$MUX (-1,21%) There are index adjustments in the SDAX.

The shares of Nagarro, Mutares and STRATEC are removed from the SDAX. They will be replaced by the shares of thyssenkrupp nucera, ProCredit and MBB. This was announced by the index operator Stoxx. The shares of Nagarro will also be removed from the TecDAX and HDAX and replaced by Drägerwerk. The reason for this is the failure to publish an audited annual financial report on time. The changes will come into effect at the start of trading on May 9.

To give me a better overview, I have looked up the publication dates of all the quarterly figures of the companies in which I am invested.

Of course I don't want to withhold this from you:

May 2025

• 05.05.25 -> Realty Income $O (+0,64%)
• 06.05.25 -> Ferrari $RACE (+1,19%)
• 06.05.25 -> Progressive $PGR (+0,47%)
• 06.05.25 -> Zoetis $ZTS (-0,94%)
• 07.05.25 -> Novo Nordisk $NOVO B (+1,48%)
• 08.05.25 -> Main Street Capital $MAIN (-0,54%)
• 15.05.25 -> Allianz $ALV (-2,61%)
• 20.05.25 -> Mutares $MUX (-1,21%)
• 22.05.25 -> NextEra Energy $NEE (+2,37%)

July 2025

• 10.07.25 -> Progressive $PGR (+0,47%)
• 21.07.25 -> Prologis $PLD (+1,19%)
• 23.07.25 -> Amphenol $APH (+0,4%)
• 24.07.25 -> Greencoat UK Wind $UKW (+1,1%)
• 24.07.25 -> NextEra Energy $NEE (+2,37%)
• 24.07.25 -> Vidrala $VID (-0,83%)
• 25.07.25 -> Palfinger $PAL (+0,69%)
• 25.07.25 -> Volkswagen $VOW (+0,59%)
• 30.07.25 -> HSBC $HSBA (+0,67%)
• 30.07.25 -> Realty Income $O (+0,64%)
• 30.07.25 -> Rio Tinto $RIO (-2,22%)
• 31.07.25 -> Ferrari $RACE (+1,19%)
• 31.07.25 -> Main Street Capital $MAIN (-0,54%)
• 31.07.25 -> OMV $OMV (+0,6%)

August 2025

• 05.08.25 -> Aflac $AFL (-0,49%)
• 05.08.25 -> DHL Group $DHL (-0,35%)
• 05.08.25 -> Public Storage $PSA (+1,12%)
• 06.08.25 -> Novo Nordisk $NOVO B (+1,48%)
• 07.08.25 -> Allianz $ALV (-2,61%)
• 12.08.25 -> Mutares $MUX (-1,21%)
• 12.08.25 -> Zoetis $ZTS (-0,94%)

October 2025

• 09.10.25 -> Progressive $PGR (+0,47%)
• 21.10.25 -> Prologis $PLD (+1,19%)
• 22.10.25 -> Amphenol $APH (+0,4%)
• 22.10.25 -> NextEra Energy $NEE (+2,37%)
• 27.10.25 -> Palfinger $PAL (+0,69%)
• 28.10.25 -> HSBC $HSBA (+0,67%)
• 29.10.25 -> OMV $OMV (+0,6%)
• 29.10.25 -> Vidrala $VID (-0,83%)
• 30.10.25 -> Main Street Capital $MAIN (-0,54%)
• 30.10.25 -> Volkswagen $VOW (+0,59%)
• 30.10.25 -> Zoetis $ZTS (-0,94%)

November 2025

• 03.11.25 -> Public Storage $PSA (+1,12%)
• 04.11.25 -> Aflac $AFL (-0,49%)
• 04.11.25 -> Ferrari $RACE (+1,19%)
• 05.11.25 -> Novo Nordisk $NOVO B (+1,48%)
• 06.11.25 -> DHL Group $DHL (-0,35%)
• 10.11.25 -> Realty Income $O (+0,64%)
• 13.11.25 -> Mutares $MUX (-1,21%)
• 14.11.25 -> Allianz $ALV (-2,61%)

January 2026

• 23.01.26 -> NextEra Energy $NEE (+2,37%)
• 27.01.26 -> Prologis $PLD (+1,19%)
• 28.01.26 -> Progressive $PGR (+0,47%)
• 28.01.26 -> Amphenol $APH (+0,4%)
• 29.01.26 -> Ferrari $RACE (+1,19%)
• 29.01.26 -> OMV $OMV (+0,6%)

