Deep Intelligence Across Industries

Company Headquarters: China Founded: 2001 Workforce: ~3,000 Company Working: Wuxi YADEA Export-Import Co., Ltd is one of the leading manufacturers of electric bikes and scooters in China. The company is engaged in the manufacturing of lithium e-bikes, lead-acid e-bikes, electric scooters, and electric motorcycles. Its major business operations comprise design, research & development, manufacturing, and sale of electric two-wheel vehicles. Furthermore, it offers batteries and chargers, as well as other electric two-wheeled vehicle components. Till 31 December 2018, the Group had nearly 113 models of electric scooters to offer in the global market. The company has more than 1,800 distributors and sub-distributors throughout China and 50 other countries. Moreover, it has an annual production capability of 6 million with four production facilities and management centers in Jiangsu, Zhejiang, Tianjin, and Guangdong.

Company Headquarters: China Founded: 1999 Workforce: ~5,000 Company Working: Jiangsu Xinri E-Vehicle Co., Ltd is one of the leading developers of electric scooters. The company is engaged in research & development and manufacturing & distribution of electric vehicles and key spare parts & components. Its portfolio includes electric bikes, electric scooters, electric motorcycles, electric cargo and passenger tricycles, and electric cars and all-terrain vehicles. The company has six major production bases of electric vehicles in Wuxi, Tianjin, Dongguan, Xiangyang, Henan, and Xuzhou in China, with an annual production capacity of 4 million. Moreover, it exports its products in over 70 countries, including the US and countries of Asia and Africa.

Company Headquarters: New Jersey, US Founded: 1981 Workforce: ~ 2,000 Company Working: Cambrex Corporation is actively engaged in the manufacturing and distribution of small molecules. The company operates in business segments namely, drug substance, drug products, and analytical services. In the drug substance segment, the company offers services such as custom manufacturing, specialist technologies, solid-state science, material characterization, and generic APIs including High potency APIs. It operates through more than 13 EMEA, HPFBI, FDA, and DEA (CI-CV) approved manufacturing facilities located in North America and Europe.

Company Headquarters: Ulsan, South Korea Founded: 1972 Workforce: ~ 16,000 Company Working: Hyundai Heavy Industries Co., Ltd is a multinational company, primarily focused on shipbuilding market. The company operates through five business divisions, namely shipbuilding, special & naval ships, offshore & engineering, industrial plant & engineering, and engine & machinery. Marine diesel engines are offered under Hyundai Heavy Industries Co., Ltd Energy & Machinery Division (HHI-END), which also manufactures propellers, cargo oil pumps, ballast water treatment systems, side thrusters. HHI-EMD manufactures engines that are offered under its own engine brand, HiMSEN. . Additionally, it considers research & development for improving operating reliability, performance, and developing environment-friendly engines, which have less carbon emissions. Hyundai Heavy Industries Co., Ltd has more than 20 subsidiaries, such as Hyundai Samho Heavy Industries Co., Ltd., Hyundai (Jiangsu) Construction Machinery Co., Ltd., Hyundai Transformers and Engineering India Pvt., Ltd., and Hyundai Ideal Electric Co. in North America, Europe, Asia, and Africa. The company has more than 40 offices, across the globe.

Company Headquarters: South Korea Founded: 1976 Workforce: ~3,000 Company Working: STX Engine, a subsidiary of STX Corporation is engaged in the manufacturing of diesel engines for shipping industry, military and defense and energy & utilities. The company operates through various business areas, such as marine engine, stationary power generation engine, military diesel engine, electronic communication equipment, and engine parts & service. The product marine diesel engine fall under the marine engine business area. For engines, the company provides technical assistance, field services, on-board disassembly/assembly, engine modification, engine performance optimizing service, and more. It has global presence in Europe, Asia, and South America and more than 20 distributors in South Korea. Additionally, it offers services, such as replacement of spare parts, engine maintenance, and other critical technical parameters for optimal engine performance.

