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Coca-Cola HBC AG (LSE:CCH) saw its shares rise more than 3% after reporting robust fourth-quarter and full-year 2025 results, underpinned by volume growth, premiumisation and effective pricing. The Europe- and Africa-focused bottler delivered organic revenue growth of 8.1% in the fourth quarter, with volumes up 2.8%, led by sparkling soft drinks and energy beverages.

For the full year, net sales revenue increased 7.9% to €11.60bn, while organic revenue per case rose 5.1%, reflecting disciplined revenue growth management and comparatively moderate inflation. Comparable operating profit (EBIT) grew 11.5% organically to €1.36bn, with comparable EBIT margins expanding by 40 basis points to 11.7% on an organic basis. Comparable net profit climbed 19.4% to €989.3m, and comparable earnings per share increased 19.7% to €2.72.

Free cash flow amounted to €700m, slightly below 2024 levels, largely due to higher capital expenditure of €827.6m, equivalent to 7.1% of revenue. Investment focused on expanding production capacity, automation, digital and AI capabilities, and rolling out more energy-efficient coolers.

Performance varied across regions. In established markets, organic revenue rose 2.3% with broadly flat volumes, as growth in Coke Zero and Sprite offset pressures elsewhere, while energy drinks recorded high double-digit growth. Comparable EBIT in these markets declined 2.8% organically to €378.6m, reflecting increased marketing and operating costs. Developing markets posted organic revenue growth of 6.1%, with volumes up 0.8% and comparable EBIT rising 5.6% to €242.2m. Emerging markets delivered the strongest performance, with organic revenue up 13.2%, volumes increasing 4.4% and comparable EBIT jumping 23.2% to €735.4m, driven by strong execution across Africa and other high-growth regions.

Management highlighted continued progress in premiumisation and customer segmentation, supported by AI-driven revenue management tools. Chief executive Zoran Bogdanovic said the group’s focus on strengthening its “24/7” portfolio had driven market share gains and volume growth in priority categories such as sparkling drinks and energy. He also confirmed that the agreed acquisition of a 75% stake in Coca-Cola Beverages Africa for US$2.6bn, announced in October 2025, remains on track to complete by the end of 2026.

The group also pointed to advances in sustainability, including expanded circular packaging initiatives in Nigeria, Austria and Poland, and community support through The Coca-Cola HBC Foundation, which committed €2.3m to disaster relief during 2025, with a further €5m earmarked for 2026.

Analysts at Jefferies noted that full-year EPS of €2.72 exceeded consensus expectations of €2.65 and said the group appears well positioned for 2026. Guidance calls for organic revenue growth of 6–7% and organic EBIT growth of 7–10%, although foreign exchange movements and financial items could partially offset underlying progress. The analysts also highlighted the strategic value of the Coca-Cola Beverages Africa transaction, citing favourable currency movements since the deal was announced.

Reflecting strong cash generation, the board proposed an ordinary dividend of €1.20 per share, up 17% from 2024. Net debt to comparable EBITDA remained conservative at 0.7x, providing capacity to fund both shareholder returns and ongoing growth investment.

Roundhouse (AQSE:ETHL), an artificial intelligence and technology company with an Ethereum-denominated treasury, has announced the purchase of 346.6 Ethereum (ETH) as part of its digital asset treasury strategy, reinforcing its commitment to funding and expanding its core revenue-generating AI and technology services.

The Company acquired the ETH at an average price of US$2,020 per ETH, representing an investment of approximately US$700,000. This marks Roundhouse’s first Ethereum purchase since listing on the Aquis Stock Exchange (AQSE) in January.

Following the transaction, Roundhouse’s total cryptocurrency treasury holdings now stand at 468.8 ETH, with an aggregate average purchase price of US$2,395 per ETH.

Unlike many firms that hold digital assets primarily for speculative purposes, Roundhouse’s treasury strategy is closely tied to its operating model. The ETH-denominated treasury is designed to directly support the Company’s core business of providing AI and technology services, which are already generating revenue.

Matthew Lodge, Chief Executive Officer of Roundhouse, commented:

“We are pleased to announce our first ETH purchase since our listing on AQSE in January. As disclosed in the admission prospectus, we have established an ETH-denominated digital asset treasury, with the core purpose of supporting Roundhouse’s AI and technology operations which are already generating revenue. Our primary objective is to grow the Company’s core business through continued investment in these operations, while also expanding the treasury in a disciplined manner.”

The move reflects a growing trend among technology companies integrating digital asset strategies with operational funding, rather than treating cryptocurrencies solely as balance sheet hedges. For Roundhouse, Ethereum is positioned as both a treasury asset and a strategic tool to support the Company’s long-term growth in AI and advanced technology services.

With a focus on disciplined expansion and reinvestment into revenue-producing activities, Roundhouse aims to leverage its Ethereum treasury as part of a broader strategy to scale its AI capabilities and strengthen its position in the fast-evolving technology sector.

Wishbone Gold (LSE:WSBN) has been awarded a 67 km² exploration tenement following a contested ballot over crown land located roughly 25 km north-west of the Telfer gold mine in Western Australia. The newly granted licence, E45/7169, will be integrated into the company’s existing access and heritage arrangements with Greatland Gold, strengthening Wishbone’s land position in the vicinity of a major producing operation.

The tenement benefits from established access via the main road linking Telfer and Marble Bar and will form part of the company’s ongoing evaluation work as it prepares for the 2026 drilling campaign at its Red Setter project, which is scheduled to commence in April. Assay results from the 2025 Red Setter drilling programme are expected shortly and are set to inform the scope and targeting of the 2026 drill plans, potentially acting as a near-term catalyst for market interest.

