Data:AXA/2025/FY/Earnings release.json: Difference between revisions

"heading": "2025 performance and businesssegment highlightsresults",

"content": "* In 2025, AXA delivered strong performance with +9% earnings growth in its core businesses, excluding AXA IM (AXA Investment Managers).\n* ExcellentAXA resultsused inthese 2025results allowedto for further enhancement ofenhance reserve prudence.\n* The P\u0026C (Property \u0026 casualty) franchise posted stellar results, combining a healthy balance between price and volume with best-in-class margins, a lower expense ratio, and higher investment income.\n* AXA XL Insurance increased earnings with stable underlying margins.\n* Life \u0026 Health earnings rose by 7%.\n** Life earnings alreadybusiness reflectreflected early benefits of the strategy to rejuvenate the business.\n** Health grew by 17%, even after absorbing the adverse change on VAT treatment in Mexico.\n* Investments in automation and Artificial Intelligence are driving efficiency gains.\n* The Solvency II ratio is at a very strong level.\n* These results demonstrate the earnings power of AXA's well-diversified franchise and reinforce confidence in its ability to generategenerating sustainable, long-term value.\n* Thomas Buberl, CEOChief Executive Officer of AXA, thanked colleagues, agents, partners, and customers for their commitment and trust.\n\n== FY25 key highlights =="

"content": "**Gross written premiums \u0026 other revenues (Gross written premiums \u0026 other revenues) by business line (Business mix), FY24 (Full year 2024) vs FY25 (Full year 2025).**\n\n| In EUR million | FY24 | FY25 | Change on a reported basis | Change at comparable basis |\n| --- | --- | --- | --- | --- |\n| Gross written premiums \u0026 other revenues (1) | 110,316 | 115,524 | +5% | +6% |\n| o/w Property \u0026 Casualty (Property \u0026 casualty) | 56,514 | 58,038 | +3% | +5% |\n| o/w Life \u0026 Health (Life \u0026 health) | 51,983 | 56,512 | +9% | +8% |\n| o/w Asset Management (AXA Investment Managers) | 1,701 | 875 | n.m. | n.m. |\n\n**UnderlyingKey figures: underlying earnings and net income, FY24 vs FY25.**\n\n| | FY24 | FY25 | Change on a reported basis | Change at constant Forex |\n| --- | --- | --- | --- | --- |\n| Underlying earnings (2) | 8,078 | 8,368 | +4% | +6% |\n| Net income | 7,886 | 9,797 | +24% | +26% |\n\n**Solvency II ratio (%). FY24 vs FY25.**\n\n| | FY24 | FY25 | Change on a reported basis | |\n| --- | --- | --- | --- | --- |\n| Solvency II ratio (%) (5) | 216% | 224% | +9 pts | — |\n\n=== Activity indicators ==="

"content": "* Shareholders' equity was EUR 47.2bn as of December 31, 2025, down EUR 2.8bn vs. December 31, 2024.\n* The decrease in shareholders' equity was due to: net income (EUR +9.8bn) and net OCI (EUR +1.3bn) being offset by FY24 (Full year 2024) dividend paid (EUR -4.6bn), share buybacks (EUR -4.7bn) including a EUR 3.5bn anti-dilutive buyback (Share buyback) for AXA IM (AXA Investment Managers) sale, and unfavorable foreign exchange impact (EUR -3.5bn) mainly from USD depreciation.\n* CSM(1)(footnote: Change in gross written premiums \u0026 other revenues, new business value ('NBV') and present value of expected premiums ('PVEP') is on a comparable basis (constant forex, scope and methodology), unless otherwise indicated. These and other terms, including but not limited to contractual service margin ('CSM') and new business contractual service margin ('NB CSM'), are defined in the glossary section of this press release.)(15)(footnote: Including P\u0026C. Please see Appendices of the FY25 earnings presentation available at www.axa.com for indicative sensitivities impacting CSM. These sensitivities, together with any other sensitivities contained in the Appendices, are based on management's current assessment in connection with the full -year 2025 annual results. These sensitivities are expressly qualified by the cautionary statements in the presentation concerning forward looking statements and have not been audited or subject to a limited review by AXA's statutory auditors.) was EUR 33.3bn at December 31, 2025, down EUR 0.6bn vs. December 31, 2024.\n* NewCSM normalized growth was +2%, with new business contribution (EUR +2.2bn) and underlying return on in-force (EUR +1.3bn) more than offsetoffsetting CSM release (EUR -3.0bn), resulting in +2% normalized growth in CSM.\n* Market conditions had a favorable impact of EUR +0.6bn, mainlydriven fromby tightening government spreads and positive equity market performance.\n* This was offset by unfavorable foreign exchange impacts (EUR -1.5bn), mainly from JPY and HKD depreciation, and a negative operating variance (EUR -0.3bn) due to better margins and net flows being offset by areduced reductionduration inof Group Life business duration in Switzerland."

