Elevator Pitches, Company Presentations & Financial Results from Publicly Listed European Companies

Wacker Chemie AG FY 2025: Key TakeawaysPresented by Joerg Hoffmann, Head of Investor RelationsWacker Chemie AG presented its full year 2025 financial results, with Joerg Hoffmann, Head of Investor Relations, guiding investors through a difficult but strategically important reporting period that may mark the turning point in the company's current earnings cycle.The FY 2025 presentation is significant because it combines two elements that investors care deeply about in cyclical industrial and chemical names: first, a clear acknowledgment of operational weakness, and second, a decisive strategic response. WACKER's results show that 2025 was one of the most challenging years in recent memory, as weak demand, pricing pressure, elevated energy costs in Germany, and continued overcapacity in key chemical markets weighed on earnings across multiple divisions. Public reports around the annual release indicate that group sales declined 4% to €5.49 billion, reported EBITDA fell 43% to €427 million, and the company posted a net loss of €805 million.FY 2025 as a Reset Year Rather Than Just a Weak YearAt first glance, those numbers are clearly weak. But the deeper capital-markets message is more nuanced. FY 2025 appears to be a reset year rather than simply a bad year. The company also reported EBITDA before special effects of €529 million, suggesting that while the underlying business was under pressure, the reported figures were further impacted by restructuring charges and other non-recurring items tied to strategic action.PACE: The Largest Cost-Saving Initiative in WACKER's HistoryThat strategic action is the centerpiece of the presentation: the launch of PACE, the largest cost-saving initiative in WACKER's history. The program targets more than €300 million in annual savings by 2027–2028 and includes major reductions in fixed production and administrative costs, as well as more than 1,500 job cuts.This is a major signal to investors that management is not waiting for the cycle to improve on its own. Instead, WACKER is actively resizing its cost base to rebuild profitability and improve competitiveness.Segment Performance: Broad-Based Pressure Across the PortfolioFrom a segment perspective, the results show that pressure was broad-based. Silicones remained the largest division and held up comparatively better, with only a modest EBITDA decline despite weaker market conditions.Polymers suffered from continued softness in construction-related demand, while Biosolutions remained strategically interesting but too small to offset broader weakness.Polysilicon, one of the most closely watched businesses, experienced a sharp earnings decline as margin pressure intensified in a volatile market environment. This broad-based weakness is important because it explains why the group could not rely on diversification alone to protect earnings in 2025.From Cyclical Exposure to Active Turnaround StoryFor investors, the most important takeaway is that WACKER is now shifting from a passive cyclical story to a more active turnaround and self-help story. The company is not only waiting for better end-market demand in silicones, polymers, and polysilicon. Read more on: https://seat11a.com/company/wacker-chemie-ag-financial-results-fy-2025/ ▶️ Other videos:Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/Company Presentation: https://seat11a.com/investor-relations-company-presentation/Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ESG Presentation: https://seat11a.com/investor-relations-esg/T&CThis publication is for informational purposes only and does not constitute investment advice. Using this website, you agree to our terms and conditions outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

LEG Immobilien SE FY 2025: Key TakeawaysPresented by Frank Kopfinger, Head of Investor RelationsLEG Immobilien SE presented its full year 2025 financial results, with Frank Kopfinger, Head of Investor Relations, guiding investors through a year defined by record recurring cash flow, resilient operating performance, and continued strategic execution in a still-demanding German real estate market.The FY 2025 results are particularly important because LEG remains one of the clearest listed proxies for affordable residential housing in Germany. At a time when the sector continues to be shaped by higher financing costs, tighter capital market conditions, and ongoing debate around property valuations, LEG delivered a strong operational result that reinforces the defensive quality of its business model.Record AFFO Highlights Defensive Cash Flow QualityThe most important headline from the FY 2025 presentation is the company's record Adjusted Funds From Operations, or AFFO, which rose by 10% year on year to €220.5 million. AFFO per share increased to €2.92, and management proposed a dividend of the same amount, representing an 8% increase over the prior year and a full 100% payout of AFFO. This is a strong signal of confidence in the quality and sustainability of the company's recurring cash generation.Key Drivers of FY 2025 PerformanceThe result was driven by several factors. First, LEG benefited from the successful and rapid integration of the BCP portfolio, which increased the total number of residential units in the portfolio to roughly 171,360 despite offsetting disposals.Second, the company continued to benefit from robust demand for affordable housing, allowing it to generate stable rental growth in both regulated and free-financed segments.Third, value-add services and ongoing digitalization initiatives contributed additional support to earnings and medium-term growth visibility.Portfolio Quality and Affordable Housing PositioningFrom a portfolio perspective, LEG remains well positioned. With around 171,000 apartments and approximately 500,000 residents, the company is one of the largest listed residential landlords in Germany.The portfolio's average rent of roughly €7 per square metre underscores its strong focus on affordability, which continues to support high occupancy, low volatility, and structurally resilient demand. This is one of the core reasons why LEG's cash flows remain comparatively predictable even when the broader property sector is under pressure.Capital Discipline and Portfolio OptimizationAnother key point for investors is capital discipline. LEG continues to balance dividend payments with deleveraging and selective portfolio management.During 2025, the company sold or agreed the sale of around 3,100 apartments for approximately €250 million, with further transactions expected to close in 2026. These disposals help optimize the portfolio, generate liquidity, and support a more resilient balance sheet without undermining earnings guidance.Read more on this link.▶️ Other videos:Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/Company Presentation: https://seat11a.com/investor-relations-company-presentation/Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ESG Presentation: https://seat11a.com/investor-relations-esg/T&CThis publication is for informational purposes only and does not constitute investment advice. Using this website, you agree to our terms and conditions outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Hypoport SE FY 2025 Financial ResultsPresented by Ronald Slabke, CEOHypoport SE presented its full year 2025 financial results, with CEO Ronald Slabke outlining the company's performance across its platform ecosystem and providing an update on the recovery trajectory in Germany's mortgage finance and digital financial services markets.The FY 2025 presentation is particularly important because Hypoport operates at the center of several structurally significant but cyclical markets. Through platforms such as Europace and its broader insurance and real estate software activities, the company offers investors a direct lens into the state of German mortgage demand, financial intermediation, and digitalization across housing-related services.Market Context: Recovery After a Severe Housing Finance DownturnA central theme of the presentation is likely to be the normalization of market conditions following one of the most difficult periods for the German housing finance sector in recent years. After sharp disruptions caused by rising interest rates, lower property transaction volumes, and weaker borrower confidence, investors are now increasingly focused on whether the sector has passed its trough and whether digital transaction volumes are beginning to recover in a more sustainable way.Credit Platform: Europace as the Core Earnings EngineAt the heart of the Hypoport story remains the Credit Platform segment, led by Europace. This platform is one of the most important digital infrastructures in German mortgage finance, connecting banks, savings institutions, brokers, and financial intermediaries through a highly scalable digital marketplace.For FY 2025, investors will pay particular attention to mortgage transaction volumes, partner activity, and any signs that market recovery is translating into stronger throughput and improved monetization on the platform.Insurance Platform: Building a More Diversified Earnings BaseBeyond mortgage finance, Hypoport's Insurance Platform is increasingly important to the group's long-term investment case. This segment supports the broader strategic narrative that Hypoport is more than a housing-cycle company.By expanding recurring, software-driven, and process-critical infrastructure for the insurance sector, the company is building a more diversified and potentially more resilient earnings base. If this segment continues to scale well, it strengthens the case for a higher-quality platform valuation over time.Real Estate Platform and Software: Expanding the EcosystemThe Real Estate Platform and housing-related software businesses also remain relevant, especially as the broader property ecosystem continues to demand efficiency, digital workflows, and better process integration even in subdued market environments.This supports the long-term thesis that Hypoport is building infrastructure layers across multiple adjacent markets rather than relying solely on one cyclical product category.....Read More on website.. https://seat11a.com/company/hypoport-se-financial-results-fy-2025/▶️ Other videos:Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/Company Presentation: https://seat11a.com/investor-relations-company-presentation/Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ESG Presentation: https://seat11a.com/investor-relations-esg/T&CThis publication is for informational purposes only and does not constitute investment advice. Using this website, you agree to our terms and conditions outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

PALFINGER AG reported its FY 2025 results, presented by CFO Felix Strohbichler, highlighting resilient profitability despite a mixed global market environment.The company maintained solid margins, strong cash generation and continued operational improvements across its global manufacturing network. PALFINGER AG benefits from structural demand drivers including infrastructure investment, logistics modernization and electrification.Management continues to focus on efficiency programs, service expansion and innovation in lifting technologies. Despite cyclical end markets, PALFINGER AG remains well positioned for long-term growth as a global leader in material handling and crane solutions.▶️ Other videos:Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/Company Presentation: https://seat11a.com/investor-relations-company-presentation/Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ESG Presentation: https://seat11a.com/investor-relations-esg/T&CThis publication is for informational purposes only and does not constitute investment advice. Using this website, you agree to our terms and conditions outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

eDreams ODIGEO Q3 FY26 Financial Results: Subscription Powerhouse Accelerating Toward €270M Cash EBITDA TargetPresented by CFO David de la ElizagaDavid de la Elizaga, CFO of eDreams ODIGEO, presented the company's Q3 FY26 results (nine months ending 31 December 2025), outlining a business undergoing a structural transition — but from a position of operational strength.Strong Underlying ProfitabilityAdjusted EBITDA increased 74% year-on-year to €138.4 million, demonstrating the resilience of the core business. This metric excludes the temporary cash timing impact resulting from the shift from annual upfront Prime subscriptions to annual subscriptions paid in monthly instalments.Cash EBITDA reached €126.7 million (+2% YoY), despite:Investments in new products and geographiesTemporary instability in Ryanair contentSubscription payment timing effectsImportantly, profitability per transaction improved:Cash Marginal Profit rose to €207.8 million (+3%)Cash Marginal Profit Margin expanded to 42%Cash EBITDA margin improved to 26%This signals increasing operating leverage as the Prime member base matures.Prime Membership: The Core Growth EnginePrime subscribers reached 7.7 million (+13% YoY), increasing to 7.8 million in January. Management reaffirmed the FY26 target of 7.9 million members.Prime-related revenue now represents 75% of Cash Revenue Margin, confirming the structural shift from transactional OTA to subscription-led travel platform.Higher customer lifetime value and improved loyalty metrics (+10% increase in NPS) further support the long-term model.Strategic Transition: Short-Term Cash Timing, Long-Term Value CreationThe move to annual subscriptions paid monthly causes a temporary “one-time unwind” in cash metrics. However, the cash remains contractually secured and is collected over 12 months rather than upfront.This shift expands total addressable market, accelerates subscriber growth and diversifies revenue streams.By FY30, management targets:13+ million Prime members€270+ million Cash EBITDA1.5–2.0 million net adds annually (FY28–FY30)Cash EBITDA margin dip to ~15% in FY27 (investment year)Margin recovery to 23% by FY30By FY30, 66% of volume will be diversified away from core European flight exposure.Valuation DisconnectAt current share prices, the company trades at:4.4x FY26 Cash EBITDA4.0x Adjusted EBITDAThis compares with:~8.3x Global OTA average~11.0x B2C subscription averageManagement believes the market significantly undervalues the structural improvement in business quality and long-term cash generation.Capital Allocation & Shareholder ReturnseDreams reinforces confidence through aggressive capital return:€23M shares repurchased this quarter€100M buyback commitment through September 202712M shares already amortised (9.4% of share capital)~24% of market capitalization pending repurchase at current pricesThis implies an exceptional yield profile rarely seen in growth-phase companies.Investment ThesiseDreams ODIGEO is transitioning into a high-margin, recurring revenue travel subscription leader.Despite temporary cash timing headwinds, operational profitability, subscription growth and strategic diversification remain intact.▶️ Other videos:Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/Company Presentation: https://seat11a.com/investor-relations-company-presentation/Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ESG Presentation: https://seat11a.com/investor-relations-esg/T&CThis publication is for informational purposes only and does not constitute investment advice. Using this website, you agree to our terms and conditions outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

