Business
JAAA: Superior Risk-Adjusted Return Presents Unique Buying Opportunity (NYSEARCA:JAAA)
I focus on a rigorous fundamentals-foremost equity and credit research. I currently work as a financial advisor/planner, and do analysis in my free time. I have an undergrad in business administration, an MBA in finance, and currently am a doctoral candidate (a DBA with a concentration in Finance and Investment Management). My research style typically involves process-driven research, followed by blending several valuation models together to get a blended, 12 month price target. I enjoy utilizing full DCF analysis in conjunction with SOTP, peer/multiples analysis, and risk-adjusted approaches. I thoroughly enjoy reading filings, technical documentation relevant to the sector, and then translating that data into conclusions with actionable insights. I enjoy learning about the various sectors and companies I find myself researching, and always feel like there is something to learn. As a curious individual, equity and credit research is very fulfilling, and even fun!I always try to find 2-4 variables that drive value or hinder growth, stress test them, and then let fundamental evidence incorporated with book-value set my viewpoint for the research project. I enjoy the energy sector, commodities, tech, and financial sectors the most. I joined Seeking Alpha to share my thoughts with a wide audience. I originally started with sharing my analysis with a few of my friends who are also advisors and/or analysts. I am always open to a myriad of viewpoints, as I feel the most accurate viewpoints and research is made through a collection of great minds working together to figure something out. If you appreciate thorough research, and want to learn more about a company beyond just what is inside of their books, then I believe you will enjoy the research that I work on.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of JAAA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
The views expressed in this article are solely the author’s own and do not represent the opinions or recommendations of an SRO or broker-dealer. This article is for informational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any security. Readers should consult their own financial advisor before making investment decisions. As a reminder, Investment products: Are NOT FDIC insured. Not deposits of, or obligations of a bank, and may be subject to investment risk, including a possible loss of principal.
Structured Credit Risk Disclosure:
Collateralized loan obligations (CLOs), collateralized debt obligations (CDOs), and mortgage-backed securities (MBS) are complex structured finance instruments that carry risks beyond those of traditional fixed-income securities. These risks include but are not limited to: credit risk of the underlying loan or mortgage pools; prepayment and extension risk that may alter expected cash flows and duration; liquidity risk, as secondary markets for structured credit instruments may become illiquid during periods of market stress, potentially resulting in significant price dislocations relative to net asset value; structural subordination risk, whereby losses in the underlying collateral pool are allocated according to a payment waterfall that may differ across tranches and vintages; concentration risk in underlying loan portfolios, which may have material exposure to specific sectors, industries, or borrowers; interest rate risk, particularly for fixed-rate tranches or during periods of rapid monetary policy change; and mark-to-market volatility that may substantially exceed the realized credit losses of the underlying collateral. Past performance of any CLO tranche, rating category, or structured credit index, including historical default rates, is not indicative of future results. Credit ratings assigned by nationally recognized statistical rating organizations reflect opinions of creditworthiness at a point in time and are subject to revision, suspension, or withdrawal. Investors should carefully consider their risk tolerance, investment horizon, and liquidity needs before investing in structured credit products.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
Artemis II Crew Heads to Moon After Successful Translunar Injection Burn on Flight Day 2
HOUSTON — NASA’s Artemis II mission hit a major milestone Thursday as the four-person crew aboard the Orion spacecraft successfully completed the critical translunar injection burn, sending them out of Earth orbit and on a trajectory toward the Moon for the first time in more than five decades.

The burn, which lasted five minutes and 50 seconds, began at 7:49 p.m. EDT after mission managers in Houston polled “Go” for the maneuver. Orion’s main engine, powered by the European Service Module, fired flawlessly, accelerating the spacecraft to escape velocity and committing the astronauts to a free-return trajectory around the Moon and back to Earth.
Commander Reid Wiseman, Pilot Victor Glover, Mission Specialist Christina Koch and Canadian Space Agency astronaut Jeremy Hansen are now hurtling through space at nearly 40,000 kilometers per hour (about 25,000 mph) on their approximately 10-day test flight. The mission, launched Wednesday evening atop NASA’s powerful Space Launch System rocket from Kennedy Space Center in Florida, marks the first crewed journey beyond low Earth orbit since Apollo 17 in 1972.