"content": "* Solvency II ratio(5)(footnote: The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com). The Solvency II ratio as of December 31, 2025 is adjusted to give effect to the full up to Euro 1.25 billion annual share buyback program and proposed Euro 2.32 per share dividend announced today.) was 224% as of December 31, 2025, up +9 points vs. December 31, 2024.\n* TheDrivers increaseof wasSolvency drivenII byratio change: strong operating return (+28 points) net of dividend provision and annual share buyback (-24 points), positive impact from net subordinated debt issuance (+6 points), and favorable financial market impactsmarkets (+4 points).\n* These positive impacts were partly offset by the net impact of acquisitions (Nobis and Prima) and disposal of AXA IM (AXA Investment Managers), including the associated EUR 3.8bn share buyback (-5 points).\n* As of January 1, 2026 (Year 2026), the Solvency II ratio decreased by -10 points to 215% due to capital instruments and subordinated debt subject to Solvency II transitional measures ('grandfathered debt') no longer qualifiedqualifying as eligible own funds, resulting in a -10 point decrease in the Solvency II ratio to 215%.\n* The Group estimates the Solvency II revision, effective Q1 2027, would increase the current Solvency II ratio(10)(footnote: Estimated based on the Solvency Capital Requirement (SCR) and the amount of capital under Solvency II as of January 1, 2026, as if the Solvency II revision had come into force on the same date.) by +17 points."

"content": "* Underlying return on equity(2)(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) was 16.0% as of December 31, 2025, up 0.8 point vs. December 31, 2024, due to higher underlying earnings and lower shareholders' equity.\n* Debt gearing(2)(footnote: 'Underlying earnings', 'underlying earnings per share', 'underlying return on equity', 'combined ratio' and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Activity Report as of December 31, 2025 ('AXA's 2025 Activity Report'), on the pages indicated under the heading 'USE OF NON -GAAP AND ALTERNATIVE PERFORMANCE MEASURES'. For further information on the above-mentioned and other non-GAAP financial measures used in this press relea se, see the Glossary in AXA's 2025 Activity Report. AXA's 2025 Activity Report is available on AXA's website (www.axa.com).) was 22.3% as of December 31, 2025, up 1.7 points vs. December 31, 2024.\n* TheDebt gearing increase in debt gearing was driven by lower shareholders' equity and CSM, and the issuance of Restricted Tier 1 and Tier 2 subordinated debt (EUR 3.5bn), partly offset by redemption of outstanding grandfathered Tier 1 debt (EUR -1.9bn).\n* The Group's debt gearing was in line with its 19-23% plan guidance for 2024-2026.\n* Cash at Holding(16)(footnote: Including cash and liquid invested assets at AXA SA Holding and other central holdings.) amounted to EUR 5.6bn as of December 31, 2025, up EUR 1.6bn vs. December 31, 2024.\n* This reflectsincrease reflected organic cash remittance from subsidiaries of EUR 7.5bn, up EUR 0.4bn vs. December 31, 2024.\n\n== Capital management and outlook ==\n\n=== Capital management ==="

"content": "**'Unlock the Future' plan targets and financial targetsstrategy**\n\n* AXA is confident in achieving its main financial targets for the 2024-2026 'Unlock the Future' plan.\n* ConfidenceThis confidence is underpinnedbased byon profitable organic growth, scaling technical capabilities across businesses, and driving operational efficiency through reinforced cost management."