JOST Werke SE delivered a resilient performance in FY 2025 despite a mixed macroeconomic backdrop across global commercial vehicle markets. While freight volumes and trailer registrations normalized in parts of Europe and North America, structural demand drivers such as fleet renewal, efficiency requirements, and regulatory standards remained intact.Revenue remained stable, supported by geographic diversification and a broad product portfolio spanning truck and trailer systems, axle solutions, and agricultural components. The company maintained a solid adjusted EBITDA margin, demonstrating strong pricing discipline and cost control. Operating and free cash flow generation remained robust, underlining JOST's structural cash-generative profile.Margin stability in a moderating demand cycle reflects operational improvements implemented in recent years, including supply chain optimization, procurement efficiencies, and production flexibility. Agricultural and aftermarket activities provided additional resilience, while strong OEM relationships across Europe, North America, and Asia supported global positioning.The balance sheet remains solid, with controlled leverage, a healthy equity ratio, and continued deleveraging. Capital allocation stays disciplined, prioritizing organic growth, selective M&A, and sustainable shareholder returns.Strategically, JOST focuses on efficiency programs, digitalization, lightweight components, and sustainability-driven innovation. Electrification and evolving safety standards in commercial transport represent long-term growth opportunities.Overall, FY 2025 confirms JOST's ability to navigate cyclical fluctuations while protecting margins and cash flow — reinforcing its positioning as a structurally improved, financially disciplined industrial supplier within global transport supply chains.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

eDreams ODIGEO's Deep Dive: Key TakeawaysPresented by CFO David ElizagaeDreams ODIGEO is entering what management describes as a decisive inflection point in its corporate development. In this deep dive, David Elizaga, Chief Financial Officer, outlines why the company's recent strategic shift represents not a defensive adjustment but a high-conviction move designed to unlock a significantly larger addressable market and a more predictable earnings profile over the long term.A Strategic Reset Focused on Long-Term Value CreationManagement begins by directly addressing the sharp share price correction of roughly 60 percent following the November 2025 strategy update. The market reaction was driven primarily by the decision to introduce a monthly payment option for Prime subscriptions alongside the existing annual model.This change results in a one-time cash unwind in the short term, temporarily depressing reported Cash EBITDA and free cash flow in FY26 and FY27. Crucially, CFO David Elizaga stresses that this is a timing effect rather than a loss of value. The cash is still contractually secured but received over twelve months instead of upfront.In essence, eDreams is deliberately trading near-term cash acceleration for structurally higher market penetration, faster subscriber growth, and a more diversified revenue base.Why the Monthly Model Is a Growth CatalystThe introduction of monthly Prime subscriptions materially lowers the entry barrier for customers and significantly expands the total addressable market. Management now targets more than 13 million Prime members and over €270 million in Cash EBITDA by FY30.Beyond scale, the business mix improves meaningfully. The Prime platform becomes less dependent on European flights and increasingly diversified across geographies and travel products. By FY30, more than two thirds of volumes are expected to be generated outside the traditional European flight segment.Importantly, this transition is not theoretical. eDreams has already demonstrated its ability to scale Prime from roughly two million to over seven million members, giving management strong confidence in execution.Track Record of Delivering on Long-Term PlansA central pillar of the investment case is credibility. Since David Elizaga became CFO, eDreams has executed three long-term strategic plans, each time delivering on the guidance provided.The current strategy is framed as a continuation of this disciplined approach. Management highlights that the 2021 strategic plan involved significantly higher risk and was delivered successfully despite severe external shocks including the pandemic aftermath, geopolitical conflicts, inflation, and weak consumer sentiment.Against this backdrop, the CFO argues that the current valuation reaction does not reflect execution reality.Valuation Disconnect and Market AssumptionsManagement identifies a pronounced disconnect between internal expectations and sell-side valuation frameworks. Analysts are currently applying conservative assumptions across multiple dimensions....▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Presented by CFO Michael SchneidersBrain Biotech AG has concluded the 2024/25 financial year with a clear strategic signal to capital markets: the company is increasingly translating its technology platform into tangible financial results through disciplined monetization, operational focus, and strict cost control.In the FY 2024/25 results presentation, Michael Schneiders, Chief Financial Officer, outlines how Brain Biotech is progressing from a technology-driven innovation platform toward a more cash-generative, scalable industrial biotechnology group.Strategic Focus: From Innovation to MonetizationThe 2024/25 financial year marked an important transition phase for Brain Biotech. Management placed a strong emphasis on monetizing selected assets and projects while maintaining technological leadership in enzyme innovation and industrial biotechnology.Rather than pursuing broad expansion, the company focused on converting prior R&D investments into measurable economic outcomes. This included milestone payments, licensing income, and structured partnerships, particularly within the enzyme and biocatalysis segments. These initiatives underline Brain Biotech's ability to extract value from its technology portfolio without diluting strategic optionality.Cost Discipline and Margin StabilizationA defining feature of FY 2024/25 was the company's strict cost discipline. Brain Biotech implemented targeted efficiency measures across the organization, prioritizing high-value activities while reducing structural overhead.This disciplined approach helped stabilize margins despite a challenging macroeconomic environment for biotechnology and life sciences companies. Management made clear that profitability and cash preservation are now core steering metrics, reinforcing investor confidence in Brain Biotech's financial governance.Core Segment: Enzyme and Industrial Biotechnology GrowthThe enzyme business remains the operational backbone of Brain Biotech. The company continues to benefit from long-term structural demand for sustainable, energy-efficient, and biodegradable solutions across food, life sciences, and industrial applications.Brain Biotech's integrated platform—combining biodiversity libraries, AI-supported enzyme discovery, and proprietary strain engineering—provides a competitive advantage in addressing customer-specific applications. Importantly, the company is increasingly shifting toward higher-margin, proprietary enzyme products rather than purely project-based revenues.AI as a Competitive AcceleratorArtificial intelligence plays a growing role in Brain Biotech's operating model. Management emphasized that AI is not a standalone strategy but a productivity and speed enhancer across enzyme discovery, optimization, and commercialization.By integrating AI-driven tools into its R&D and development processes, Brain Biotech shortens time-to-market, improves success rates, and strengthens customer value propositions—an increasingly relevant differentiator in industrial biotechnology.Financial Position and Capital AllocationFrom a balance sheet perspective, Brain Biotech remains focused on financial resilience. Cash management, selective capital allocation, and disciplined investment decisions underpin the group's medium-term strategy.Management reiterated that future growth will be driven primarily by organic expansion in the enzyme segment, complemented by selective monetization of non-core or mature assets. M&A remains opportunistic rather than mandatory, ensuring financial flexibility in volatile markets... ..T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Daldrup & Soehne AG Elevator Pitch 2025 | Geothermal Drilling & Energy Transition GrowthDaldrup & Soehne AG Elevator Pitch: Key TakeawaysThis elevator pitch introduces Daldrup & Soehne AG as a specialized, family-run drilling services provider focused on geothermal energy and sustainable infrastructure. CEO Andreas Toennies highlights the company's business model, operational strengths, and growth drivers, positioning Daldrup as a key enabler of Europe's energy and heat transition.Business Areas and Operational ScopeDaldrup & Soehne operates in four business areas: geothermal energy, raw materials and exploration, water extraction, and EDS (environmental, development, and special drilling services), mainly in the DACH and Benelux regions. With nearly 80 years of history and over 40 years of CEO experience, the company stands out for its unmatched drilling capabilities in Europe, covering depths from near-surface to deep geothermal projects up to 6,000 meters.Scale, Workforce, and Asset BaseIn 2024, Daldrup reported total output of approximately EUR 54.5 million and employs about 160 specialists. To meet growing demand, the company recently hired 30 additional drilling professionals and continues to invest in its assets. Daldrup operates 45 drilling rigs, all maintained for high utilization and efficiency.Recent investments include two advanced universal drilling rigs with a 65-ton hook load, both fully booked long-term and enhancing capacity for medium-depth geothermal and infrastructure projects.Market Visibility and Project Selection DisciplineDaldrup's strong market visibility and disciplined project selection are key value drivers. The company uses a probability-weighted approach to evaluate projects, ensuring resources are directed to the most attractive opportunities. Despite securing two major geothermal contracts, Daldrup's processed market volume is about EUR 325 million, reflecting sustained demand and a strong growth pipeline.Geothermal Energy as a Structural Growth MarketThe pitch emphasizes geothermal energy as a structural growth market. Recent German legislation, especially the Geothermal Acceleration Act (GeoBG), has improved the regulatory framework by shortening approval times and prioritizing geothermal projects. Combined with exploration-risk insurance and public financing, these measures reduce project risk and are expected to accelerate geothermal deployment across municipalities and utilities.Strategy, Profitability Targets, and Capital AllocationStrategically, Daldrup aims to translate these factors. Daldrup's strategy is to leverage favorable market conditions by maintaining a streamlined corporate structure and investing in drilling capacity and personnel. The company targets a sustainable EBIT margin above 10% plus X and aims for outsized growth as geothermal energy and specialized drilling services expand.profitability, a strong equity ratio, and solid cash generation. The company's share price performance since early 2025 has significantly outperformed major indices, reflecting growing investor confidence. Shareholders also participated directly in this success, with a dividend payout ratio of 45%—the first in a decade—underscoring Daldrup's commitment to capital market credibility and disciplined capital allocation.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Carl Zeiss Meditec AG FY 2024/25: Key TakeawaysCarl Zeiss Meditec FY 2024/25 Financial ResultsStrategic Realignment Drives Resilient Growth and Sets the Stage for Margin ExpansionIn its FY 2024/25 financial results presentation, Carl Zeiss Meditec Group demonstrates that it remains firmly positioned in structurally attractive global healthcare technology markets, while simultaneously acknowledging the need for sharper execution and strategic focus to unlock its full earnings potential. The year was marked by solid revenue growth, robust order intake, and the first tangible effects of a broader strategic realignment aimed at restoring profitability momentum over the medium term.Solid Top-Line Growth and Strong Order MomentumCarl Zeiss Meditec delivered reported revenue of approximately €2.23 billion in FY 2024/25, reflecting solid growth compared with the prior year. On a foreign-exchange adjusted basis, revenue growth was clearly positive, supported by a combination of organic demand and the full-year consolidation of DORC in Ophthalmology. Order intake developed particularly strongly, increasing at a double-digit rate year-on-year on a constant-currency basis, resulting in a healthy order backlog that underpins revenue visibility into the new fiscal year.Growth was broad-based across regions. EMEA and the Americas showed especially strong momentum, while Asia-Pacific continued to contribute meaningfully despite a more challenging environment in China. Importantly for investors, order entry growth outpaced revenue growth, signalling ongoing demand strength across key product categories and geographies.Earnings: Stable EBITA Amid Headwinds, Adjusted Margin ImprovementOn the profitability side, EBITA increased slightly year-on-year, landing broadly in line with management guidance. Reported EBITA margin declined modestly compared with the prior year, reflecting a combination of adverse foreign exchange effects, US tariff-related headwinds, and a prior-year one-off gain related to the Topcon settlement. On an adjusted basis, however, EBITA margin improved, underlining the underlying progress in operating efficiency.A key positive driver was the reduction in underlying operating expenses excluding DORC effects, particularly through lower R&D spending and reduced integration costs. This demonstrates early discipline in capital allocation and cost management, even as the company continues to invest selectively in future growth areas.Segment Performance: Ophthalmology Strengths Offsets Microsurgery TransitionOphthalmology remained the group's core earnings pillar. Consumables, premium intraocular lenses, and the full-year contribution from DORC drove revenue growth in this segment. Margin expansion in Ophthalmology was supported by operating leverage and improved cost discipline, reinforcing the segment's role as the primary value driver within the portfolio.Microsurgery, while showing a recovery in revenue momentum toward year-end, continued to face margin pressure due to product mix effects, delayed ramp-up of new systems, and ongoing investments in commercialization and market development. Management clearly positioned this as a transitional phase, with expectations of improved profitability as new products scale and operational measures take effect.....▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Amadeus Fire AG Deep Dive: Q&ABuilding AI-Literate Organisations: A Strategic FrameworkIn this deep dive, Amadeus Fire Group's Chief Operating Officer, Monika Wiederhold, outlines a comprehensive framework for building AI-literate organisations, addressing one of the most pressing structural challenges in today's corporate landscape. However, organizations may face barriers such as resource constraints, resistance to change, or skill gaps that could hinder implementation. Recognizing these challenges upfront enables leaders to develop targeted strategies for overcoming them.Wiederhold emphasizes that AI is no longer a specialised skill for data scientists but a shared responsibility across all levels, from supervisory boards to trainees. Recognizing this can foster a sense of collective purpose and motivate every employee to engage in AI learning quickly and continuously.The Three-Layer Learning ModelWiederhold introduces a structured, three-layer learning model that companies must adopt to remain competitive:1. Horizontal Learning (AI fundamentals for everyone)The foundational layer focuses on universal AI knowledge, including responsible AI use, prompting, AI basics, legal obligations, and workplace tools such as Microsoft Copilot. These skills must be mandatory and company-wide to create a shared understanding of AI's applications and risks. Horizontal learning provides the organisational baseline that enables fast adoption and prevents knowledge silos.2. Vertical Learning (AI skills tailored to each function)Different functions require specialised AI training to enhance productivity and decision-making in their respective domains.Examples include:– Accounting: AI-supported financial workflows, automated reconciliation, and specialised certifications created within the Amadeus Fire Group.– Marketing: Creative AI tools, generative content systems, text-to-image/video technologies, and performance optimisation.– HR: Recruiting agents, interview support tools, talent analytics, and skills-matching agents.This vertical layer ensures that AI is embedded in day-to-day business processes.3. Continuous Micro-Learning (staying up-to-date with rapid AI evolution)Given the pace of AI innovation, traditional annual or quarterly learning formats are insufficient. Wiederhold emphasises the need for high-frequency learning routines—daily or weekly micro-learning modules that update employees on new tools, techniques, regulations, and best practices. Monthly learning cycles are already too slow for AI's development curve.Operationalising the AI Learning ArchitectureOnce these three content layers are defined, organisations must address the critical question of how to operationalise them. Wiederhold highlights several structural enablers that determine whether AI learning can scale:A Dedicated Digital Learning PlatformCompanies need an integrated platform capable of:– distributing learning content at scale,– personalising training paths,– adapting to different skill levels,– surfacing relevant micro-learning content,– enabling horizontal, vertical, and continuous learning simultaneously.This platform becomes the organisational backbone for developing AI capabilities.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Matador AG Elevator Pitch: Key TakeawaysOverview of Matador Secondary Private Equity AGMatador Secondary Private Equity AG is a Swiss-listed investment company focused exclusively on the secondary private equity market, offering shareholders access to an asset class that has reliably delivered stable, double-digit returns for more than two decades. Founded in 2005 in Sarnen, Switzerland, the company invests in mature private equity fund stakes acquired at discounts to NAV, typically in the fund's years 4–6. This approach reduces blind-pool risk, accelerates cash distributions, and provides consistent visibility on portfolio quality.Investment Strategy and Market PositioningMatador's strategy is built on acquiring fund positions from high-quality private equity managers, often from sellers such as pension funds, family offices, or institutional investors who need liquidity or must rebalance portfolios. Because more than 50% of committed capital in these funds is typically already invested, Matador benefits from immediate exposure to existing portfolios, early distributions, and lower risk than primary private equity commitments.Portfolio Diversification Across Regions and StrategiesThe company's portfolio is broadly diversified across regions, vintages, sectors, and investment styles, with exposure to more than 1,000 underlying companies. The core allocation focuses on U.S. mid- and small-cap buyouts, where operational improvements, buy-and-build strategies, and more resilient M&A activity drive steady value creation. The portfolio is complemented by selective exposure to large buyout, growth equity, and technology-oriented funds to ensure balanced long-term performance.Compounding Effect Through Continuous ReinvestmentA key differentiator of Matador's model is the continuous reinvestment of cash flows from underlying fund distributions, enabling ongoing portfolio expansion without additional capital outflows. Over time, this creates a powerful compounding effect. The company structure also eliminates redemption pressure or forced exits, allowing the investment horizon to remain fully long-term.Long-Term Track Record and Shareholder AlignmentMatador's track record reflects this disciplined approach: since inception in 2005, the company has generated more than 12% annual performance in CHF, supported by the stability and structural advantages of secondary private equity. Management, as the largest shareholder, is deeply aligned with investors, fostering trust and shared commitment. Costs remain lean and performance-driven, reinforcing the company's scalability and reliability.Investor TakeawayFor shareholders, Matador offers transparent and liquid access to an institutional-grade private equity strategy with a proven return profile, broad diversification, limited cyclicality, and attractive long-term compounding. This approach aims to make private equity more understandable and accessible, fostering confidence in the investment process.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Mutares SE Deep Dive: Key TakeawaysOverview of Mutares SEMutares SE is one of Europe's most recognised specialists for turnarounds, special situations, and complex corporate carveouts, operating in an environment where operational execution, speed, and disciplined risk management determine long-term value creation. In this deep dive, CIO Johannes Laumann provides a direct, transparent look at the strategic mechanics behind Mutares' model — addressing the questions institutional investors ask most frequently.Investors are particularly interested in how Mutares approaches restructuring, manages cyclical risks, generates distributable income, and sustains its rapid growth. Throughout the conversation, Laumann highlights one recurring theme: Mutares succeeds because it is an operational machine, built around hands-on transformation rather than financial engineering.1. Restructuring Approach: Turning Distress into ValueLaumann begins by outlining Mutares' core operating principle: identify risks, quantify them, and actively eliminate them through a structured transformation plan.The heart of Mutares' value creation is its 160-person operations team. These experts are embedded inside portfolio companies on the ground. They execute restructuring, stabilise operations, redesign processes, reduce costs, fix supply chains, professionalise management, and ultimately return the company to sustainable profitability.Unlike many private equity firms, Mutares does not rely on financial structuring as a driver of turnaround. Its edge lies in industrial know-how and day-to-day involvement — “hands dirty” ownership.The main risks?* The depth of operational damage at acquired companies* The pace required to stop financial leakage* Market environments that may slow demand recovery* Management resistance or cultural inertiaBut Mutares mitigates this through granular risk plans, rapid execution, and team-based pressure. Structurally, Mutares buys at low valuations. This creates a strong asymmetry between risk and upside.2. How Cycles Affect Mutares — and Why They Create OpportunityInvestors often worry about cyclicality. Laumann explains that Mutares' portfolio is intentionally diversified across economic cycles:• Automotive → early cycle* Engineering & Technology → late cycle* Infrastructure & Defense → late cycle, stable demand* Goods & Services → non-cyclicalThis allows weakness in one segment to be offset by strength in others.But the more important dynamic is this: economic uncertainty is good for Mutares.• During downturns → more distressed sellers → better buying opportunities* During boom phases → higher demand for assets → better exit valuationsTherefore, Mutares benefits in both phases of the cycle. This is unusual for a private equity model.3. Dividend Strategy and Shareholder ReturnsMutares follows a simple, transparent payout philosophy:Base dividend: €2 per sharePerformance dividend: paid when exits and results exceed expectationsThis aligns shareholder rewards directly with operational and exit success. Laumann reiterates that Mutares distributes its earnings. It only distributes what it earns, ensuring a clean and sustainable capital return policy.4. How Mutares Generates Income and Cash FlowMutares' financial architecture is unique and easy to understand.It has three income streams, directly tied to its business model:1. Consulting incomeFees charged to portfolio companies for on-site operational work.2. Dividends from portfolio companiesOnce stabilised, companies' upstream liquidity back to the holding.3. Exit proceedsThe largest value driver is exit proceeds. Mutares buys cheap and sells into strong markets.T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