February 2026

• 04.02.26 -> Aflac $AFL (-0,49%)
• 04.02.26 -> Novo Nordisk $NOVO B (+1,48%)
• 13.02.26 -> Allianz $ALV (-2,61%)
• 17.02.26 -> Zoetis $ZTS (-0,94%)
• 19.02.26 -> Main Street Capital $MAIN (-0,54%)
• 24.02.26 -> HSBC $HSBA (+0,67%)
• 24.02.26 -> Palfinger $PAL (+0,69%)
• 24.02.26 -> Public Storage $PSA (+1,12%)
• 24.02.26 -> Realty Income $O (+0,64%)
• 26.02.26 -> Greencoat UK Wind $UKW (+1,1%)
• 26.02.26 -> Vidrala $VID (-0,83%)

March 2026

• 04.03.26 -> Rio Tinto $RIO (-2,22%)
• 05.03.26 -> DHL Group $DHL (-0,35%)
• 17.03.26 -> Volkswagen $VOW (+0,59%)

April 2026

• 15.04.26 -> Mutares $MUX (-1,21%)

Ps: Does anyone have the dates of the quarterly figures for $SHEL (+1,05%) ? Unfortunately I can't find them online.

Dear Community,

Last week I switched from an exclusively accumulating investment strategy to an investment strategy based exclusively on dividends.

I would like to share this with you and am very happy to receive your feedback - however critical it may be. The main thing is that it is constructive and understandable. :)

My portfolio consists of 25 positions.

Almost 54% of the portfolio is made up of ETFs. The remaining 46% is therefore divided between 22 shares.

ETFs

• VanEck Developed Markets Div Lead ETF $TDIV (+0,53%) (24.5%) - Very good dividend (4%); Strong dividend growth (3Y) (⌀ 11%)
• HSBC MSCI World ETF $HMWO (-0,02%) (24.5%) - Moderate dividend (1.5%); Strong dividend growth (3Y) (⌀ 11.5%)
• WisdomTree Em Mkts SmallCap Dividend ETF (5%) - Good dividend (3.9%); Very strong dividend growth (3Y) (⌀ 20.1%)

Equities

Financial service providers

• Allianz $ALV (-2,61%) (insurer) - Good dividend (3.7%); Strong dividend growth (3Y) (⌀ 12.8%)
• Mutares $MUX (-1,21%) (investment manager) - Very strong dividend (6.5%); Strong dividend growth (3Y) (⌀ 14.5%)
• Realty Income $O (+0,64%) (real estate investment trust) - Strong dividend (5.8%); Good dividend growth (3Y) (⌀ 6.5%)
• Aflac $AFL (-0,49%) (insurer) - Moderate dividend (2.1%); Very strong dividend growth (3Y) (⌀ 18.4% )
• Prologis $PLD (+1,19%) (real estate investment trust) - Good dividend (3.9%); very strong dividend growth (3Y) (⌀ 18.1%)
• Main Street Capital $MAIN (-0,54%) (investment trust) - Very strong dividend (8.1%); Very strong dividend growth (3Y) (⌀ 20.1%)
• HSBC $HSBA (+0,67%) (major bank) - Very strong dividend (7.9%); Very strong dividend growth (3Y) (⌀ 60.7%)
• Pub Strg Oprtng $PSA (+1,12%) (real estate investment trust) - Strong dividend (4.2%); Very strong dividend growth (3Y) (⌀ 17.5%)
• Progressive $PGR (+0,47%) (insurer) - Moderate dividend (1.9%); Negative dividend growth (3Y) (⌀ -41.8%)

Energy

• Greencoat UK Wind $UKW (+1,1%) (infrastructure fund) - Very strong dividend (8.6%); Strong dividend growth (3Y) (⌀ 15.7%)
• Shell $SHEL (+1,05%) (oil company) - Strong dividend (4.4%); Very strong dividend growth (3Y) (⌀ 22%)
• NextEra Energy $NEE (+2,37%) (energy supplier) - Good dividend (3.3%); Strong dividend growth (3Y) (⌀ 13.4%)
• OMV $OMV (+0,6%) (oil company) - Very strong dividend (11.1%); Very strong dividend growth (3Y) (⌀ 40%)

