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  <date>2026-08-06T15:38:53+00:00</date>
  <publications>
    <publication>
      <date>2026-08-06T13:54:41+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Oerlikon (SIX: OERL) – materials strength drives FY26 guidance upgrade]]></headline>
      <description><![CDATA[Oerlikon\'s H126 sales rose 6.7% organically on materials demand and operational EBITDA margin was up 300bp; FY26 sales and margin guidance was also raised.]]></description>
      <link>https://www.edisongroup.com/spark/oerlikon-six-oerl-materials-strength-drives-fy26-guidance-upgrade/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-06T13:21:24+00:00</date>
      <uid>3776</uid>
      <company><![CDATA[ZOO Digital]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[ZOO Digital — Rebuilt for a market that now pays for speed]]></headline>
      <description><![CDATA[ ZOO Digital localises film and television content for global distribution, providing subtitling, dubbing and media services to Hollywood studios and leading streaming platforms. FY26 revenue fell 14.6% to $42.3m, but adjusted EBITDA rose 260% to $4.0m and cash generation turned positive. The decline was concentrated in lower-margin dubbing, while the mix shifted towards higher-margin media services and faster-turnaround formats. Management expects revenue growth to resume and profit to improve further in FY27, with Q1 trading described as encouraging. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/b78b63cd3f989345b11450045a1ad82e.pdf</url>
      <link>https://www.edisongroup.com/research/rebuilt-for-a-market-that-now-pays-for-speed/BM-3776/widget-xml/</link>
      <filename></filename>
      <isin>GB00B1FQDL10</isin>
      <epic>ZOO</epic>
    </publication>
    <publication>
      <date>2026-08-06T12:52:41+00:00</date>
      <company><![CDATA[Devolver Digital]]></company>
      <headline><![CDATA[Devolver Digital (LSE: DEVO): AIM cancellation proposed, with $5.0m tender offer attached]]></headline>
      <description><![CDATA[Devolver Digital plans to leave AIM on 16 September 2026, subject to a 75% vote on 8 September, offering shareholders a 16p tender for c 4.71% of capital plus a second $5m tender within a year, with directors\' 25.91% backing making approval likely.]]></description>
      <link>https://www.edisongroup.com/spark/devolver-digital-lse-devo-aim-cancellation-proposed-with-5-0m-tender-offer-attached/USU0858L1036/widget-xml/</link>
      <isin>USU0858L1036</isin>
      <epic>DEVO</epic>
    </publication>
    <publication>
      <date>2026-08-06T09:07:26+00:00</date>
      <uid>3495</uid>
      <company><![CDATA[IP Group]]></company>
      <type>Review</type>
      <otc_epic>IPZYF</otc_epic>
      <headline><![CDATA[IP Group — Interesting call option on anti-obesity programme]]></headline>
      <description><![CDATA[ IP Group allows investors to tap into the vast opportunity set of innovative, private companies and IP rights. We believe these investments align with some of the most compelling investment themes over the next decade, spanning anti-obesity drugs, gene sequencing, AI infrastructure, quantum computing, fusion energy, green hydrogen and autonomous vehicles, among others. IP Group remains focused on doubling down on a narrow set of more mature, growth-stage businesses to generate returns. The company’s NAV per share increased by 13.0% in FY25, primarily on the back of a £126.4m increase in the value of its royalty and milestone exposure to Pfizer’s Metsera-derived obesity pipeline, which makes IP Group an interesting ‘call option’ on Pfizer’s anti-obesity programme. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/2420effdf62c8676f19b1f67d723c7ac.pdf</url>
      <link>https://www.edisongroup.com/research/interesting-call-option-on-anti-obesity-programme/BM-3495/widget-xml/</link>
      <filename></filename>
      <isin>GB00B128J450</isin>
      <epic>IPO</epic>
    </publication>
    <publication>
      <date>2026-08-06T09:01:14+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Morgan Advanced Materials (LSE: MGAM) – Phasing lifts H126 margin]]></headline>
      <description><![CDATA[H126 OCC revenue rose 4.8%, with margin gains partly reflecting contract phasing; FY26 guidance unchanged.]]></description>
      <link>https://www.edisongroup.com/spark/morgan-advanced-materials-lse-mgam-phasing-lifts-h126-margin/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-06T08:14:43+00:00</date>
      <company><![CDATA[Pathos Communications]]></company>
      <headline><![CDATA[Pathos Communications (AIM: NEWS) &#8211; Record July revenue supports H126 trading update]]></headline>
      <description><![CDATA[Pathos confirmed that strong trading has continued into H226, with a record monthly revenue of more than US$1.8m in July 2026 (unaudited).]]></description>
      <link>https://www.edisongroup.com/spark/pathos-communications-aim-news-record-july-revenue-supporting-h126-trading-update/GB00BTWSXW71/widget-xml/</link>
      <isin>GB00BTWSXW71</isin>
      <epic>NEWS</epic>
    </publication>
    <publication>
      <date>2026-08-06T07:55:51+00:00</date>
      <uid>3774</uid>
      <company><![CDATA[bp]]></company>
      <type>Client QV</type>
      <otc_epic>BP</otc_epic>
      <headline><![CDATA[bp — Strong Q2 as portfolio focus narrows]]></headline>
      <description><![CDATA[ bp’s Q226 underlying replacement cost (RC) profit of $5.7bn, up from $3.2bn in Q126, reflected earnings drivers flagged in its July trading statement, while new CEO Meg O’Neill’s strategic agenda and revised guidance were the main focus. O’Neill noted that bp’s portfolio is too stretched and complex and set out five priorities. Strong cash generation reduced net debt to $22.3bn, and bp now expects to reach its $14–18bn target before end-2027, despite lower disposal proceeds and higher capex. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/d39fc0c1a6ef5c7856c9a4c0ca73b7d9.pdf</url>
      <link>https://www.edisongroup.com/research/strong-q2-as-portfolio-focus-narrows/BM-3774/widget-xml/</link>
      <filename></filename>
      <isin>GB0007980591</isin>
      <epic>BP.</epic>
    </publication>
    <publication>
      <date>2026-08-06T07:26:30+00:00</date>
      <company><![CDATA[PVA TePla]]></company>
      <headline><![CDATA[PVA TePla (FRA: PVE) &#8211; Q226 results]]></headline>
      <description><![CDATA[Revenue up 19.8% q-o-q and 8.1% y-o-y to €65.7m]]></description>
      <link>https://www.edisongroup.com/spark/pva-tepla-fra-pve-q226-results/DE0007461006/widget-xml/</link>
      <isin>DE0007461006</isin>
      <epic>TPE</epic>
    </publication>
    <publication>
      <date>2026-08-06T06:48:44+00:00</date>
      <company><![CDATA[Metlen Energy &#038; Metals]]></company>
      <headline><![CDATA[Metlen Energy &amp; Metals (LSE: MTLN; ATHEX: MYTIL) &#8211; Strong H1; FY26 and medium-term guidance confirmed]]></headline>
      <description><![CDATA[Metlen H126 sales were up 11% y-o-y with EBITDA and net profit both up 23% y-o-y. €550m of EBITDA in H126 keeps Melten on track for reaffirmed FY26 EBITDA guidance of €1–1.15bn. A return to its medium-term growth trajectory and related EBITDA guidance was also confirmed.]]></description>
      <link>https://www.edisongroup.com/spark/metlen-energy-metals-lse-mtln-athex-mytil-strong-h126-results-fy26-and-medium-term-guidance-confirmed/GB00BTQGS779/widget-xml/</link>
      <isin>GB00BTQGS779</isin>
      <epic>MTLN; ATHEX: MYTIL</epic>
    </publication>
    <publication>
      <date>2026-08-06T06:48:23+00:00</date>
      <uid>3784</uid>
      <company><![CDATA[PZ Cussons]]></company>
      <type>Spotlight — flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[PZ Cussons — Adjusted operating profit ahead of expectations]]></headline>
      <description><![CDATA[ Investors will be encouraged by the broad spread of momentum within the PZ Cussons business. The company reported like-for-like revenue growth of 5.8% in FY26, including volume growth of 1.5%, with growth across each of the four main markets and the top 10 brands. The improvement to the balance sheet has been confirmed, with net debt at £25m, greatly reducing the risk from any wayward future movement in the naira. The new financial year has started in line with management expectations, with good underlying momentum in the business. The board expects to deliver adjusted operating profit in line with current market expectations for FY27. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/56756396d8d42d5b74aa5b80c4336784.pdf</url>
      <link>https://www.edisongroup.com/research/adjusted-operating-profit-ahead-of-expectations/BM-3784/widget-xml/</link>
      <filename></filename>
      <isin>GB00B19Z1432</isin>
      <epic>PZC</epic>
    </publication>
    <publication>
      <date>2026-08-06T06:37:54+00:00</date>
      <company><![CDATA[PZ Cussons]]></company>
      <headline><![CDATA[PZ Cussons (LSE: PZC) &#8211; FY26 results]]></headline>
      <description><![CDATA[FY26 profit beats raised guidance and net debt falls to £25m]]></description>
      <link>https://www.edisongroup.com/spark/pz-cussons-lsepzc-fy26-results/GB00B19Z1432/widget-xml/</link>
      <isin>GB00B19Z1432</isin>
      <epic>PZC</epic>
    </publication>
    <publication>
      <date>2026-08-05T15:22:15+00:00</date>
      <uid>3770</uid>
      <company><![CDATA[Mersen]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Mersen — Electrical Power drives guidance upgrade]]></headline>
      <description><![CDATA[ Mersen shares rose 12% as it raised its FY26 guidance on higher sales and stronger margins while cutting its capex budget to €80–90m. Organic sales growth is now guided at 4–6%, EBITDA margin at 16.0–16.5% and operating margin before non-recurring items at 9.0–9.5%. H1 organic growth of 3.9% was led by data centres, silicon semiconductors, power electronics and transportation, offsetting weak performance at solar, SiC and chemicals. Electrical Power, 48% of H1 sales, is the near-term driver, while Advanced Materials, at 52%, offers recovery optionality. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/49be8ba51e165b8a1dba6f4f857802dc.pdf</url>
      <link>https://www.edisongroup.com/research/electrical-power-drives-guidance-upgrade/BM-3770/widget-xml/</link>
      <filename></filename>
      <isin>FR0000039620</isin>
      <epic>MRN</epic>
    </publication>
    <publication>
      <date>2026-08-05T13:39:01+00:00</date>
      <uid>3781</uid>
      <company><![CDATA[The Metals Company]]></company>
      <headline><![CDATA[The Metals Company – equity proposition]]></headline>
      <description><![CDATA[The Metals Company (TMC) is a deep-sea minerals business working to collect, process and refine polymetallic nodules from the floor of the Clarion-Clipperton Zone in the Pacific Ocean. These nodules are rich in nickel, copper, cobalt and manganese, metals widely used in batteries, electrification and defence supply chains.
We highlight five key reasons why TMC represents an interesting investment case:

A large, high-value resource.
A clear and steadily de-risking path to production.
A supportive backdrop in the US
Strong partners and a funded near-term plan.