LEG Immobilien SE Elevator Pitch: Key TakeawaysOverview of LEG Immobilien SELEG Immobilien SE is one of Germany's largest and most focused residential real estate companies, dedicated entirely to affordable housing and long-term, cash-driven value creation. In this elevator pitch, Head of Investor Relations & Strategy Frank Kopfinger provides institutional investors with a clear, structured, and transparent overview of LEG's business model, portfolio characteristics, financial positioning, and the strategic levers that will drive earnings growth in the years ahead.Portfolio Scale and Regional FocusWith 172,000 apartments housing roughly 500,000 tenants, LEG is the second-largest listed residential landlord in Germany—yet uniquely concentrated on one region and one asset class. Around 80% of the portfolio is located in North Rhine-Westphalia (NRW), Germany's most populous state and an economic powerhouse responsible for 22% of national GDP. This regional focus gives LEG deep operating expertise, stable structural demand, and a consistent ability to deliver affordable housing at scale.Affordable Housing and Social ResponsibilityLEG's portfolio is positioned at the core of the German social housing ecosystem. Average rents amount to just €7 per sqm—or around €450 per apartment per month—well below national averages, ensuring consistently high occupancy and strong tenant retention. Approximately 17% of units are rent-restricted, providing predictable cash flows supported by state subsidies for low-income households. This is complemented by a disciplined asset valuation of roughly €1,700 per sqm, far below replacement cost levels of €4,000–5,000 per sqm, resulting in a substantial valuation buffer and a highly attractive 4.9% portfolio yield.Valuation, NTA, and Market DiscountBased on these valuations, LEG's NTA (NAV) per share stands at around €131, while the share price trades at a deep discount. This highlights market concerns about interest rates, as well as the potential upside as fundamentals normalise. Frank Kopfinger will explain how LEG managed the interest-rate shock remarkably well: by placing strict focus on cash, liquidity and AFO (Adjusted Funds from Operations), the company's key free-cash-flow metric since 2023.Cash Preservation MeasuresOver the past two years, LEG executed a series of disciplined measures to safeguard cash generation:  • ~6,000 non-core units sold for over €550 million  * Scrip dividends offered in 2023 and 2024  * Wind-down of the development pipeline, with the last new units completed in 2025Combined, these initiatives generated around €1 billion in cash, strengthening the balance sheet and allowing LEG to return earnings to pre-crisis levels as early as 2025—even amid high interest rates.Future Earnings MomentumLooking ahead, LEG expects earnings momentum to continue. Based on the 2025 guidance, AFO per share is set to increase by around 10%, followed by an additional ~5% in 2026. Multiple structural drivers support this outlook:  • Severe housing shortage due to collapsing construction volumes  * Ongoing market rent growth supported by strong demand  * Cost-rent adjustments for subsidised units beginning in 2026  * 16,000 regulated units coming off restriction in 2028, enabling rent increases toward market levels▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Kontron AG 9M 2025: Key TakeawaysOverview of Kontron AG PerformanceKontron AG, one of Europe's leading technology and IoT solution providers, delivered another strong reporting period under the leadership of CFO Clemens Billek, who presents the company's latest financial results and strategic progress. The update highlights Kontron's continued transformation into a pure-play Internet of Things (IoT) and software-driven technology group, underscoring the company's ability to scale profitably while sharpening its portfolio for long-term growth.Strong Momentum Driven by IoT, Software & High-Margin SolutionsAs Kontron continues to reap the benefits of its strategic repositioning as an IoT-first company, it underscores the company's adaptability and future potential.CFO Clemens Billek emphasizes that the structural shift away from legacy IT services and toward embedded computing, software, and high-value IoT solutions has meaningfully lifted margins and earnings quality.Growth was driven by:strong demand across industrial automation and smart infrastructure,continued international orders in transportation, avionics and communication systems,and rising revenue contributions from proprietary IoT software platforms.The improved mix of recurring revenues, embedded systems, and specialized IoT hardware has significantly bolstered Kontron's financial strength and growth potential.Geographic Diversification Strengthens the Revenue BaseKontron's performance was broad-based across Europe, North America and Asia.Key highlights include:Europe delivering stable, high-quality industrial IoT demand,North America showing sequential improvement in aviation and defense technology,Asia benefitting from strategic partnerships and demand for smart-city and smart-factory systems.This diversified footprint allows Kontron to balance regional cycles while capitalizing on multi-year digitalization trends.Portfolio Focus & High-Impact M&AClemens Billek reiterates that Kontron's portfolio optimization remains a core pillar of its equity story, reaffirming the company's commitment to enhancing its equity story.Recent divestments of non-core segments — together with targeted bolt-on acquisitions in IoT, connectivity, and software — have sharpened the group's profile and delivered meaningful improvements in both profitability and capital efficiency.The company continues to evaluate M&A opportunities in:intelligent connectivity,industrial edge computing,transportation automation,and cybersecurity for IoT environments.These acquisitions are designed to reinforce Kontron's technology leadership and expand its recurring revenue base.Balance Sheet Strength Enables Further GrowthKontron maintains a solid financial position, characterized by:strong equity ratios,disciplined working-capital management,and robust cash generation.The improved financial flexibility allows the company to finance future acquisitions, invest in R&D, and return capital to shareholders through an attractive dividend policy....▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

LEG Immobilien SE FY 2024: Key TakeawaysLEG Immobilien SE 9M 2025 Financial OverviewLEG Immobilien SE — one of Germany's largest pure-play residential real estate companies with more than 172,000 units and a strong footprint in North Rhine-Westphalia (NRW) — has shown remarkable resilience and strategic discipline in the first nine months of 2025. Despite the challenges posed by elevated interest rates, persistent supply shortages, rising construction costs, and structurally tight housing markets, the company has delivered a solid performance, demonstrating cash discipline and predictable earnings quality.In this video, Head of Investor Relations Frank Kopfinger walks investors through the operational and financial highlights that have shaped the first three quarters of 2025 and outlines how LEG is positioning itself for sustainable, long-term AFFO growth.Strong AFFO Growth and Predictable Cash FlowsAt the core of LEG's 2025 performance is strong growth in Adjusted Funds From Operations (AFFO) — the company's key steering metric. The 9M period saw LEG report an AFFO increase of approximately 10%, a significant achievement given current market conditions. This growth was underpinned by stable occupancy, continued rent growth in regulated and free-financed units, and tight cost management. With regulated units representing 17% of the portfolio, LEG benefits from predictable cash flows and embedded rent-adjustment mechanisms, including the cost rent adjustment scheduled to support earnings from 2026 onwards.High-Quality Portfolio and Valuation BufferPortfolio quality remains high, with a valuation of €1,656 per sqm, significantly below replacement cost levels in German metropolitan regions. This deep valuation buffer not only supports capital preservation but also positions LEG attractively for future revaluations once interest-rate cycles ease. Importantly, the company continues to narrow the spread between contractual in-place rents and market rents, enabling multi-year organic rental growth within regulatory boundaries.Capital Discipline and Balance Sheet StrengthBalance-sheet strength remains a strategic priority for LEG. Over the last 24 months, the company has executed a series of proactive capital-preservation measures, including asset disposals of non-core units, a scrip dividend, tight cost control, and a reduction of new development activities. These actions have collectively generated roughly €1 billion in cash and materially improved liquidity and leverage levels. LEG's commitment to 100% AFFO-based dividends, supplemented by proceeds from disposals, ensures a transparent and sustainable framework for shareholder returns, instilling confidence in our investors.Favorable Market FundamentalsThe underlying housing fundamentals in Germany continue to strengthen LEG's long-term outlook: structurally low construction rates, a persistent supply-demand gap, demographic tailwinds, rising household numbers, and an undersupplied affordable housing segment. LEG's exclusive focus on affordable living, combined with deep regional expertise and efficient operations, ensures a resilient demand profile across cycles.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