Company Headquarters: Mumbai, India Founded: 1859 Workforce: ~1,750 Company Working: Greaves Cotton Limited is a manufacturer and seller of diesel engines, generators sets, petrol engines, pump sets and construction equipment. It manufactures a wide range of products, such as pump sets, power tillers, light agricultural equipment, automotive engines, non-automotive small engines, and industrial engines. The sale of marine diesel engines contributes to its non-automotive small engines business. It offers engines ranging between 4HP and 700HP, which are primarily applicable in defense, construction, marine, railways, and other industries. The company is involved in the businesses of automotive engine, auxiliary power, farm equipment, aftermarket. It has six manufacturing units and more than 3,500 service outlets across India. Additionally, its manufacturing facilities include research & development department and testing labs, which function to improve product accuracy and efficiency.

Company Headquarters: Noida, India Founded: 1958 Workforce: ~5,789 Company Working: Havells India Ltd is engaged in manufacturing electrical and power distribution equipment, such as switchgear, cables and wires, motors, fans, capacitors, modular switches, and household electronics. The company operates in five business segments, which are switchgears, cables, lighting and fixtures, electrical consumer durables, and Lloyd consumer. MCBs and MCCBs fall under its switchgears segment. The company manufactures all its electrical products under its brand, Havells Galaxy, which has more than 500 stores across India. Havells India Ltd also owns brands such as Lloyd, Crabtree, Standard, and Promptec, which enhances its market position and helps it connect with customers better. Additionally, the company has a strong network of more than 7,500 dealers, 40 branch offices, and 12 manufacturing sites in India. Havells India Ltd has a presence in more than 40 countries including China, Canada, Mexico, Germany, Brazil, and the UK. The key subsidiaries of the company are Havells Sylvania Iluminacion (Chile) Ltda (Chile), Havells USA Inc (the US), 8 Standard Electrical Limited (India), Havells Exim Limited (Hong Kong), and 2 Lloyd Consumer Private Limited (India).

Company Headquarters: Tokyo, Japan Founded: 1910 Workforce: ~3,07,275 Company Working: Hitachi Industrial Equipment Systems Co. Ltd. (Hitachi) is an electrical machinery manufacturer. Hitachi operates as a subsidiary of Hitachi Ltd. The company mainly produces and sells electrical machinery, including motors, inverters, switches, transformers, pumps, and generators. It operates through seven business segments, which are information and telecommunication systems, social infrastructure and industrial systems, electronic systems and equipment, construction machinery, high functional materials and components, automotive systems, and smart life and eco-friendly systems. MCBs and MCCBs fall under its social infrastructure and industrial systems segment. The company generates 23% of its revenue from its social infrastructure and industrial systems segment, which includes products, such as industrial machinery, escalators, railways system, and renewable energy power generation systems. Hitachi has a broad geographical presence with more than 580 subsidiaries, worldwide. The key subsidiaries of the company are Hitachi Chemical Electronics Co., Ltd. (Japan), Hitachi Construction Machinery Sdn.Bhd. (Malaysia), Hitachi Europe GmBH (Germany), Hitachi Industrial Equipment Systems co., Ltd. (China), and Hitachi Home Electronics Asia (s) Pte. Ltd. Furthermore, the major competitors of Hitachi are FUJITSU (Japan), General Electric (the US), Siemens (Germany) and NEC Corporation (Japan).