Healthcare

• Novo Nordisk $NOVO B (+1,48%) (pharmaceutical company) - Moderate dividend (2.5%); very strong dividend growth (3Y) (⌀ 28.3%)
• Zoetis $ZTS (-0,94%) (pharmaceutical group) - Weak yield (1.2%); very strong dividend growth (3Y) (⌀ 23.7%)

Industry

• DHL $DHL (-0,35%) (air freight/courier service) - Strong dividend (4.8%); Strong dividend growth (3Y) (⌀ 11.1%)
• Palfinger $PAL (+0,69%) (Mechanical Engineering) - Good dividend (3%); Very strong dividend growth (3Y) (⌀ 32.6%)

Consumer goods

• Ferrari $RACE (+1,19%) (Automotive) - Low dividend (0.8%); very strong dividend growth (3Y) (⌀ 41.2%)
• Volkswagen $VOW (+0,59%) (Automobiles) - Very strong dividend (9.1%); Very strong dividend growth (3Y) (⌀ 23.3%)

Materials

• Rio Tinto $RIO (-2,22%) (metals and mining group) - Strong dividend (5.4%); Negative dividend growth (3Y) (⌀ -21%)
• Vidrala $VID (-0,83%) (glass packaging) - Strong dividend (5.8%); very strong dividend growth (3Y) (⌀ 75.2%)

Information Technology

• Amphenol $APH (+0,4%) (electrical engineering) - Low dividend (0.8%); very strong dividend growth (3Y) (⌀ 23.3%)

was a very nice day, not only in "reality" but actually also in the depot the sun was shining 😁

The view of my Mag7 of the day according to the model @Simpson is quite pleasing, so it can go on like this. The recoveries from $MUX (-1,21%) and $DXCM (-1,1%) made me particularly happy. The $9988 (-0,29%) position is unfortunately still small after I recently sold ADR - fortunately probably unnecessarily, but that was too delicate for me.

Some positions are now actually back in the black faster than expected, so I'm thinking about how to proceed with the savings plans in the medium term. But first we'll probably wait for news of Trump's tariff break and the like, and until then one or two positions will certainly be filled one way or another.

$MUX (-1,21%) bought at 31.5 to lower the average price.

After making my first small investments of a few hundred euros in the stock market in February '25, I added a larger amount in the course of April. It also took some time to develop an investment strategy; where do I want to invest? What risk do I want to take? Accumulating or distributing? ETFs and/or individual shares? If so, which ones and why? Are there specific countries and/or sectors I would like to focus on?

Only at the end of last week were all the answers to these questions clear: a long-term investment horizon of just over 35 years with relatively low risk. A healthy ETF/share mix of 60/40. Distributing portfolio with high-yield and high-growth positions and with a relative focus on the USA and Europe.

I have a good feeling that I am happy with my strategy in the long term and finally no longer have to constantly turn the entire portfolio inside out.

My ETFs and individual stocks are $HMWO (-0,02%)
$TDIV (+0,53%)
$DGSD (+0,35%)
$MAIN (-0,54%)
$NOVO B (+1,48%)
$PGR (+0,47%)
$PSA (+1,12%)
$UKW (+1,1%)
$APH (+0,4%)
$DHL (-0,35%)
$HSBA (+0,67%)
$MUX (-1,21%)
$NEE (+2,37%)
$ZTS (-0,94%)
$AFL (-0,49%)
$O (+0,64%)
$SHEL (+1,05%)
$VID (-0,83%)
$RACE (+1,19%)
$PLD (+1,19%)
$OMV (+0,6%)
$PAL (+0,69%)
$RIO (+1,75%) and last but not least $VOW (+0,59%)

#dividende
#dividends
#etfs
#growth
#personalstrategy
#portfoliofeedback

With the announcement that the publication of the annual report for 2024 will be postponed, Mutares$MUX (-1,21%) together with weaker-than-expected figures for 2024 already put its own share price under massive pressure yesterday evening. The preliminary figures for the first quarter of 2025 did little to help. Today, Tuesday, the Munich-based investment company provided new information in an investor and analyst call.

The main cause of the misery, which is currently costing Mutares more than 15% of yesterday's market capitalization at a share price of EUR 31.60, is the insolvency of Serneke. The Southern German company had invested in the Swedish construction and project development group last year, but the restructuring attempt ended relatively quickly with the bankruptcy of Serneke.