JOST Werke SE 9M 2025: Key TakeawaysOverview of JOST Werke SE PerformanceJOST Werke SE, one of the world's leading suppliers of safety-critical components and systems for commercial vehicles, delivered a resilient performance in the first nine months of 2025. In this in-depth presentation, Romy Acosta, Head of Investor Relations, outlines the company's financial developments, market dynamics, regional trends and strategic outlook as JOST continues to strengthen its global competitive position.Solid Performance Despite a Mixed Market EnvironmentThe first nine months of 2025 were marked by significant volatility in the global commercial vehicle industry. Despite this, JOST demonstrated resilience, with OEM production levels returning to normal after two years of post-pandemic surge, and certain markets softening due to macro conditions, destocking cycles, and shifting order patterns.Against this backdrop, JOST delivered a stable revenue base and maintained strong profitability in its core business lines — particularly in Trailer Solutions and Components for the agricultural sector.Romy Acosta explains that JOST's diversified portfolio once again acted as a stabilizer. The company's broad regional footprint, balanced mix of OEM and aftermarket business and deep global customer relationships helped offset temporary demand weakness in selected geographies.Regional Trends Highlight JOST's Balanced ExposurePerformance varied significantly across regions, reflecting different economic and industry cycles:Europe remained the company's strongest platform, supported by solid trailer demand, resilient aftermarket activity and continued adoption of JOST's safety technologies.North America experienced a softer market environment, particularly on the truck-OEM side, where destocking and lower Class 8 build rates weighed on volumes.Asia and emerging markets provided selective growth impulses, particularly in India and Southeast Asia, where infrastructure spending and demand for agricultural machinery supported order patterns.Agricultural Solutions remained a relative outperformer, benefiting from structurally high demand for modern farming equipment and increasingly sophisticated coupling and hydraulic systems.This strategic balance across regions and segments is a key advantage for JOST Werke SE. It not only cushions against cyclical fluctuations but also paves the way for long-term growth, instilling confidence in our investors and stakeholders.Operational Discipline Supports ProfitabilityThroughout the period, JOST's operational discipline was a consistent theme, ensuring strong financial management and cost control.JOST maintained strong cost control, optimised working capital, and continued to realise efficiency gains from prior footprint adjustments and automation investments.In addition, the company benefitted from a healthier product mix with a larger share of value-added systems and electronically controlled components — areas where JOST enjoys strong pricing, margin resilience and technological leadership.The combination of disciplined execution and portfolio quality supported robust EBIT margins despite softer top-line momentum in individual markets.]▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Mutares SE 9M 2025: Key TakeawaysStrong Performance Overview for 9M 2025Mutares SE, the listed turnaround investor headquartered in Munich, delivered strong, strategically meaningful performance in the first nine months of 2025. In this comprehensive update, CIO Johannes Laumann provides investors with a transparent view of operational progress, portfolio dynamics, exit activity, and the outlook for year-end results.Strong Net Income Growth Driven by Transformation & ExitsStrong Net Income Growth Driven by Transformation & ExitsThe holding company has demonstrated a substantial increase in net income during the reporting period, reflecting Mutares' robust business model. This model involves acquiring underperforming companies, stabilizing operations, implementing deep restructuring programs, and ultimately exiting them at significant value creation.Laumann highlights that both supported the surge in profitability:solid operational improvements within major platform investments, andhigher exit activity and bargain-purchase effects from newly consolidated entities.These drivers underscore the scalability of the Mutares playbook and the maturity of the existing portfolio.Portfolio Expansion Across Four SegmentsPortfolio Expansion Across Four SegmentsDuring the first nine months of 2025, Mutares continued to diversify its portfolio across its four strategic segments, each with its unique investment opportunities:Automotive & Mobility – characterized by large industrial carve-outs, metal and plastics processing, and platform strategies aimed at operational consolidation.Engineering & Technology – benefiting from secular investment trends in energy infrastructure, power systems, and industrial equipment, driven by global re-industrialization and public-sector modernization.Infrastructure & Special Industries – supported by strong demand in logistics, road infrastructure, and defense-related applications, all of which remain high-priority investment categories in Europe.Goods & Services – stable, recurring cash-flow businesses such as industrial services, technical maintenance, and specialized workforce solutions.Across all segments, the company emphasises operational improvements through its 160-person in-house consulting and task force team — a key differentiator in the European turnaround landscape.Exit Pipeline Positioned for a Strong Q4Exit Pipeline Positioned for a Strong Q4A central theme of Laumann's 9M update is the robust exit pipeline, which is expected to contribute materially in the fourth quarter.Mutares traditionally delivers a disproportionate share of holding-company earnings near year-end, as exits crystallize value. The current pipeline includes:mature platform assets ready for divestment,strategic buyers engaged in advanced stages of negotiation, andselected IPO preparations where public markets offer an attractive valuation path.Laumann reiterates that Mutares remains disciplined in its approach to exits. Exits are executed only when the internal value-creation targets are met, not when the calendar dictates. This approach ensures that every exit is strategically sound and contributes to the company's long-term success.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Palfinger AG Elevator Pitch: Key TakeawaysIn this short and focused Elevator Pitch, Felix Strohbichler, CFO of Palfinger AG, provides investors with a clear overview of the company's equity story, growth potential, and strategic direction.Palfinger AG: A Trusted Global Leader in Lifting SolutionsPalfinger AG is a worldwide leader in innovative lifting and handling solutions for industries such as construction, transport, maritime, forestry, and infrastructure. With over €2.4 billion in revenue (FY 2024) and 12,000 employees, the group combines engineering excellence, product innovation, and a strong global service network.Its portfolio includes loader cranes, marine cranes, aerial platforms, hooklifts, and digital fleet systems, used by customers in more than 130 countries.Broad Diversification and Global FootprintAs Felix Strohbichler explains, Palfinger's strength lies in its broad industrial diversification and global presence. With 30 production sites, technology centres across Europe, Asia, and North America, and a comprehensive service network, Palfinger is positioned to serve customers quickly, reliably, and with proximity.This worldwide footprint makes Palfinger one of the most resilient and customer-centric players in the sector.Growth Drivers and Strategic FocusThree pillars drive Palfinger's growth:Innovation LeadershipContinuous investment in smart lifting, connected cranes, and automation technologies.Geographical ExpansionAccelerated growth in North America, APAC, and Marine markets.Service ExcellenceA rapidly expanding aftermarket and digital service business, ensuring long-term revenue stability and customer retention.Felix Strohbichler emphasises that Palfinger's future profitability is built not only on sales growth but also on digitalisation, standardisation, and footprint optimisation — initiatives that unlock significant cost savings and scalability.Financial Highlights: A Testament to Palfinger's StabilityKey TakeawayFelix Strohbichler concludes:“Palfinger stands for innovation, reliability, and global reach. With our broad product portfolio, strong service business, and global footprint, we are well equipped for sustainable and profitable growth.”▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Palfinger AG Deep Dive: Key TakeawaysIn this session, PALFINGER CEO and CFO leadership unveil the company's bold next chapter — “Reach Higher – Strategy 2030+.”CFO Felix Strohbichler leads the discussion, explaining how PALFINGER is adapting to global change and positioning itself for long-term, sustainable growth.Why a New Strategy Now?Strohbichler makes clear that the world has changed significantly in recent years — from geopolitical instability to accelerating digitalisation, climate change, and supply chain disruptions. With these shifts in mind, PALFINGER's new Strategy 2030+ is designed to reinforce its technology leadership, boost resilience, and drive profitable growth in an evolving environment.Financial Ambition & TargetsUnder Strategy 2030+, key financial targets have been raised for 2030:Revenue: Over €3 billionEBIT Margin: 12%ROCE (Return on Capital Employed): 15%These targets reflect PALFINGER's confidence that its refined business model — combining hardware, software, services and global reach — will deliver a step-change in performance.Three Strategic DirectionsStrohbichler emphasises three core pillars guiding execution, each with a clear rationale:Lifting Customer ValuePALFINGER's relentless focus on delivering integrated solutions, innovation, and productivity gains for customers is a testament to the company's commitment to their success. This approach not only enhances customer satisfaction but also deepens relationships and recurring revenue streams, making stakeholders feel valued and integral to the company's success.Balanced Profitable GrowthLeveraging PALFINGER's broad product range and global service footprint to grow measurably and profitably.Execution ExcellenceThis pillar focuses on driving cultural, process, and digital transformation. PALFINGER is focusing on leaner global supply chains, end-to-end planning, and adoption of AI & data analytics to ensure it remains at the forefront of innovation and efficiency.These strategic directions are underpinned by five must-win action fields and 13 strategic programs, each designed to ensure systematic execution and measurable progress. Let's delve into these in more detail.Key Themes & Market ImplicationsCustomer ClosenessPALFINGER is emphasising service networks, spare parts and high-end lifting solutions (e.g., aerial work platforms) to deepen customer relationships and recurring revenue streams.Digitalisation & SolutionsTransitioning from a hardware-only mindset to offering smart, connected lifting solutions, combining sensors, IoT, autonomous operation and data services.Global Supply Chain & EfficiencyWith end-to-end logistics optimisation, inventory control, and a global manufacturing footprint, PALFINGER aims to boost resilience and delivery reliability in volatile markets.What This Means for InvestorsPALFINGER has set clear, ambitious, measurable targets that go well beyond incremental improvement — signalling a strong commitment to uplift performance.The strategy shifts the company into higher-value realms — service, digital platforms, customer experience, and integrated solutions — rather than pure machine manufacturing.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Hypoport SE 9M 2025: Key TakeawaysHypoport SE 9M 2025 Financial Results – CEO Ronald Slabke Presents Strategic UpdateStrong Financial Performance Reflecting Platform ResilienceIn a still-challenging real estate and financing environment, Hypoport SE delivered profitable growth and structural margin expansion, underscoring the resilience and scalability of its digital platform ecosystem.For the first nine months of 2025, the company achieved: - Revenue of approximately €459 million, up 12 % year-on-year - Gross profit of around €197 million, a 16 % increase - EBIT nearly doubled compared to 9M 2024 - Strong cash position with continued cost disciplineThis performance reflects Hypoport's long-term value strategy, which continues to outperform short-term market fluctuations.Business Segments OverviewReal Estate Platform (Europace AG)The Europace mortgage platform — Germany's largest B2B real estate financing marketplace — delivered strong double-digit growth in transaction volume. The number of active financial institutions and partners increased, reinforcing the platform's central role in the housing finance ecosystem. - Mortgage volume growth exceeded overall market trends - Greater digital automation and data usage improved efficiency - Market share gains among cooperative and private banks lifted profitabilityHousing and Mortgage DistributionThe Dr Klein network for private clients experienced stable refinancing demand and early signs of consumer sentiment recovery. While the pace of new loan growth remained moderate, corporate and institutional financing remained resilient, particularly in commercial property funding.Insurance and Other PlatformsThe Insurance Platform and SME Financing units advanced steadily, increasing integration with Hypoport's overall ecosystem. These divisions support recurring income and enhance customer lifetime value across the network.Strategic Outlook: Platform Scalability and Market NormalizationCEO Ronald Slabke highlighted the platform model's readiness for scalable growth as market conditions normalize. Hypoport's ecosystem of integrated services — spanning financing, insurance, and data — is positioned to benefit from fixed-cost leverage as transaction volumes rise again.Key strategic priorities include: - Expanding participation across banks, savings banks, and independent advisors - Increasing digital integration across all platform components - Investing in AI-driven underwriting and data analytics - Scaling recurring revenues through SaaS and value-added data servicesStructural Tailwinds Support Hypoport's Long-Term Equity StoryGermany continues to face significant housing undersupply, while demographic and urbanization trends reinforce mortgage demand. Simultaneously, digital transformation across financial services boosts demand for Hypoport's integrated technology solutions.This combination supports the company's long-term growth trajectory and operational leverage.CEO Ronald Slabke Concludes“Our 9M results show that Hypoport's platforms are delivering scalable growth, even in a challenging environment. We will continue to invest in innovation, deepen our ecosystem, and drive sustainable value for customers and shareholders alike.”▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Palfinger AG 9M 2025: Key TakeawaysIn this update, Felix Strohbichler, CFO of Palfinger AG, presents the financial results for the first nine months of 2025 and outlines the key strategic initiatives driving the company's future growth under its new Reach Higher 2030 plus strategy.Global Leader in Lifting SolutionsPalfinger AG remains a worldwide leader in innovative lifting solutions for construction, marine, logistics, and infrastructure industries. With 2024 revenue of around €2.4 billion, 12,000 employees, and 30 production sites, Palfinger is synonymous with engineering excellence, innovation, and customer reliability.The company's broad industrial diversity and global presence not only ensure resilience even amid macroeconomic volatility but also provide a sense of stability and security to stakeholders.Key Financial Highlights for 9M 2025- Revenue: €1.7 billion (-3.5% year on year)- EBIT: €131 million (-17.6%)- Equity: €885 million (41% equity ratio)- Net Debt: €577 million — significantly improved- Free Cash Flow: €54 million vs -€2 million last yearPalfinger achieved a major balance-sheet strengthening in 2025 through the sale of treasury shares for €100 million and ongoing working-capital discipline. The company remains on track to deliver more than €100 million in free cash flow for the full year 2025.Regional Performance- EMEA: Strong order intake continued from Q4 2024; European infrastructure spending yet to fully materialize but momentum is positive.- North America: Tariff measures (Section 232) weighed on profitability but structural demand remains solid.- LATAM: Record sales driven by strong growth in Brazil.- APAC: India and Southeast Asia continued to expand.- Marine: Sustained profitability and healthy backlog.- Russia: Sharp economic slowdown reducing sales and earnings contribution.Strategic Update — Reach Higher 2030 plusIn 2025, Palfinger introduced its long-term strategy Reach Higher 2030 plus, focusing on three core pillars:Lifting Customer ValueEnhancing customer experience through digital services and data solutions.Balanced Profitable GrowthExpanding geographically and across business segments while preserving margins.Execution ExcellenceDriving process efficiency through digitization, automation, and supply-chain optimization.The strategy defines 18 programs to strengthen future profitability and positions the group for a new phase of scalable growth.Five “Must-Win” Action Fields- Customer-centric technology leadership- Expansion of services and spare parts business- Growth in aerial work platforms as a core pillar- Supply-chain optimization- Process, system and data efficiency- Financial Targets and OutlookUnder Reach Higher 2030 plus, Palfinger aims for by 2030:- Revenue: > €3 billion (organic)- EBIT margin: ~ 12%- ROCE: ~ 15%- Free Cash Flow: > €150 million annuallyNear-term (2027) targets remain unchanged: €2.7 billion revenue, 10% EBIT margin, and > €100 million free cash flow.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