A wide gap between the share price and estimated value

To learn more about The Metals Company, please see our latest research.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/the-metals-company-the-metals-company-equity-proposition/BM-3781/widget-xml/</link>
      <isin>CA87261Y1060</isin>
      <epic>TMC</epic>
    </publication>
    <publication>
      <date>2026-08-05T13:18:26+00:00</date>
      <company><![CDATA[Digia]]></company>
      <headline><![CDATA[Digia]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/digia/BMC-403/widget-xml/</link>
      <isin>FI0009007983</isin>
      <epic>DIGIA</epic>
    </publication>
    <publication>
      <date>2026-08-05T12:01:23+00:00</date>
      <company><![CDATA[Text]]></company>
      <headline><![CDATA[Text]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/text/BMC-402/widget-xml/</link>
      <isin>PLLVTSF00010</isin>
      <epic>TXT</epic>
    </publication>
    <publication>
      <date>2026-08-05T11:17:08+00:00</date>
      <company><![CDATA[IVU Traffic Technologies]]></company>
      <headline><![CDATA[IVU Traffic Technologies]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/ivu-traffic-technologies/BMC-401/widget-xml/</link>
      <isin>DE0007448508</isin>
      <epic>IVU</epic>
    </publication>
    <publication>
      <date>2026-08-05T08:11:09+00:00</date>
      <uid>3775</uid>
      <company><![CDATA[4imprint Group]]></company>
      <type>Update</type>
      <otc_epic>FRRFF</otc_epic>
      <headline><![CDATA[4imprint Group — Improved trading feeds through to upgrades]]></headline>
      <description><![CDATA[ 4imprint’s (FOUR’s) H126 results show more-encouraging trends through H126 from a new orders perspective. While negative year-on-year, the decline has moderated. In addition, management has been successful at passing on targeted price increases to mitigate the cost pressures from tariffs, delivering better margin protection than it expected at the start of the year. The better-than-expected H126 performance leads to an upgrade to management’s adjusted profit before tax (PBT) guidance of c 9% versus our prior estimate. A continuation of these more-encouraging trends would support further upgrades. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/80cd4991af8cb64fe44312f7dc044b2d.pdf</url>
      <link>https://www.edisongroup.com/research/improved-trading-feeds-through-to-upgrades/BM-3775/widget-xml/</link>
      <filename></filename>
      <isin>GB0006640972</isin>
      <epic>FOUR</epic>
    </publication>
    <publication>
      <date>2026-08-05T07:38:22+00:00</date>
      <uid>3771</uid>
      <company><![CDATA[Filtronic]]></company>
      <type>Update</type>
      <otc_epic>FLTCF</otc_epic>
      <headline><![CDATA[Filtronic — Foundations in place for growth]]></headline>
      <description><![CDATA[ Filtronic’s FY26 results were broadly in line with our recently upgraded estimates. During the year, the company diversified its customer base and invested to ensure the business is able to scale to meet its customers’ technology and production requirements. Filtronic is seeing a growing proportion of multi-year programmes and repeat business, resulting in good visibility entering FY27. We maintain our FY27 revenue forecast, which factors in modest growth, before factoring in accelerating growth in FY28 as we expect the wider customer base to place larger production orders. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/5420a529054cacd7b534f9b15e3b12a4.pdf</url>
      <link>https://www.edisongroup.com/research/foundations-in-place-for-growth/BM-3771/widget-xml/</link>
      <filename></filename>
      <isin>GB0003362992</isin>
      <epic>FTC</epic>
    </publication>
    <publication>
      <date>2026-08-05T07:28:54+00:00</date>
      <company><![CDATA[4imprint Group]]></company>
      <headline><![CDATA[4imprint (LSE:FOUR) H126 results drive upgrades to outlook]]></headline>
      <description><![CDATA[Better trends in order numbers and price through H126.]]></description>
      <link>https://www.edisongroup.com/spark/4imprint-lsefour-h126-results-drive-upgrades-to-outlook/GB0006640972/widget-xml/</link>
      <isin>GB0006640972</isin>
      <epic>FOUR</epic>
    </publication>
    <publication>
      <date>2026-08-05T07:07:06+00:00</date>
      <company><![CDATA[Basilea Pharmaceutica]]></company>
      <headline><![CDATA[Basilea Pharmaceutica (SIX: BSLN) secures additional $5.4m BARDA antibiotic funding]]></headline>
      <description><![CDATA[Additional BARDA funding lowers CTB-LEDA development costs and strengthens Basilea’s late-stage antibiotic investment case.]]></description>
      <link>https://www.edisongroup.com/spark/basilea-pharmaceutica-six-bsln-secures-additional-5-4m-barda-antibiotic-funding/CH0011432447/widget-xml/</link>
      <isin>CH0011432447</isin>
      <epic>BSLN</epic>
    </publication>
    <publication>
      <date>2026-08-04T15:20:07+00:00</date>
      <company><![CDATA[Mutares]]></company>
      <headline><![CDATA[Mutares (FRA: MUX) completes largest-ever acquisition]]></headline>
      <description><![CDATA[Mutares has completed the acquisition of SABIC’s regional Engineering Thermoplastics (ETP) business in the Americas and Europe at an enterprise value of $450m.]]></description>
      <link>https://www.edisongroup.com/spark/mutares-fra-mux-completes-largest-ever-acquisition/DE000A2NB650/widget-xml/</link>
      <isin>DE000A2NB650</isin>
      <epic>MUX</epic>
    </publication>
    <publication>
      <date>2026-08-04T15:05:15+00:00</date>
      <company><![CDATA[ZOO Digital]]></company>
      <headline><![CDATA[ZOO Digital]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/zoo-digital/BMC-400/widget-xml/</link>
      <isin>GB00B1FQDL10</isin>
      <epic>ZOO</epic>
    </publication>
    <publication>
      <date>2026-08-04T14:08:01+00:00</date>
      <company><![CDATA[Morgan Advanced Materials]]></company>
      <headline><![CDATA[Morgan Advanced Materials]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/morgan-advanced-materials/BMC-399/widget-xml/</link>
      <isin>GB0006027295</isin>
      <epic>MGAM</epic>
    </publication>
    <publication>
      <date>2026-08-04T13:57:10+00:00</date>
      <uid>3466</uid>
      <company><![CDATA[Templeton Emerging Markets Investment Trust]]></company>
      <type>Review</type>
      <otc_epic>TXEMF</otc_epic>
      <headline><![CDATA[Templeton Emerging Markets Investment Trust — Very encouraging performance]]></headline>
      <description><![CDATA[ Templeton Emerging Markets Investment Trust (TEMIT) is on a roll. The trust delivered a very strong FY26 performance in both absolute and relative terms, which has added to TEMIT’s positive long-term track record. The trust has outperformed its MSCI Emerging Markets Index benchmark over the last one, three, five and 10 years. TEMIT also ranks highly versus its generalist peers in the AIC Global Emerging Markets sector. Lead manager Chetan Sehgal (based in Singapore) and co-manager Andrew Ness (based in Edinburgh) are very encouraged by the results of employing their robust, repeatable ‘3S’ strategy, focusing on structural growth companies selling at a discount to their intrinsic values, which have sustainable earnings power, with management teams that are good stewards of capital. Sehgal and Ness are mindful of the bias towards technology stocks within emerging markets (c 45% of the benchmark), which has increased due to the sector’s outsized returns. Hence, they have been taking profits in some of the trust’s most successful technology investments and redeploying the proceeds elsewhere to further diversify the portfolio. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/0515f97b40dc6ddcda0f585486425e08.pdf</url>
      <link>https://www.edisongroup.com/research/very-encouraging-performance/BM-3466/widget-xml/</link>
      <filename></filename>
      <isin>GB00BKPG0S09</isin>
      <epic>TEM</epic>
    </publication>
    <publication>
      <date>2026-08-04T12:14:17+00:00</date>
      <uid>3682</uid>
      <company><![CDATA[KEFI Gold and Copper]]></company>
      <type>Update</type>
      <otc_epic>KFFLF</otc_epic>
      <headline><![CDATA[KEFI Gold and Copper — Dotting the i&#8217;s and crossing the t&#8217;s]]></headline>
      <description><![CDATA[ Since our last note in April, KEFI has 1) completed its financing of Tulu Kapi by replacing its three-year, US$15m working capital facility with US$10m of additional royalty financing and US$5m in additional Ethiopian preference shares, 2) announced its financial results for FY25 (including a restatement of FY24’s results, principally around the accounting relating to its share of the loss of its GMCO associate in Saudi Arabia and its gain on the dilution of the same investment), 3) signed a US$400m mining contract with BCM, for the provision of services over Tulu Kapi’s initial nine-year mine life, which will enable it to proceed with the deployment of a Caterpillar mining fleet in-country, 4) concluded its AGM and 5) provided an operational update to the market on 4 August. Although its achievements have been somewhat overshadowed by the 28.4% decline in the gold price from its record high of US$5,589/oz on 28 January, it is worth noting that KEFI’s share price has declined by only 39.8% in US dollar terms over the same time frame (ie less than the 2x gearing often invoked for junior explorers) and closely in line with the 38.4% decline in the Van Eck Junior Gold Miners Fund (GDXJ), despite executing a major fund-raising. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/998d10539f34440891082185144f09eb.pdf</url>
      <link>https://www.edisongroup.com/research/dotting-the-is-and-crossing-the-ts/BM-3682/widget-xml/</link>
      <filename></filename>
      <isin>GB00BD8GP619 </isin>
      <epic>KEFI</epic>
    </publication>
    <publication>
      <date>2026-08-04T11:14:42+00:00</date>
      <company><![CDATA[Sotkamo Silver]]></company>
      <headline><![CDATA[Sotkamo Silver]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/sotkamo-silver/BMC-397/widget-xml/</link>
      <isin>SE0001057910</isin>
      <epic>SOSI</epic>
    </publication>
    <publication>
      <date>2026-08-04T08:25:10+00:00</date>
      <company><![CDATA[bp]]></company>
      <headline><![CDATA[bp (LSE: BP) – Stronger Q226 earnings and revised capital guidance]]></headline>
      <description><![CDATA[Q226 underlying RC profit of $5.7bn, up from $3.2bn in Q126, with net debt down to $22.3bn on $10.9bn of operating cash flow, offset by FY26 capex guidance raised and disposal proceeds guidance cut.]]></description>
      <link>https://www.edisongroup.com/spark/bp-lse-bp-stronger-q226-earnings-revised-capital-guidance-and-five-priorities-from-the-new-ceo/GB0007980591/widget-xml/</link>
      <isin>GB0007980591</isin>
      <epic>BP.</epic>
    </publication>
    <publication>
      <date>2026-08-04T08:20:59+00:00</date>
      <uid>3669</uid>
      <company><![CDATA[Lamda Development]]></company>
      <type>Update</type>
      <otc_epic>LMDFF</otc_epic>
      <headline><![CDATA[Lamda Development — Financial resilience and strategic progress]]></headline>
      <description><![CDATA[ LAMDA Development continues to deliver a strong underlying operational and financial performance across all segments of the business. The malls and marinas continue to provide solid earnings and cash flow, underpinning The Ellinikon development, where capex has accelerated as key completion milestones approach. Responding to buyer demand, additional residential projects will be launched during the year. Negotiations with ION have advanced, but completion of the transaction is not certain. However, with The Ellinikon continuing to self-fund, successful refinancing activity leaves LAMDA in a strong position to take The Ellinikon forwards. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/4f73905f653b04c7b236dd24fd9c6593.pdf</url>
      <link>https://www.edisongroup.com/research/financial-resilience-and-strategic-progress/BM-3669/widget-xml/</link>
      <filename></filename>
      <isin>GRS245213004</isin>
      <epic>LAMDA</epic>
    </publication>
    <publication>
      <date>2026-08-04T08:09:24+00:00</date>
      <company><![CDATA[Georgia Capital]]></company>
      <headline><![CDATA[Georgia Capital (LSE: CGEO) reports 13.1% NAV per share growth in Q226]]></headline>
      <description><![CDATA[Georgia Capital posted a strong 13.1% q-o-q NAV per share growth in GEL terms (15.6% in sterling terms), translating into a five-year NAV per share growth to end-June 2026 of 26.3% per year.]]></description>
      <link>https://www.edisongroup.com/spark/georgia-capital-lse-cgeo-reports-13-1-nav-per-share-growth-in-q226/GB00BF4HYV08/widget-xml/</link>
      <isin>GB00BF4HYV08</isin>
      <epic>CGEO</epic>
    </publication>
    <publication>
      <date>2026-08-04T07:50:02+00:00</date>
      <uid>3739</uid>
      <company><![CDATA[Alphamin Resources]]></company>
      <type>Update</type>
      <otc_epic>AFMJF</otc_epic>
      <headline><![CDATA[Alphamin Resources — Tin showing its mettle]]></headline>
      <description><![CDATA[ For the second quarter in succession, Alphamin reported record revenue, operating profit, EBITDA, PBT and net profit. AISC was US$1,074/t higher than in Q1 (mainly on account of fuel prices and higher off-mine costs, such as royalties etc); however, the tin price was US$2,679/t higher, resulting in a 0.4pp widening of the gross margin to 68.7% (AFM’s third highest on record). Its underlying cash build during the quarter was US$111.7m (before dividends and associated withholding taxes). Having increased our FY26 EPS forecast by 78.5% after the Q1 results, we have now increased it by a further 7.5% in the aftermath of Q2 results. Note that, if the tin price remains at current levels next year, our FY27 EPS forecast increases from US$0.10/share to US$0.227/share.  ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/uploads/2026/08/AFM_Update_040826_Ed.pdf</url>