Flight controllers confirmed the burn’s success shortly after completion, with Orion now on course for a lunar flyby expected early next week. At closest approach, the crew will pass roughly 4,000 to 6,000 miles (6,400 to 9,700 kilometers) from the lunar surface, skimming past the far side before the Moon’s gravity slings them back toward home. The spacecraft is projected to reach a maximum distance of more than 230,000 miles from Earth, surpassing the record set by Apollo 13.
Earlier on Flight Day 2, the crew focused on routine but essential tasks while still in high Earth orbit. Wiseman and Glover started their day by setting up and checking out Orion’s flywheel exercise device, completing the mission’s first workouts to help maintain muscle and bone density in microgravity. Koch and Hansen followed with their own exercise sessions later in the day. These activities also served as an important test of the spacecraft’s life support systems ahead of the long journey.
Koch spent part of her morning preparing the vehicle for the translunar injection burn, configuring systems on the European-built service module that provides propulsion, power and thermal control for Orion. The crew also continued monitoring spacecraft health, communicating with Mission Control and acclimating to the weightless environment after their dramatic launch the previous evening.
Launch on April 1 occurred at 6:35 p.m. EDT from Launch Complex 39B, with the SLS delivering more than 8.8 million pounds of thrust at liftoff. The rocket performed flawlessly through its major phases: solid rocket booster separation, core stage burnout and separation, and interim cryogenic propulsion stage operations. Orion’s solar array wings fully deployed shortly after spacecraft separation, locking into place and beginning to generate power.
The crew spent much of Flight Day 1 becoming familiar with Orion — nicknamed “Integrity” — checking life support systems, practicing manual piloting and conducting a proximity operations demonstration. They maneuvered close to the spent upper stage, approaching within about 10 meters (33 feet) in a rehearsal of future docking maneuvers needed for Artemis missions that will land astronauts on the lunar surface.
NASA officials described the early mission as proceeding smoothly, with only minor, non-critical issues noted and quickly resolved. “This is a flight test,” one NASA leader emphasized during a post-launch briefing, adding that true success will be declared only when the crew safely splashes down in the Pacific Ocean around April 10.
The Artemis II mission serves as a crucial dress rehearsal for future lunar exploration under NASA’s Artemis program, which aims to return humans to the Moon’s surface as early as 2028 and establish a long-term presence there. Unlike Apollo, Artemis emphasizes sustainable exploration, international partnerships and eventual crewed missions to Mars. Canada’s contribution of astronaut Hansen and the European Service Module underscores the collaborative nature of the effort.
Throughout the day, mission managers highlighted the crew’s health and the spacecraft’s performance. All four astronauts are experienced: Wiseman has flown on the International Space Station, Glover became the first Black astronaut to pilot a spacecraft during a Crew Dragon mission, Koch holds the record for the longest single spaceflight by a woman, and Hansen is making his first trip to space.
After the TLI burn, the crew’s schedule lightened somewhat, giving them time to adjust to the deep-space environment. Over the next several days, they will perform additional system checks, practice emergency procedures such as rapid suit donning, and conduct observations of Earth and the receding Moon. Small trajectory correction burns may be needed to fine-tune the path.
Flight controllers noted that once past a certain point, a direct abort back to Earth becomes less feasible, and the mission will rely on the free-return trajectory that uses the Moon’s gravity for the return leg. This profile provides a built-in safety margin for the test flight.
Public interest in the mission has been intense, with live streams from NASA+ and YouTube drawing large audiences. Views from Orion’s cameras have offered stunning perspectives of Earth shrinking in the distance and the vastness of space. The crew has shared brief messages of excitement and gratitude, describing the launch as “a great day for the team” and the view as breathtaking.
As Orion continues its outbound journey, NASA will hold daily status briefings from Johnson Space Center in Houston, except for the day of the lunar flyby when the focus shifts to real-time operations. The agency has invited global audiences to follow along via multiple platforms.
Looking ahead, the mission will test Orion’s deep-space capabilities in ways never before attempted with this new generation of hardware. Engineers are particularly interested in how the spacecraft handles thermal extremes, radiation exposure and long-duration life support far from Earth’s protective magnetosphere.