ZEAL Network SE 9M 2025: Key TakeawaysZEAL Network SE 9M 2025 Update: Profitable Growth and Upgraded GuidancePresented by Andrea Behrendt, CFO of ZEAL Network SEIn this update, Andrea Behrendt, CFO of ZEAL Network SE, presents the highlights of the first nine months of 2025, reflecting another strong period of profitable growth and the confirmation of ZEAL's upgraded full-year guidance.Continued Profitable GrowthZEAL Network — Germany's leading online lottery platform — once again demonstrated its resilient business model and scalable profitability in 2025.The group's key financial metrics show steady improvement across all areas: - Billings: Increased further year-on-year, driven by sustained player activity and product expansion. - Revenue: Rose in line with higher customer demand and strong cross-selling into instant games. - EBITDA: Significantly above last year's level, confirming continued operational leverage. - Cash Generation: Robust, reflecting ZEAL's high-margin digital model.This performance underlines ZEAL's remarkable resilience and ability to achieve profitable growth even in a fiercely competitive online entertainment landscape.Customer and Product MomentumZEAL continues to strengthen its position in the German online lottery market through continuous innovation, data-driven marketing, and customer retention initiatives. - Customer numbers grew steadily, with an increasing share of mobile app users. - Average billings per active user remained healthy, highlighting high engagement and trust. - Instant Games continued to expand as a second growth pillar, attracting new audiences beyond traditional lottery players.Upgraded Full-Year GuidanceOn the back of strong 9M results, ZEAL raised its full-year guidance for 2025, now expecting: - Higher revenue and EBITDA ranges than previous forecasts. - Sustained positive cash flow and further margin improvement. - Continued disciplined cost management alongside marketing efficiency gains.This upgrade confirms ZEAL's long-term growth trajectory and reflects both the scalability of its digital platform and the effectiveness of its strategic initiatives.Strategic Focus: Innovation and SustainabilityZEAL continues to focus on product innovation, responsible gaming, and sustainable growth: - Expansion of social and charity lotteries that support community causes. - Strong adherence to regulatory compliance and player protection standards. - Increased investment in AI-based customer analytics and personalization tools.CFO Andrea Behrendt Concludes“ZEAL continues to deliver on its promise of profitable, sustainable growth.Our upgraded outlook reflects strong customer trust, operational efficiency, and strategic clarity.”▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Amadeus Fire AG 9M 2025: Key TakeawaysIn this update, Joerg Peters, Head of Investor Relations at Amadeus Fire AG, outlines the key developments from the first nine months of 2025 — highlighting the company's resilience in a demanding market, disciplined cost management, and confirmed full-year guidance.Demonstrating Resilience in a Challenging MarketDespite a persistently soft macroeconomic backdrop in Germany, Amadeus Fire Group maintained stable business momentum across its personnel services and training divisions.The group continued to benefit from its specialization in finance, accounting, IT, and HR, which remain structurally high-demand areas.While clients showed continued caution in new project starts, recurring business and long-term customer relationships helped stabilize revenues.Showcasing Strong Financial Highlights for 9M 2025 - Revenue: €(approximately 320–340 million) – broadly in line with the previous year - EBITA: Slightly below last year due to muted demand in certain staffing areas - Cash Flow: Remained strong, underscoring Amadeus Fire's robust business model - Dividend & Outlook: Full-year guidance reaffirmed; consistent payout policy maintained - The company's cost discipline, diversified client base, and focus on high-margin segments, such as interim management and specialised training, contributed to a resilient performance profile.Balanced Growth DriversAmadeus Fire continues to leverage its dual-segment model — Personnel Services and Training — to create synergies and stabilize performance: - The staffing segment remains supported by ongoing demand for qualified finance and IT professionals, particularly in interim roles and permanent placements. - The training business benefited from strong activity in corporate- and public-funded reskilling programs through its well-established brands, including Comcave, GFN, and Dr Endriss.This combination provides Amadeus Fire with counter-cyclical stability — a key differentiator in a volatile economic climate.Outlook ConfirmedJoerg Peters reaffirmed the company's 2025 full-year forecast, supported by solid operational fundamentals and steady demand in its core markets.While visibility remains limited in parts of the staffing segment, structural megatrends — such as demographic shifts and digital transformation — continue to underpin long-term demand for qualified personnel and training solutions.Joerg Peters Concludes“Amadeus Fire remains well positioned in a competitive environment thanks to our specialization, our strong client relationships, and the stability of our dual business model.We focus on operational excellence and long-term value creation.”▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Wacker Chemie AG 9M 2025: Key TakeawaysDemonstrating Resilience Across All DivisionsWacker Chemie's key divisions — Silicones, Polymers, Biosolutions, and Polysilicon — demonstrated a resilient performance in a challenging macroeconomic environment. Despite global economic headwinds and energy cost pressures, the group delivered stable revenue and profitability, driven by higher volumes, better product mix, and operational excellence.The Silicones division, Wacker's largest contributor, maintained solid sales despite pricing normalization, supported by demand in construction, automotive, and electronics applications. The Polymers segment showed improved volumes and higher margins due to continued substitution of traditional materials with sustainable dispersions and binders.Meanwhile, Biosolutions continued to grow steadily in life sciences and biotechnology applications, reflecting Wacker's strategic focus on expanding its biotech footprint. The Polysilicon business, after experiencing market volatility in previous quarters, stabilised amid strong demand from both semiconductor and solar customers.Financial HighlightsFor the first nine months of FY 2024/25, Wacker Chemie achieved: - Revenue slightly above the prior year's level, supported by stronger volumes - EBITDA growth driven by efficiency gains and lower raw material costs - Improved cash generation and a solid balance sheet, allowing flexibility for future investmentsJoerg Hoffmann underlined that Wacker's consistent cost discipline and lean operations were key to maintaining profitability even in a challenging global market environment.Strategic Focus: Firmly Rooted in Innovation, Sustainability & Specialty GrowthWacker Chemie continues to transition from a cyclical materials company into a specialty and biotech-driven chemical leader. The group invests heavily in: - High-margin silicone specialties for e-mobility, semiconductors, and healthcare - Biosolutions, focusing on pharmaceutical proteins, cell-culture media, and biopharmaceutical contract manufacturing - Sustainable production, including CO₂ reduction, circular materials, and renewable energy integrationThese initiatives are aligned with Wacker's long-term vision to achieve sustainable value creation and to strengthen its position as one of Europe's most innovation-driven chemical groups.OutlookFor the full year 2025, Wacker Chemie expects: - EBITDA to remain solid in a normalizing pricing environment - Revenue growth supported by increasing demand for specialty silicones and biosolutions - Free cash flow to stay positive, reflecting the company's strong operational performanceWacker remains confident in its strategic course, emphasizing resilience, innovation, and financial discipline as the foundation for future growth. This confidence is underpinned by the company's strong operational performance and strategic investments.Key TakeawayWacker Chemie AG demonstrates that even in a volatile global environment, strong innovation, disciplined cost management, and diversified end markets create a stable and profitable business foundation.As Joerg Hoffmann concludes:“Wacker continues to deliver consistent results and invests strategically in technologies that will define the next decade — from biotech to sustainable materials.”▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

BRAIN Biotech AG Deep Dive: Key TakeawaysIn this exclusive deep dive, Michael Schneiders, CFO of Brain Biotech AG, takes on the seven most frequently asked questions from institutional investors — offering clarity, conviction, and a forward-looking view on everything from AI-driven enzyme discovery to U.S. expansion, M&A, and the commercial pipeline within the BioIncubator portfolio.Let's unpack the key investor topics that matter most to understanding Brain Biotech's current strategy and its long-term value-creation potential.1. What are Enzymes, and Why Are They So Attractive?Enzymes are natural proteins that catalyze biochemical reactions, and Brain Biotech focuses on microbial enzymes with industrial and human applications. Why does this matter to investors? Because enzymes offer low-energy, biodegradable, and sustainable alternatives to chemical synthesis — making them key tools in the green industrial transformation.The global enzyme market stands at €6 billion, growing at mid-single-digit rates with strong margins. Consumers prefer natural enzyme-based solutions, especially in food, nutrition, and life sciences. Brain, with its unique position and strategic focus, is well-positioned to lead this trend.2. What Sets Brain Biotech Apart from Other Industrial Biotech Firms?Michael Schneiders emphasizes Brain's end-to-end platform—from discovery and AI-assisted enzyme design, to development, fermentation, and production. Few players can offer the full value chain. This integrated model serves three verticals:ProductsProprietary enzymes for food & life science.CDMOContract manufacturing for biopharma clients.CROCustom research in enzyme innovation.This makes Brain not just a supplier, but a strategic co-developer with its clients — increasing stickiness, value creation, and margin expansion.3. How Is AI Revolutionizing Enzyme Discovery at Brain?Brain's AI and machine learning platforms are now central to its enzyme innovation engine. Their proprietary platform, “MetXtra,” enables the discovery and synthetic design of novel enzymes, with 99% of the sequences unique to public databases.With bioinformatics, machine learning, and CRISPR gene editing, Brain is accelerating timelines from idea to prototype, cutting costs, and driving customer success. Their goal: design enzymes that don't yet exist in nature—customized for client needs.This digital-first approach is transforming Brain into a tech-enabled biotech innovator—and investors are taking notice.4. What Are Brain's Medium-Term Growth Targets, and What Role Does M&A Play?Brain's mid-term goal is to double enzyme segment sales through high-single-digit to low-double-digit organic growth. The addressable market for their core activities is approximately €2 billion — and with only €50 million in sales today, there's massive upside.Brain also aims to lift its adjusted EBITDA margin from 10% to 15%, unlocking operational leverage as scale increases.While organic growth is the priority, Brain remains opportunistic on M&A—with a successful track record including Biocatalysts, RareTech, and AnalytiCon Discovery. One more medium-sized acquisition (à la Biocatalysts) is planned within the next 5 years. ..▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/Financial Results Presentation: https://seat11a.com/nvestor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

BRAIN Biotech AG Q1 2024/25: Key TakeawaysBRAIN Biotech 9M 2024/25 Financial Results Deep DivePresented by Michael Schneiders, CFO | seat11a.comBRAIN Biotech Accelerates Growth in Core Business While Strengthening BioIncubator PipelineIn the first nine months of fiscal year 2024/25, BRAIN Biotech AG delivered a robust operational performance marked by steady revenue growth in its core segment and significant progress in its innovation pipeline. CFO Michael Schneiders outlined the company's dual focus: scaling its BRAIN Biocatalysts division and commercialising projects within the BRAIN BioIncubator—its innovation engine for biotech breakthroughs.Solid Revenue Growth in Core Segment: BRAIN BiocatalystsBRAIN Biocatalysts—the heart of BRAIN Biotech's operations—continues to perform like a “Swiss army knife” of industrial biotech, demonstrating its versatility and adaptability. Revenue in this segment increased by 8.1% year-over-year in Q3, driven by strong product sales and increased utilization of large-scale fermenters, particularly at the Cardiff and US operations. While the baking ingredients sector faced some softness, other verticals remained resilient. The adjusted EBITDA margin continued to improve due to scale effects, a more favourable product mix, and disciplined cost management.The division also stands out for its fully integrated biotech platform: from discovery and strain development to industrial-scale production and sales. BRAIN serves the full enzyme value chain, offering tailor-made solutions as a Contract Research Organisation (CRO) and Contract Manufacturing Organization (CMO/CDMO).Innovation Engine: BRAIN BioIncubatorThe BioIncubator division, which focuses on strategic participations and breakthrough biotech innovation, saw mixed performance in 9M 2024/25. While sales were softer due to the absence of milestone revenues from previous years and subdued order intake at AnalytiCon Discovery, significant strategic wins boosted the segment's outlook. These wins include a strategic partnership with Corbion (Amsterdam-based sustainable ingredient leader) to commercialize “Perillic Active,” a natural antimicrobial for food preservation, and the successful consolidation of Breatec minorities, realizing a book gain of € 1.4 million.One of the key factors contributing to our positive outlook is our strategic partnership with Corbion, a leading sustainable ingredient company based in Amsterdam. This partnership aims to commercialize “Perillic Active,” a natural antimicrobial for food preservation, which we believe will significantly enhance our product portfolio and market reach.Successful consolidation of Breatec minorities, realizing a book gain of €1.4 million.Strong cost control despite ongoing R&D investments and two months of Akribion Genomics integration.The company has €10.5 million in cash available, providing solid liquidity to drive further innovation.Mid-Term Targets: Scaling with PrecisionReaffirming its long-term strategy, BRAIN Biotech aims to double revenues in BRAIN Biocatalysts to €100 million over the next five years, with an adjusted EBITDA margin of 15% and R&D investments of 4–6% of group sales. This growth will be driven by a combination of factors, including the commercialisation of milestones achieved by Pharvaris and genome-editing technologies (e.g., Akribion Therapeutics), which are expected to generate upside potential through milestone payments and royalty income. In the BioIncubator, the company's focus will be on achieving commercialisation milestones and leveraging its strategic partnerships to fuel commercial upside.T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