      <link>https://www.edisongroup.com/research/tin-showing-its-mettle/BM-3739/widget-xml/</link>
      <filename>AFM_Update_040826_Ed.pdf</filename>
      <isin>MU0456S00006</isin>
      <epic>AFM</epic>
    </publication>
    <publication>
      <date>2026-08-04T06:51:43+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Amplia Therapeutics (ASX: ATX) &#8211; Eli Lilly collaboration expands narmafotinib into lung cancer]]></headline>
      <description><![CDATA[Clinical trial agreement validates narmafotinib’s combination potential and opens a sizeable new oncology opportunity]]></description>
      <link>https://www.edisongroup.com/spark/amplia-therapeutics-asx-atx-lilly-collaboration-expands-narmafotinib-into-lung-cancer/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-04T06:17:42+00:00</date>
      <company><![CDATA[Filtronic]]></company>
      <headline><![CDATA[Filtronic (AIM: FTC) maintains outlook for FY27]]></headline>
      <description><![CDATA[FY26 results show increasing customer diversification]]></description>
      <link>https://www.edisongroup.com/spark/filtronic-aim-ftc-maintains-outlook-for-fy27/GB0003362992/widget-xml/</link>
      <isin>GB0003362992</isin>
      <epic>FTC</epic>
    </publication>
    <publication>
      <date>2026-08-04T03:54:19+00:00</date>
      <uid>3768</uid>
      <company><![CDATA[Percheron Therapeutics]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Percheron Therapeutics — HMBD-002 Phase II preparations remain on track]]></headline>
      <description><![CDATA[ Percheron Therapeutics’ update for the quarter to 30 June confirmed that Phase II preparations for HMBD-002 (provisional name: minperstobart) remain on track. GMP drug substance manufacture is complete and final drug product is expected to be released in September 2026, supporting our Q4 CY26 Phase II initiation assumption. The A$2.2m entitlement offer lifted the end-Q2 CY26 cash to A$4.05m (end-Q1 CY26: A$3.10m), modestly ahead of our A$3.8m estimate. Quarterly operating cash burn was A$1.05m, including R&amp;D expenses of A$0.43m. While the company reports a 3.9-quarter runway based on the pre-trial expenditure rate, this excludes the remaining US$1m (c A$1.4m) licence payment to Hummingbird Bioscience and the expected increase in spending once Phase II begins. We therefore continue to estimate funding into Q1 CY27, sufficient to initiate the trial, but with additional capital required to advance and complete the study. With no material change to our assumptions, we retain our A$84.4m, or 5.5c per share, valuation. We expect the September drug-product release and Q4 CY26 trial initiation to be the key upcoming catalysts. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/708ffd737ba31a6e8ec7dfa13585f940.pdf</url>
      <link>https://www.edisongroup.com/research/hmbd-002-phase-ii-preparations-remain-on-track/BM-3768/widget-xml/</link>
      <filename></filename>
      <isin>AU0000317281</isin>
      <epic>PER</epic>
    </publication>
    <publication>
      <date>2026-08-03T20:59:45+00:00</date>
      <uid>3708</uid>
      <company><![CDATA[Freelancer]]></company>
      <type>Update</type>
      <otc_epic>FLNCF</otc_epic>
      <headline><![CDATA[Freelancer — Adapting to challenges]]></headline>
      <description><![CDATA[ Freelancer’s H126 results highlighted the benefits of diversification, with the strong performance of Escrow.com and Loadshift partially compensating for technical issues that reduced gross marketplace volume (GMV) in the core marketplace. Group GMV was 31% higher y-o-y while revenue declined 12% reflecting the lower proportion of higher take rate marketplace business and fx headwinds. We have revised our forecasts to reflect better performance by Escrow.com, weaker volumes (albeit improving) in the Freelancer marketplace and reduced costs across the group. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/6919388a8923fd7743969fcb6c4980ab.pdf</url>
      <link>https://www.edisongroup.com/research/adapting-to-challenges/BM-3708/widget-xml/</link>
      <filename></filename>
      <isin>AU000000FLN2</isin>
      <epic>FLN</epic>
    </publication>
    <publication>
      <date>2026-08-03T12:29:54+00:00</date>
      <uid>3756</uid>
      <company><![CDATA[Braemar]]></company>
      <type>Flash</type>
      <otc_epic>BSEAF</otc_epic>
      <headline><![CDATA[Braemar — Meeting the new CFO]]></headline>
      <description><![CDATA[ We recently met with Richard Heading, who joined Braemar as CFO on 29 June 2026. He fills the vacancy created when former CFO Grant Foley stepped up to become CEO on 2 July 2026. Our first meeting with Mr Heading was positive. We believe his experience is highly complementary, and his views and messaging entirely consistent with the strategic plan, further supporting execution. Following the 2 July positive trading update, the next catalyst for the company is the half-year results in November. Our earnings-based 370p valuation implies almost 70% upside, supported by a clear strategic plan to 2030. The main risk is execution, with additional risks including changes in the macroeconomic and geopolitical backdrop and movement in chartering rates. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/5d3cee22a545209353274202c5221c38.pdf</url>
      <link>https://www.edisongroup.com/research/meeting-the-new-cfo/BM-3756/widget-xml/</link>
      <filename></filename>
      <isin>GB0000600931</isin>
      <epic>BMS</epic>
    </publication>
    <publication>
      <date>2026-08-03T12:04:03+00:00</date>
      <company><![CDATA[QBiotics]]></company>
      <headline><![CDATA[QBiotics reports positive head and neck cancer data]]></headline>
      <description><![CDATA[Tigilanol tiglate achieved a 78% response rate in injected tumours, supporting further clinical development in head and neck cancer.]]></description>
      <link>https://www.edisongroup.com/spark/qbiotics-reports-positive-head-and-neck-cancer-data/NOISINQBIOTICS/widget-xml/</link>
      <isin>NOISINQBIOTICS</isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-08-03T09:07:40+00:00</date>
      <company><![CDATA[Worldwide Healthcare Trust]]></company>
      <headline><![CDATA[Worldwide Healthcare Trust (LSE: WWH) &#8211; updated investment team]]></headline>
      <description><![CDATA[Trevor Polischuk (existing co-portfolio manager) has taken on the role of lead portfolio manager, as Sven Borho (existing lead portfolio manager) steps down.]]></description>
      <link>https://www.edisongroup.com/spark/worldwide-healthcare-trust-lse-wwh-updated-investment-team/GB00BN455J50/widget-xml/</link>
      <isin>GB00BN455J50</isin>
      <epic>WWH</epic>
    </publication>
    <publication>
      <date>2026-08-03T07:56:24+00:00</date>
      <uid>3762</uid>
      <company><![CDATA[International Airlines Group]]></company>
      <type>Client QV</type>
      <otc_epic>BABWF</otc_epic>
      <headline><![CDATA[International Airlines Group — Resilience through a more challenging quarter]]></headline>
      <description><![CDATA[ International Airlines Group’s (IAG’s) H126 results and management’s outlook for the rest of the year demonstrate the resilience of the group’s business model. Following a strong Q1, Q226 bore the brunt of the disruption from the Middle East conflict, which manifested itself in lower-than-expected capacity and higher fuel prices. However, the combination of resilient demand, particularly in premium long-haul markets, a diverse network and continued operational improvements enabled IAG to deliver industry-leading profitability. Management is confident of delivering an operating margin within the 12–15% target range, generating significant cash to fund shareholder returns and maintain a strong balance sheet. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/271c96fe38569ef55ffd85042ed839e2.pdf</url>
      <link>https://www.edisongroup.com/research/resilience-through-a-more-challenging-quarter/BM-3762/widget-xml/</link>
      <filename></filename>
      <isin>ES0177542018</isin>
      <epic>IAG</epic>
    </publication>
    <publication>
      <date>2026-08-03T06:33:14+00:00</date>
      <uid>3769</uid>
      <company><![CDATA[Rockwood Strategic]]></company>
      <headline><![CDATA[Vantage: Rockwood Strategic – UK small-cap value and active engagement]]></headline>
      <description><![CDATA[In this Vantage interview, Edison&#8217;s Neil Shah speaks with Richard Staveley, fund manager of Rockwood Strategic, about what sets the c £200m UK small-cap investment trust apart from its peers. Richard explains Rockwood&#8217;s concentrated, value-and-recovery approach, its active (though not activist) engagement with investee companies and its focus on absolute rather than benchmark-relative returns. He discusses how the wave of takeovers and take-privates sweeping UK small caps validates the scale of the valuation opportunity, using Funding Circle as a case study of how constructive engagement on buybacks, cost discipline and board composition helped drive a five-fold share price recovery. Richard also sets out the investment process behind identifying depressed, mean-reverting businesses, and he shares his views on the policy changes, from British ISAs to local authority pension allocations, that could help reverse the outflows from UK equities and reignite the small-cap market.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/rockwood-strategic-vantage-rockwood-strategic-uk-small-cap-value-and-active-engagement/BM-3769/widget-xml/</link>
      <isin>GB00BRRD5L66</isin>
      <epic>RKW</epic>
    </publication>
    <publication>
      <date>2026-07-31T17:47:01+00:00</date>
      <uid>3766</uid>
      <company><![CDATA[Netcall]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Netcall — FY26 trading statement]]></headline>
      <description><![CDATA[ Netcall’s recently released FY26 trading update should continue to chip away at the negative impact that ‘SaaScepticism’ had on the share price earlier in the year. The shares still trade below the FY26 EV/EBITDA midpoint of the last 12 months, which seems undemanding now that investors have higher confidence in the FY26 financial outcome. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/be6680aee3786c713b2765da2363cfb1.pdf</url>
      <link>https://www.edisongroup.com/research/fy26-trading-statement/BM-3766/widget-xml/</link>
      <filename></filename>
      <isin>GB0000060532</isin>
      <epic>NET</epic>
    </publication>
    <publication>
      <date>2026-07-31T15:22:14+00:00</date>
      <uid>3757</uid>
      <company><![CDATA[British American Tobacco]]></company>
      <type>Client QV</type>
      <otc_epic>BTI</otc_epic>
      <headline><![CDATA[British American Tobacco — Transformation gathering pace]]></headline>
      <description><![CDATA[ British American Tobacco’s (BAT’s) H126 results, which were in line with management’s expectations, reinforce that the company is making tangible progress in its transformation towards higher growth with more smokeless products. Management highlighted continued momentum across its New Categories, particularly Modern Oral, alongside strong growth in the US, partly offset by a slower than expected recovery in Asia Pacific. BAT continues to prioritise investment on its highest-return opportunities, with disciplined capital allocation and shareholder returns. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/cf4f6ade32a55f93bd5300d1372b005f.pdf</url>
      <link>https://www.edisongroup.com/research/transformation-gathering-pace/BM-3757/widget-xml/</link>
      <filename></filename>
      <isin>GB0002875804</isin>
      <epic>BATS</epic>
    </publication>
    <publication>
      <date>2026-07-31T14:37:26+00:00</date>
      <company><![CDATA[Mersen]]></company>
      <headline><![CDATA[Mersen]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/mersen/BMC-398/widget-xml/</link>
      <isin>FR0000039620</isin>
      <epic>MRN</epic>
    </publication>
    <publication>
      <date>2026-07-31T12:30:07+00:00</date>
      <uid>3765</uid>
      <company><![CDATA[Living REIT]]></company>
      <headline><![CDATA[Bull, Bear &#038; Beyond – Living REIT: executive interview]]></headline>
      <description><![CDATA[In this interview, we talk with Michael Carey and Nat Markham about Living REIT. Both are from Atrato, the external manager to the company, where Michael has responsibility for Living REIT’s overall strategy and Nat is CFO. Living REIT is the former Social Housing REIT, rebranded and with a broader investment remit that now includes a range of complementary, structurally supported living sectors alongside specialised supported housing. The new strategy offers a more diversified and resilient income base and a larger opportunity set from which to build scale, enhance cost efficiency, attract a wider pool of investors and deepen share liquidity. The company has made a strong start with the recent acquisition of a portfolio of senior living assets for £108m, in a transaction that was innovatively funded through a mix of existing cash resources, new debt and shares issued at NAV. It is expected to be high-single-digit earnings accretive in the first full financial year.
