallourec disclaims any intention or obligation to complete, update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws and regulations. This press release does not constitute any offer to purchase or exchange, nor any solicitation of an offer to sell or exchange securities of Vallourec. or further information, please refer to the website https://www.vallourec.com/en.

Future dividends and share buyback authorizations will be assessed on a yearly basis by the Board of Directors taking into account any relevant factor in the future, and will be subject to Shareholders’ approval. The Board of Directors will have discretion to employ share buybacks throughout the year, up to the limits authorized by the relevant resolution approved by the Annual General Meeting.

Presentation of Q4 2025 Results

Conference call / audio webcast on February 27^th at 9:30 am CET

About Vallourec

Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec’s pioneering spirit and cutting edge R&D open new technological frontiers. With close to 13,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible.

Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF 120 and Next 150 indices and is eligible for Deferred Settlement Service.

In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R4074, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.

Financial Calendar

For further information, please contact:

^a Subject to warrant full exercise before the end of June 2026 and to Board of Directors approval in July. Estimated per share amount is based on assumptions detailed in the Appendix.

^b Subject to warrant full exercise before the end of June 2026 and to Board of Directors approval in July. Estimated per share amount is based on assumptions detailed in the Appendix.

Attachment

• Vallourec Q4 2025 Results Press Release_Final

The post Vallourec Fourth Quarter 2025 Results appeared first on Crypto Insider.

Fourth quarter and full year results 2025

HIGHLIGHTS

• Q4 EBITDA USD 47.8 million and operating cashflow of USD 107.7 million
• 2025 EBITDA USD 240.1 million and operating cashflow of USD 409.2 million
• Equity ratio 30.2% and USD 634.5 million in available liquidity at year-end 2025
• Q4 dividend USD 0.18 per share equivalent to USD 33.2 million
• 2025 dividend USD 67.0 million, fifth consecutive year of increased shareholder distribution
• BW Opal commissioning progressing, targeting 100% production within Q2 2026
• BW Opal transitioning to volume-based rate from mid-March, practical completion expected in Q2 2026
• Limited strategic review ongoing
• Full-year 2026 EBITDA guidance in the range of USD 340-370 million

Commissioning and production ramp-up for BW Opal FPSO continued with BW Offshore receiving a commissioning rate equal to 60% of the contractual dayrate. Commissioning was extended in the fourth quarter by two connection failures on the utilities and firewater seawater piping systems and a campaign to strengthen similar connections across the FPSO. In early 2026, compressor dry-gas seal replacements have impacted production regularity. BW Opal is targeting to reach 100% production capacity within the second quarter of 2026. BW Offshore will transition to a production volume-based dayrate in mid-March, with revenue recognition commencing at that time. Formal practical completion and commencement of the 15-year fixed contract is also expected in the second quarter.

The Board of Directors has declared a quarterly cash dividend of USD 0.18 per share. The shares will trade ex-dividend from 4 March 2026. Shareholders recorded in VPS following the close of trading on Oslo Børs on 5 March 2026, will be entitled to the distribution, payable on or around 13 March 2026. The total dividend for 2025 amounts to USD 67.0 million (USD 0.37 per share) equal to 50% of net income for the year. This is an increase of 12% compared to 2024.

“In 2025, BW Offshore achieved key operational and strategic milestones with first gas from BW Opal, high commercial uptime from the fleet and strong cash flow generation. We also delivered a dividend equal to 50% of net income marking the fifth consecutive year of increased shareholder distributions,” said Marco Beenen, CEO of BW Offshore. “With BW Opal ramping up production, we expect EBITDA growth in 2026. We continue to advance the prestigious Bay du Nord FPSO project with Equinor and with BW Elara we progress growth opportunities within floating transition solutions.”

For 2026, BW Offshore expects to report EBITDA in the range of USD 340-370 million. The outlook reflects firm backlog for BW Adolo and BW Catcher and expected revenue recognition from BW Opal following the transition to volume-based rate from mid-March.

On 5 December 2025, BW Offshore announced the engagement of an external adviser to assist in a strategic review. The process is a response to incoming interest for the Company considering the strong FPSO market. The Company’s main strategic focus of growing the FPSO business supported by an optimised capital structure and strong partnerships remains unchanged.

FINANCIALS
EBITDA for the fourth quarter of 2025 was USD 47.8 million (USD 43.9 million in Q3 2025), reflecting strong operational performance from the fleet. EBIT for the fourth quarter was USD 27.5 million (USD 22.5 million).

Net financial items were negative at USD 0.5 million (positive USD 6.7 million).

Loss from equity-accounted investments was USD 1.9 million (loss of USD 3.6 million), including a valuation adjustment on the Barossa finance receivable related to changes in timing of future cash flows.

Tax expense was USD 1.0 million (USD 2.3 million).

Net profit for the fourth quarter was USD 24.1 million (USD 23.3 million).

On 31 December 2025, total equity was USD 1 293.0 million (USD 1 273.9 million), and the equity ratio was 30.2% (30.5%).