ZEAL Network SE Elevator Pitch: Key TakeawaysZEAL Network SE – Inside the Future of Digital LotteryPresented by CFO Andrea Behrend on seat11a.comBusiness Model, Market Dominance & Bold StrategyCFO Andrea Behrend takes us inside ZEAL's powerful business model, market dominance, and bold strategy to redefine the future of lottery as a thrilling digital-first experience with innovative offerings.A 25-Year Evolution into a Lottery Tech PowerhouseFounded over 25 years ago, ZEAL has evolved into a lottery tech powerhouse. With more than 1.4 million active monthly users, a market cap of over €1 billion, and €382 million contributed to good causes in 2024 alone, ZEAL merges tech innovation with social purpose. And it doesn't stop there. The average monthly billing per user stands at €63, showcasing the brand's strong consumer engagement and lifetime value model.“We're not just selling lottery tickets. We're selling dreams,” says CFO Andrea Behrend — and those dreams are delivered with German efficiency and digital sophistication.Core Business: B2C Lottery Brokerage ModelAt the heart of ZEAL's business is its core B2C lottery brokerage model, operating under the popular consumer brands Lotto24 and Tipp24. These platforms offer licensed access to Germany's beloved state lotteries such as Lotto 6aus49 and EuroJackpot, but with the added convenience, speed, and security of e-commerce. ZEAL doesn't take on jackpot risks — it earns through brokerage commissions and service fees, while state lotteries handle prize payouts.Why Do Users Love ZEAL?Because it's a 24/7 digital lottery experience, secure (no more lost tickets), fully mobile, with automatic prize notifications, personalised offers, and a suite of traditional, social, and instant-win products. Whether you're dreaming of a €120 million EuroJackpot or a luxury home in Bavaria through the Traumhausverlosung, ZEAL makes lottery participation simple, meaningful, and exciting.Strategic Differentiators44% market share in German online lottery brokerageHigh customer retention and lifetime value (up to 20+ years)Diversified revenue via new product lines such as:freiheit+ (social lottery with strong charity partners)Traumhausverlosung (luxury house raffles)Virtual Games (now over 580 live titles)Market OpportunityThe total German lottery market is estimated at €10 billion, with an online penetration rate of only 29% — significantly behind sectors such as music streaming (81%) and banking (67%). ZEAL forecasts online lottery penetration rising to 50–70%, which would expand the digital market to €5–7 billion.ZEAL's AmbitionCapture 50% of that online market, which would mean €2.5–3.5 billion in annual billings — more than double today's level. With a highly scalable business, 80–85% of additional revenue is directly attributed to the EBITDA line, providing ZEAL with a clear pathway to margin expansion and increased shareholder value.Shareholder BenefitsStrong cash generation & stable EBITDAAttractive dividend policy + share buybacksExposure to a digital-native platform in a growing regulated marketHigh data-driven predictability and CRM-driven user retentionA Digital Platform Blending Profitability with PurposeWhether it's recurring player cohorts, record-breaking jackpot years (such as 2024, with 13 peak jackpots), or expansion into new game categories, ZEAL is positioning itself as a dominant, resilient, and deeply trusted lottery technology platform...T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Kontron AG H1 2025 – Long-Form Financial SummaryPresented by CFO Clemens Billek on seat11a.comStrong Financial Performance with Raised Full-Year OutlookIn the first half of 2025, Kontron AG delivered standout financial performance under the leadership of CFO Clemens Billek. The company not only achieved rapid earnings growth but also demonstrated operational stability and momentum across its IoT, embedded computing, and software solutions segments—strong enough to raise its full-year profit guidance.1. Financial Performance & Margin ImprovementEBITDA: Surged by 78.2% to €146.0 millionReported EBITDA Margin: 18.7% (up from 10.5%)Adjusted (Underlying) Margin: ~12.6%Net Income (after minority interests): €88.9 million (up from €37.9 million)EPS: Increased to €1.45 (from €0.61)Key drivers included non-recurring gains from the deconsolidation of the COM business and the increasing share of revenue from the “Software + Solutions” segment, which rose to 34.7% of total revenue (up from 29.9%).2. Order Backlog, Book‑to‑Bill Ratio & Cash FlowOrder Backlog: €2,278 million (up from €2,078 million at year-end)Book‑to‑Bill Ratio: Improved to 1.26Operating Cash Flow: Positive €16.3 million (vs. –€16.8 million in prior year)Equity: Rose to €688.3 millionEquity Ratio: Improved to 38.1% (from 35.8%)The return to positive operating cash flow marks a key financial turning point, offering more flexibility for strategic investment and M&A. Strengthened equity metrics signal a solid and improving balance sheet.3. Raised Guidance & Investor ImplicationsIn light of the strong H1 2025 performance, Kontron raised its full-year profit forecast:New EBITDA Target: At least €270 million (up from €220 million)Revenue Guidance: Adjusted to ~€1,800 million (from €1,900–2,000 million), due to portfolio deconsolidationThis signals that while the topline is being recalibrated, the business mix is shifting toward higher profitability and improved margins—supporting investor confidence in earnings quality and strategic discipline.Strategic Context: What This Means Going ForwardExpansion in “Software & Solutions” mix reflects strategic shift to stable, high-margin revenue streams.Deconsolidation and portfolio simplification improve transparency and profit conversion.Order intake and backlog growth point to sustained demand in core IoT verticals: transportation, industrial automation, and telecom infrastructure.Positive cash flow and stronger equity position prepare Kontron for continued organic and inorganic growth.Key Takeaways for InvestorsRemarkable EBITDA growth (+78.2%) and margin uplift after adjusting the portfolioGreater emphasis on recurring, high-margin revenue via “Software + Solutions”Significant improvement in operating cash flow and financial flexibilityUpgraded profit guidance reflects accelerating earnings momentumStronger operational execution and strategic clarity increase investor confidenceConclusionKontron AG's first half of 2025 shows disciplined execution, enhanced profitability, and strategic reorientation toward more stable, scalable business lines. With raised EBITDA guidance and a focus on high-margin growth, the company is positioned to continue delivering value to shareholders—both in the short term and beyond.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Hypoport SE Deep Dive: Key Takeaways

eDreams ODIGEO's Q1 2025 Key TakeawayseDreams ODIGEO Q1 FY 2026 – Executive SummaryPresented by CFO David Elizaga on seat11a.comStrong Start to FY 2026 with Subscription Model at CoreeDreams ODIGEO kicked off its financial year 2026 with a powerful performance that once again reinforces the strength of its subscription-based travel model. CFO David Elizaga presented a highly confident outlook, supported by solid subscriber growth, improved profitability, and continued strategic execution.Prime: The Growth EngineAt the heart of this success is Prime, eDreams' unique travel subscription service. With 7.5 million subscribers now onboard, Prime has become the company's core growth engine. In the first quarter alone, the firm added over 200,000 new subscribers, reaching the upper end of their guidance.This strong growth is not just about volume—it's also about quality: renewals continue to increase as the member base matures, making the overall model more cost-efficient and highly profitable over time.Financial MomentumThis growth in Prime has translated directly into substantial earnings momentum. The company delivered strong increases in both adjusted net income and EBITDA, building on the gains seen in the previous year. As Prime now accounts for around three-quarters of total revenue, eDreams is less exposed to volatile travel pricing and more focused on predictable, high-margin recurring income.Operational Leverage and Strategic TransformationElizaga emphasized that the transformation of eDreams ODIGEO from a transactional to a subscription-based travel business is well ahead of schedule. Operating leverage is improving as acquisition costs drop per subscriber, and profitability continues to scale in line with revenue growth. This demonstrates the power of Prime to reshape not only the company's income structure but the entire economics of travel booking in Europe and beyond.Capital Markets UpdateFrom a capital markets perspective, the company also launched a new €20 million share buyback programme, underlining its commitment to shareholders. This follows the near completion of the previous buyback effort, and it comes at a time when liquidity in the stock has markedly improved.FY 2026 OutlookLooking forward, the full-year EBITDA guidance of €215 to €220 million has been reaffirmed, representing a near doubling compared to the previous year. Management also remains confident in hitting its Prime subscriber target of 8.25 million by the end of FY 2026, with the long-term ambition to grow the subscriber base by approximately 10% annually.Conclusion by CFO David ElizagaElizaga concluded his presentation by highlighting the company's position as a pioneer in the travel tech space. The model is not only working—it is accelerating. With Prime's scale, efficiency, and customer loyalty on the rise, eDreams ODIGEO is entering a new phase of growth, profitability, and shareholder value creation.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

LEG Immobilien SE – Affordable Housing with Impact and Long-Term UpsidePresented by Frank Kopfinger, Head of Investor Relations and StrategyIn this compelling elevator pitch on seat11a.com, Frank Kopfinger, Head of Investor Relations and Strategy at LEG Immobilien SE, delivers a clear and data-backed insight into one of Germany's leading residential real estate companies.

JOST Werke SE H1 2025: Key TakeawaysQ2 2025: Resilience, Strategic Focus, and Hyva PMI Integration

Hypoport SE H1 2025: Key TakeawaysHypoport SE H1 2025: Rebounding Stronger in Germany's Digital Finance EcosystemPresented by Ronald Slabke, CEOIn his H1 2025 presentation on seat11a.com, Ronald Slabke, CEO of Hypoport SE, outlines a strong rebound in operating performance, signalling a continuation of the recovery that began in late 2024. With double-digit revenue growth, a 94% increase in EBIT, and stable platform expansion, the digital financial service provider reinforces its leadership in Germany's mortgage and real estate ecosystems.H1 2025 Key Financial Figures (Adjusted): - Revenue: approx. €305 million (+13% YoY) - Gross Profit: approx. €130 million (+14% YoY) - EBIT: approx. €16 million (+94% YoY) - EBIT Margin: significantly improved - Free Cash Flow: positive trend continuedQ2 2025 Highlights: - Revenue: approx. €146 million (+6% YoY) - Gross Profit: approx. €64 million (+13% YoY) - EBIT: approx. €7.4 million (nearly 2x YoY)CEO Ronald Slabke's Commentary: “The growth trajectory that began with the private mortgage market rebound in 2024 continues into the first half of 2025. Our platforms—especially Europace, Finmas, and Genopace—are benefiting from both market recovery and stronger partner engagement. Our digital ecosystem is gaining depth, and we are becoming increasingly indispensable to our partners.”Platform and Segment Highlights: Real Estate & Mortgage Platform (Europace, Finmas, Genopace): - Core growth driver in H1 2025 - Transaction volume grew faster than the market average - Productivity improvements for banks, brokers, and insurers - Increased automation and better customer journeys attracted new partners - Continued scaling in cooperative banking segments - Financing Platform (B2B Lending): Stable but slower growth - Mixed performance across corporate lending and development financing - Cost control measures offset margin pressure - Focus on digitising manual processes - Insurance Platform: Solid user base, modest revenue growth - Further digital product investments underway - Evaluating enhanced cross-platform capabilities with mortgage platforms Real Estate Platform: - Slight uptick in transaction-based revenue - Lower asset rotation in institutional real estate segment - Preparing to integrate deeper ESG metrics into listings and analytics - Steady partner base growth in mid-sized housing segment Strategic Themes Driving Momentum: - Continued digitisation of real estate financing in Germany - Platforms like Europace becoming essential infrastructure - Regulatory pressures driving demand for compliance automation - Strengthening network effects between banking and insurance partners - Record-high customer loyalty metrics Financial Stability and Operational Leverage: - Improved operating leverage from higher platform utilisation - Disciplined hiring focused on product and technology - Ongoing cost focus with targeted R&D investment - Conservative capital allocation prioritising organic growth and profitability▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Mutares SE Elevator Pitch: Key Takeaways