Company Headquarters: Italy Founded: 1988 Workforce: ~1,127 Company Working: Manni Group is a leading manufacturer and distributor of steel products. It operates through three business segments, namely, steel, insulating panels, and renewable energy and services. Its product portfolio comprises metal insulation panels, cold-rolled stainless steel and coils, steel beams, extruded plates, rolled corners, laminated plates, steel tubes, and steel tanks, wall panels, roof panels, rock wool panels, photovoltaic systems, and accessories. Isopan SpA (Isopan) is a subsidiary of Manni Group, through which it manufactures and sells insulated metal panels for roofs and walls. Isopan manufactures acoustic panels and high fire resistant and architectural facade systems. It offers a wide range of products, colors, and finishes, allowing the creation of customized solutions and innovative designs. The company also provides mounting hardware, sheet metal for finishes and rainwater collection, translucent, and polycarbonate corrugated elements for skylights through its service center. Isopan offers products for civil, industrial, commercial, and livestock construction projects. Manni Group has 14 companies across Italy, France, Russia, and Mexico and serves customers across 78 countries worldwide.

Company Headquarters: California, US Founded: 2011 Workforce: ~1,500 Company Working: Global Eagle Entertainment Inc. is a leading provider of media content, technology, and connectivity solutions to the aviation and travel industry. The firm specializes in the provision of in-flight entertainment, connectivity, and in-flight gaming technologies. The company has a customer base of over 150 airlines. The company provides a wide range of in-flight solutions including Wi-Fi, movies, television, music, interactive software, portable IFE, and e-commerce solutions. It offers high-quality solutions to their airline customers that aids them in enhancing their passenger experiences. The firm has also partnered with top airlines in the US to facilitate branding and marketing opportunities to airport executive clubs, engaging the most affluent and influential consumers. The company also has established a presence in North America, South America, Europe, Asia, Oceania, and the Middle East & Africa. In addition, the company recently launched their Airconnect 3.0 in-flight Wi-Fi system for factory installation in the Boeing 737 MAX family of airplanes.

Company Headquarters: Luxembourg Founded: 1976 Workforce: ~209,000 Company Working: ArcelorMittal S.A. (ArcelorMittal) is one of the leading integrated steel and mining companies. It operates through five business segments, namely, NAFTA, Brazil, Europe, Africa and the Commonwealth of Independent States (ACIS), and mining. The company is engaged in producing finished and semi-finished steel products with a range of specifications for industrial applications. Its major steel products include semi-finished flat plates, sandwich panels, finished flat plates, hot-dipped and electro-galvanized coils and sheets, hot and cold-rolled coils and sheets, and tinplate and color coated coils and sheets. The company’s finished long products include bars, structural sections, wire-rods, rails, sheet piles, and wire-products while its semi-finished long products include blooms and billets, and seamless and welded pipes and tubes. The mineral wool steel sandwich panels are included under its wall and facade product category. It offers its steel products for automotive, engineering, appliance, construction, energy, and machinery applications. ArcelorMittal distributes its products through a centralized marketing organization to customers in approximately 160 countries and through distributors and processors.

1.1.1 Business Overview Company Headquarters: US Founded: 1967 Workforce: ~5,000 Company Working: Comtech Telecommunications is a provider of communication technologies. It operates under two business segments, namely commercial solutions and government solutions. The commercial solutions segment includes, satellite earth station modems, voice gateways, wave tube amplifiers, and advanced VSAT solutions are provided in the communication technologies umbrella. Its safety and security division provides 9-1-1 systems and emergency services IP networks. Their enterprise technologies umbrella provides IoT location platforms and geo-targeted messaging. The government solutions wing provides command and control technologies such as remote sensing tracking systems, rugged solid-state drives, land mobile products, and quick-deploy satellite systems. The troposcatter technologies include digital troposcatter multiplexers, digital over-the-horizon modems, and frequency converter systems. The radio frequency (RF) power systems include high-power solid-state broadband amplifiers and IED counteraction amplifiers. Comtech Telecommunications is a matured market player and has invested in research and development from the start. Its strategic partnerships with the US army have helped it acquire funding from time to time and become a long-term partner of the US government over the years. Today, the company can grow organically by developing products which suit the needs of the US army and maintaining its contracts.