As a result of strong cash generation from the fleet and asset sales in recent quarters, the Company was net cash positive by USD 211.8 million (USD 186.6 million) as of 31 December 2025.

Available liquidity was USD 634.5 million, excluding consolidated cash from BW Ideol and including USD 220 million available under the undrawn revolving credit facility.

FPSO OPERATIONS
The FPSO fleet continued to deliver stable operations in the quarter with a weighted average fleet uptime of 100% (98.7% in Q3 2025).

On 31 December 2025, the firm and probable backlog measured by expected cashflow from operations amounted to USD 2.2 billion (USD 2.1 billion).

FPSO PROJECTS
BW Offshore continued to progress all technical and commercial discussions on schedule for the Bay du Nord FPSO under the Heads of Agreement signed with Equinor in September. The pre-FEED and bridging phases have been completed, and the FEED is planned to commence in the first half of 2026, subject to final agreements with Equinor. The process for ordering major long-lead equipment packages is underway and the Company expects to open a local office in St. John’s, Canada, during the first half of 2026.

FLOATING TRANSITION SOLUTIONS
BW Offshore now holds 68% of BW Ideol following a strategic partnership with Holcim in December. This transaction, which includes a capital increase, funds operations for the upcoming year. Operationally, the three floaters for the 30 MW Eolmed wind pilot project were completed with turbines and are now enroute for connection and commissioning. Additionally, the Fos3F project, for developing a fabrication line for concrete floating foundations, secured combined grants of EUR 127 million from the EU Innovation Fund and the French Government.

The BW Elara joint venture, created by BW Offshore and an affiliate BW Group to design and build Floating Desalination Units (FDUs), progressed towards investment decision for the first unit in 2026. In parallel, there was high commercial activity across target markets. The FDUs will be delivered through a flexible service supply model.

OUTLOOK
BW Offshore expects that the current fleet will continue to generate significant cash flow in the time ahead, supported by the firm contract backlog. Furthermore, growing energy demand continues to drive demand for developing new FPSO projects with long production profiles, low break-even costs and reduced emissions.

Increased project complexity and higher construction costs necessitates financial structures with significant day rate prepayments during the construction period for new lease and operate projects. Alternatively, oil and gas companies may finance and own FPSOs, relying on FPSO specialists for the design, construction and installation scope, combined with operation and maintenance services. BW Offshore is well positioned to offer both solutions.

After an extended period with FPSO project sanctions lagging expectations there is a historically high number of projects at various stages of maturity, reflected in increased FEED and tendering activity. The Company continues to selectively evaluate new projects that meet required return targets, offer contracts with no residual value risk after firm period, and provide a financeable structure with strong national or investment grade counterparties.

BW Offshore expects that a number of the FPSO projects the Company is engaging with will reach a final investment decision over the next 12 to 36 months.

Current market dynamics and the high competence levels required for project execution should enable better risk-reward and improved margins for FPSO companies going forward. Furthermore, BW Offshore is evolving its project execution model focused on strong partnerships for the design, engineering and construction phases and overall strengthened risk management. The same principles are also applied to new business opportunities within floating transition solutions.

Please see the attached the fourth quarter presentation and 2025 Annual Report and Sustainability Statement. The earnings tables are available at:

https://bwoffshore.com/financials

BW Offshore will host a webcast of the financial results 09:00 (CET) today. The presentation will be given by CEO Marco Beenen and CFO Ståle Andreassen.

Webcast information:
You can follow the presentation via webcast with supporting slides and a Q&A module, available on:

BW Offshore Limited – Q4 presentation webcast

Please note, that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The web page works best in an updated browser – Chrome is recommended.

For further information, please contact:
Ståle Andreassen, CFO, +47 91 71 86 55
IR@bwoffshore.com or www.bwoffshore.com

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of FPSOs and floating wind solutions. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets worldwide. BW Offshore has around 900 employees and is publicly listed on the Oslo stock exchange.

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

Attachments

The post BW Offshore: Fourth quarter and full year results 2025 appeared first on Crypto Insider.

In the current crypto exchange environment, visibility is often mistaken for growth. Platforms measure success by follower counts, trending hashtags, and influencer endorsements. Yet many of those metrics are increasingly diluted by automated engagement and short-lived hype cycles.

Against this backdrop, Bitmaker is pursuing a different path.

The exchange, which recently launched in Vietnam, is expanding at a pace that industry observers describe as unusually strong for a relatively new platform. Yet it remains largely absent from global social media trends. Instead, its growth appears concentrated in regional communities — particularly across Asia.

A Community-First Footprint

One of the most striking signals is the size of Bitmaker’s Discord ecosystem. According to internal sources, the exchange has built a community exceeding 100,000 active members across multiple Asian countries.

Unlike public follower counts on platforms like Twitter, Discord participation requires higher engagement thresholds. Active trading discussions, leverage strategies, and staking updates suggest a user base that is participating rather than passively following.

This community density could indicate a deliberate focus on organic users instead of paid traffic or bot-amplified visibility.