Artemis II builds directly on the uncrewed Artemis I test flight completed in 2022, which successfully sent Orion around the Moon and back. With humans now aboard, the stakes are higher, but so is the potential payoff in data and experience.
The international aspect adds another layer of significance. Hansen’s participation represents Canada’s growing role in lunar exploration, including contributions to the future Lunar Gateway station. The European Space Agency’s service module has performed as designed, providing reliable propulsion that will be essential for later missions.
Back on Earth, recovery teams are already preparing for splashdown in the Pacific, with U.S. Navy and Department of Defense assets on standby to assist the astronauts once Orion parachutes into the ocean.
NASA Administrator and other officials have stressed that every phase of the mission — from launch through the flyby and return — is being scrutinized to inform the design and operations of Artemis III, the first crewed lunar landing in the new era.
For now, the four astronauts are focused on the journey ahead. With the TLI burn behind them, they are truly “on the way to the Moon,” as NASA succinctly put it in its mission updates. The coming days will bring more system demonstrations, scientific observations and the historic sight of the lunar far side up close — a view only 24 Apollo astronauts have previously experienced.
As the crew settles into their routine among the stars, the world watches a pivotal step in humanity’s return to deep space. Artemis II is not just a test flight; it is a bridge to a future where humans live and work on the Moon and venture farther into the solar system.
Business
ASX 200 Slumps 1.06% as Trump’s Hawkish Iran Remarks Trigger Oil Spike and Risk-Off Selloff
SYDNEY — Australian shares retreated Thursday, with the benchmark S&P/ASX 200 closing down 92.3 points, or 1.06%, at 8,579.5 after erasing early gains in a volatile session driven by renewed geopolitical tensions in the Middle East.

The drop came after U.S. President Donald Trump signaled in a national address that American forces would continue striking Iran “very hard” and “finish the job,” dashing hopes for a quick resolution to the conflict that has roiled global markets for weeks. Oil prices surged on the comments, with Brent crude jumping about 5-6% toward US$107 a barrel, while U.S. futures weakened and risk assets came under pressure across Asia and beyond.
Trading on the ASX was bumpy. The index opened higher, briefly climbing above 8,700 in morning trade as it rode momentum from Wednesday’s strong 2.24% rebound to 8,671.8. But sentiment flipped sharply after Trump’s midday remarks, sending the S&P/ASX 200 into negative territory and closing near session lows at 8,579.5. Volume reached 879.84 million shares, according to market data.
Nine of the 11 sectors finished in the red. Information technology led decliners, tumbling 3.93%, followed by materials, which shed 2.77% amid mixed commodity signals. Consumer staples and utilities were the only bright spots, gaining 1.32% and 0.92% respectively as defensive plays attracted some buying.
Energy stocks showed resilience in spots thanks to the oil rally. Karoon Energy jumped 6.53% to $2.12, while some gold miners also found support even as the broader gold price eased slightly. Alcoa rose 4.72%, Greatland Resources gained 4.68%, and Northern Star Resources added 3.85%. On the losing side, technology and mining names weighed heaviest, with notable decliners including HUB24, Mineral Resources and several IT firms.
The pullback erased roughly half of Wednesday’s gains, which had been fueled by optimism that the Iran conflict might wind down. That session marked the ASX 200’s strongest performance in a year, adding about $68 billion in market value as 10 of 11 sectors advanced.
Broader context points to ongoing strain. The index has now given back significant ground since hitting an all-time high near 9,202 in late February. March delivered one of the worst monthly performances in years, with the ASX 200 falling around 7.5-7.8% — its steepest drop since June 2022 — as escalating Middle East hostilities, surging oil prices and inflation worries rattled investors. Roughly $190-300 billion in market value has been wiped out since the conflict intensified.
Analysts pointed to multiple headwinds. Higher oil threatens to stoke inflation in Australia, where the Reserve Bank of Australia (RBA) is already monitoring sticky price pressures. Markets have priced in a higher chance of RBA rate hikes if energy costs keep climbing, adding pressure to rate-sensitive sectors such as banks and property. Westpac Strategy noted that escalation risks remain “explicit,” while Morgan Stanley has warned that sustained oil above US$100 could add around 70 basis points to headline inflation.