Daikin Industries is the world's largest pure-play air-conditioning company and the only global HVAC manufacturer that also produces the refrigerants and fluorochemicals its equipment depends upon. Founded in Osaka in 1924, it crossed ¥5 trillion in revenue for the first time in FY2025 (¥5,015.0 billion, operating profit ¥415.0 billion), with 84% of sales generated outside Japan across more than 170 countries and over 130 production sites. Its franchise rests on three proprietary technology pillars — inverters, heat pumps and refrigerant control — combined with in-house production of compressors, motors, circuit boards and refrigerants, a "local production for local consumption" manufacturing model, and dense dealer and service networks. Daikin holds the No. 1 share in Japan, Europe and North American residential unitary, and is scaling a data-center cooling franchise in the US. The investment debate centers on whether the new FUSION 30 plan can lift operating margin from 8.3% toward U.S.-peer levels. --- ### What the company does Daikin designs, manufactures, sells, installs and services heating, ventilation, air-conditioning and refrigeration (HVAC-R) equipment for residential, commercial and industrial customers, and manufactures fluorochemicals (fluorocarbon refrigerant gases, fluoropolymers, fluoroelastomers and fine chemicals). It also runs smaller oil-hydraulics, defense-systems and electronics businesses. The company describes itself in the Integrated Report 2026 as the world's only comprehensive air-conditioning manufacturer that handles both air conditioners and refrigerants, and states that it has grown by concentrating on the air-conditioning and fluorochemicals businesses since its founding. ### Company's own characterization (latest report) The Integrated Report 2026 frames the mission around rising global cooling demand: the company notes that air conditioning is estimated to account for roughly 10% of world electricity use and cites International Energy Agency projections that energy demand for space cooling could triple by 2050 versus 2015, positioning heat-pump, inverter and refrigerant-control technologies as Daikin's contribution to decarbonization. The report identifies five accumulated strengths: energy-saving and environmental technologies (inverters, refrigerants, heat pumps), indoor-air-quality technologies, global sales and service networks, market-oriented local production, and "People-Centered Management" with flat and fast organizational management. ### Business model and revenue model | Revenue stream | Description | Approximate weight (FY2025) | Source / basis | |---|---|---|---| | Equipment sales (residential, commercial, applied) | One-time product sales through dealers, distributors, wholesalers, manufacturers' representatives and direct sales | ~72% of air-conditioning sales | Derived: FUSION 30 states Solutions = 28% of AC business sales | | Solutions (replacement projects incl. engineering, maintenance and services, parts, energy/operations management) | Recurring and project-based service revenue; Daikin's highest-margin domain | 28% of AC business sales (FY2025); target 40% by FY2030 | FUSION 30 deck, May 2026 | | Chemicals | Fluorocarbon gases, fluoropolymers (PTFE, FEP, PFA etc.), fluoroelastomers, fine chemicals; B2B industrial sales | 5.6% of group sales | FY2025 segment data | | Other (oil hydraulics, defense systems, electronics/software) | Industrial hydraulics, defense products for Japan Ministry of Defense, design-database/CAD software | 2.2% of group sales | FY2025 segment data | | Subscription | Energy-efficient AC subscription service (published as a "Daikin Achievement" on daikin.com); scale not disclosed | not disclosed | daikin.com | | Licensing | Daikin has made R32-related basic patents freely available worldwide since 2019; licensing revenue not disclosed | not disclosed | Integrated Report 2026 | ### Value-chain position Daikin is unusually vertically integrated for an HVAC OEM: it develops and manufactures compressors, motors, printed circuit boards and refrigerants in-house (Integrated Report 2026, "Vertically integrated production"), assembles finished equipment in regional plants, and increasingly owns downstream channels — dealer networks, manufacturers' representatives, instrumentation/engineering firms and service companies (FUSION 30; Chairman's message, Integrated Report 2026). In FUSION 30 it announced intent to commercialize its compressors as merchant products sold to other HVAC makers, a further upstream extension. ### Customer types and end-markets | Customer type | Examples | Channel | |---|---|---| | Homeowners / residential | Room ACs, multi-split, ducted unitary (US), air-to-water heat pumps (Europe), air purifiers | Dealers, specialty shops (e.g., PROSHOP stores in China), wholesalers, online/live-commerce in China | | Light commercial | Shops, offices, restaurants — SkyAir, packaged, VRV | Dealers, installers | | Building owners / facilities | Offices, schools, hospitals, hotels — VRV, chillers, AHUs, controls | Direct sales, manufacturers' reps (US), engineering firms | | Data centers / hyperscalers | Chillers, custom AHUs, CRAH, rack cooling, liquid cooling (Chilldyne, DDC) | Direct; Daikin Applied data center hub/CoE | | Industrial / factories | Process cooling, filters, oil hydraulics | Direct | | Food retail / cold chain | Showcases (AHT, Zanotti), refrigeration, marine container units | Direct, distributors | | Semiconductor, ICT, automotive, medical | Fluoropolymers, fluoroelastomers, etching agents | Direct B2B | | Government / defense | Defense systems (Japan) | Direct | ### Independent characterization Daikin is best understood as a global, multi-regional HVAC equipment franchise transitioning — later than U.S. peers — from volume-driven equipment sales to lifecycle solutions, with an attached high-margin specialty chemicals business that is cyclically exposed to semiconductor capex. Its core advantage is cost-competitive, regionally customized product breadth across every climate zone; its core weakness is that a growing share of its volume sits in commoditizing residential categories where Chinese competitors (Midea, Gree, Haier) now compete on quality as well as price, and its U.S. operations (Goodman-derived residential and McQuay-derived applied) earn roughly half the margin of Trane or Carrier's commercial businesses.