Structural Incentives Instead of Marketing Hype

Bitmaker’s most distinctive feature is its 10% cashback on realized leveraged trading losses — a mechanism rarely seen in the industry. While traditional exchanges compete on fee rebates or token rewards, Bitmaker is directly addressing one of trading’s most sensitive pain points: downside risk.

By refunding a portion of losses, the exchange softens the psychological blow of drawdowns without removing risk entirely. Traders still face exposure, but the model reduces the “all-or-nothing” emotional trigger that often leads to churn.

Combined with competitive staking products offering elevated APYs, Bitmaker has constructed a model designed to retain both active derivatives traders and passive capital allocators.

Why Vietnam Became the Entry Point

Vietnam has consistently ranked among the highest globally in crypto adoption and retail derivatives participation. The country’s demographic profile — young, digitally connected, and risk-tolerant — makes it an ideal testing ground for aggressive incentive models.

By launching in Vietnam first, Bitmaker appears to be validating its framework in one of the most competitive and responsive markets before broader expansion.

Backed by Derivatives Infrastructure Expertise

Sources familiar with the project indicate that Bitmaker benefits from the involvement of experienced market makers who have operated on exchanges such as Bybit, MEXC, and Binance.

Such expertise may be essential in sustaining a loss-cashback model, which requires disciplined hedging, liquidity provisioning, and capital management to remain economically viable.

Redefining What “Growth” Looks Like

In an industry where marketing budgets often overshadow product design, Bitmaker’s strategy suggests a different approach: build liquidity infrastructure first, create structurally differentiated incentives, and grow through concentrated regional communities.

Whether this model can scale globally remains to be seen. Sustainability will depend on risk management, capital efficiency, and the balance between promotional incentives and trading revenue.

For now, however, Bitmaker’s under-the-radar expansion  powered by community engagement and innovative incentive mechanics signals that organic growth in crypto is still possible.

In a market dominated by noise, quiet acceleration may prove to be the most disruptive force of all.

The post Quietly Building: How Bitmaker Is Growing Beyond the Social Media Noise appeared first on Crypto Insider.

COMPANY ANNOUNCEMENT

No. 261/2026

        Tvis, 26 February 2026

Interim report Q4 2025 (October 1 – December 31)
(All figures in brackets refer to the corresponding period in 2024.)

Relatively strong end to the year in a still cautious market

CEO Torben Paulin:
“Sales in the fourth quarter developed as expected, with B2B and B2C sales both increasing. Organically, sales in the quarter increased by 5% year on year to DKK 333 million. Sales to Norway contributed positively to the growth both in the quarter and for the year.

Full-year revenue was DKK 1,279 million and therefore at the top end of our financial guidance.

Order intake in B2C developed positively in the fourth quarter, and there was a high single-digit increase in B2B orders.

The gross margin increased to 24.3% in Q4, compared to 22.5% in Q4 2024. This was mainly due to positive effects from the improved sales in core business – and the first positive effect on production costs from the new lacquering facility.

Operating expenses increased during the quarter, mainly because of the acquisition of four retail stores earlier in the year and Celebert late November. The acquired retail stores will be spun off as soon as we have found suitable new franchisees to run them, so the increase in operating expenses should be of a temporary nature.

Adjusted EBIT in Q4 was DKK 30.9 million, compared to DKK 29.8 million in Q4 2024, and the adjusted EBIT margin was 12.6%, compared to 12.9% in Q4 2024. Adjusted EBIT was impacted by an adjustment of DKK 4.5 million to the contingent payment obligation related to AUBO Production A/S, compared to a similar adjustment of DKK 9.5 million in Q4 2024. Adjusted EBIT for the full year ended at DKK 98 million, compared to DKK 90 million in 2024, and was also at the top end of our financial guidance.

Non-recurring items amounted to DKK 18.0 million income and relate to the acquisition of the remaining 55% of the shares in Celebert ApS on 25 November 2025.

Free cash flow in Q4 was DKK 11 million, compared to DKK 14 million in Q4 2024. Leverage increased further to 3.04 (from 2.50 Last year), well within the agreed covenants.

The Board of Directors will propose to the Annual General Meeting an ordinary dividend of DKK 4.50 per share for 2025. This corresponds to a total distribution of DKK 46 million, representing 60% of the net profit for 2025 and in line with the company’s dividend policy.