Locally, weaker trade data added to the cautious mood. Australia’s imports fell 3.2% month-on-month in February to a seven-month low, reflecting softer demand and trade uncertainty amid global disruptions.
The All Ordinaries index fared worse, dropping 1.25% to 8,774.9. The small ordinaries fell 2.50%, and the tech-heavy All Tech index slid 3.51%. Resources dropped 2.42%.
Geopolitical developments dominated the narrative. The U.S.-Iran conflict, which escalated with strikes in recent weeks, has disrupted shipping through the Strait of Hormuz — a critical chokepoint carrying about one-fifth of global oil supply. Shipping companies including Maersk have suspended routes, and oil prices have remained elevated, creating a classic stagflationary risk mix of higher energy costs and slower growth.
Trump’s remarks provided no clear de-escalation timeline, prompting investors to lock in profits and reduce exposure to growth-oriented stocks. Tech names suffered as rising bond yields weighed on future earnings valuations. Miners faced pressure from uncertainty over China’s energy security and demand outlook, even as some iron ore and base metal signals showed resilience.
Defensive and commodity-linked plays offered limited insulation. Gold traded near elevated levels but eased modestly during the session, supporting select gold producers such as Newmont and Evolution Mining earlier in the week. Energy firms with exposure to oil benefited from the price spike, though broader market nerves capped gains.
Looking ahead, the ASX will be closed Friday for Good Friday and Monday for the Easter public holiday, reopening Tuesday. That lull gives investors time to digest any further developments from Washington or Tehran. Markets will watch for signs of diplomatic progress or further military action, as well as upcoming Chinese economic data and any RBA commentary on inflation risks.
Economists remain divided on the near-term outlook. Some see selective buying opportunities in undervalued resource and energy names if the conflict stabilizes, while others warn of more downside if oil sustains above US$100-105 and forces central banks to tighten or hold rates higher for longer. The OECD has flagged Australia as potentially facing one of the higher inflation readings among advanced economies.
Year-to-date, the S&P/ASX 200 is down about 1.55%, with a one-year return still positive at around 8.13% despite recent volatility. The 52-week range spans from roughly 7,169 to 9,202.
Corporate highlights were muted amid the macro focus, though PEXA continued to face pressure from a regulatory review, and other individual stocks moved on company-specific news.
Investors will also monitor Wall Street’s reaction when U.S. markets reopen, along with any fresh comments from the Trump administration. Asian markets, including Hong Kong’s Hang Seng, also closed lower Thursday as the risk-off mood spread.
The Australian dollar was little changed near 69 U.S. cents, reflecting mixed signals from commodities and rates.
While the session highlighted the ASX’s sensitivity to global events — particularly energy shocks and U.S. policy — analysts caution that prolonged Middle East instability could weigh on consumer confidence, business investment and household spending in Australia. Prime Minister Anthony Albanese announced up to A$693 million in cheap loans to help ease fuel costs for households and businesses, offering a small domestic buffer.
For now, the market appears to be pricing in heightened uncertainty rather than outright panic. But with oil volatile and central banks on alert, the path forward for the ASX 200 in April remains clouded by geopolitical crosscurrents.
Business
Third Month of Search with No Breakthroughs or Arrests
The search for Nancy Guthrie, the 84-year-old mother of NBC “Today” show co-anchor Savannah Guthrie, has entered its third month with no arrests, no identified suspect and no confirmed trace of the widow since she was abducted from her Catalina Foothills home in late January, authorities said Friday.

Nancy Guthrie was last seen around 9 p.m. on Jan. 31, 2026, when a family member dropped her off at her residence. She failed to appear the next morning for a virtual church service, prompting her family to report her missing around noon on Feb. 1. Pima County Sheriff’s investigators quickly classified the case as an abduction after security camera footage captured a masked, armed individual approaching the home around 2 a.m. Her pacemaker app disconnected from her phone at approximately 2:28 a.m., and a doorbell camera went offline shortly before.
Sheriff Chris Nanos has repeatedly described the incident as a targeted home invasion and abduction, with drops of blood found on the front porch suggesting possible violence. The family has been fully cleared of involvement, and Sheriff Nanos has praised their cooperation while calling them victims in the case.