"content": "* P\u0026C (Property \u0026 casualty) Retail and SME \u0026 Mid-market: pricing remains favorable, withand expectedthe benefitsGroup expects to benefit from the earnthrough of higher pricing and underwriting actions.\n* AXA XL: pricing conditions vary by line; the Group will ensurecontinue effective cycle management and disciplined capital allocation, growing where returns exceed the cost of capital.\n* AXAThe XL:Group guidance for normalized natural catastrophe load(18)(footnote: Natural catastrophe charges include natural catastrophe losses regardless of event size.) guidanceload remains at ca. 4.5 points of combined ratio for 2026 (Year 2026).\n* Life \u0026 Health: earnings growth is expected from the short-term business due to disciplined pricing and claims management initiatives.\n* Life \u0026 Health:The strategy to rejuvenate sales in the long-term business and improved persistency should generate positive net flows, driving CSM growth over time.\n* Holdings: results in 2026 are expected to remain similar to 2025 levels."

"heading": "HoldingsFinancial resultstargets and overallcapital financial targetsmanagement",

"content": "* Holdings: results in 2026 (Year 2026) are expected to remain similar to 2025 levels.\n* Management believes AXA is on track to deliver the main financial targets of the 'Unlock the Future' plan, assuming current operating conditions persist and following strong overall operating performance in 2025.\n* Underlying earnings per share growth: expected at the upper end of the 6-8% CAGR target range for both the 2023-2026E plan period and for 2026 (Year 2026)(9)(footnote: Expected underlying earnings per share ('UEPS') growth for 2026 is a forward -looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan and is qualified by the cautionary statements in this press rel ease regarding forward-looking statements.).\n* Underlying return on equity: expected between 14% and 16% between 2024 and 2026E.\n* Cumulative organic cash upstream: expected in excess of EUREuro 21 billion for 2024-2026E.\n* The Group is committed to its capital management policy(19)(footnote: Subject to annual Board and Shareholders' Annual General Meeting approvals and absent (1) for share buybacks, any significant earnings event (i.e., significant deviation in the Group's underlying earnings) and (2) for dividends, the occurrence of a signifi cant capital event (i.e., event that significantly deteriorates Group solvency). Board discretion includes taking into account AXA's earnings, financial condition, applicable c apital and solvency requirements, prevailing operating and financial market conditions and the general economic environment.), targeting a total payout ratio of 75%(20)(footnote: Payout ratio is calculated based on underlying earnings per share.).\n* The total payout ratio comprises a 60% dividend payout ratio and an additional 15% from annual share buybacks.\n* The proposed dividend per share in a given year is expected to be at least equal to the dividend per share paid in the prior year.\n\n== Property \u0026 Casualty =="

"Gross written premiums \u0026 other revenues",

"content": "* Gross written premiums \u0026 other revenues were up 5% to EUR 58.0bn.\n* Commercial lines grew by 4% to EUR 35.8bn, driven by:\n** AXA XL Insurance (+3%) from growth in lines with attractive margins, including Property, and in Casualty (Property \u0026 casualty) (from favorable price effects and higher volumes;), partly offset by lower pricing and volumes in Financial lines.\n** Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) (+13%) mainly driven by Türkiye from higher average premiums, along with favorable volume and price effects in Mexico.\n** France (+6%) from favorable price effects in all lines of business (Business mix) and higher volumes.\n* Personal lines grew by 7% to EUR 19.7bn, driven by:\n** Europe (+5%) from favorable price effects across geographies, except in UK \u0026 Ireland Motor, where pricing softened following strong repricing in 2024.\n** Asia, Africa \u0026 EME-LATAM (+14%) driven by Türkiye from higher average premiums and volumes.\n** France (+9%) with strong volume growth in all lines of business, from both direct business and proprietary agent networks, combined with favorable price effects in Motor.\n* AXA XL Reinsurance grew by 8% to EUR 2.6bn, driven by growth supported by alternative capital and favorable price effects in Casualty;, partly offset by a softening in other lines."

"content": "* The all-year combined ratio improved by 0.3pts3 points to 90.6%, mainly driven by:\n** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3pts3 points) from further margin expansion in:\n*** Commercial lines (-0.5pts5 points), driven by the SME \u0026 mid-market business (-0.9pts9 points) in a favorable pricing environment, while margins at AXA XL Insurance were stable at attractive levels (+0.1pts1 points).\n*** Lower undiscounted current year loss ratio excluding natural catastrophe (-0.3 points) from further margin expansion in Personal lines (-0.4pts4 points) in a conducive pricing environment.\n** Lower expense ratio (-0.3pts3 points) primarily from lower non-commission expense ratio reflecting efficiency gains.\n** Lower natural catastrophe charges (-0.4pts4 points to 3.4%) more than offset by lower prior years' reserve development (+0.7pts7 points at -1.1%)."