1.1.1 Business Overview Company Headquarters: US Founded: 1986 Workforce: ~10,000 Company Working: Viasat is a provider of networking and communication solutions. It operates its business under three verticals namely satellite services, commercial networks, and government systems. Under satellite services, Viasat provides Internet, telephony and digital television services. The enterprise VSAT market falls under its satellite services business segment. Under the commercial services segment, the company provides Internet services for businesses such as office broadband, aviation, and Internet, machine-to-machine (M2M) satellite communications, and professional and managed cybersecurity services. The government systems segment provides airborne mobile broadband for government missions, antenna systems, high-capacity satellite systems and terminals, multifunctional information distribution systems (MIDS) tactical data links, and others. Viasat serves in North America, Europe, the Middle East, and Asia-Pacific. Viasat is vying for organic growth in the enterprise VSAT market through its state-of-the-art Viasat -1,2, and 3 satellites for satellite broadband connectivity. The company is also increasing its footprint in the residential broadband and Wi-Fi markets by providing solutions for small and medium-sized businesses and offering public Wi-Fi hotspots. The company also aims to expand the commercial networks segment through in-flight Wi-Fi offerings with the US and Mexican airlines.

1.1.1 Business Overview Company Headquarters: US Founded: 2001 Workforce: ~50 Company working: GigaSat is a wholly owned subsidiary of Ultra Electronics Holdings, a British conglomerate operating in the defense, security, transport and energy industries. GigaSat manufactures satellite solutions for small, medium and large bandwidth requirements, such as GigaSat FA-180, a 1.8m flyaway antenna, which is operated at Ka, Ku, X and C-bands of frequency and multi-band transmissions on both commercial and military satellites, featherweight manpacks such as the MicroVSAT series for emergency military communication operations, and GigaSat FA-370 3.7m antenna for high data-rate military communications. The company also offer drive-aways including 1.0m, 1.5m, 1.8m, 2.0m, and 2.4m antenna-based systems, suitable for C (1.8, 2.0 or 2.4m) X, Ku and Ka-band transmissions which are adequate for satellite television news broadcasts. Besides VSAT, the company also offers special electronics such as CAM series M&C system, enabling control of any product with an RS232/485 interface, FMP series monitoring panels, dual-video displays, dual active monitor speakers, and others. The company operates in the United Kingdom, Continental Europe, Canada, the US, and the rest of the world. GigaSat focuses on an organic growth strategy. This is evident in its contracts as a major supplier of the British Army for military communication technology such as long and medium-range VSAT antennas. For the enterprise VSAT market, it develops mobile broadcast systems which helps it to maintain brand presence in the commercial space as well. This approach of preserving a brand presence across verticals has allowed Gigasat to grow even in a mature industry.