In connection with the Serneke deal, there were differences of opinion between Mutares and the company's auditor, Deloitte. While Mutares argued that it had not gained control over Serneke, Deloitte initially had a different view. However, according to the investor and analyst call, the auditor has since agreed with Mutares' position after time-consuming discussions.

The postponement of the balance sheet presentation, often a "red flag", could therefore go relatively smoothly for the Munich-based restructuring expert. In addition to the statements on the "Serneke case", Mutares, as usual, painted a committedly positive picture of its own activities, which, however, with a greater commitment to the automotive sector, are taking place partly in currently very difficult industries.

Mutares plans various exits

However, the two Mutares Executive Board members Johannes Laumann (CIO) and Mark Friedrich (CFO) can dispel investor concerns that the dividend could be jeopardized: The annual minimum dividend of EUR 2.00 per Mutares share is not up for discussion and will remain, and performance dividends will also be paid out depending on the progress of the exit activities. Mutares had distributed EUR 2.25 per share for 2023.

Mutares could continue to be very active in exits in 2025. The partial sale of the stake in Steyr Motors recently attracted particular media attention. According to Mutares, sales processes for portfolio companies with a cumulative turnover of EUR 1.85 billion have been initiated. Several companies are on the company's "harvesting list", including the Donges Group and Terranor in addition to Steyr Motors.

Mutares SE & Co. KGaA $MUX (-1,21%) has decided to publish the figures for the first quarter of 2025 ahead of schedule.

The start into the financial year 2025 started promisingly: In addition to the further development of the exit pipeline and a strong acquisition pipeline, Mutares was able to announce the completion of the acquisitions of VR-Logistics, Magirus, SMA Metalltechnik, Buderus Edelstahl, GDL Anläggning & Miljö and Nervión as well as the first exits for the financial year 2025 with a further sale of shares in Steyr Motors and the planned sale of Alcura Care in the first quarter.

• Revenues from consulting services and management fees of Mutares Holding reach EUR 26.2 million in the first quarter of 2025 (previous year: EUR 29.3 million)

• Net result of Mutares Holding reaches EUR 29.5 million in the first three months of 2025 (previous year: EUR 51.3 million)

• Group revenues increase by 13% to EUR 1,526.2 million (previous year: EUR 1,346.1 million)

• EBITDA improves to EUR 379.7 million (previous year: EUR 66.1 million)

• Adjusted EBITDA at EUR -30.1 million (previous year: EUR 14.0 million)

• Further successful exit transactions expected

Detailed segment performance indicates significant improvement in Q1 2025

Automotive & Mobility:

• Sales: EUR 627.1m (+3.5%)
• EBITDA: EUR 68.4m
• Adjusted EBITDA: EUR 27.2m

The focus will be on stabilization through international expansion with Amaneos and FerrAl United. It remains to be seen whether the automotive specialist Mutares will succeed in this. Also in the add-ons of the coming months.

Engineering & Technology:

• Sales: EUR 436.6m (+95%)
• EBITDA: EUR 345.6m
• Adjusted EBITDA: EUR -30.7m

Important in this segment: positive contribution from Efacec. And the effective integration of new acquisitions (including Buderus Edelstahl and Magirus).

Goods & Services:

• Sales: EUR 262.5m (-8%)
• Adjusted EBITDA: EUR -6.1m

There are two direct challenges here. Firstly, the decline in sales due to the loss of Frigoscandia. Added to this is the downward trend at Stuart.

Retail & Food:

• Sales: EUR 200.8m (-12.7 %)
• Adjusted EBITDA: EUR -20.1m

In this segment, Lapeyre, the infrastructure/construction hopeful, is of great importance and is facing a challenging environment. In addition, the integration of Natura appears to be going well.

Group EBITDA characterized by acquisition effects:

Group EBITDA amounted to EUR 379.7 million in the first quarter (previous year: EUR 66.1 million). As expected, adjusted EBITDA amounted to EUR -30.1m, influenced by the early phase of integrating new investments. This picture fits the classic value creation curve of Mutares, which develops its investments from Realignment via Optimization to Harvesting.