"content": "* P\u0026C (Property \u0026 casualty) underlying earnings were up 9% to EUR 5.9bn driven by:\n** Increase in technical result (EUR +0.5bn) reflecting strong growth in volumes, combined with an improvement in technical margin.\n** Higher financial result (EUR +0.2bn) duethanks to higher volumes and reinvestment yields on fixed income assets, more than offsetting the increase in the unwind of the discount of claims reserves.\n** Partly offset by higher income taxes (EUR -0.2bn) mainly due to higher pre-tax underlying earnings.\n\n== Life \u0026 Health =="

"heading": "GlossaryIFRS of17 financial termsmetrics",

"content": "* Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.\n* Contractual service margin (\"CSM\"): a component of the carrying amount of the asset or liability for a group of insurance contracts, representing the unearned profit to be recognized as services are provided to policyholders.\n* CSM release: the portion of CSM stock net of reinsurance at theperiod end of the defined period flowing through profit and loss, representing the estimated profit earned by the insurer for providing insurance services during the reporting period.\n* Economic variance: the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force.\n* Financial result: investment income on assets backing Building Block Approach (BBA) and Premium Allocation Approach (PAA) contracts, as well asand assets backing shareholder's equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow.\n* Gross written premiums and other revenues: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business).\n** Other Revenues represent premiums and fees collected on activities other than insurance (i.e., banking, services, and asset management activities).\n* New business contractual service margin (\"NB CSM\"): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.\n* New business value (\"NBV\"): the value of newly issued contracts during the current year.\n**, It consistsconsisting of the sum of (i):\n** the NB CSM, (ii)\n** the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (iii)\n** the present value of the future profits of pure investment contracts accounted for under IFRS 9,\n** net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests.\n* New business value margin (\"NBV Margin\"): the ratio of (i) NBV representing the (value of newly issued contracts during the current year) to (ii) PVEP.\n* Operating variance: the variation of the year-end CSM vs theversus expected at opening due to (i) the:\n** differences between realized and expected operational assumptions, (ii)\n** changes in assumptions such as mortality, longevity, lapses, and expenses, and (iii)\n** impact of model changes.\n** Operating variance is net of reinsurance.\n* Present value of expected premiums ('PVEP'): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term.\n** PVEP is discounted at the reference interest rate and PVEP is Group share.\n* Technical experience: consists of the impacts on the underlying earnings of (i)from:\n** the difference between the expected and incurred cash-flows incurred in the defined period, (ii)\n** the risk adjustment release, (iii) the\n** changes in onerous contracts and (iv) the\n** other long-term elements which are, mainly composed of non-attributable expenses.\n* Underlying return on in-force: the release of the time value of options \u0026 guarantees plus the unwind of CSM at the reference rate plus the underlying financial over-performance.\n\n== Scope and exchange rates ==\n\n=== Scope ==="

"heading": "Scope of operationsFrance by geographysegment",

"AXA XL",

"AXA Transversal \u0026 Other",

"content": "* France: includes insurance activities, banking activities, and holding.\n* Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities)(23)(footnote: AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025.), and AXA Life Europe (insurance activities).\n* AXA XL: includes insurance and reinsurance activities and holding.\n* Asia, Africa \u0026 EME-LATAM (AXA Asia, Africa \u0026 EME-LATAM) segment includes:\n** Asia:\n*** Fully consolidated: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P\u0026C (Property \u0026 casualty), Indonesia L\u0026S (excluding the bancassurance entity), China P\u0026C, South Korea, and Asia Holdings are fully consolidated.\n*** Consolidated under equity method (contributing to NBV, PVEP, underlying earnings, and net income): China L\u0026S, Thailand L\u0026S, the Philippines L\u0026S and P\u0026C, Indonesia L\u0026S, and India (Life activities disposed on March 11, 2024, and holding) businesses are consolidated under the equity method, contributing to NBV, PVEP, underlying earnings, and net income.\n** Africa:\n*** Fully consolidated: Egypt (insurance activities and holding), Morocco (insurance activities and holding), and Nigeria (insurance activities and holding) are fully consolidated.\n** EME-LATAM:\n*** Fully consolidated: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding), and Türkiye (insurance activities and holding) are fully consolidated.\n*** Russia (Reso) (insurance activities) is consolidatedConsolidated under the equity method, (contributing to net income.\n** Includes AXA Mediterranean Holdings.\n* Transversal \u0026 Other (AXA Transversal \u0026 Otheronly): includes AXA Assistance, AXA Liabilities Managers, AXA SARussia (including Group's internal reinsurance activityReso), and other Central Holdings.\n* AXA Investment Managers(24)(footnote:insurance Disposal to BNP Paribas completed on July 1, 2025.activities): includes AXA Investment Managers, Select (previously Architas), and Capza, which are fully consolidated.\n** AsianAXA jointMediterranean ventures are consolidated under the equity methodHoldings.\n\n=== Exchange rates ==="