Company Headquarters: Germany Founded: 1898 Workforce: 5,675 Company Working: Messer Group is the largest privately held specialist in industrial, medical, and specialty gases in the world. It offers a broad range of products including oxygen, nitrogen, argon, carbon dioxide, helium, hydrogen, acetylene, shielding gases for industrial, food and beverage, and medical applications. The group is also engaged in providing automatic dry ice production machines, CO2 cylinder filling plants, CO2 vaporizers, dry ice blasting equipment, CO2 production plants and recovery systems, CO2 storage tanks, and other CO2 accessories. The group has more than 90 operating companies in 35 countries across Europe, Asia, America, and Algeria.

Company Headquarters: Germany Founded: 1879 Workforce: 57,605 Company Working: The Linde Group is one of the major players in the international gases market. The group comprises of two divisions, namely, gases and engineering. The group offers a broad range of compressed and liquefied gases applicable in the energy sector, steel production, chemical processing, environmental protection and welding, food processing, glass production, and electronics. It has gases and engineering operations in more than 100 countries globally. Argon is produced and distributed by the group’s gases division.

Company Headquarters: US Founded: 1907 Workforce: 26,461 Company Working: Praxair, Inc is the leading industrial gas company in North and South America. The company operates through two business segments, namely, industrial gases and surface technologies. Atmospheric gases (oxygen, nitrogen, argon) and process gases (carbon dioxide, helium, hydrogen, electronic gases, specialty gases, acetylene) are offered under the industrial gases segment. The company also designs and manufactures industrial gases producing equipment.

Company Headquarters: Qatar Founded: 1987 Workforce: ~ 10,000 Company Working: Ooredoo QSC provides domestic and international telecommunication services. Its services include landline, mobile, cable television, and Internet connection services. The company, together with its subsidiaries, provides telecommunications services and related products to small companies, start-ups, and enterprises worldwide. It operates through six segments: Ooredoo Qatar, Asiacell, NMTC, Indosat Ooredoo, Ooredoo Oman, and Ooredoo Myanmar. Ooredoo QSC offers cellular, wireless, mobile and fixed telecommunication, multimedia, data communication, broadband, Internet leased lines, intracity and intercity leased lines, MPLS IPVPN, and Internet services. It also provides machine-to-machine, cloud, and mobile applications. The company offers its services primarily in Qatar, Iraq, Kuwait, Indonesia, Oman, and other parts of the Middle East and North Africa.

Company Headquarters: Turkey Founded: 1993 Workforce: ~ 10,000 Company Working: Turkcell is a converged telecommunication and technology services provider. It serves its customers with voice, data, TV and value-added consumer and enterprise services on mobile and fixed networks. The company is engaged in the provision of communication and technology services. It operates through the following segments: Turkcell Turkey, Turkcell International, and other. The Turkcell Turkey segment includes the operations of information and entertainment services in Turkey and Azerbaijan, and of non-group call centers. The Turkcell International segment includes the telecommunications operations in a number of emerging market geographies. All other segment specializes in consumer financing services, information, and entertainment services. The company has a presence in Turkey, Ukraine, and Belarus.

Company Headquarters: Sweden Founded: 2006 Workforce: 30 Company Working: Heliospectra AB (Heliospectra) develops and manufactures intelligent lighting solutions for greenhouses and controlled growth environments. Some of the crops that use intelligent lighting systems are cannabis, cereals, lettuce, dionysia, oregano, parsley, tomato, and coriander. Apart from lighting fixtures the company also markets control software. HelioCORE control software let growers apply customized lighting strategies across the production and harvest cycle. Other technical services offered by the company include customizing lighting strategies, utility rebate, commercial crop trials, cultivating team training, custom spectrum design, installation design, and power analysis.