Looking ahead to 2026, we believe there is a good reason to expect moderately positive development in the markets in which TCM Group operates. Consumer confidence appears to be gradually improving, albeit from a very low level, and sales in the housing sector remain strong, although consumers continue to be wary of making big investments and thus only modest growth is expected in the B2C segment of the kitchen market. The B2B market is showing some signs of improving, but will most likely stay well below historical levels. The market for larger building projects is expected to benefit from lower interest rates feeding through to increased housing construction activity.
In 2026, we will fully integrate Celebert ApS into our operations, maximise the value of our new lacquering facility and initiate the roll-out of our new ERP platform. Together with our strong market positions and proven brands, we believe the 2026 initiatives will position TCM Group well for continued profitable growth.
Our priorities for 2026 include gaining further market share in the B2C segment and in the B2B2C elements of the B2B segment, driving ongoing operational efficiencies across our factories and sustaining our leadership in sustainability. We will remain agile and responsive to market developments while staying true to our long-term strategic direction.
Based on the above, we expect the following key figures for full-year 2026:

TCM Group estimates revenue for the financial year 2026 to be in the range DKK 1,400-1,500 million
Adjusted EBITA* for 2026 is estimated to be in the range DKK 120-140 million
(* EBITA excluding non-recurring items.)

The Board of Directors has decided to change from EBIT to EBITA in guidance for the coming year.”

Financial highlights full-year 2025

• Revenue DKK 1,279.2 million (DKK 1,203.8 million), corresponding to growth of 6.3%
• Adjusted EBITDA DKK 135.8 million (DKK 125.9 million). The adjusted EBITDA margin was 10.6% (10.5%)
• Adjusted EBITA DKK 110.2 million (DKK 98.8 million)
• Adjusted EBIT DKK 98.3 million (DKK 90.3 million). The adjusted EBIT margin was 7.7% (7.5%)
• Non-recurring items had a total positive impact of DKK 18.0 million (DKK 0.0 million)
• EBIT DKK 116.3 million (DKK 90.3 million), corresponding to an EBIT margin of 9.1% (7.5%)
• Net profit DKK 77.8 million (DKK 57.7 million)
• Free cash flow DKK 43.9 million (DKK 58.9 million)
• Cash conversion ratio 72.2% (84.3%)

Financial highlights Q4 2025

• Revenue DKK 333.1 million (DKK 301.4 million), corresponding to growth of 10.5%
• Adjusted EBITDA DKK 41.8 million (DKK 38.8 million). The adjusted EBITDA margin was 12.6% (12.9%)
• Adjusted EBIT DKK 30.9 million (DKK 29.8 million). The adjusted EBIT margin was 9.3% (9.9%)
• Non-recurring items had a total positive impact of DKK 18.0 million (DKK 0.0 million)
• EBIT DKK 48.9 million (DKK 29.8 million), corresponding to an EBIT margin of 14.7% (9.9%)
• Net profit DKK 33.8 million (DKK 23.0 million)
• Free cash flow DKK 11.2 million (DKK 14.5million)
• Cash conversion ratio 72.2% (84.3%)

Contact
For further information, please contact:
CEO Torben Paulin +45 21210464

IR Contact – ir@tcmgroup.dk
Presentation
The interim report will be presented on 26 February 2026 at 9:30 CET in a teleconference that can be followed on TCM Group’s website or at TCM Group interim Q4 2025 report.

To participate in the teleconference, and thus have the possibility to ask questions, participants are required to register in advance using the link below. Upon registering, each participant will be provided with dial-in numbers and a unique PIN.

Online registration for the call: https://register-conf.media-server.com/register/BIb489fc39d272420daad5bf9f5876d6e2

About TCM Group A/S
TCM Group is Scandinavia’s third-largest kitchen manufacturer, with headquarters in Denmark and selling through approxmately 220 points of sale across Scandinavia. The majority of our business is concentrated in Denmark, with Norway he primary export market. The product offering includes kitchens, bathroom furniture and storage solutions. Manufacturing is largely carried out in-house at four manufacturing sites located in Tvis and Aulum (in the western part of Denmark). TCM Group pursues a multi-brand strategy in which the main brand is Svane Køkkenet and the other brands are Tvis Køkken, Nettoline, AUBO and private label. Combined, the brands cover the entire price spectrum. Products are mainly marketed through a network of franchise stores and independent kitchen retailers. In addition, TCM Group serves as a supplier of certain goods sold by Celebert, a business fully owned by TCM Group. Celebert operates primarily as an e-commerce business under the brands Kitchn.dk, Billigskabe.dk, Celebert and Just Wood, but also has three exhibition showrooms through which design services are provided and customer orders are processed.

This interim report contains statements relating to the future, including statements regarding TCM Group’s future operating results, financial position, cash flows, business strategy and plans for the future. The statements are based on Management’s reasonable expectations and forecasts at the time of the disclosure of the report. Any such statements are subject to risks and uncertainties, and a number of different factors, many of which are beyond TCM Group’s control, could mean that actual performance and actual results will differ significantly from the expectations expressed in this interim report. Without being exhaustive, such factors comprise general economic and commercial factors, including market and competitive matters, supplier issues and financial issues.

Attachments

The post TCM Group A/S: Annual Report 2025 appeared first on Crypto Insider.

Utrecht, 26 February 2026

highlights
(before exceptionals)

• revenue EUR 3,091 million; organic revenue decline 2.5%
• EBITA EUR 410 million; EBITA margin 13.2%
• earnings per share before amortisation EUR 2.61
• free cash flow EUR 361 million
• innovation rate at 20%; SDG rate at 71%
  

CEO statement
“Our performance in 2025 has been impacted by macroeconomic uncertainties, continued softness of our end markets, and geopolitical disruptions. We responded decisively to market conditions, implementing measures to restore sustainable performance and confirmed to be a resilient company.