Outlook 2025 to 2028:

Mutares intends to remain on course for growth and optimism continues to characterize the management. The Executive Board continues to expect this for the full year 2025:

• Group sales: EUR 6.5 to 7.5 billion

• Mutares Holding net profit for the year: EUR 130 to 160 million

The long-term target until 2028 also remains unchanged:

• Group revenue: EUR 10 billion

• Holding company net profit for the year: EUR 200 million

The international expansion into China, India and the USA is emphasized as a key driver of growth. And the groundwork has already been done - through local presence and initial smaller acquisitions.

Conclusion: Mutares starts full steam ahead into 2025

Lufthansa: $LHA (-0,49%)

- Q1 revenue: €8.13bn (expected: €8.04bn)

- Q1 adj. EBIT: € -722 million (expected: € -718 million)

- Passenger airlines weaker than expected.

- Forecast 2025 confirmed: Significantly higher adj. EBIT than 2024.

- Task force for rapid capacity adjustment in the event of weaker demand.

- North American traffic strong in Q1 (+25% US passengers in March).

HelloFresh: $HFG (+0,41%)

- Q1 revenue: € 1.93 billion (-7%), adjusted EBITDA: € 58.1 million (+250%).

- Efficiency program bears fruit.

- 2025 forecast confirmed: Sales -3% to -8%, EBITDA € 450-500 million.

Novartis: $NOVN (-0,69%)

- Q1 net profit: USD 3.6 bn (+33%).

- Forecast raised: Sales growth now expected in the high single-digit percentage range.

Mutares: $MUX (-1,21%)

- Q1 revenue: €1.53bn (+13%), net result holding company: €29.5m.

- Exits planned for 2025 (>€200m gross proceeds expected).

- Partial sale of Steyr Motors generates € 74m.

Symrise: $SY1 (+0,83%)

- Q1 organic growth: 4.2%, sales: € 1.32 bn.

- Full-year forecast confirmed: 5-7% organic growth, EBITDA margin ~21%.

DWS Group: $DWS (+0,67%)

- Q1 revenues: €753m (+3%), net income: €199m (+13%).

- Record inflows: € 19.9 billion.

- Cooperation with Deutsche Bank in the Private Credit segment.

Deutsche Bank: $DBK (+1,84%)

- Q1 pre-tax profit +39%, highest quarterly profit in 14 years.

- Revenue growth and cost reductions drive earnings above expectations.

Revenues of the Mutares holding company $MUX (-1,21%) from consulting services and management fees increase by 6% to EUR 109.8 million in financial year 2024 (previous year: EUR 103.6 million)

Revenue growth at holding and Group level due to portfolio expansion

• Net income of Mutares Holding in financial year 2024 amounts to EUR 108.3 million (previous year: EUR 102.5 million)

• Group revenue increases by 12% to EUR 5,261.6 million in financial year 2024 (previous year: EUR 4,689.1 million)

• Listing of Steyr Motors and sale of Frigoscandia were key earnings drivers in financial year 2024

• Publication of the audited annual and consolidated financial statements for the 2024 financial year and the associated publication of preliminary figures have been postponed due to the auditor's audit and documentation obligations, which have not yet been completed

• Publication of the audited annual and consolidated financial statements for the 2024 financial year planned for May 20, 2025

• Publication of Q1 figures 2025 brought forward to April 29, 2025 - conference call on April 29, 2025, at 2 p.m.

Both at the level of the Mutares Holding and at the level of the Mutares Group, an increase in revenues was again achieved in the financial year 2024. The revenues of Mutares Holding, which result from consulting services and management fees from the portfolio companies, increased by 6% to EUR 109.8 million in the financial year 2024 (previous year: EUR 103.6 million). The increase is also a result of the significantly larger portfolio due to the high level of acquisition activity, which was followed by a corresponding expansion of operational consulting capacities.

The net profit of Mutares Holding under commercial law increased to EUR 108.3 million for the 2024 financial year (previous year: EUR 102.5 million). The successful sale of Frigoscandia in the first quarter of 2024 and the gains from the sale and contribution of shares in the defense subsidiary Steyr Motors AG ("Steyr Motors"), which has been listed in the Scale segment of the Frankfurt Stock Exchange since the fourth quarter of 2024, made a significant contribution to this increase. The exits of portfolio companies and the sale of shares in Steyr Motors resulted in a cash inflow for Mutares Holding of around EUR 70 million in the financial year 2024.