Mutares SE Deep Dive: Key Takeaways

LEG Immobilien SE: H1 2025 Financial Performance HighlightsPresented by Frank Kopfinger, Head of Investor RelationsIn his H1 2025 presentation on seat11a.com, Frank Kopfinger outlines a solid half-year performance for the group, emphasising double-digit AFFO growth, high occupancy, and strategic progress in sustainability and capital structure. Despite persistent macroeconomic challenges, LEG remains one of Germany's most reliable and resilient residential real estate platforms.Financial Highlights H1 2025 (vs. H1 2024): Rental Income: €579.5m vs. €568.0m (+2.0%) Net Cold Rent: €549.0m vs. €537.7m (+2.1%) Funds from Operations (FFO I): €202.7m vs. €202.0m (+0.3%) Adjusted FFO (AFFO): €143.8m vs. €130.1m (+10.5%) AFFO per share: €2.13 vs. €1.93 (+10.4%) Loan-to-Value (LTV): 43.5% vs. 44.3% (Improved) Occupancy Rate: 99.0% (Stable)Key Takeaways: AFFO growth of 10.5% YoY reflects high rental stability and disciplined cost control Net cold rent increase supported by modernisations, indexation, and robust occupancy Maintenance and operating costs well managed, contributing to stable margins CapEx focus remains disciplined, with selective, ESG-aligned modernisation Dividend payout ratio tied to AFFO for long-term investor confidencePortfolio Performance: ~167,000 residential units focused on affordable housing in German urban and suburban areas Like-for-like rent growth of 3.1% despite regulatory headwinds Re-letting rent growth of 4.5% in dynamic locations Strong demand and low supply in core marketsESG & Sustainability Strategy: Modernisation rate at 2.6% of portfolio (targeted, cost-effective upgrades) Focus on climate-efficient buildings and tenant-centred refurbishment CO₂ intensity reduction remains a strategic priority Strategy supports tenant loyalty, compliance, and long-term valuationBalance Sheet & Capital Structure: LTV improved to 43.5%, enhancing financial flexibility Average debt maturity extended to 8.6 years, average interest cost 1.57% No major refinancing needs until 2026 Continued moderate deleveraging via retained earnings and disciplined cash flowFull-Year 2025 Guidance (Confirmed): AFFO: €265–280 million AFFO per share: €3.90–4.10 Dividend: Based on 100% AFFO payout Continued CapEx discipline and operating stabilityFinal Outlook from Frank Kopfinger:“We continue to deliver on what LEG is known for: stable, predictable results, responsible capital management, and value creation for all stakeholders. Our strong operational base gives us the flexibility to grow responsibly in a changing environment.”▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Carl Zeiss Meditec AG 9M 2024/25: Key TakeawaysCarl Zeiss Meditec: 9M 2024/25 Financial Performance UpdatePresented by Sebastian Frericks, Head of Investor RelationsSebastian Frericks, Head of Investor Relations at Carl Zeiss Meditec, presents a strong nine-month performance for the fiscal year 2024/25, underscoring strategic progress, rising order momentum, and margin stabilisation across key markets. Despite ongoing macroeconomic challenges, the group maintains its outlook and continues to invest in innovation and growth initiatives.

Wacker Chemie AG H1 2025: Key TakeawaysWacker Chemie AG: Q2 2025 Financial ResultsPresented by Joerg Hoffmann, CFA – Head of Investor RelationsIn this detailed financial update, Joerg Hoffmann, CFA, Head of Investor Relations at Wacker Chemie AG, presents the company's performance for Q2 2025. While the group navigates persistent macroeconomic headwinds, FX volatility, and softer demand, Wacker remains strategically focused and financially stable with a strong balance sheet and proactive measures to improve profitability.

ZEAL Network SE H1 2025: Key TakeawaysZEAL Network SE: Digital Growth Momentum Continues in H1 2025Presented by CFO Andrea Behrendt on seat11a.comZEAL Network SE continues its strong digital performance in H1 2025 with an impressive 76% growth in EBITDA, expanding customer numbers, and the successful scaling of its online games and charity lottery segments. In her seat11a.com presentation, CFO Andrea Behrendt highlights the successful execution of ZEAL's long-term digital strategy, even in a challenging jackpot environment.H1 2025 Financial Highlights (vs. H1 2024): - Revenue: €101.5 million (+32.3%) - EBITDA: €35.4 million (+76%) - EBIT: €31.1 million (+92.5%) - Net profit after tax: €19.5 million (-47%, due to one-time tax gain in 2024) - EBITDA margin: 34.8% (vs. 26.2% in H1 2024)ZEAL's core lottery business generated €90.9 million in revenue, while the games segment surged by 49%, reaching €6.7 million. Despite only two jackpot peaks vs. six in the prior-year period, the company maintained strong billings and successfully activated new customer cohorts, demonstrating the resilience of ZEAL's customer acquisition strategies.Customer & Platform Growth: - Lottery billings: €527.3 million (+4%) - Monthly Active Users (lottery): 1.52 million (+12%) - Average billing per user: €58.03 (slightly down due to jackpot volatility) - Games MAUs: 26k (+32%) - Games ARPU: €42.40 (+15%)While new customer registrations were down 16% due to lower jackpot incentives, ZEAL still reached 499k new users, thanks to targeted brand marketing and platform engagement strategies. Cost-per-lead (CPL) rose to €46.93, reflecting broader media testing and inflation in media costs.Games & Platform Expansion:ZEAL now offers more than 480 online games, with strong usage growth and clear monetisation upside. The company continues to develop this vertical as a strategic pillar, targeting €14 million in annual games revenue in 2025.Traumhausverlosung Update: - 3rd draw concluded in June 2025, raising €1.6 million for charity - 4th draw (St. Peter-Ording) launched in September and shows very strong momentum - Total contributions to charity to date: €5.4 million - ZEAL expects over €30 million in billings from this segment in FY2025Operational Performance and Cost Dynamics: - Personnel costs rose 21% due to a 27% increase in headcount (from 195 to 247 FTE) and management restructuring - Marketing costs increased by 14%, reflecting stronger brand activity and market tests - Direct/indirect costs increased due to developer commissions, software, consultants, and one-off housing purchases associated with the raffle business - Despite these, EBITDA margin rose to 34.8%, highlighting solid operating leverage2025 Guidance Confirmed: - Revenue: €195–205 million - EBITDA: €55–60 million - Marketing spend: €60–70 million - Ongoing investments into charity lottery and online games▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Palfinger AG H1 2025: Key TakeawaysPalfinger AG H1 2025: Strategic Progress Amid Macroeconomic HeadwindsPresented by CFO Felix StrohbichlerIn the first half of 2025, Palfinger AG showed solid strategic progress despite a challenging macro environment. CFO Felix Strohbichler reported a decline in revenue and earnings, as expected, but emphasised that order intake is up, the service business is growing, and the foundation is laid for a strong second half.

Carl Zeiss Meditec AG Deep DiveCarl Zeiss Meditec: China Strategy Deep Dive and Growth OutlookPresented by Sebastian Frericks, Head of Group Finance & Investor RelationsIn this comprehensive China-focused investor presentation, Sebastian Frericks, Head of Group Finance & Investor Relations at Carl Zeiss Meditec, provides a strategic deep dive into the company's operations and growth opportunities in one of the world's most dynamic and promising healthcare markets.

eDreams ODIGEO's FY 2025 Key TakeawayseDreams ODIGEO FY25: Record Performance and the Future of Subscription-Based TravelPresented by CFO DavidIn this in-depth video presentation, CFO David of eDreams ODIGEO — Europe's largest online travel company and a global leader in dynamic packages — walks viewers through the company's record-breaking FY25 financial results, strategic achievements and long-term growth outlook. The presentation highlights the successful completion of their 3.5-year transformation plan, the exponential growth of their Prime subscription model, and robust profitability metrics, positioning eDreams ODIGEO at the forefront of travel tech innovation.

BRAIN Biotech AG: Elevator Pitch von CFO Michael SchneidersEin Pionier der nachhaltigen industriellen BiotechnologieIn diesem überzeugenden Elevator Pitch stellt Michael Schneiders, CFO der BRAIN Biotech AG mit Sitz in Zwingenberg, Deutschland, das Unternehmen als Vorreiter in der nachhaltigen industriellen Biotechnologie vor. BRAIN nutzt die Natur als Blaupause, um einige der drängendsten Herausforderungen der industriellen Produktion weltweit zu lösen.Biotechnologische Innovation für globale HerausforderungenBRAIN wendet biotechnologische Prinzipien an, um die Effizienz, Nachhaltigkeit und Gesundheitsverträglichkeit industrieller Produktionsprozesse zu verbessern – insbesondere in den Bereichen Lebensmittel, Getränke und Life Sciences. Zu den Innovationen gehören Enzymlösungen zur Energieeinsparung, alternative Proteine zur Reduzierung von Monokulturen und Viehzucht sowie biobasierte Inhaltsstoffe – alles mit dem Ziel, die globale Ernährungssicherheit und das Wohlbefinden zu fördern.Zwei zentrale GeschäftsbereicheDas Unternehmen operiert in zwei zentralen Segmenten:BRAIN BiocatalystsDie Produktdivision erwirtschaftet rund 47,5 Millionen Euro Jahresumsatz und ein bereinigtes EBITDA von 5,1 Millionen Euro. Sie konzentriert sich auf Enzyme, Mikroorganismen und biobasierte Inhaltsstoffe, die vor allem in der Lebensmittelverarbeitung und anderen industriellen Anwendungen eingesetzt werden. Die Sparte ist profitabel, investiert rund 5 % des Umsatzes in F&E und verfolgt das mittelfristige Ziel, den Umsatz auf 100 Millionen Euro und die bereinigte EBITDA-Marge auf 15 % zu steigern – ein klares Signal für wachstumsorientierte Geschäftsentwicklung.BRAIN BioIncubatorDer Innovationsarm des Unternehmens konzentriert sich auf die Entwicklung vielversprechender Biotech-Projekte, insbesondere in den Bereichen Lebensmittel, Getränke und Pharma. Im letzten Jahr wurden hier 7,1 Millionen Euro Umsatz erzielt. Der Bereich steht im Zentrum der langfristigen Wertschöpfungsstrategie von BRAIN, mit Fokus auf die Monetarisierung bahnbrechender Technologien und dem Aufbau margenstarker Lizenzpartnerschaften.Ein vollständig integrierter EnzymlösungsanbieterBRAIN deckt die gesamte Wertschöpfungskette in der Enzymentwicklung ab:Entdeckung (in der Natur oder durch eigene Entwicklung)Stammentwicklung und Expression (auf Basis von Bakterien, Pilzen oder Hefen)Fermentation (im industriellen Maßstab am Standort Cardiff)Enzymformulierung und weltweite DistributionDrei MarktzugangsmodelleKunden werden über drei Go-to-Market-Kanäle bedient:Produktvertrieb: vor allem an die Lebensmittel- und Getränkebranche (Milchprodukte, Backwaren, Wein, Stärke)Auftragsforschung: kundenspezifische F&E-LösungenAuftragsentwicklung und -fertigung (CDMO): Unterstützung bei der Bioprozessoptimierung und industriellen FermentationHochwertige BioIncubator-ProjekteCFO Schneiders hebt zwei aktuell kommerzialisierte Leuchtturmprojekte hervor:Royalty-Pharma-TransaktionBRAIN hat frühe Rechte an einem pharmazeutischen Wirkstoffkandidaten monetarisiert und dabei eine Vorabzahlung von 18,4 Millionen Euro erzielt – mit potenziellen Gesamterlösen von bis zu 138 Millionen Euro...▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

BRAIN Biotech AG Elevator Pitch: Key TakeawaysBRAIN Biotech AG: Elevator Pitch from CFO Michael SchneidersA Pioneer in Sustainable Industrial BiotechnologyIn this compelling elevator pitch from CFO Michael Schneiders of BRAIN Biotech AG, headquartered in Zwingenberg, Germany, the company positions itself as a pioneer in sustainable industrial biotechnology, utilising nature as a blueprint to tackle some of the world's most pressing industrial production challenges.Biotechnological Innovation for Global ChallengesBRAIN applies biotechnological principles to improve the efficiency, sustainability, and health impact of industrial production, especially in food, beverage, and life sciences. Its innovations include enzyme solutions that contribute to energy savings, alternative proteins that reduce the need for monocultures and livestock farming, and bio-based ingredients, all of which contribute to global food security and well-being.Two Core Business DivisionsThe company operates via two core divisions:BRAIN BiocatalystsA commercial products division generating approx. €47.5 million in annual revenues and €5.1 million in adjusted EBITDA. It focuses on enzymes, microorganisms, and bio-based ingredients used widely in processed food and other industrial applications. The segment is profitable, maintains a strong 5% R&D investment ratio, and aims to reach €100 million in sales with a 15% adjusted EBITDA margin in the medium term, demonstrating strong revenue growth.BRAIN BioIncubatorThe innovation arm is dedicated to incubating high-potential biotech projects, primarily in the space of food, beverage and pharmaceuticals. Last year, it generated €7.1 million in revenue. It is central to the company's long-term value creation strategy, with a focus on monetising breakthrough technologies and entering high-margin licensing partnerships.Fully Integrated Enzyme Solutions ProviderBRAIN is a fully integrated enzyme solutions provider covering the entire value chain: - Discovery (in nature or via own engineering) - Strain development and expression (bacteria, fungi, or yeast-based bio-factories) - Fermentation (industrial-scale in Cardiff) - Enzyme formulation and global distributionThree Go-to-Market ChannelsThe company serves customers via three go-to-market channels: - Product sales: Especially to the food & beverage sectors (dairy, baking, wine, starch) - Contract research: Custom R&D for client-specific solutions - Contract development and manufacturing (CDMO): Supporting client bioprocess optimisation and industrial fermentationHigh-Value BioIncubator ProjectsCFO Schneiders highlights two high-value BioIncubator projects now being commercialised:Royalty Pharma TransactionBRAIN monetised early-stage rights to an investigative pharmaceutical compound, securing €18.4 million upfront with potential total proceeds of up to €138 million.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/