We protected our added value margin and managed cost inflation, realised a strong reduction of inventories, decreased our capital expenditure, drove operational efficiency and innovation, made progress with our greenfield projects and business development. As a result of our focus, we report a strong free cash flow”, said Stéphane Simonetta.

“We made good progress rebalancing our portfolio with three acquisitions (in America for industry and building, and in Southeast Asia for semicon) and three transactions in Europe as part of our divestment programme. 

Our sustainability commitments are on track with a SDG rate at 71%. Last year marked the first phase of our ‘thrive 2030’ strategy – a foundation for future growth.”

dividend and share buyback
To the General Meeting, we propose a cash dividend of EUR 1.15 over 2025. 
In addition, we announce a EUR 75 million share buyback programme, commencing on 27 February 2026 and running until 9 October 2026, for the purpose of repurchasing and subsequently cancelling shares, reinforcing our dedication to enhancing shareholder value.

outlook
Based on current market conditions we expect improvements on organic revenue growth and EBITA margin in 2026. We will continue to deploy our strategic actions as per our ‘thrive 2030’ strategy.

webcast
A webcast will take place on 26 February 2026, starting at 9:00 am CET. 
The webcast and presentation can be accessed via aalberts.com/webcast2025

contact
+31 (0)30 3079 302 (from 8:00 am CET)
investors@aalberts.com

Attachment

• press release

The post Aalberts N.V.: Aalberts reports full year results 2025 appeared first on Crypto Insider.

HANGZHOU, China, Feb. 25, 2026 (GLOBE NEWSWIRE) — The Hangzhou Municipal Government has recently approved the official names for five stations along Metro Line 10 and the Hangzhou-Deqing Intercity Railway (Yuhang Section). Within the core area of Yuhang Economic Development Zone, two stations have been renamed: Renhe South Station is now “Dongshanyang Station,” while Renhe North Station has been designated “Qihang Road Station” (literally “Setting Sail Road”). Serving as the northern terminus of Metro Line 10’s extension and a critical transfer hub for the Hangzhou-Deqing Intercity Railway, Qihang Road Station is surrounded by key industrial projects including BYD Hangzhou and Hua Guang Advanced Materials. The name not only precisely marks the geographical location but also symbolizes the area’s role as a new starting point for the integrated industrial-urban development of Yuhang Economic Development Zone. With construction of the relevant lines advancing at full speed, the future network will seamlessly connect Hangzhou’s main urban area, Yuhang Economic Development Zone, and Deqing County, further strengthening regional transportation advantages and injecting robust momentum into industrial and talent mobility.

A Media Snippet accompanying this announcement is available by clicking on this link.

Located in Hangzhou, Zhejiang Province, Yuhang District sits at the heart of the Yangtze River Delta, serving as Hangzhou’s gateway to Shanghai, Jiangsu and Anhui. As a provincial-level economic development zone approved by the Zhejiang Provincial Government, Yuhang Economic Development Zone functions as the district’s primary industrial platform and stands as the nearest smart manufacturing cluster to Hangzhou’s administrative center. Situated at the southern end of the Hangjiahu Plain and bordering the Beijing-Hangzhou Grand Canal to the east, the zone enjoys exceptional geographical and transportation advantages: approximately 50 kilometers from Hangzhou Xiaoshan International Airport, about 20 kilometers from both Hangzhou East and Hangzhou West railway stations, and accessible via seven expressways as well as Metro Line 10.

The zone focuses on smart manufacturing as its primary development direction, emphasizing three leading industries: new equipment, new materials, and new energy – collectively forming a “One Smart, Three New” industrial system. It also concentrates on niche sectors such as integrated circuits, robotics and digital energy, continuously cultivating new quality productive forces. Currently, the zone has established industrial clusters represented by enterprises including Nanfang Pump, Huaguang Advanced Materials and BYD Hangzhou, attracting numerous upstream and downstream industry chain enterprises.

In terms of innovation ecosystem development, Yuhang Economic Development Zone has partnered with Zhejiang University to establish the Advanced Electrical Equipment Innovation Center, led by a full-time chief scientist who is an academician of the Chinese Academy of Engineering. The center has undertaken multiple national and provincial-level research projects in fields such as new energy vehicle electric drive systems and intelligent robotic servo systems. The zone also boasts over 570,000 square meters of incubation space, including the state-level incubator Smart Manufacturing Innovation and Entrepreneurship Industrial Park, creating a comprehensive cultivation system covering all stages of enterprise growth.