As of early April 2026, the investigation remains active but has shifted from broad public appeals and large-scale desert searches to more focused forensic work, tip verification and evidence analysis. The FBI and Pima County Sheriff’s Department have received tens of thousands of tips, conducted extensive neighborhood canvassing, used drones and cadaver dogs, and pursued leads involving possible ransom notes demanding Bitcoin payments sent to media outlets. Officials have not confirmed the authenticity of those notes.
Recent developments include recovery of additional images from motion-triggered security cameras monitoring the pool, backyard and side yard areas. While authorities say nothing immediately suspicious was captured, investigators continue to examine timeline gaps, including potential pre-abduction activity on dates such as Jan. 11 and Jan. 24. Forensic testing of biological material and DNA from the home is ongoing, along with genetic genealogy efforts.
A Pima County Sheriff’s deputy, Travis Reynolds, 22, was arrested in late March on an unrelated kidnapping charge and subsequently fired. Officials and former FBI agents have stated there is no connection between Reynolds and the Guthrie case, despite some online speculation.
Family’s Emotional Plea and Savannah Guthrie’s Return
The Guthrie family has issued multiple public appeals, most recently in late March, urging Tucson residents and others to review home security footage, text messages, journal notes or any memories from late January or early February. “No detail is too small. It may be the key,” the family stated. Savannah Guthrie, who has been absent from the “Today” show since the disappearance, described the ordeal as “unbearable agony” in her first public interview. She expressed sorrow, wondering if her high-profile role might have made her mother a target, and said simply, “I just want to say I’m so sorry, mommy.”
Savannah is scheduled to return to the “Today” show on Monday, April 6, telling viewers that continuing her work is her “purpose right now” while the search continues. The family offered a $1 million private reward in February, supplementing the FBI’s $100,000 reward, which generated a surge of tips.
Nancy Guthrie, a widow whose husband Charles died in 1988, was known as a devoted mother, grandmother and active member of her church community. She lived a quiet life in an affluent Tucson suburb and relied on daily medication, raising concerns about her health if she remains missing.
Challenges in the Investigation
The case has highlighted difficulties in solving stranger abductions of elderly victims. Abductions of seniors are statistically rare, and the apparent targeted nature of the home invasion in a relatively safe neighborhood has puzzled investigators. No clear motive — financial, personal or otherwise — has been publicly established.
Sheriff Nanos has said the department is “closer” to identifying a suspect or suspects as the probe moves into more clinical evidence consolidation, but he cautioned that progress can be slow. Resources have been refocused on dedicated detectives, though patrol presence continues in the neighborhood. Some former investigators have speculated about possible accomplices, while others note the investigation has entered a phase of exhaustive verification rather than broad searches.
Mental health experts have spoken about the profound trauma the prolonged uncertainty inflicts on families, describing a constant emotional roller coaster of hope mixed with despair.
Broader Implications
The intense national attention on the Guthrie case, driven largely by Savannah’s prominence on “Today,” has spotlighted missing persons cases in general and renewed focus on vulnerabilities in home security even in upscale areas. Yellow ribbons tied to trees in the neighborhood serve as symbols of ongoing hope and community support.
Neighbors have reported increased vigilance, and some have questioned whether the abduction points to broader security gaps. The case has also drawn scrutiny to the handling of the crime scene, with some commentators, including legal analyst Nancy Grace, criticizing aspects of the initial response.
As the search surpasses 60 days with no resolution, the family’s renewed pleas underscore a simple message: someone may hold the missing piece — whether through overlooked footage, a suspicious vehicle sighting or a seemingly minor recollection.
Authorities urge anyone with information, no matter how insignificant it may seem, to contact the Pima County Sheriff’s Department or the FBI tip line at 1-800-CALL-FBI.
The disappearance has transformed a quiet residential street into a focal point of national curiosity and concern. For the Guthrie family and investigators alike, the priority remains bringing Nancy home safely or providing answers that allow closure.
While the investigation continues without a major public breakthrough, officials stress it remains very much active. Forensic work, digital analysis and tip follow-ups persist as the community and nation watch for any development that could finally resolve the mystery of what happened to Nancy Guthrie on that early February morning.