Listen on your preferred podcast player below:

Apple Podcast
Spotify
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About Bull, Bear &amp; Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.
]]></description>
      <link>https://www.edisongroup.com/podcast/living-reit-bull-bear-beyond-living-reit-executive-interview/BM-3765/widget-xml/</link>
      <isin>GB00BF0P7H59</isin>
      <epic>LIVE</epic>
    </publication>
    <publication>
      <date>2026-07-31T11:52:49+00:00</date>
      <uid>3764</uid>
      <company><![CDATA[Living REIT]]></company>
      <headline><![CDATA[Living REIT – executive interview]]></headline>
      <description><![CDATA[In this interview, we talk with Michael Carey and Nat Markham about Living REIT. Both are from Atrato, the external manager to the company, where Michael has responsibility for Living REIT’s overall strategy and Nat is CFO. Living REIT is the former Social Housing REIT, rebranded and with a broader investment remit that now includes a range of complementary, structurally supported living sectors alongside specialised supported housing. The new strategy offers a more diversified and resilient income base and a larger opportunity set from which to build scale, enhance cost efficiency, attract a wider pool of investors and deepen share liquidity. The company has made a strong start with the recent acquisition of a portfolio of senior living assets for £108m, in a transaction that was innovatively funded through a mix of existing cash resources, new debt and shares issued at NAV. It is expected to be high-single-digit earnings accretive in the first full financial year.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/living-reit-living-reit-executive-interview/BM-3764/widget-xml/</link>
      <isin>GB00BF0P7H59</isin>
      <epic>LIVE</epic>
    </publication>
    <publication>
      <date>2026-07-31T11:21:04+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[FORVIA (XPAR: FRVIA) – Self-help lifts margin and cash flow as FY26 guidance is confirmed]]></headline>
      <description><![CDATA[H126 sales fell 1.9% organically, but self-help lifted margins 30bp and cut net debt €0.5bn; FY26 guidance confirmed.]]></description>
      <link>https://www.edisongroup.com/spark/forvia-xpar-frvia-self-help-lifts-margin-and-cash-flow-as-fy26-guidance-is-confirmed/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-07-31T11:10:10+00:00</date>
      <uid>3763</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Take on trusts – July 2026]]></headline>
      <description><![CDATA[Bending Spoons debut boosts Baillie Gifford
Bending Spoons, the Italian tech buyout specialist backed by Baillie Gifford, priced its Nasdaq IPO above range at $29 a share on 1 July, in a $1.68bn offering. Its shares rose 40% on debut, giving the company a market value of more than $25bn. The Schiehallion Fund (MNTN) and Baillie Gifford European Growth (BGEU) first took positions in August 2023 and, as at 22 June, the holdings were valued at around 9x and 12x their respective investment costs. The listing followed June’s record-breaking SpaceX IPO, another holding shared across Baillie Gifford-managed trusts, including The Schiehallion Fund, Baillie Gifford US Growth (USA) and Scottish Mortgage (SMT).
However, excitement surrounding Bending Spoons was somewhat tempered by SpaceX’s short-lived honeymoon period: after briefly trading above $225, the shares fell below the IPO price in mid-July and now sit around $115, down roughly 48% from the post-IPO peak, with the first lock-up releases due in August. Together, these developments illustrate both the value that can be created before an IPO and the volatility that may follow a listing. The Schiehallion Fund nevertheless retains substantial private-company exposure, which represented 74.1% of total assets at end-June. Anthropic, one of the trust’s largest holdings, has filed confidentially for a US listing (though an IPO date has yet to be announced), while other top holdings including Databricks, Stripe and ByteDance have all chosen to continue raising funds privately rather than list, with Revolut (which is also one of core portfolio holdings of Molten Ventures) confirming a $115bn valuation in a July secondary sale. An increasing number of high-growth businesses are choosing to remain private for longer, reinforcing the case for holding investment trusts that back private companies with the flexibility to defer a public listing.
Mixed results for Saba as corporate action accelerates
Saba Capital sent fresh tremors across the sector in July, albeit with mixed results. At Workspace Group’s AGM on 23 July, shareholders decisively rejected all six of the activist’s board nominees, backing the incumbent board’s turnaround strategy instead, despite Saba having increased its stake to become the largest shareholder on 14 July. Even so, Saba managed to force significant change elsewhere: on 20 July, the newly constituted board of Impax Environmental Markets served notice to terminate the trust’s manager. Against this backdrop, the Financial Conduct Authority (FCA) has published proposals to strengthen board independence and curb conflicts where a large shareholder is, or may become, the investment manager. On 15 July, HarbourVest Global Private Equity passed its first continuation vote with 98% support, which may indicate easing activist pressure, including from Asset Value Investors and Saba.
Corporate activity points to a sector still consolidating. NextEnergy Solar opened a formal sale process after years at a wide discount; SDCL Efficiency Income shareholders approved a managed wind-down; PrimeStone Capital urged Gresham House Energy Storage (GRID) to prepare a formal sale process for launch in September; and Alternative Income REIT is opposing a cash offer from Glenstone that includes a proposed managed wind-down.
UK AIFM proposals could ease the compliance burden
The FCA’s proposals at the end of June were welcomed across the investment trust sector. On 14 July, they were swiftly followed by a consultation paper to reform the regulatory framework for Alternative Investment Fund Managers (AIFMs). While the proposals are detailed and complex, one component is especially notable for UK fund managers: replacing leverage-inclusive assets under management (AUM) classification metrics with a three-tier size framework based on an AIFM’s aggregate NAV across all the funds it manages – small AIFMs (below £750m), medium-sized AIFMs (£750m–5bn) and large AIFMs (over £5bn). In particular, setting the small AIFM aggregate NAV threshold at £750m will meaningfully soften regulatory requirements for trusts whose managers fall in the £100–750m bracket, though the precise impact on an individual investment company depends on the total aggregate NAV managed by its AIFM rather than the size of the trust alone.
Separately, HM Treasury proposes to exempt certain small, internally managed listed investment companies from the AIFM regime based on AUM (rather than aggregate NAV), applying thresholds of £100m for leveraged companies and £500m for unleveraged companies with no redemption rights within five years. For listed closed-ended companies remaining within the regime, the FCA proposes disapplying duplicative AIFM investor-disclosure and annual-report rules, as well as redemption-related liquidity-management rules. The FCA aims to finalise the rules in 2027, with implementation envisaged in 2028.
Baker Steel Resources: Top performer in H126
Baker Steel Resources Trust (BSRT) was the best-performing investment trust in H126, delivering a 65% share price total return, ahead of Seraphim Space Investment Trust (57%) and Polar Capital Technology Trust (54%). As highlighted in our recent update note, BSRT posted a robust 15.4% NAV total return during the half, ahead of both the S&amp;P/TSX Global Mining Index (c 5%) and MSCI World Metals &amp; Mining Index (c 10%), bolstered by listed holdings Tungsten West, up 189% as the Hemerdon mine restart stays on track for phased commissioning from July, and Blue Moon Metals, up 84% on progress at its Nussir copper project. The trust’s discount to NAV has narrowed sharply, from 43% at end-2025 to around 20% at end-July 2026, and the board expects to declare a maiden interim dividend in September 2026, in line with its new capital allocation policy, alongside continued NAV-accretive buybacks. Reflecting growing institutional confidence in the manager’s specialist expertise, Golden Prospect Precious Metals has agreed heads of terms to appoint Baker Steel Capital Managers as its new investment manager and AIFM, expected to take effect during Q326.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/take-on-trusts-july-2026/BM-3763/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-07-31T09:25:53+00:00</date>
      <company><![CDATA[QBiotics]]></company>
      <headline><![CDATA[QBiotics advances wound healing trial]]></headline>
      <description><![CDATA[The clinical trial testing EBC-1013 has advanced to the fourth cohort.]]></description>
      <link>https://www.edisongroup.com/spark/qbiotics-advances-wound-healing-trial/NOISINQBIOTICS/widget-xml/</link>
      <isin>NOISINQBIOTICS</isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-07-31T09:08:43+00:00</date>
      <uid>3753</uid>
      <company><![CDATA[Hargreaves Services]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Hargreaves Services — Repositioned for the infrastructure decade]]></headline>
      <description><![CDATA[ Hargreaves Services enters FY27 with over 70% of budgeted Services revenue already contracted and a board reiterating confidence in the outlook. FY26 saw a 93.8% y-o-y increase in underlying PBT to £34.0m, with reported PBT reaching £40.3m, a 12-year high. Services now generates 94% of revenue, while legacy land and German assets are being divested and cash returned to shareholders. In addition, £32.6m was returned during the year through dividends and a fully subscribed £20m tender offer at 850p. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/212610d3a29c4c9e19b8ede451be26d0.pdf</url>
      <link>https://www.edisongroup.com/research/repositioned-for-the-infrastructure-decade/BM-3753/widget-xml/</link>
      <filename></filename>
      <isin>GB00B0MTC970</isin>
      <epic>HSP</epic>
    </publication>
    <publication>
      <date>2026-07-31T09:00:03+00:00</date>
      <company><![CDATA[bp]]></company>
      <headline><![CDATA[bp (LSE: BP) – Marketing of North Sea business supports portfolio simplification]]></headline>
      <description><![CDATA[bp has launched a process to market its North Sea business for a potential sale, as part of its ongoing portfolio review and disciplined approach to capital allocation.]]></description>
      <link>https://www.edisongroup.com/spark/bp-lse-bp-marketing-of-north-sea-business-supports-portfolio-simplification/GB0007980591/widget-xml/</link>
      <isin>GB0007980591</isin>
      <epic>BP.</epic>
    </publication>
    <publication>
      <date>2026-07-31T08:23:50+00:00</date>
      <uid>3754</uid>
      <company><![CDATA[Kooth]]></company>
      <type>Client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Kooth — Soluna embeds as renewal risk recedes]]></headline>
      <description><![CDATA[ Kooth provides clinically accredited digital mental health support, focused on children and young adults. H126 trading was in line with expectations. Adjusted EBITDA is expected to rise to £5.0–5.4m (H125: £1.6m), implying a c 17% margin (H125: 5%) as strong California user engagement compares with a prior year that included accelerated investment. Revenue is expected to be £30.8m (H125: £32.1m), with the 4% decline reflecting planned tapering of California product development revenue and £0.7m of fx headwinds, partly offset by Michigan. Net cash increased to £23.1m (H125: £15.3m), providing a robust balance sheet for further expansion. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/d3a7839a9509335de23c0f5fa2174f11.pdf</url>
      <link>https://www.edisongroup.com/research/soluna-embeds-as-renewal-risk-recedes/BM-3754/widget-xml/</link>
      <filename></filename>
      <isin>GB00BMCZLK30</isin>
      <epic>KOO</epic>
    </publication>
    <publication>
      <date>2026-07-31T07:59:09+00:00</date>
      <company><![CDATA[International Airlines Group]]></company>
      <headline><![CDATA[International Airlines Group (LSE: IAG) &#8211; Q226 results]]></headline>
      <description><![CDATA[Q226 ahead of consensus expectations]]></description>
      <link>https://www.edisongroup.com/spark/international-airlines-group-lse-iacg-q226-results/ES0177542018/widget-xml/</link>
      <isin>ES0177542018</isin>
      <epic>IAG</epic>
    </publication>
    <publication>
      <date>2026-07-31T07:20:37+00:00</date>
      <uid>3748</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Edison explains: Europe&#8217;s ageing buildings]]></headline>
      <description><![CDATA[Can Europe overcome the renovation bottleneck?]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=eb930a26-63ed-494a-b233-1e4f190a35d5fileId=3748_42dd24a2-74af-44a2-89fd-756ac2a4c4be&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/thematic/edison-explains-europes-ageing-buildings/BM-3748/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-07-31T06:53:50+00:00</date>
      <uid>3760</uid>
      <company><![CDATA[Theon International]]></company>
      <headline><![CDATA[Theon International – equity proposition]]></headline>
      <description><![CDATA[Theon International is a specialist defence company that develops and manufactures customisable night vision and thermal imaging systems, in both man-portable and mounted form factors, for military and security applications. It holds a leading position in the European man-portable night vision market and has a growing global presence, with more than 300,000 systems sold across 73 countries. Theon is listed on Euronext Amsterdam under the ticker THEON and had a market capitalisation of approximately €2.7bn as of July 2026.