To attract high-quality global resources, the zone offers a series of substantial and targeted supportive policies. For project support, eligible projects receive equipment subsidies and independent R&D grants; manufacturing enterprises that accumulate actual utilized foreign investment meeting specified thresholds are awarded incentives. Industry-specific policies are equally concrete and robust: integrated circuit enterprises receive subsidies for initial tape-out costs; eligible “low-altitude economy” enterprises enjoy workspace rental subsidies for specified periods; and production-oriented and R&D enterprises in the robotics sector that achieve certain annual main business income thresholds receive one-time rewards.

Yuhang Economic Development Zone adheres to the development philosophy of “Establishing the Zone through Environment, Revitalizing the Zone through Technology, and Strengthening the Zone through Smart Manufacturing,” steadily advancing regional industrial upgrading and comprehensive development. Currently, educational, medical, commercial, and residential amenities within the zone are increasingly comprehensive, including multiple primary and secondary schools, the Yuhang District Hospital of Integrated Traditional Chinese and Western Medicine (under construction), the Fangzheng Plaza commercial complex, and ready-to-move-in talent-specific rental housing, providing all-around support for enterprises and talent.

At present, leveraging continuous upgrades to its transportation network and ongoing improvements to its industrial ecosystem, Yuhang Economic Development Zone is steadily unleashing the vitality of smart manufacturing development, with industrial clustering effects and innovation-driven capabilities steadily enhancing. Moving forward, the zone will continue to promote the clustering and high-quality development of smart manufacturing industries through measures including optimizing the business environment, strengthening policy guidance, and building cooperation platforms, steadily advancing toward its goal of becoming a national-level economic and technological development zone.

Source: Yuhang Economic Development Zone

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Trondheim, 25 February 2026

NORBIT today announces that segment PIR is in advanced negotiations with a European client within defence and security regarding an order for contract manufacturing. The expected value of the order is approximately NOK 115 million, to be delivered in second quarter 2026. The potential contract follows another recently received award of approximately NOK 80 million for deliveries in the same quarter.

“The strong activity in the defence and security market continues, and the delivery window remains short once contracts are awarded. This requires preparedness, scalable capacity and disciplined execution. Our strategic expansions have served us well in positioning NORBIT to deliver under these conditions. Agility and trust define successful partnerships in this market. Contributing to solutions that enhance security and resilience gives our work a clear sense of purpose,” says Per Jørgen Weisethaunet, CEO of NORBIT.

For more information, please contact:

Per Jørgen Weisethaunet, CEO, +47 959 62 915

Per Kristian Reppe, CFO, +47 900 33 203

About NORBIT ASA

NORBIT is a global provider of tailored technology to selected applications, solving challenges and promoting sustainability through innovative solutions, in line with its mission to Explore More. The company is structured in three business segments to address its key markets: Oceans, Connectivity and Product Innovation & Realization. The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides wireless solutions for identification, monitoring and tracking. The Product Innovation & Realization segment offers R&D services, proprietary products, and contract manufacturing to key customers. NORBIT is headquartered in Trondheim with manufacturing in Europe and North America, has around 700 employees, and a worldwide sales and distribution platform.

For more information: www.norbit.com

This stock exchange release contains inside information as defined in the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Securities Trading Act.

The information was submitted for publication by Elise Heidenreich, Investor Relations at NORBIT ASA, on 25 February 2026 at 07:15 CET.

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Austin, Feb. 24, 2026 (GLOBE NEWSWIRE) — The Soda Ash Market size was valued at USD 20.78 Billion in 2025 and is expected to reach USD 31.90 Billion by 2033, growing at a CAGR of 5.51% from 2026 to 2033.

The market is witnessing strong growth driven by expanding glass manufacturing, increasing detergent production, and rising demand for sustainable chemicals. 

Download PDF Sample of Soda Ash Market @ https://www.snsinsider.com/sample-request/8891

The U.S. Soda Ash market size was USD 3.92 Billion in 2025E and is expected to reach USD 6.39 Billion by 2033.

The country’s growth is driven by the growing demand for environmentally friendly glass and chemical feedstocks. The expansion of natural soda ash extraction and effective logistics are impacted by this cause, which is the growing global use of flat and container glass.

Increasing Demand for Flat Glass Products Across Construction and Automotive Sectors to Boost Market Growth Globally

One of the main factors propelling the soda ash market is the growing need for energy-efficient windows in cars and architectural glass in buildings. Soda ash is used more frequently as a fluxing agent in glassmaking as a result of the acceleration of infrastructure development and the manufacturing of electric vehicles. In order to meet the requirements for high-strength and low-emission glass, manufacturers are increasing production and making investments in cleaner production techniques. Global demand for soda ash in building and automotive glass applications is being driven by ongoing innovation in float glass and solar glass, which improve light transmission and structural durability.

Segmentation Analysis:

By Type

The Natural segment dominates with 63% share in 2025E, supported by large trona reserves in the U.S. and Turkey. The Synthetic segment, projected to grow at 7.27% CAGR owing to the rising industrialization in Asia and rising glass demand. 

By Grade

Dense Soda Ash holds 39% revenue share in 2025E due to rising flat glass and container production. Light Soda Ash records the fastest growth at 5.84% CAGR, driven by expanding detergent and chemical applications. 