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"content": "* AXA Group (AXA) has 156,000 employees serving over 92 million clients in 52 countries.\n* In 2025, IFRS17 revenues were Euro 115.5 billion.\n* In 2025, IFRS17 underlying earnings were Euro 8.4 billion.\n* Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com.\n* The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA).\n* AXA’s American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY.\n* Individual Shareholder Relations contact: +33.1.40.75.48.43.\n* Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com.\n* The AXA Group is included in international SRI indexes like Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.\n* AXA is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.\n* Forward-looking statements in the press release, including those regarding expected underlying earnings per share (UEPS (Underlying earnings per share)) growth for 2026 (Year 2026), are based on Management’s current views and intentions and are subject to change.\n* Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties outside AXA’s control.\n* AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations.\n* The press release refers to non-GAAP financial measures (APMs) used by Management, which generally have no standardized meaning and may not be comparable to measures used by other companies.\n* Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements prepared in accordance with IFRS.\n* \"Underlying earnings\", UEPS, \"underlying return on equity\", \"combined ratio\", and \"debt gearing\" are APMs as defined in ESMA’s guidelines and the AMF’s related position statement.\n* Reconciliations of APMs to IFRS financial statements and their calculation methodology are provided in AXA’s 2025 Activity Report.\n\n== Appendix 1: Gross written premiums et other revenues by geography and business line =="

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"heading": "18 \u003Cnowiki\u003E|\u003C/nowiki\u003E Life \u0026amp; Health: net flows by business line, FY24 vs FY25.",

"content": "**Life \u0026 Health (Life \u0026 health): net flows by business line (Business mix), FY24 (Full year 2024) vs FY25 (Full year 2025).**\n\n| In EUR billion | FY24 | FY25 |\n| --- | --- | --- |\n| Health(i) | +2.7 | +2.7 |\n| Protection | +3.2 | +4.9 |\n| G/A Savings | -3.6 | -3.7 |\n| o/w capital light(ii) | +2.2 | +1.2 |\n| o/w traditional G/A | -5.8 | -5.0 |\n| Unit-Linked(iii) | -0.8 | +1.5 |\n| Mutual Funds \u0026 Other | 0.0 | 0.0 |\n| Total Life \u0026 Health(i) net flows | +1.5 | +5.4 |\n\n(i) Includes Health business written predominantly in Life entities\n(ii) Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%\n(iii) Including Investment contracts with no discretionary participation features (\u0026quot;DPF\u0026quot;)\n\n== Appendix 8: Main transactions and next main investor events =="

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"content": "* Announced the execution of a share repurchase (Share buyback) agreement related tofor AXA's share buyback program of up to EUR 1.2 billion2bn (February 28, 2025)\n* Announced the completion of the acquisition of Nobis Group in Italy (April 1, 2025)\n* Announced the placement of EUR 1 billion1bn Restricted Tier 1 Notes and EUR 1 billion1bn Tier 2 Notes (May 28, 2025)\n* Announced the execution of a share repurchase agreement related tofor AXA's Shareplan and certain stock-based compensation (June 2, 2025)\n* Announced the completion of the sale of AXA Investment Managers to BNP Paribas (July 1, 2025)\n* Announced the execution of a share repurchase agreement of up to EUR 3.8 billion8bn following the sale of AXA IM (AXA Investment Managers) (July 1, 2025)\n* Announced the acquisition of Prima, the leadinga direct insurance player in Italy (August 1, 2025)\n* Announced the launch (September 10, 2025) and successful completion (December 3, 2025) of the 2025 employee share offering program (Shareplan 2025)\n* Announced the placement of EUR 750 million750m Restricted Tier 1 Notes and EUR 750 million750m Tier 2 Notes (October 14, 2025)\n* Announced the completion of the acquisition of a majority stake in Prima in Italy (November 28, 2025)\n\n=== Next main investor events ==="

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