There are five key reasons why Theon represents an exciting investment case.

Theon is a market leader in military night vision systems operating in a fast-growing defence market.
Its asset-light business model delivers industry-leading profitability and strong cash generation.
Theon has a record order book that provides exceptional revenue visibility.
Strategic investments are broadening the product portfolio and securing the supply chain.
The company has a clear plan to grow revenue towards €1bn with margins in the mid-20s, supported by a progressive dividend policy.

Theon International offers investors a differentiated way to gain exposure to the structural growth in global defence spending, combining a market-leading position in night vision, an asset-light business model, an expanding product range and geographic footprint supported by a strong order book and a clear strategy laying the path towards €1bn in revenue.
For further details, please refer to our latest research on Theon International.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/theon-international-theon-international-equity-proposition/BM-3760/widget-xml/</link>
      <isin>CY0200751713</isin>
      <epic>THEON</epic>
    </publication>
    <publication>
      <date>2026-07-30T16:31:26+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Imerys (XPAR: NK) – stronger Q2 lifts margin]]></headline>
      <description><![CDATA[H126 revenue rose 1.8% at constant rates and margin was lifted from 0.6pp to 16.6%, with FY26 EBITDA targeted at €550–580m.]]></description>
      <link>https://www.edisongroup.com/spark/xpar-nk-stronger-q2-lifts-margin/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-07-30T15:27:25+00:00</date>
      <uid>3759</uid>
      <company><![CDATA[Trade Estates REIC]]></company>
      <headline><![CDATA[Bull, Bear &#038; Beyond – Trade Estates REIC: executive interview]]></headline>
      <description><![CDATA[Trade Estates REIC (TRESTATES), listed on the Euronext Athens market, is a fast-growing real estate investment company focused on modern retail parks and new-generation logistics assets in Greece, Cyprus and Bulgaria. Edison has initiated coverage of Trade Estates and in this interview, Mr Dimitris Papoulis, CEO, discusses the company’s performance, strategy and prospects. He highlights how the structural growth trends in retail spending and the limited supply of suitable properties are underpinning Trade Estates’ growth strategy. Since it was established in 2021 (it listed in 2023), the company has grown to be Greece’s dominant owner of modern retail parks, almost tripling its gross assets and nearly doubling net assets. Cash earnings and dividends per share have tripled. Meanwhile a fully funded development pipeline provides visibility of further strong growth through 2028. Perhaps most important of all is what Mr Papoulis says about the company’s deep retail sector expertise and active management, which has been a key driver of sustained value creation and enhanced returns.
Listen on your preferred podcast player below:

Apple Podcast
Spotify
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About Bull, Bear &amp; Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.
]]></description>
      <link>https://www.edisongroup.com/podcast/trade-estates-reic-bull-bear-beyond-trade-estates-reic-executive-interview/BM-3759/widget-xml/</link>
      <isin>GRS534003009</isin>
      <epic>TRESTATES</epic>
    </publication>
    <publication>
      <date>2026-07-30T15:08:32+00:00</date>
      <uid>3758</uid>
      <company><![CDATA[Trade Estates REIC]]></company>
      <headline><![CDATA[Trade Estates REIC – executive interview]]></headline>
      <description><![CDATA[Trade Estates REIC (TRESTATES), listed on the Euronext Athens market, is a fast-growing real estate investment company focused on modern retail parks and new-generation logistics assets in Greece, Cyprus and Bulgaria. Edison has initiated coverage of Trade Estates and in this interview, Mr Dimitris Papoulis, CEO, discusses the company’s performance, strategy and prospects. He highlights how the structural growth trends in retail spending and the limited supply of suitable properties are underpinning Trade Estates’ growth strategy. Since it was established in 2021 (it listed in 2023), the company has grown to be Greece’s dominant owner of modern retail parks, almost tripling its gross assets and nearly doubling net assets. Cash earnings and dividends per share have tripled. Meanwhile a fully funded development pipeline provides visibility of further strong growth through 2028. Perhaps most important of all is what Mr Papoulis says about the company’s deep retail sector expertise and active management, which has been a key driver of sustained value creation and enhanced returns.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/trade-estates-reic-trade-estates-executive-interview/BM-3758/widget-xml/</link>
      <isin>GRS534003009</isin>
      <epic>TRESTATES</epic>
    </publication>
    <publication>
      <date>2026-07-30T14:53:36+00:00</date>
      <uid>3317</uid>
      <company><![CDATA[Trade Estates REIC]]></company>
      <type>Initiation</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Trade Estates REIC — New-generation retail assets]]></headline>
      <description><![CDATA[ Trade Estates REIC (TRESTATES) offers focused exposure to modern retail parks and new-generation logistics assets in Greece, Cyprus and Bulgaria. Demand for both sectors is driven by structural growth trends in retail spending, and both sectors are undersupplied. In Greece, Trade Estates is dominant in modern retail parks, where active management and deep sector expertise have delivered sustained value creation and enhanced returns. We forecast the company’s rapid growth to continue, supported by organic rental growth and an active pipeline of attractive developments. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/485a2aee3d632257f1d885f6675a197f.pdf</url>
      <link>https://www.edisongroup.com/research/new-generation-retail-assets/BM-3317/widget-xml/</link>
      <filename></filename>
      <isin>GRS534003009</isin>
      <epic>TRESTATES</epic>
    </publication>
    <publication>
      <date>2026-07-30T14:11:09+00:00</date>
      <company><![CDATA[VinFast Auto]]></company>
      <headline><![CDATA[VinFast Auto (NASDAQ: VFS): Continued delivery momentum in Q226]]></headline>
      <description><![CDATA[VinFast Auto (NASDAQ: VFS) reported continued strong delivery momentum in Q226, with preliminary global EV deliveries reaching 70,085 units, up 96% y-o-y, taking H126 deliveries to 128,662 units, up 78% y-o-y.]]></description>
      <link>https://www.edisongroup.com/spark/vinfast-auto-nasdaq-vfs-continued-delivery-momentum/SGXZ55111462/widget-xml/</link>
      <isin>SGXZ55111462</isin>
      <epic>VFS</epic>
    </publication>
    <publication>
      <date>2026-07-30T13:43:40+00:00</date>
      <uid>3737</uid>
      <company><![CDATA[Aamal Company]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Aamal Company — Improved momentum, but earnings lag]]></headline>
      <description><![CDATA[ Aamal’s H126 results showed resilience as revenue declined 1.9% y-o-y to QAR1,050.2m and gross profit was broadly flat at QAR262.1m. Revenue momentum improved materially in Q2 after the weaker first quarter. Operating profit fell 6.6% to QAR174.5m impacted by pressure in Trading and Distribution. Higher finance costs, lower contributions from equity-accounted investees and increased impairment allowances and a 50.5% y-o-y increase in head-office costs to QAR20.2m weighed on profitability, while operating cash flow declined to QAR73.2m from QAR287.1m, driven mainly by a receivables outflow. Attributable net profit declined 12.9% to QAR192.7m, with EPS of QAR0.031as earnings conversion remained soft. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/76ed868c8714f63fd64f91609ac2118b.pdf</url>
      <link>https://www.edisongroup.com/research/improved-momentum-but-earnings-lag/BM-3737/widget-xml/</link>
      <filename></filename>
      <isin>QA000A0NCQB1</isin>
      <epic>AHCS</epic>
    </publication>
    <publication>
      <date>2026-07-30T11:09:24+00:00</date>
      <uid>3752</uid>
      <company><![CDATA[Primary Health Properties]]></company>
      <type>Flash</type>
      <otc_epic>PHPRF</otc_epic>
      <headline><![CDATA[Primary Health Properties — Strong earnings growth and strategic progress]]></headline>
      <description><![CDATA[ Primary Health Properties (PHP) has reported H126 results showing strong earnings growth, supported by the successful combination with Assura and underlying portfolio progress. Adjusted EPS increased 9% to 3.8p, comfortably covering DPS of 3.65p (+3%). PHP is now well into its 30th consecutive year of DPS growth. 92% of the expected £9m Assura cost synergies have been put in place and plans are well advanced to reduce post-transaction leverage back to within the targeted range. Significantly, PHP has now agreed exclusive terms for the establishment of a 50/50 private hospital joint venture (JV) with a global long-term institutional investor. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/68621a28ec5674878d60f126a2f76a31.pdf</url>
      <link>https://www.edisongroup.com/research/strong-earnings-growth-and-strategic-progress/BM-3752/widget-xml/</link>
      <filename></filename>
      <isin>GB00BYRJ5J14</isin>
      <epic>PHP</epic>
    </publication>
    <publication>
      <date>2026-07-30T10:23:57+00:00</date>
      <uid>3755</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Stock of the month &#8211; PZ Cussons]]></headline>
      <description><![CDATA[A brand-led turnaround hitting its stride: FY26 profit guidance upgraded twice through the year, net debt cut by more than &#163;80m and a re-rating still to run &#8211; with full-year results due on 6 August 2026.]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=82628430-7ff7-4aa8-9ccf-4919daab8fa5fileId=3755_8a8a5768-aa95-497e-a7d9-a42b86880be3&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/thematic/stock-of-the-month-pz-cussons/BM-3755/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-07-30T08:28:58+00:00</date>
      <company><![CDATA[British American Tobacco]]></company>
      <headline><![CDATA[British American Tobacco (LSE: BATS) – H126 in line; confident in delivering FY26 guidance]]></headline>
      <description><![CDATA[The company has delivered a solid H126 performance that is in line with expectations, with management expressing confidence in delivering FY26 guidance.]]></description>
      <link>https://www.edisongroup.com/spark/british-american-tobacco-bats-lse-h126-in-line-confident-in-delivery-fy26-guidance/GB0002875804/widget-xml/</link>
      <isin>GB0002875804</isin>
      <epic>BATS</epic>
    </publication>
    <publication>
      <date>2026-07-30T07:54:47+00:00</date>
      <uid>2318</uid>
      <company><![CDATA[Fourlis Holdings]]></company>
      <type>Spotlight — initiation</type>
      <otc_epic>FRLSY</otc_epic>
      <headline><![CDATA[Fourlis Holdings — A trusted brand partner]]></headline>
      <description><![CDATA[ Fourlis Holdings is a leading Southeast European retailer operating exclusive long-term franchise and licence agreements with brands such as IKEA, INTERSPORT and Foot Locker, combining their global brand strength with the group’s deep local market expertise. The partnerships provide exposure to product categories with favourable growth profiles, including home furnishings, sporting goods and health and wellness. Management has initiated a transformation agenda aimed at simplifying the operating model of its multi-brand retail platform, centralising selected functions and reinforcing cost and capital discipline, thereby enhancing efficiency and cash conversion over time. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/c9be8c2a36de7d7835e203d55aa79f99.pdf</url>
      <link>https://www.edisongroup.com/research/a-trusted-brand-partner/BM-2318/widget-xml/</link>
      <filename></filename>
      <isin>GRS096003009</isin>
      <epic>FOYRK</epic>
    </publication>
    <publication>
      <date>2026-07-30T07:52:39+00:00</date>
      <uid>3751</uid>
      <company><![CDATA[Greggs]]></company>
      <type>Update</type>
      <otc_epic>GGGSF</otc_epic>
      <headline><![CDATA[Greggs — Share gains continue with strong profit growth]]></headline>
      <description><![CDATA[ Once again, there is a clear message in Greggs’ H126 results of outperformance in a challenging market, with menu innovation, its value proposition and growing distribution as key drivers in growing share. There was a general improvement in trading in company-managed stores through H126, albeit volumes are still declining. An easy comparative from H125, cost control, the phasing of cost inflation and good growth in grocery, helped to drive a strong increase in profit. Management’s outlook for cost inflation in FY26 has reduced, along with the expected rate of new store openings as they focus on fewer new stores with better returns while the environment remains challenging. The company has past peak investment and has reduced its required capital requirements for the year. This provides potential greater flexibility to consider shareholder returns beyond the ordinary dividend, which is constrained by earnings cover. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/8421168283fccb0cfe19859c28ca93cc.pdf</url>