By Application

The Glass Industry dominates with 49% share in 2025E, driven by widespread use in flat glass, packaging, and solar panels. Detergents and Soaps grow fastest due to rapid urbanization and rising cleaning product consumption.

By End-Use

The Construction and Architecture segment leads with 33% share in 2025E, supported by glazing demand in energy-efficient infrastructure. Household and Industrial Cleaning exhibit the fastest expansion as consumers seek sustainable cleaning agents.

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Regional Insights:

Large-scale production of chemicals, detergents, and glass accounts for 39% of the worldwide soda ash market in Asia Pacific. The demand for natural and synthetic soda ash rose as a result of growing industrial infrastructure, which led to significant investments in cutting-edge processing facilities and resource integration.

North America has the highest CAGR, at about 6.88%, due to robust export expansion and cutting-edge methods for extracting soda ash. Long-term supply stability, reduced production costs, and increased global competitiveness are all impacted by this factor, which is also fueled by vast trona reserves and sustainability-driven processing advancements.

Key Companies:

• WE Soda
• Ciner Resources Corporation
• Solvay
• Şişecam Group
• Tata Chemicals Ltd.
• Nirma Ltd.
• DCW Ltd.
• Genesis Alkali
• OCI Company Ltd.
• GHCL Ltd.
• Shandong Haihua Group
• Kazan Soda Elektrik
• Eti Soda
• United Soda Ash
• ArChemCo
• STPP Group
• Fondland Chemicals Co., Ltd.
• Weifang Haizhiyuan Chemistry
• Shouguang Dinghao Trading
• Shandong Pulisi Chemical

Recent Developments:

In March 2025, WE Soda announced the construction of a new greenfield soda ash plant in Kazakhstan, expanding its total capacity by 15% and reinforcing its low-carbon strategy.

In June 2025, Ciner expanded its Wyoming-based extraction site, increasing export volumes to Asia by leveraging new railway links and optimized logistics routes.

In July 2025, Solvay invested in upgrading its Rosignano plant in Italy to introduce new low-carbon evaporative crystallization units, cutting emissions by 20%.

Buy Full Research Report on Soda Ash Market 2026-2033 @ https://www.snsinsider.com/checkout/8891

Exclusive Sections of the Report (The USPs):

• Global Production & Capacity Metrics – helps you understand annual soda ash production by country, differences between natural and synthetic processes, and overall supply availability across key regions.
• Industrial Demand Distribution – helps you identify how major industries such as glass manufacturing, chemicals, and detergents contribute to overall soda ash consumption and demand growth.
• Pricing & Cost Structure Benchmarking – helps you analyze average soda ash prices, cost components including raw materials, processing, and logistics, and regional pricing variations.
• Trade Flow & Supply Chain Dynamics – helps you evaluate global export–import volumes, major supplier countries, and supply stability across international markets.
• Environmental Compliance & Sustainability Metrics – helps you understand regulatory compliance levels, emission reductions, and the adoption of energy-efficient and eco-friendly production technologies.
• End-Use Industry Growth Impact – helps you uncover how expansion in construction, automotive glass, packaging, and chemicals influences long-term soda ash demand.

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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London, UK, Feb. 24, 2026 (GLOBE NEWSWIRE) — AEG International, a subsidiary of AEG, the world leader in live sport and entertainment, today announced the appointment of John Langford to the role of President, APAC, AEG International, effective 1 April 2026.

Langford will lead the development and execution of AEG’s Asia-Pacific expansion strategy across venues and real estate, reflecting the company’s continued investment in the region as a priority growth market. He will assume responsibility for the overall business performance of AEG’s current and future portfolio of venues across the region, working closely with local leadership teams and joint venture partners to deliver the company’s strategic plans.

The Asia-Pacific region represents a major opportunity for AEG, with an expanding footprint across key markets and a robust pipeline of development projects. From the landmark Mercedes-Benz Arena in Shanghai, to the recently opened  IG Arena in Nagoya and  UOB Live Arena in Bangkok, along with major developments in Osaka and a second arena in Bangkok, AEG is steadily expanding its footprint across the Asia-Pacific region.

Langford brings over 30 years of experience in live entertainment and venue management. He currently serves as AEG International’s Executive Vice President for Venues, where his leadership has driven record-breaking performance across the company’s European venue portfolio.

“Asia-Pacific is a dynamic and strategically important market for AEG, with significant long-term potential,” said Alex Hill, President & CEO, AEG International. “John’s track record of delivering sustained performance, driving operational excellence and leading high-performing teams makes him the ideal leader to drive our ambitions in the region. I am excited to see his expertise applied across our expanding Asia portfolio.”

Speaking on his appointment, Langford added: “Over the past decade at AEG, I’ve had the privilege of working across an extraordinary breadth of roles  – from leading the world’s busiest arena to overseeing operations across multiple international markets. That experience has given me a deep appreciation for the power of live entertainment to bring communities together and deliver meaningful impact.