Company Headquarters: US Founded: 1940 Workforce: 15300 Company Working: Air Products and Chemicals, Inc is one of the leading industrial gases company in the world. The company engages in providing atmospheric and process gases, and related equipment to refining and petrochemical, metals, electronics, and food and beverage markets. The products offered by the company serve the food and beverages, medical, energy, and transportation industries. Air products has its operational units in 50 countries with more than 750 production facilities globally.

Company Headquarters: Turkey Founded: 1995 Workforce: ~ 10,000 Company Working: Turk Telekom engages in the provision of local, national, international, and mobile telecommunication services, Internet product, and services. It operates through the following segments: fixed-line and mobile. The fixed-line segment services are provided by Turk Telekom, TTNet, Argela, Innova, Sebit, Sober, AssisTT, and Pantel Group. This segment provides value-added services besides voice and data services for its corporate and retail customers through its extensive fixed-line telecommunications network. The mobile segment service is provided by Avea. This segment provides mobile communications services, including prepaid, postpaid, and value-added voice services. The company has a wide service network and product range in the fields of individual and corporate services, Türk Telekom unified its mobile, internet, phone, and TV products and services under the single Türk Telekom brand as of January 2016.

Proximus is Belgium's largest telecommunications operator and the country's principal digital-infrastructure owner. It generates roughly three-quarters of group revenue from a mature but cash-generative Benelux business: fixed broadband, mobile, TV, convergent bundles and enterprise ICT. It goes to market through a deliberate multi-brand architecture (Proximus, Scarlet, Mobile Vikings, Proximus NXT). The company is midway through a multi-year fibre-to-the-home build. At end-June 2026 the fibre footprint reached 2.75 million premises (~42% coverage at end-2025). It has recently rationalised that build through infrastructure partnerships with Telenet/Wyre in Flanders and full ownership of Unifiber in Wallonia. Alongside the domestic franchise, Proximus Global combines BICS (wholesale carrier and roaming), Telesign (digital identity and CPaaS) and Route Mobile (India-listed CPaaS). It is exposed to a structurally declining A2P SMS market and is being restructured under the "Elevate 2030" plan. The equity trades at deeply distressed multiples (~3x EV/EBITDA, ~0.4–0.5x book) after a February 2026 dividend reset. --- ### Company's own description In its 2026 strategy communication, management states that Proximus operates through two distinct segments, Domestic and Global, each with its own strategy (Amplify and Elevate respectively). - The Domestic ambition by 2030 is to be a "locally anchored digital infrastructure champion", supported by trusted brands across generations and industries (CMD press release, 27 Feb 2026). - Global's ambition is to be a worldwide connectivity leader. It aims to help brands orchestrate customer engagement, act as a trust champion for secure digital interactions, and create optionality for future value crystallisation. ### Independent characterisation Proximus is a vertically integrated network owner-operator. It owns its copper and fibre access networks and a mobile radio network (RAN shared with Orange Belgium via the MWingz joint operation). It also owns its core and transport networks. The business has three layers: **Domestic retail (B2C):** subscription-based connectivity and bundles sold under three brands. This is a recurring-revenue utility-like franchise with inflation-indexed annual price adjustments (January 2025 and January 2026 indexations cited in results). **Domestic B2B:** telecom services (fixed voice, data connectivity, mobile, internet) plus IT services and hardware resale via Proximus NXT, Telindus Luxembourg and specialist affiliates. Product (hardware) revenue is low-margin and volatile quarter to quarter. **Domestic wholesale:** MVNO hosting (e.g., Digi used Proximus' 4G network at launch), fibre wholesale through its own network and the Fiberklaar/Unifiber vehicles, and interconnect. Interconnect is a declining, zero-margin pass-through. **Global (Proximus Global):** transaction-based, usage-driven revenue at low gross margins (direct margin ~28–29% of revenue in FY2025). Products span international voice termination, A2P/P2P messaging, mobility/roaming hubs, IoT/eSIM connectivity, CPaaS, digital identity/fraud APIs and network APIs. ### Revenue model mix | Revenue stream | FY2025 EUR M | Share of group underlying revenue | Model | |---|---|---|---| | Domestic Services revenue | 3791 | 60.1% | Subscription/recurring service | | Domestic non-services (terminals, IT hardware, interconnect, other) | 1030 | 16.3% | Product resale / pass-through | | Global – Communications & Data | 1054 | 16.7% | Usage/transactional (CPaaS, A2P, IoT, roaming) | | Global – P2P Voice & Messaging | 494 | 7.8% | Usage/transactional (wholesale carrier) | | Group eliminations | -62 | -1.0% | n/a | | Group underlying revenue | 6307 | 100% | — | Source: Proximus Q4/FY2025 results release, 27 Feb 2026. Domestic non-services is computed as Domestic total 4821 less Domestic Services 3791. ### Customer types and end-markets **Residential (Belgium):** 1.246 million convergent households (end-Jun 2026). Mobile postpaid base of 5.205 million SIMs excluding M2M (end-2025, group), 2.349 million internet lines, 1.581 million TV subscriptions. **Business:** SMEs, large enterprises and public sector in Belgium and Luxembourg; also European institutions and NATO through Proximus NXT. **Wholesale:** MVNOs, alternative operators, fibre JV partners. **Global customers:** mobile network operators (BICS serves 250+ operators per Morningstar's company profile), OTT and enterprise brands (CPaaS/identity), fintechs, and Indian enterprises via Route Mobile.