      <link>https://www.edisongroup.com/research/share-gains-continue-with-strong-profit-growth/BM-3751/widget-xml/</link>
      <filename></filename>
      <isin>GB00B63QSB39</isin>
      <epic>GRG</epic>
    </publication>
    <publication>
      <date>2026-07-30T07:47:32+00:00</date>
      <uid>3741</uid>
      <company><![CDATA[Bodycote]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Bodycote — Aerospace momentum and self-help drive margins]]></headline>
      <description><![CDATA[ Bodycote reconfirmed full-year guidance alongside H126 results that met expectations. Core organic revenue rose 9.6%, led by a 24.6% surge in Aerospace &amp; Defence (A&amp;D), while the Optimise programme and a leaner cost base lifted group adjusted operating margins by 110bp to 16.0%. We believe reported margins understate underlying momentum, held back by transitory cost headwinds detailed below. With A&amp;D visibility extending into 2027 and a potential expansion of the restructuring programme under review, we see a clear path to sustained margin expansion. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/16c18b6cfee29dcae71af1ad6adb6a3b.pdf</url>
      <link>https://www.edisongroup.com/research/aerospace-momentum-and-self-help-drive-margins/BM-3741/widget-xml/</link>
      <filename></filename>
      <isin>GB00B3FLWH99</isin>
      <epic>BOY</epic>
    </publication>
    <publication>
      <date>2026-07-30T06:12:23+00:00</date>
      <uid>3749</uid>
      <company><![CDATA[Severfield]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Severfield — Stronger foundations in a transitional year]]></headline>
      <description><![CDATA[ Severfield has made a positive start to 2027 despite an unchanged market backdrop with FY27 guidance for underlying PBT of £12–15m unchanged from the FY26 results on 23 June 2026. Order books have increased across all three geographies (UK and Europe, and India) providing improved revenue visibility. Recent orders include an increasing proportion of higher margin work in growth end markets such as data centres. We believe this update indicates that management are ticking all the boxes next to their strategic ambitions, which should continue to support the shares. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/a144d896092fd8d93f91cfebc6d6c6dd.pdf</url>
      <link>https://www.edisongroup.com/research/stronger-foundations-in-a-transitional-year/BM-3749/widget-xml/</link>
      <filename></filename>
      <isin>GB00B27YGJ97</isin>
      <epic>SFR</epic>
    </publication>
    <publication>
      <date>2026-07-29T12:51:24+00:00</date>
      <uid>3747</uid>
      <company><![CDATA[Games Workshop Group]]></company>
      <type>Update</type>
      <otc_epic>GMWKF</otc_epic>
      <headline><![CDATA[Games Workshop Group — Not bad for an &#8216;off year&#8217;]]></headline>
      <description><![CDATA[ Games Workshop Group (GAW) enjoyed a strong FY26, a year for which there were relatively low expectations at the start given the anticipated headwinds of tough comparatives from FY24 and FY25, as well as the potential negative impact from newly introduced tariffs in the US. GAW’s core business surprised on the upside from a revenue perspective as it continued to enjoy good engagement on new products released, which translated into even better gains in gross profit and operating profit. FY27 will benefit from the launch of the 11th edition of GAW’s main intellectual property (IP), Warhammer 40K, and, if the customary three-year release cycle remains in place, FY28 should see the launch of the next edition of Warhammer Age of Sigmar. The company is facing cost pressures from higher input costs following the Middle East conflict, while investing in supporting infrastructure, growing its international presence and customer engagement, which may put pressure on the level of potential operational gearing. With respect to the Amazon partnership, there is steady progress, with scripting about to begin following the completion of initial outlines. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/26c95888e9f371a18d42ff93954604fa.pdf</url>
      <link>https://www.edisongroup.com/research/not-bad-for-an-off-year/BM-3747/widget-xml/</link>
      <filename></filename>
      <isin>GB0003718474</isin>
      <epic>GAW</epic>
    </publication>
    <publication>
      <date>2026-07-29T10:31:53+00:00</date>
      <uid>3750</uid>
      <company><![CDATA[Phoenix Spree Deutschland]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Phoenix Spree Deutschland — Robust valuations and sales progress]]></headline>
      <description><![CDATA[ Phoenix Spree Deutschland (PSD) has published its H126 portfolio valuation update. Overall valuations were robust on a like-for-like basis (-0.3%), rising for the condominium sales portfolio (+1.1%) but lower for rental properties (-1.2%). Condominium notarisations are on track to meet the company’s 2026 target of at least €55m, and the values achieved provide additional evidence of the resilience of the valuation process. PSD expects the updated Berlin Mietspiegel (rent table), announced in May, to support low-single-digit like-for-like rental growth across the portfolio. As previously announced, £17.5m of capital was returned to shareholders in July by way of a compulsory redemption of shares at a price of £2.56 per share, funded by the net proceeds from its ongoing managed portfolio wind-down strategy. Further distributions will be reviewed semi-annually. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/8fb435d31357195e597047b0f9755638.pdf</url>
      <link>https://www.edisongroup.com/research/robust-valuations-and-sales-progress/BM-3750/widget-xml/</link>
      <filename></filename>
      <isin>JE00BT7JKP71</isin>
      <epic>PSDL</epic>
    </publication>
    <publication>
      <date>2026-07-29T08:34:57+00:00</date>
      <uid>3742</uid>
      <company><![CDATA[Oryzon Genomics]]></company>
      <type>Update</type>
      <otc_epic>ORYZF</otc_epic>
      <headline><![CDATA[Oryzon Genomics — Momentum builds towards year-end readouts]]></headline>
      <description><![CDATA[ Oryzon has reported its Q226 results, with iadademstat remaining the key focus. Interim ALICE-2 (testing iadademstat in combination with venetoclax and azacitidine) data showed encouraging response rates in first-line acute myeloid leukaemia (AML). Final ALICE-2 and FRIDA (in FLT3-mutated AML) readouts are expected by end-2026, potentially paving the way for a registrational programme in first-line AML. Oryzon also enrolled the first patient in IDEAL in essential thrombocythaemia (ET), while RESTORE continues to recruit in sickle cell disease (SCD). For vafidemstat, work continues to support resubmission of the PORTICO-2 protocol in borderline personality disorder (BPD). R&amp;D expenses more than doubled in H126 to €10.0m, reflecting increased clinical activity. We raise our probability of success for the AML programme to 35%, following positive interim data presented at EHA, resulting in our valuation upgrading to €1,049.2m from €994.4m. Our per share valuation remains €12.4 due to the higher share count following the €12m equity raise in July. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/032ba2155aa0793450a83a8c71b31ef9.pdf</url>
      <link>https://www.edisongroup.com/research/momentum-builds-towards-year-end-readouts/BM-3742/widget-xml/</link>
      <filename></filename>
      <isin>ES0167733015</isin>
      <epic>ORY</epic>
    </publication>
    <publication>
      <date>2026-07-29T08:29:05+00:00</date>
      <company><![CDATA[Greggs]]></company>
      <headline><![CDATA[Greggs (LSE: GRG) – share gains continue and strong profit growth]]></headline>
      <description><![CDATA[Revenue increased by 7.2% in H126 with like-for-like growth in company-managed stores at 2.1%.]]></description>
      <link>https://www.edisongroup.com/spark/greggs-lse-grg-resilient-h126-performance/GB00B63QSB39/widget-xml/</link>
      <isin>GB00B63QSB39</isin>
      <epic>GRG</epic>
    </publication>
    <publication>
      <date>2026-07-29T07:50:23+00:00</date>
      <company><![CDATA[Kooth]]></company>
      <headline><![CDATA[Kooth (AIM: KOO) – strong H126 EBITDA growth, driven by California engagement]]></headline>
      <description><![CDATA[Margin expansion underscores California momentum and acquisition capacity]]></description>
      <link>https://www.edisongroup.com/spark/kooth-aim-koo-strong-h126-ebitda-growth-driven-by-california-engagement/GB00BMCZLK30/widget-xml/</link>
      <isin>GB00BMCZLK30</isin>
      <epic>KOO</epic>
    </publication>
    <publication>
      <date>2026-07-29T07:05:45+00:00</date>
      <company><![CDATA[Basilea Pharmaceutica]]></company>
      <headline><![CDATA[Basilea Pharmaceutica (SIX: BSLN) secures additional $30m commitment from BARDA for fosmanogepix]]></headline>
      <description><![CDATA[S$30m BARDA award strengthens Phase III execution and funding visibility for fosmanogepix.]]></description>
      <link>https://www.edisongroup.com/spark/basilea-pharmaceutica-six-bsln-secures-additional-30m-commitment-from-barda-for-fosmanogepix/CH0011432447/widget-xml/</link>
      <isin>CH0011432447</isin>
      <epic>BSLN</epic>
    </publication>
    <publication>
      <date>2026-07-29T06:39:03+00:00</date>
      <uid>3735</uid>
      <company><![CDATA[CI Games]]></company>
      <type>Update</type>
      <otc_epic>CIGMF</otc_epic>
      <headline><![CDATA[CI Games — Timing is everything for Lords of the Fallen 2]]></headline>
      <description><![CDATA[ We believe that the market’s reaction to the CI Games announcement that the release of Lords of the Fallen 2 (LotF2) is being pushed out to Q1 next year is overly negative. The opportunity that this postponement offers to include additional customer feedback and further enhance gameplay while avoiding a potentially disruptive H226 release calendar lowers risk for shareholders. Such an approach could enhance shareholder value creation over the medium to long term. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/a8e5098a8b518e04a1b980714b13b572.pdf</url>
      <link>https://www.edisongroup.com/research/timing-is-everything-for-lords-of-the-fallen-2/BM-3735/widget-xml/</link>
      <filename></filename>
      <isin>PLCTINT00018</isin>
      <epic>CIG</epic>
    </publication>
    <publication>
      <date>2026-07-28T12:56:42+00:00</date>
      <company><![CDATA[Hargreaves Services]]></company>
      <headline><![CDATA[Hargreaves Services]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/hargreaves-services/BMC-396/widget-xml/</link>
      <isin>GB00B0MTC970</isin>
      <epic>HSP</epic>
    </publication>
    <publication>
      <date>2026-07-28T09:48:41+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Mutares capital markets day in London]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/mutares-capital-markets-day-in-london/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-07-28T09:45:48+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Edison Group to host Alter Ego Media non-deal roadshow in London]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/edison-group-to-host-alter-ego-media-non-deal-roadshow-in-london/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-07-28T09:43:52+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Edison Group to host PZ Cussons non-deal roadshow in London]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/edison-group-to-host-pz-cussons-non-deal-roadshow-in-london/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-07-28T09:07:05+00:00</date>
      <uid>3745</uid>
      <company><![CDATA[Patria Private Equity Trust]]></company>
      <headline><![CDATA[Uncovering Trusts – Patria Private Equity Trust (PPET): Resilient portfolio earnings through a volatile half]]></headline>
      <description><![CDATA[In this episode, our director of content for investment companies, Milosz Papst, talks about Patria Private Equity Trust (PPET), a UK 250 vehicle investing predominantly in European private equity funds and direct investments through a concentrated group of core managers. Milosz covers PPET&#8217;s results for the six months to 31 March 2026, including 13.7% revenue growth and 13.4% EBITDA growth across its top 100 underlying holdings, alongside a 5.5% share price total return, achieved despite Middle East-driven volatility and a sell-off in software valuations. He discusses the trust&#8217;s active deployment into new funds and direct deals such as Omilia and AlphaPet, strong realisations including the Uvesco exit, and its growing direct-investment programme. Milosz also touches on PPET&#8217;s dividend record of 12 consecutive years of increases and its ongoing share buyback programme.
