The first test runs of the demonstration plant progressed as planned, though no significant new details were provided regarding production and investment cost development.

Today, we publish our updated North Media A/S investment case following the Q2 2026 report. North Media saw H1 EBIT decline to DKK 17m from DKK 31m, and on 18 August management cut 2026 guidance for the second time this year on a weak SDR and BoligPortal. The stock continues to trade at a significant discount to peers, as the large securities portfolio now exceeds the market cap, leaving the operating business valued below zero.

Following Columbus's Q2 2026 Interim Report published on 19 August, we have updated our investment case.

Earnings fell short of our expectations due to both a one-off expense and a more permanent increase in the cost structure.

Revenio's Q2 report also includes a one-month contribution from the Visionix acquisition.

In connection with the publication of Pharma Equity Group's H1 2026 interim report and the arbitral award relating to the Portinho S.A. receivable, we have updated our investment case and our model.

Verve's Q2 results fell short of our expectations across the board, as macroeconomic headwinds dampened organic growth more severely than we had anticipated.

Several new trials will begin in the coming months.

The turnaround in earnings remains at the heart of the investment story, but its timing is difficult to predict, and the new covenant terms leave no room for delay.

Short-term figures are clearly weaker than expected, but the reactor business is taking steps in the right direction.

In connection with Agillic's H1 2026 report, we have updated our investment case on the company. The half-year confirms the profitability trajectory established in 2025. EBITDA rose 52% to DKK 5.0m at a 17% margin, driven by an 8% lower cost base and a stronger revenue mix as low-margin transaction revenue declined. Headcount was unchanged, so the margin expansion reflects genuine operating leverage rather than one-off cost actions.

HomeMaid's Q2 report was a tale of two segments. Revenue came in essentially in line with our estimate. Profitability, however, missed clearly, driven entirely by the B2B segment.

We believe that NIBE’s Q2 report was strong, which exceeded our expectations on most of the key points.

We expect a cautiously positive trend for the rest of the year, but this is not enough to warrant the current share price.

Delays and pricing pressures burdened revenue development.

The improvement in gross margin in H1 supports the outlook for a profitability turnaround.

Auroora's Q2 figures clearly exceeded our estimates.

Following Q2, we see the stated target of achieving positive cash flow by 2026 as increasingly unlikely.

Securing funding is one of the company's key tasks in the coming months.