Business
Knot Offshore Partners LP Common: Focus On The Expected Recovery
Knot Offshore Partners LP Common: Focus On The Expected Recovery
Business
Equity mutual funds lose up to 14% in March. Check top 10 laggards
Equity mutual funds lost up to 14% in March, with all 299 schemes in the category ending in the red. As many as 224 funds posted double-digit losses during the month. Here’s a detailed break-up (Source: ACE MF).
Business
Eternal, SBI, Bharti Airtel, 6 other stocks can rally up to 57%. How many do you have?
Domestic brokerage firm Axis Direct has pegged the Nifty target for December 2026 at 29,480, implying a 30% upside from current levels. Indian equities have underperformed the US market and other emerging markets by a notable margin in 2025, leading to a meaningful moderation in valuations. The brokerage is bullish on nine largecap stocks that have the potential to rally up to 57%. Here is the full list.
Business
Asia stocks: S.Korea, Japan stocks rise on tech gains; US jobs data awaited

Asia stocks: S.Korea, Japan stocks rise on tech gains; US jobs data awaited
Business
Bank of Baroda Q4 update: PSU lender reports 14% YoY growth in global business; deposits rise 12%
These figures are provisional and part of the PSU bank’s quarterly business update. The final numbers will be announced along with its earnings.
Domestic deposits rose 13% YoY to Rs 14 lakh crore in the quarter under review, compared with Rs 12.42 lakh crore in Q4FY25.
Global advances grew over 16% to Rs 14.30 lakh crore during the January-March quarter, up from Rs 12.30 lakh crore in the year-ago period.
Domestic advances grew 15% YoY to Rs 11.69 lakh crore, compared with Rs 10.21 lakh crore in the year-ago period. Within this, domestic retail advances surged 18% to Rs 3 lakh crore from Rs 2.56 lakh crore in Q4FY25.
The state-owned bank announced its Q4 updates late Thursday. Its shares settled 0.80% lower at Rs 250 on the NSE in the previous session.
In the third quarter of FY26 ended December 2025, BoB reported credit growth of 15% to Rs 13.44 lakh crore, compared with Rs 11.73 lakh crore at the end of the same quarter last fiscal.The lender also posted a 10% increase in total deposits to Rs 15.47 lakh crore, up from Rs 14.03 lakh crore in the year-ago period.
As a result, the bank’s total business (credit and deposits) rose 12.22% to Rs 28.91 lakh crore as of December 31, 2025, compared with Rs 25.76 lakh crore a year earlier.
Also read: PNB Q4 updates: Global business rises 11% YoY to Rs 29.72 lakh crore; advances jump 13%
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
Eldorado Gold Stock: 40% Production Growth Trading Under 8x Earnings (NYSE:EGO)
Gold Mining Bull is a gold analyst with more than a decade of investing experience in commodities, hard assets (gold and silver miners), exploration companies, oil and gas producers, MLPs, and more.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of BTG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
I may buy shares of EGO this week
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
EuroEyes International Eye Clinic Limited (EUYSF) Q4 2025 Earnings Call Transcript
Operator
Good afternoon, good morning, everybody, ladies and gentlemen. Welcome to the EuroEyes 2025 Annual Results Presentation. It’s our pleasure to introduce to you the management joining us today. They are Dr. Jorg Slot Jorgensen, Chairman, Executive Director and Chief Executive Officer; and Mr. Marcus Huascar Bracklo, Executive Director and Chief Financial Officer; [Operator Instructions] May I now pass the time to Dr. Jorgensen to start the presentation, please.
Jörn Jörgensen
Founder, CEO & Executive Chairman
Yes. Hello, everybody. Good morning here from Hamburg in Germany. I’m going today to present you 2025 annual results. I’m sitting in Hamburg and our CFO, Mr. Bracklo is sitting in Frankfurt, and we will let you through the different parts of the annual result. Please, the next thing — the next slide, please.
Okay. This year, we did 2 major transition and one of them was in Switzerland and the other one in Holland. I wish to start with that today that you have a little feeling about what was going on, on this front before I come to the results. As you know, we have — we were listed in 2019. So we had proceeds from the listing. And this year, we have been looking for that a long time. We until now did two, one in London, one in Manheim. So we have been very selective there.
But this year, we found 2 at the sphere. The one was in Switzerland. And Switzerland is a very important market for our high-end products here in Europe. And also with the competition landscape is very favorable. And we managed to get a company with
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