Listen on your preferred podcast player below:

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About Uncovering Trusts: Uncovering Trusts is a podcast run by Edison analysts, which is released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.
]]></description>
      <link>https://www.edisongroup.com/podcast/patria-private-equity-trust-uncovering-trusts-patria-private-equity-trust-ppet-resilient-portfolio-earnings-through-a-volatile-half/BM-3745/widget-xml/</link>
      <isin>GB0030474687</isin>
      <epic>PPET</epic>
    </publication>
    <publication>
      <date>2026-07-28T08:32:33+00:00</date>
      <company><![CDATA[Games Workshop Group]]></company>
      <headline><![CDATA[Games Workshop Group (LSE: GAW) FY26 results]]></headline>
      <description><![CDATA[A strong year despite lower licensing revenue]]></description>
      <link>https://www.edisongroup.com/spark/games-workshop-group-fy26-results/GB0003718474/widget-xml/</link>
      <isin>GB0003718474</isin>
      <epic>GAW</epic>
    </publication>
    <publication>
      <date>2026-07-28T07:58:41+00:00</date>
      <company><![CDATA[Theon International]]></company>
      <headline><![CDATA[Theon International (AMS: THEON) – robust Q2/H126 trading update, FY26 guidance unchanged]]></headline>
      <description><![CDATA[Theon reported robust Q2/H126 results supported by continued strong demand for night vision solutions and traction in their ISR business. Strong order growth provides good future revenue visibility while resilient ongoing demand supports unchanged FY26 guidance. The company expect a further acceleration of orders and activity in H226 and expect to publish the full HY report on 7 September.]]></description>
      <link>https://www.edisongroup.com/spark/theon-international-ams-theon-robust-q2-h126-trading-update-fy26-guidance-unchanged/CY0200751713/widget-xml/</link>
      <isin>CY0200751713</isin>
      <epic>THEON</epic>
    </publication>
    <publication>
      <date>2026-07-28T07:50:03+00:00</date>
      <uid>3725</uid>
      <company><![CDATA[Wheaton Precious Metals]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Wheaton Precious Metals — Honing Q226 estimates]]></headline>
      <description><![CDATA[ Wheaton Precious Metals’ (WPM’s) Q226 financial results are scheduled for release on 6 August. To date, production numbers from Salobo, Sudbury, Voisey’s Bay, Blackwater, San Dimas, Neves-Corvo and Zinkgruvan are already known and are broadly in line with our expectations. Production from Penasquito (announced on 23 July) was slightly below our expectations (7Moz cf 8Moz). However, we believe there is credible evidence that sales will have outperformed production in Q2, as a record historical under-sale of material in Q1 is reversed. Although precious metals prices have fallen by c 20.2% since our last note therefore, we have reduced our Q226 EPS forecast by only 1.9% to US$1.158 and our FY26 EPS forecast by only 15.6% to US$4.33. In this respect, we note that we remain at the more conservative end of the range of market expectations for the full year. Note that, if current metals prices prevail into next year, our FY27 EPS forecast would rise from that shown below to US$4.39(ie effectively flat cf FY26). ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/9024f23647c0abb565722050481b45a7.pdf</url>
      <link>https://www.edisongroup.com/research/honing-q226-estimates/BM-3725/widget-xml/</link>
      <filename></filename>
      <isin>CA9628791027</isin>
      <epic>WPM</epic>
    </publication>
    <publication>
      <date>2026-07-28T07:10:39+00:00</date>
      <uid>3734</uid>
      <company><![CDATA[Noctiluca]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Noctiluca — Clearer pathway to volume production]]></headline>
      <description><![CDATA[ Noctiluca\'s AGM update reinforces our view that the company is making good progress towards industrial qualification and commercialisation. Management provided greater clarity on the remaining milestones and timeline for its lead programme, supporting our expectation of a meaningful growth inflection from FY28. Meanwhile, NCEIL continues to gain validation across a broader range of partners and applications. Technology risks have reduced materially, we maintain our central valuation of PLN183/share with further commercialisation milestones the key catalyst for upside. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/046837f8e03df67982aab1e3e7b86fa0.pdf</url>
      <link>https://www.edisongroup.com/research/clearer-pathway-to-volume-production/BM-3734/widget-xml/</link>
      <filename></filename>
      <isin>PLNCTLC00018</isin>
      <epic>NCL; FSE: G0Z</epic>
    </publication>
    <publication>
      <date>2026-07-28T06:28:58+00:00</date>
      <company><![CDATA[Creo Medical]]></company>
      <headline><![CDATA[Creo Medical&#8217;s (LSE: CREO) H126 results build momentum]]></headline>
      <description><![CDATA[Improving commercial traction, operating leverage and balance sheet strength reinforce confidence in FY26 delivery.]]></description>
      <link>https://www.edisongroup.com/spark/creo-medicals-lse-creo-h126-results-build-momentum/GB00BZ1BLL44/widget-xml/</link>
      <isin>GB00BZ1BLL44</isin>
      <epic>CREO</epic>
    </publication>
    <publication>
      <date>2026-07-28T06:09:36+00:00</date>
      <uid>3711</uid>
      <company><![CDATA[PCI-PAL]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[PCI-PAL — Strong finish to FY26]]></headline>
      <description><![CDATA[ PCI Pal’s FY26 trading update confirmed that it closed the year with annual recurring revenue (ARR), contracted ARR (CARR), revenue and adjusted EBITDA all ahead of our forecasts. The company saw strong demand from new customers and a slightly improved gross retention rate, including securing multi-year renewals with two key customers. With a stated goal of achieving average ARR growth of 18–20% through FY27 and beyond, the company has closed FY26 well on track to meet this target. We upgrade our FY26 estimates to reflect the strong performance. Pending further detail from FY26 results in September, we maintain our FY27 forecasts. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/5c76a0a2b24be2049f7b9fead6d76359.pdf</url>
      <link>https://www.edisongroup.com/research/strong-finish-to-fy26/BM-3711/widget-xml/</link>
      <filename></filename>
      <isin>GB0009737155</isin>
      <epic>PCIP</epic>
    </publication>
    <publication>
      <date>2026-07-27T14:13:20+00:00</date>
      <uid>3731</uid>
      <company><![CDATA[Avon Technologies]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Avon Technologies — Transformation delivered, next phase in focus]]></headline>
      <description><![CDATA[ Avon approaches FY26 results with the transformation programme almost complete and medium-term targets achieved 18 months ahead of schedule. New targets are expected later in 2026, shifting the focus to organic growth and operational improvement. FY26 guidance remains for high-single-digit revenue growth, adjusted operating margin towards the top of the 14–16% range and cash conversion above 80%. Key watch points are Department of War (DoW) order timing, recovery in grant-funded demand and Team Wendy progress. H1 cash conversion was 38%, affected by $18m of DoW receivables arriving immediately post period end; leverage was 0.90x. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/749e951743c5aabccbb3f688f41daf4f.pdf</url>
      <link>https://www.edisongroup.com/research/transformation-delivered-next-phase-in-focus/BM-3731/widget-xml/</link>
      <filename></filename>
      <isin>GB0000667013</isin>
      <epic>AVON</epic>
    </publication>
    <publication>
      <date>2026-07-27T13:23:58+00:00</date>
      <uid>3709</uid>
      <company><![CDATA[Pathos Communications]]></company>
      <type>Client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Pathos Communications — PR for the masses]]></headline>
      <description><![CDATA[ Pathos Communications combines a differentiated pay-on-results model with proprietary AI to make effective PR accessible to small and medium-sized enterprises (SMEs). Its technology is intended to improve prospect targeting, personalise outreach and accelerate content production, expanding market penetration as well as increasing efficiency. H126 saw encouraging progress in new-client acquisitions, repeat business, profitability and cash collection. Given the 14% revenue growth delivered in H1, continued progress and the benefits of technology deployment could drive faster growth than the c 7% and c 10% implied by consensus estimates for FY26 and FY27. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/629ec5cf63a028a7f9ff515b81dd0610.pdf</url>
      <link>https://www.edisongroup.com/research/pr-for-the-masses/BM-3709/widget-xml/</link>
      <filename></filename>
      <isin>GB00BTWSXW71</isin>
      <epic>NEWS</epic>
    </publication>
    <publication>
      <date>2026-07-27T12:58:30+00:00</date>
      <uid>3740</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Q226 reflections: Leadership swings back – the value case holds]]></headline>
      <description><![CDATA[The Iran ceasefire and oil&#039;s collapse revived the AI trade and swung market leadership back to the US and growth after a value- and energy-led start to the year. Yet the structural case for UK and European equities &#8211; cheaper valuations, stronger shareholder returns and a growing wave of M&amp;A validating those valuations &#8212; remains firmly intact.]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=bb6073a2-5ed5-499f-905a-1dd16f4a0f3bfileId=3740_94175382-3daa-4f68-9f00-baf859745039&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/insight/q226-reflections-leadership-swings-back-the-value-case-holds/BM-3740/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-07-27T12:24:02+00:00</date>
      <uid>3639</uid>
      <company><![CDATA[BB Biotech]]></company>
      <type>Update</type>
      <otc_epic>BBAGF</otc_epic>
      <headline><![CDATA[BB Biotech — Stock selection drives Q2 NAV outperformance]]></headline>
      <description><![CDATA[ BB Biotech (BION) delivered strong Q226 results, with NAV increasing 17.2% (in Swiss franc terms), 3.5pp ahead of the benchmark. The share price rose by a more modest 9.7% and the discount widened to 12.9%. Performance was supported by broad clinical execution and continued M&amp;A activity. The portfolio evolved materially, with 12 additions increasing the total to 39 investments, while three portfolio companies were involved in announced acquisitions in 2026 to-date. BION also revised its annual payout policy, introducing a target yield of 3–5% from FY26. The managers remain constructive on the medium-term outlook, supported by scientific innovation, structural demand for external assets and a broad pipeline of catalysts, although regulatory, macroeconomic and geopolitical uncertainty remains relevant. Collectively, these dynamics support a constructive longer-term perspective for active biotechnology investing. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/06f199bf57c4864c9d939a7f619155ea.pdf</url>
      <link>https://www.edisongroup.com/research/stock-selection-drives-q2-nav-outperformance/BM-3639/widget-xml/</link>
      <filename></filename>
      <isin>CH0038389992</isin>
      <epic>BION</epic>
    </publication>
    <publication>
      <date>2026-07-27T11:17:00+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Science Group (LSE: SAG) &#8211; margin expansion offsets managed revenue reduction]]></headline>
      <description><![CDATA[Science Group\'s H1 AOP margin rose to 24.3% on managed revenue mix, adjusted EPS grew 5.7% and H2 growth is expected.]]></description>
      <link>https://www.edisongroup.com/spark/science-group-lse-sag-margin-expansion-offsets-managed-revenue-reduction/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-07-27T08:20:31+00:00</date>