The Mutares Group generated revenue of EUR 5,261.6 million in the 2024 financial year (previous year: EUR 4,689.1 million). The increase is due to the high level of acquisition activity in the 2023 and 2024 financial years and the resulting expansion of the portfolio. Group EBITDA (earnings before interest, taxes, depreciation and amortization) again benefited from gains from the acquisition of portfolio companies below market value ("bargain purchase") and amounted to EUR 117.1 million in the 2024 financial year (previous year: EUR 756.9 million).

By contrast, the Mutares Group's adjusted EBITDA[1], adjusted in particular for effects from changes in the portfolio, amounted to EUR -85.4 million in the financial year 2024 (previous year: EUR +3.5 million). The positive effects from successfully implemented operational restructuring programs within the portfolio were overshadowed by opposing effects from the acquisition of loss-making investments and the impact of the weak macroeconomic development, particularly in the Automotive & Mobility segment.

Growth in all segments

Revenue in the Automotive & Mobility segment amounted to EUR 2,223.2 million in the 2024 financial year (previous year: EUR 1,878.3 million). In addition to the price increases implemented, this increase was primarily due to the acquisitions made in the previous year and in the 2024 financial year, in particular the add-on acquisitions for the FerrAl United Group and HILO Group as well as Matikon as a new platform investment. The segment's EBITDA amounted to EUR 130.1 million (previous year: EUR 232.2 million). This includes gains from the acquisition of portfolio companies below market value ("bargain purchase") of EUR 219.7 million, in particular for the acquisitions of Matikon and Walor North America. In the 2024 financial year, the segment's investments were confronted with the weak industry-wide momentum on the sales side, with some call-offs by car manufacturers being canceled or postponed at short notice. As a result, adjusted EBITDA for the 2024 financial year amounted to EUR -45.9 million (previous year: EUR +3.3 million).

The investments in the Engineering & Technology segment generated revenue of EUR 1,142.0 million in the 2024 financial year (previous year: EUR 933.9 million). On the one hand, the exits from the previous year, particularly that of Special Melted Products Ltd ("SMP"), led to a decline in revenue. On the other hand, acquisitions, in particular Efacec, which was acquired in the 2023 financial year, and Sofinter, which was acquired in the 2024 financial year, made a positive contribution to revenue development. Significant consolidation effects from transactions must be taken into account in the segment's EBITDA for the 2024 financial year - particularly in comparison to the previous year: The only acquisition in the 2024 financial year, namely the acquisition of Sofinter, resulted in goodwill of EUR 80.6 million. In contrast, acquisitions in the 2023 financial year led to gains from the acquisition of portfolio companies below market value ("bargain purchase") of EUR 162.5 million. and the exit activities, in particular the exit of SMP, led to deconsolidation results totaling EUR 117.6 million. Due to these consolidation effects, the segment's EBITDA of EUR 49.9 million in the 2024 financial year was significantly lower than the previous year's EBITDA of EUR 227.6 million. While some of the portfolio companies, above all Guascor Energy, NEM Energy Group and Steyr Motors, achieved a significant improvement in profitability compared to the previous year, other portfolio companies, in particular Byldis and Efacec, which were only acquired in the fourth quarter of the 2023 financial year, made a negative contribution to adjusted EBITDA in the 2024 financial year.

At EUR 1,037.1 million, revenue in the Goods & Services segment in the 2024 financial year was on a par with the previous year (EUR 1,037.1 million). The stagnation in revenue compared to the previous year is due to the exit of Frigoscandia in the first quarter of the 2024 financial year, which was offset by platform investments for the segment in the previous year (primarily GoCollective, ReloBus and MobiLitas as well as Stuart) and in the 2024 financial year (primarily Alterga). This was additionally supported by the pleasing organic sales growth at Conexus and Terranor. The segment's EBITDA amounted to EUR 91.1 million (previous year: EUR 272.0 million). This includes gains from the acquisition of portfolio companies below market value ("bargain purchase") of EUR 36.5 million (previous year: EUR 246.5 million). Adjusted EBITDA for the 2024 financial year was again positive at EUR 18.1 million (previous year: EUR 38.3 million), but was impacted in particular by the absence of the positive contribution from Frigoscandia and the planned negative earnings contribution from Stuart, while other portfolio companies, in particular Conexus, Palmia and Terranor Group, recorded a pleasing increase in profitability.