“I have long admired Asia for its energy, cultural diversity and dynamic live music landscape. I’m excited to relocate and immerse myself more fully in the market, working alongside our talented teams and partners to build on the strong foundations already in place. There is tremendous opportunity ahead, and I look forward to helping to accelerate AEG’s expansion and further establish Asia-Pacific as a leading market for live music and world-class venues.”

Langford will relocate to Singapore in September 2026.

Attachments

• AEG International Appoints John Langford as President, Asia Pacific
• UOB Live, Bangkok, Thailand

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 WISeKey to Relocate Its Geneva Headquarters to Pont-Rouge in August 2026
Launch of the Geneva Quantum Center of Excellence

Geneva, Switzerland, February 23, 2026 — WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company today announced the relocation of its Geneva headquarters to Pont-Rouge in August 2026, reflecting the group’s rapid expansion and its ambition to lead the next era of trusted digital and quantum technologies.

Located in Lancy, Pont-Rouge is one of Switzerland’s most advanced and sustainable business districts, completed in 2023 and conceived as a next-generation urban and innovation hub. Centered around the Lancy-Pont-Rouge station, just six minutes from Geneva’s main station, it offers exceptional connectivity, low-carbon infrastructure, and a vibrant ecosystem of international companies, research actors, and innovation spaces.

Spanning more than 100,000 m², Pont-Rouge combines premium office facilities, co-working environments, restaurants, housing, and iconic buildings such as the 15-storey Alto tower. The district already hosts leading firms including EY and KPMG, alongside innovation-driven workspaces such as Westhive.

The Geneva Quantum Center of Excellence

The new headquarters will host the Geneva Quantum Center of Excellence, a flagship initiative designed to position Geneva as a global reference for applied, secure, and industrially deployable quantum technologies.

The Center will act as a deep-tech convergence platform, integrating quantum computing, post-quantum cybersecurity, secure semiconductors, space technologies, robotics, and AI into a unified, demonstrable ecosystem.

CORE COMPONENTS

SEALSQ Quantum Computer Hub
The Quantum Computer Hub, operated by WISeKey’s subsidiary, SEALSQ Corp (NASDAQ: LAES) (“SEALSQ”), a company that focuses on developing and selling Semiconductors, PKI, and Post-Quantum technology hardware and software products, will focus on practical quantum architectures, emphasizing:

• Quantum-secure hardware roots of trust.
• Co-design of qubits, control electronics, firmware, and cryptographic stacks.
• Hybrid quantum / classical computing models optimized for real-world industrial use.
• Secure interfaces between quantum processors and embedded systems.

Rather than pursuing purely academic experimentation, the hub is designed to industrialize quantum, enabling secure integration into critical infrastructures, defense, space, healthcare, mobility, energy, and financial systems.

Full Demonstration of Group Technologies

The Center will feature a live, end-to-end demonstration environment showcasing how the group’s technologies interoperate across domains:

• Post-quantum secure semiconductors and secure elements.
• Digital identity and PKI infrastructures.
• Secure IoT and edge devices.
• WISeRobot autonomous and secure robotic systems.
• WISeSat space-based cybersecurity, satellite identity, and secure communications.
• Blockchain-anchored trust services and decentralized authentication.

This environment will allow governments, industrial partners, investors, and academic institutions to experience a complete secure digital and quantum value chain in operation.

The SEALSQ Quantum Fund: Building a Root-to-Quantum Vertical Stack

At the heart of the Geneva Quantum Center of Excellence lies the SEALSQ Quantum Investment Fund, SEALQUANTUM.com, an investment platform of over USD 100 million dedicated to building a root-to-quantum vertical stack, whilst accelerating the deployment of sovereign, scalable and secure quantum technologies in the United States and in Europe.

The fund’s strategy covers the entire quantum value chain:

• Quantum materials and device physics.
• Qubit technologies and control layers.
• Secure semiconductor design and manufacturing.
• Post-quantum cryptographic algorithms and hardware acceleration.
• Embedded systems, firmware, and secure operating environments.
• System-level integration into IoT, satellites, robotics, and critical infrastructures.

The objective is to eliminate fragmentation between research, hardware, and deployment, creating sovereign, trusted, and certifiable quantum solutions that can be adopted at scale.

A Strategic Commitment to Geneva, Europe, and Technological Sovereignty

The relocation to Pont-Rouge and the creation of the Geneva Quantum Center of Excellence underline SEALSQ and WISeKey’s long-term commitment to:

• European technological sovereignty in cybersecurity, semiconductors, and quantum computing
• Post-quantum readiness for governments and critical industries
• Sustainable and responsible innovation, aligned with Geneva’s international role
• Human-centric technology, where security, trust, and ethics are foundational by design

By anchoring their future headquarters at Pont-Rouge, SEALSQ and WISeKey are not merely changing location, they are establishing a global reference platform for trusted digital and quantum infrastructures, designed in Europe and deployed worldwide.

About WISeKey

WISeKey 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) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART 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 www.wisekey.com.

Disclaimer
This 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

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