      <uid>3728</uid>
      <company><![CDATA[discoverIE Group]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[discoverIE Group — Q1 organic order intake up 31%]]></headline>
      <description><![CDATA[ discoverIE reported continuing strong momentum in order intake, with Q127 organic order growth of 31% y-o-y, up from 14% in Q426. Q127 revenue was 6% higher on an organic basis with a further 4% contribution from recent acquisitions. The company noted that the positive outlook continues with full year adjusted earnings tracking ahead of board expectations. As it is still early in the year, we have conservatively made a small upgrade to our forecasts, with adjusted EPS 1.3% higher in FY27 and 1.2% higher in FY28. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/899c543002ed5577c39550a1c33fac6f.pdf</url>
      <link>https://www.edisongroup.com/research/q1-organic-order-intake-up-31/BM-3728/widget-xml/</link>
      <filename></filename>
      <isin>GB0000055888</isin>
      <epic>DSCV</epic>
    </publication>
    <publication>
      <date>2026-07-27T07:43:37+00:00</date>
      <uid>3701</uid>
      <company><![CDATA[Terrain Minerals]]></company>
      <type>Client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Terrain Minerals — Maiden mineral resource estimate]]></headline>
      <description><![CDATA[ Today, Terrain announced a maiden mineral resource estimate (MRE) at its Lightning prospect within its 100%-owned Smokebush project in Western Australia. The initial magnitude of the resource is 54koz gold (all in the inferred category), contained within 677kt of mineralised material at 2.5g/t Au plus 156.5koz Ag. This puts Terrain on a resource multiple of US$118.57/oz in-situ gold, which is a 22.7% discount to the average (Edison calculated) value of inferred resources listed in Australia and alone implies a valuation for the prospect of US$8.3m (A$11.8m), excluding Terrain’s other assets (Biloela, Lort River and Carlindie) and cash (A$1.4m at end-June). This is despite Lightning’s grade of 2.5g/t being at a 54% premium to the average of other Australian-listed gold assets (of 1.62g/t) and at a 150% premium to the average grade of inferred ounces specifically. Importantly, this maiden MRE represents an initial base rather than the full extent of the project’s mineral endowment, which remains open both along strike and at depth. As such, this could prove to be an inflection point for Terrain’s shares. The company’s next 5–6km reverse circulation (RC) drill campaign will aim to include all mineralised intersections that currently sit outside the model as well as simultaneously lifting the resources into the higher-confidence indicated category. Lookalike targets are also being advanced with the result that Lightning could emerge as a multiple camp-style opportunity with resources potentially becoming much larger before being capped off. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/f3a6a503ff99318ebfa7459f76c1e57c.pdf</url>
      <link>https://www.edisongroup.com/research/maiden-mineral-resource-estimate/BM-3701/widget-xml/</link>
      <filename></filename>
      <isin>AU000000TMX0</isin>
      <epic>TMX</epic>
    </publication>
    <publication>
      <date>2026-07-24T15:57:04+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Schweiter Technologies (SIX: SWTQ) – margin expansion lifts profits despite lower H1 sales]]></headline>
      <description><![CDATA[Schweiter\'s H126 sales fell 9% to CHF450.3m, but pricing and cost discipline lifted EBITDA margin to 10.0%; FY26 profitability guided above prior year.]]></description>
      <link>https://www.edisongroup.com/spark/schweiter-technologies-six-swtq-margin-expansion-lifts-profits-despite-lower-h1-sales/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-07-24T14:25:17+00:00</date>
      <uid>3717</uid>
      <company><![CDATA[The Law Debenture Corporation]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[The Law Debenture Corporation — Consistent delivery]]></headline>
      <description><![CDATA[ The Law Debenture Corporation (LWDB) has published results for the first six months of 2026 (H126), building once more on its long-term record of outperformance versus the broad equity market benchmark. The H126 fair value NAV total return of 11.4% was 4.2pp ahead of the benchmark total return of 7.2%. LWDB’s share price total return in the period was even stronger, at 16.2%. Quarterly DPS has increased by 6.0%. We believe LWDB’s unique combination of a UK investment trust and a cash-generative professional services operating business (IPS) is core to the trust’s consistent outperformance. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/4238ca40483d630f5d1e5c4206fa0553.pdf</url>
      <link>https://www.edisongroup.com/research/consistent-delivery/BM-3717/widget-xml/</link>
      <filename></filename>
      <isin>GB0031429219</isin>
      <epic>LWDB</epic>
    </publication>
    <publication>
      <date>2026-07-24T09:33:38+00:00</date>
      <uid>3732</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Edison explains: The return of gold M&amp;A]]></headline>
      <description><![CDATA[What happens when the world&#8217;s gold miners can no longer find enough gold?]]></description>
      <url></url>
      <link>https://www.edisongroup.com/thematic/edison-explains-the-return-of-gold-ma/BM-3732/widget-xml/</link>
      <filename>Explains_Gold-MA_240726_ed_FINAL3.pdf</filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-07-24T09:12:52+00:00</date>
      <uid>3705</uid>
      <company><![CDATA[Alkane Resources]]></company>
      <type>Update</type>
      <otc_epic>ALKEF</otc_epic>
      <headline><![CDATA[Alkane Resources — Maiden dividend; honing EPS for FY26]]></headline>
      <description><![CDATA[ Alkane’s Q426 quarterly activities report revealed record annual ounces produced, record mined ore tonnes, record mill throughput, record cash flow, likely record profit after tax, a gross margin in excess of 50% (Edison forecasts) and a maiden dividend of 2c/share, helping to cement the reputation of its management as both consistent executors and good assessors of risk. Less than a year after its merger with Mandalay, the company is undertaking a major investment programme to keep costs low, grow its resource and, ultimately, extend the lives of its operations. At the same time, it is seeking corporate expansion via an asset in either Australia, New Zealand, the US, Canada or Scandinavia that is within two years of production at a rate of c 70–120koz per year to which it can add value, prior to Boda-Kaiser coming to dominate the company. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/90f65bb730acb9bb9d7a33e36cd7946b.pdf</url>
      <link>https://www.edisongroup.com/research/maiden-dividend-honing-eps-for-fy26/BM-3705/widget-xml/</link>
      <filename></filename>
      <isin>AU000000ALK9</isin>
      <epic>ALK</epic>
    </publication>
    <publication>
      <date>2026-07-24T08:20:44+00:00</date>
      <uid>3727</uid>
      <company><![CDATA[Orell Fussli]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Orell Fussli — H126 in line, full-year guidance unchanged]]></headline>
      <description><![CDATA[ Orell Füssli reported H126 revenue of CHF121.4m, up 1% y-o-y (H125: CHF120.1m). Security Printing and Zeiser both operated at high capacity in H1. A change in product mix in the Security Printing division resulted in a lower operating result with adjusted EBIT of CHF6.9m down c 32% y-o-y and with the EBIT margin falling by 290bp to 5.6% from 8.5% in H125. This is consistent with the outlook given with the FY25 results in March 2026, where the company pointed to high capacity utilisation but a slightly softer order mix. FY26 guidance is unchanged, as is our CHF181.0/per share valuation. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/df51caa95d74ede55308bf779c196d13.pdf</url>
      <link>https://www.edisongroup.com/research/h126-in-line-full-year-guidance-unchanged/BM-3727/widget-xml/</link>
      <filename></filename>
      <isin>CH0003420806</isin>
      <epic>OFN</epic>
    </publication>
    <publication>
      <date>2026-07-24T08:18:13+00:00</date>
      <uid>3683</uid>
      <company><![CDATA[ME Group]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[ME Group — Recovery on track after April&#8217;s setback]]></headline>
      <description><![CDATA[ ME Group is a highly cash-generative business by design: revenue from a machine installed in a high-footfall location is relatively predictable, the marginal cost of each additional transaction is minimal and maintenance is serviced by the same engineers. Despite weaker trading in April, which management attributes to a temporary shift in consumer sentiment rather than any loss of competitive position, trading has since recovered, with total vending revenue up 11.1% y-o-y in May, the improvement continuing through June and management reiterating its full-year guidance. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/de8253d2994446bf62c52a8c8e4c9294.pdf</url>
      <link>https://www.edisongroup.com/research/recovery-on-track-after-aprils-setback/BM-3683/widget-xml/</link>
      <filename></filename>
      <isin>GB0008481250</isin>
      <epic>MEGP</epic>
    </publication>
    <publication>
      <date>2026-07-24T08:10:12+00:00</date>
      <company><![CDATA[BB Biotech]]></company>
      <headline><![CDATA[BB Biotech (SIX: BION): Strong Q226 NAV performance and refreshed portfolio]]></headline>
      <description><![CDATA[BION\'s reports robust NAV outperformance driven by disciplined stock selection and portfolio positioning ]]></description>
      <link>https://www.edisongroup.com/spark/bb-biotech-six-bion-strong-q226-nav-performance-and-refreshed-portfolio/CH0038389992/widget-xml/</link>
      <isin>CH0038389992</isin>
      <epic>BION</epic>
    </publication>
    <publication>
      <date>2026-07-24T07:51:54+00:00</date>
      <company><![CDATA[AOTI]]></company>
      <headline><![CDATA[AOTI (LSE: AOTI) announces major reimbursement inflection]]></headline>
      <description><![CDATA[Proposed CMS reimbursement represents a key commercial catalyst, materially improving AOTI\'s reimbursement outlook, revenue visibility and long-term US growth potential]]></description>
      <link>https://www.edisongroup.com/spark/aoti-lse-aoti-announces-major-reimbursement-inflection/US03690C1027/widget-xml/</link>
      <isin>US03690C1027</isin>
      <epic>AOTI</epic>
    </publication>
    <publication>
      <date>2026-07-24T07:44:09+00:00</date>
      <uid>3726</uid>
      <company><![CDATA[Team Internet Group]]></company>
      <type>Flash</type>
      <otc_epic>TIGXF</otc_epic>
      <headline><![CDATA[Team Internet Group — Improving trends continue]]></headline>
      <description><![CDATA[ Team Internet’s H1 trading update indicates that performance remains in line with the improving trends previously communicated. Domains, Identity and Software (DIS) and Comparison are delivering strong EBITDA growth and margin expansion, while Search has completed its transition to Related Search on Content (RSoC) and returned to EBITDA profitability in June. The strategic review of DIS is ongoing and management continues to expect an outcome during 2026, supported by DIS’s strong financial performance. Our estimates are unchanged but, given the seasonal H2 weighting and elimination of the drag from losses at Search, look well supported at the profitability level. Our sum-of-the-parts valuation range of 54–68p still appears appropriate, with catalysts for further upside. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/8239044076f6cce7953533a40b319de1.pdf</url>
      <link>https://www.edisongroup.com/research/improving-trends-continue/BM-3726/widget-xml/</link>
      <filename></filename>
      <isin>GB00BCCW4X83</isin>
      <epic>TIG</epic>
    </publication>
  </publications>
</feed>