Company Headquarters: US Founded: 1863 Workforce: ~1000 Company Working: Hubbell is one of the prime manufacturers of LED products and solutions. The company has been manufacturing its industrial luminaires for more than 40 years and serves several industries. The company also holds more than 30 patents in the industrial lighting and luminaires business. Hubbell has a plethora of brands providing products for healthcare lighting, outdoor lighting, horticulture lighting, and agriculture lighting solutions. Hubbell Industrial Lighting is an electrical business division of Hubbell Inc.; this business division generated nearly USD 2.7 billion in 2018.

Company Headquarters: Germany Founded: 1919 Workforce: 1,500 Company Working: Osram Licht AG is one of the leading manufacturers and sellers of lighting products. The company operates in specialty lighting, opto semiconductors, and lighting solutions and systems. The products in specialty lighting include lamps and lighting systems used in the automotive sector as well as for stage, cinema, and studio lighting applications. The plant cultivation systems and special lamps are used for industrial and medical applications. The opto semiconductors segment manufactures LEDs, laser, infrared, and optical sensors. The lighting solutions and systems segment offers LED light engines, electronic ballasts for LED modules and traditional lamps, and light management systems. The company owns various business units such as Light is OSRAM, Osram Opto Semiconductor, Osram Continental, OSRAM SYLVANIA Inc., Traxon Technologies, e:cue, Digital Lumens, Inc., Fluence Osram, Clay Paky SpA, Fluence Osram, Clay Paky SpA, BAG electronics GmbH, Vixar Inc. All the brands provide lighting solutions in various segments. The company has a presence in almost all regions in the world.

Company Headquarters: Japan Founded: 1946 Workforce: ~900 Company Working: Ikegami Tsushinki Co., Ltd manufactures and sells broadcasting and telecommunications equipment. The company provides broadcast use TV camera systems, broadcast video production, broadcast color monitors, and processing systems, security surveillance TV camera systems, outside broadcast vans, medical electronic camera systems, and vision inspection equipment and systems. The company has a presence in North America, Europe, and Asia.