BRAIN Biotech AG Q1 2024/25: Key TakeawaysBRAIN Biotech AG H1 FY 2024/25: Innovation Momentum and Strategic FocusPresented by Michael Schneiders, Chief Financial OfficerIn this strategic and transparent financial update, Michael Schneiders, Chief Financial Officer of BRAIN Biotech AG, guides investors through the company's final H1 FY 2024/25 results, providing insights into both operational progress and long-term positioning in the industrial biotechnology sector.Revenue Stability and Margin StrengthDespite macroeconomic challenges, BRAIN Biotech AG has demonstrated resilience, with group revenue reaching €27.3 million, a modest year-over-year increase of 1.5%. This growth was primarily driven by the BioScience segment, which posted double-digit growth, and the company maintained a solid gross margin of 31.6%, a testament to our favourable product mix and operational efficiency gains.Segment HighlightsThe BioScience division, focused on R&D services and tailor-made enzyme solutions, continues to thrive. With strong project demand and recurring customer business, this segment remains the primary growth engine and a testament to BRAIN's unwavering commitment to innovation-driven strategy.The BioIndustrial segment, which includes proprietary product sales, showed a temporary decline due to destocking effects in the nutritional ingredients business. However, CFO Michael Schneiders highlights that this is expected to normalize in the second half of the fiscal year.Strategic Innovation: Akribion GenomicsOne of the strategic highlights of the presentation is the continued progress in BRAIN's genome editing platform, particularly within Akribion Genomics, a BRAIN subsidiary focused on CRISPR-based cell targeting technologies. The company recently strengthened its IP portfolio and is progressing toward preclinical validation, positioning itself for potential out-licensing and industrial applications.Key Financial Metrics- Adjusted EBITDA at €0.6 million, showing positive operational leverage- Improved cost structure, with lower R&D and admin expenses compared to last year- Cash and equivalents at €9.4 million, ensuring liquidity for innovation and growthFY 2024/25 OutlookBRAIN Biotech confirms its full-year 2024/25 guidance, expecting:- Group revenue growth in the mid-single-digit percentage range- Further expansion in the BioScience segment- Strong progress on strategic partnerships and tech licensing modelsStrategic Transformation and Growth PathCFO Schneider emphasizes that BRAIN is transitioning from a pure service model to a dual-track model, combining revenue from both high-margin services and scalable biotech innovations. This strategic shift underscores the company's focus on unlocking value through deep-tech enzyme engineering, sustainable bioprocesses, and advanced genome editing, instilling confidence in our future direction.Conclusion: A Future-Driven Biotech EnablerThe presentation concludes with a confident outlook, reaffirming BRAIN Biotech's ambition to become a leading enabler in industrial biotechnology, particularly in green transformation, food innovation, and medical bioengineering.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

JOST Werke SE Financial Results Q1 2025 | Regional Performance and Outlook with IRJOST Werke SE Q1 2025: Key TakeawaysJOST Werke SE Q1 2025: Margin Expansion and Global Demand ResiliencePresented by Romy Acosta, Head of Investor RelationsIn this sharp and informative investor presentation, Romy Acosta, Head of Investor Relations at JOST Werke SE, outlines the company's Q1 2025 financial results, highlighting continued operational strength, margin improvement, and resilient global demand in a mixed macroeconomic climate.Financial Performance HighlightsJOST Werke, a global leader in safety-critical systems for commercial vehicles, reported sales of €312.4 million in the first quarter of 2025, nearly stable year-on-year despite persistent economic headwinds in Europe. The company's performance reflects solid customer demand, especially in the aftermarket and agricultural segments.EBIT Margin Expansion and ProfitabilityA key positive highlight is the improvement in EBIT margin, which rose to 8.7% (up from 8.4% in Q1 2024). EBIT increased to €27.1 million, even as top-line growth remained flat. This margin expansion underscores cost discipline, improved operational efficiency, and a favourable business mix with increased contributions from high-margin regions and services.Adjusted earnings per share (EPS) increased to €1.60, clearly reflecting our ability to maintain earnings momentum while managing global uncertainty. This achievement should instil confidence in our financial management.Regional Performance OverviewEurope: The market is still challenging due to high inflation and cautious fleet investment, yet JOST maintained a stable position with robust aftermarket sales.North America: Continued positive momentum supported by solid demand in OEM and aftermarket channels.Asia-Pacific-Africa: A standout performer again, particularly due to strong agricultural equipment demand in India, which continues to be one of JOST's fastest-growing markets.Full-Year 2025 GuidanceRomy Acosta also reaffirms JOST's guidance for FY 2025, which includes:Stable or slightly increasing group salesFurther margin enhancement driven by mix and efficiencyHigh focus on free cash flow generation and disciplined capital expenditureStrategic Growth DriversThe company's aftermarket and agricultural equipment divisions remain strategic growth drivers, supported by megatrends such as global logistics expansion, agricultural mechanisation, and fleet digitalisation.Conclusion: Operational Resilience and Long-Term FocusIn closing, Acosta highlights JOST's strong balance sheet, innovation roadmap, and ongoing commitment to delivering reliable components to truck and trailer manufacturers worldwide, with the flexibility to adapt to changing global conditions.Q1 2025 confirms that JOST remains on track operationally, with resilience across all key regions and a clear focus on profitability and long-term growth.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Wacker Chemie AG Q1 2025: Key TakeawaysWacker Chemie AG Q1 2025: Resilience, Margin Discipline, and Strategic FocusPresented by Jörg Hoffmann, Head of Investor RelationsIn this strategic and transparent quarterly update, Jörg Hoffmann, Head of Investor Relations at Wacker Chemie AG, presents the company's Q1 2025 results, highlighting the company's resilience in the face of continued pressure across global chemical markets. Wacker Chemie AG maintains stability despite the challenges, which is reassuring for our stakeholders.Quarterly Financial OverviewSales for the first quarter totalled €1.52 billion, a decrease of 16% year-on-year. This reflects weaker demand and lower prices in several product areas, particularly polysilicon and silicone specialities. However, EBITDA came in at €226 million, with a solid margin of 14.9%, a testament to Wacker's strong operational discipline and cost control, instilling confidence in our stakeholders.Net income reached €74 million, down from €179 million in Q1 2024, primarily due to lower volumes and pricing. However, the report also highlights positive aspects, such as free cash flow turning positive at €44 million, driven by strict working capital management and reduced investment spending, instilling optimism in our stakeholders about Wacker Chemie's future.Segment Performance BreakdownJörg Hoffmann breaks down the segment performance:WACKER SILICONES, a significant contributor to our overall sales, generated €623 million in sales, down 19% year-on-year. The decline was primarily due to volume pressure in standard applications, which had a noticeable impact on our overall performance, though high-value speciality products remained more stable.WACKER POLYSILICON reported €417 million in revenue, with EBITDA impacted by falling market prices and higher energy costs. Nevertheless, cost efficiencies helped limit the downside.WACKER BIOSOLUTIONS remained a bright spot, showing slight growth and contributing to group resilience through its diversified customer base.WACKER POLYMERS also declined due to lower construction industry demand, though margins held up better than expected.Outlook and Strategic GuidanceDespite market headwinds, Wacker Chemie confirmed its full-year 2025 guidance, expecting:Group sales of €6.4 to €6.8 billionEBITDA of €800 to €1,000 millionCapEx around €650 million, with a focus on strategic projects and sustainability initiativesFinancial Strength and Sustainability InvestmentsHoffmann highlights the company's financial strength, noting a net cash position of €424 million and a robust balance sheet that enables continued investment in R&D, capacity expansion, and energy transition efforts.Wacker is also accelerating its sustainability roadmap, including projects to reduce emissions, implement circular material flows, and expand its green energy sourcing.Conclusion: Stability and Innovation Through Market CyclesIn summary, Q1 2025 showed that Wacker Chemie navigates a tough environment with resilience, maintains margins, generates cash, and stays fully committed to long-term growth and innovation.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Carl Zeiss Meditec AG H1 2024/25: Key TakeawaysCarl Zeiss Meditec AG H1 FY 2024/25: Innovation-Driven Growth in Precision MedicinePresented by Sebastian Frericks, Head of Investor RelationsIn this clear and concise investor update, Sebastian Frericks, Head of Investor Relations at Carl Zeiss Meditec AG, presents the half-year results for fiscal year 2024/25, providing investors with a focused view on performance drivers, segment dynamics, and the outlook for the second half.Strong Revenue Growth Across Core SegmentsCarl Zeiss Meditec reported a strong performance in the first six months, with revenue increasing by 8.1% to €1.57 billion, compared to €1.45 billion in the prior-year period. This growth was largely driven by continued global demand in ophthalmology, alongside solid momentum in surgical visualisation solutions.Ophthalmic Devices as a Growth EngineThe Ophthalmic Devices segment remained the strongest growth engine, benefiting from strong demand for refractive lasers, intraocular lenses, and diagnostic systems. Strategic investments in innovation and sales infrastructure continue to pay off, supporting volume and value expansion.Microsurgery Segment ExpansionThe Microsurgery segment also performed well, with increased demand for digital visualisation systems used in neurosurgery and ENT procedures. Revenue from this unit grew across all core regions, including EMEA, the Americas, and Asia-Pacific.Profitability and Investment FocusFrom a profitability standpoint, the EBIT margin before special items was 17.5%, slightly lower than the 18.5% recorded in the prior year. This was primarily due to increased R&D investments and higher personnel costs linked to expansion initiatives. Nonetheless, the company reaffirmed its mid-term EBIT margin target of 20%, underlining its long-term focus on scalable and innovation-led growth.Key Highlights from H1Other highlights from Sebastian Frericks include:Solid growth across both product segments and key regionsContinued investments in R&D and digital transformationIncreased service revenue and consumables are driving margin stabilityPositive customer sentiment and strong order intake heading into H2Full-Year 2024/25 Guidance ReaffirmedImportantly, Carl Zeiss Meditec reaffirmed its full-year guidance, expecting:Revenue growth in the high single-digit rangeA stable EBIT margin before special items between 17% and 20%Accelerated innovation output in diagnostics, robotics, and AI-driven solutionsConclusion: Positioned for Sustainable GrowthThis presentation offers valuable insights into how Zeiss not only navigates a complex market but also thrives, maintaining strong fundamentals, expanding global reach, and executing its innovation strategy with resilience and adaptability.With its balanced portfolio, robust cash position, and leadership in precision medicine, Carl Zeiss Meditec remains well-positioned to deliver sustainable growth in the evolving healthcare technology landscape.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

LEG Immobilien SE Q1 2025: Key TakeawaysLEG Immobilien SE Q1 2025: Strong Cash Flow and Strategic ResiliencePresented by Frank Kopfinger, Head of Investor RelationsIn this crisp and investor-focused video presentation, Frank Kopfinger, Head of Investor Relations at LEG Immobilien SE, provides a comprehensive overview of the company's performance in Q1 2025, underlining a strong start to the year and renewed momentum in the German residential real estate market.Robust Cash Flow and AFFO GrowthThe quarter was marked by robust cash flow performance, driven by stable rent dynamics and effective cost management. Most notably, Adjusted Funds From Operations (AFFO)—the company's key profitability metric—rose by a remarkable 28% year-on-year. This strong growth underscores the effectiveness of LEG's operational discipline and asset quality in a still-challenging macroeconomic environment.Revenue and Rental Income StabilityOur total revenue reached €262 million, a testament to our stability in the market. Net cold rent income remained stable at €203 million, reflecting minimal vacancy and continued demand across our affordable housing portfolio. Despite inflationary pressures, we've managed to keep our operating expenses well-controlled, significantly improving our operating cash generation.Key Performance DriversKopfinger highlights several performance drivers:Strong operating efficiency and ongoing portfolio optimisationSteady rental income and continued high occupancy levelsPrudent cost discipline, enabling margin improvementOngoing digitalisation and tenant service upgradesSolid Balance Sheet and Risk MitigationOur balance sheet remains solid, with our LTV stable at 44.6%, and the average loan maturity extended to 8.4 years. We also benefit from our fixed-rate debt structure, which shields us from short-term interest rate volatility, providing a secure investment for our stakeholders.2025 Outlook and Guidance ReaffirmedImportantly, LEG Immobilien reconfirmed its full-year 2025 guidance, projecting:AFFO between €390 and €410 millionContinued dividend stability aligned with earnings visibilityMinimal CapEx increases due to conservative investment planningESG and Social Impact FocusKopfinger also touches LEG's ESG progress, noting increased energy-efficiency upgrades across the portfolio and a sharpened focus on social housing initiatives.Conclusion: Predictable Returns for Defensive InvestorsThe presentation clarifies that LEG is positioned as a resilient and cash-rich operator in Germany's regulated housing market, offering stability for income-focused investors amid economic uncertainty.Q1 2025 marks a confident start, with AFFO momentum building and strategic discipline continuing to define LEG's performance path. Investors looking for predictable returns and defensive exposure to residential real estate will find this update compelling.▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is intended solely for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions as outlined on www.seat11a.com/legal and www.seat11a.com/imprint.