From an investment standpoint, the outlook continues to be constrained by the company’s early-stage financial profile, with no revenue, ongoing losses and negative free cash flow, albeit with some signs of improvement. Share price technicals are mixed, showing broadly neutral momentum without a clear trend, while valuation support remains limited due to negative earnings and the absence of a dividend.

More about Wishbone Gold

Wishbone Gold is an exploration company listed on AIM and Aquis, focused on gold and copper assets in Western Australia. Its portfolio includes the Red Setter copper-gold project and a growing suite of exploration licences surrounding the established Telfer gold mine and near the Nifty Copper Mine, placing the company within a well-known and highly prospective mining district.

Tekcapital Plc (LSE:TEK) has conditionally secured $2.05m (£1.5m) through a placing of 18.75 million new ordinary shares at 8p each, strengthening its balance sheet and providing additional capital to advance its investment programme. The funding will be directed toward both existing holdings and new opportunities, with a growing focus on generative AI, following what the group describes as solid operational and commercial progress across its portfolio.

Admission of the new shares to AIM is expected around 16 February 2026, which will increase Tekcapital’s total issued share capital to 257,178,525 ordinary shares. While the placing results in some dilution for existing investors, management views the enlarged capital base as enhancing the group’s capacity to pursue technology-led investments and providing greater flexibility to support portfolio companies at key stages of development.

From an investment perspective, the outlook continues to be constrained by weak underlying financial performance, including ongoing negative operating and free cash flow and highly volatile, low revenue levels. These factors persist despite the group’s debt-free balance sheet. Share price technicals are moderately supportive, with the stock trading above major moving averages, and headline valuation metrics appear undemanding. However, operating instability and continued cash burn remain key risks for investors to monitor.

More about Tekcapital Plc

Tekcapital Plc is a UK-based intellectual property investment company listed on AIM, focused on commercialising technologies developed within universities. The group builds and supports portfolio businesses aimed at delivering scalable products and services that can improve everyday life. In recent years, Tekcapital has increasingly targeted investments in high-growth areas such as generative artificial intelligence as part of its long-term value creation strategy.

Phoenix Copper Limited (LSE:PXC) chief executive Ryan McDermott sought to steady investor sentiment following the company’s announcement on 9 February, confirming that the board, management team and external advisers are continuing to progress internal investigations. He noted that interim management arrangements have been put in place to ensure business continuity and limit operational disruption while the review is ongoing.

McDermott reiterated that the group’s underlying asset base and long-term strategy remain unchanged. Core projects, including the Empire Project in Idaho, continue to be viewed by the board as offering significant long-term potential, and work to advance Empire alongside the evaluation of broader strategic options is continuing. Management stressed that, despite near-term governance and investigatory matters, the company remains focused on maintaining momentum across its development plans.

From a market perspective, the outlook remains weighed down by Phoenix Copper’s weak financial position, with no revenue, widening losses and increasing cash burn heightening funding and dilution risks. Share price technicals are mixed but generally soft, with the stock trading below key moving averages, while valuation offers limited support given negative earnings and the absence of a dividend.

More about Phoenix Copper Limited

Phoenix Copper Limited is a US-focused exploration and emerging production company operating in the base and precious metals sector. The company is primarily targeting copper, gold and silver from open-pit operations in Idaho, with its flagship Empire Mine near Mackay in the historic Alder Creek district, where it holds an 80% interest.

In addition to Empire, Phoenix Copper controls several former producing underground mines, including Horseshoe, White Knob and Blue Bird, as well as the Red Star silver-lead deposit and the Navarre Creek gold exploration project, covering a total of 8,434 acres. The group also holds interests in two cobalt properties on the Idaho Cobalt Belt under an earn-in arrangement and is listed on both AIM in London and the OTCQX market in the United States.

Sunda Energy Plc (LSE:SNDA) has put in place an unsecured loan facility of up to £1.5m from its chief executive, Dr Andy Butler, with an initial £400,000 drawn to fund transaction costs linked to a potential oil and gas asset acquisition and to strengthen working capital. The related-party financing was reviewed by the company’s independent directors and deemed fair and reasonable, and is intended to support an advanced-stage transaction that could broaden and enhance Sunda’s upstream asset base, subject to completion of due diligence, funding arrangements and shareholder approval.

Alongside the corporate activity, operational progress continues across the portfolio. In Timor-Leste, Sunda is working to secure a drilling rig and complete environmental approvals for the planned Chuditch-2 appraisal well, while also advancing discussions around a revised farm-in structure with state partner TIMOR GAP to help fund drilling preparations. In the Philippines, activity at the Sulu Sea Service Contracts 80 and 81 is moving into the 3D seismic reprocessing phase, supported by positive industry interest, as the company positions itself for a more active operational period in 2026.

The investment outlook remains constrained by the group’s weak financial profile, with no revenue, widening losses and ongoing cash consumption, albeit against a backdrop of relatively low leverage. Recent share price strength offers some technical support, although overbought indicators introduce near-term risk. Valuation continues to be pressured by the absence of profitability or dividend income.

More about Sunda Energy Plc

Sunda Energy Plc is an AIM-listed exploration and appraisal company focused on gas assets in Southeast Asia. Its portfolio is anchored by the Chuditch gas field offshore Timor-Leste, alongside non-operated interests in the Sulu Sea, Philippines. The company is pursuing upstream gas appraisal, development and exploration opportunities aimed at delivering long-term regional growth.

Altona Rare Earths (LSE:REE) has secured £450,000 in new funding following the exercise of 30 million warrants at 1.5p per share and has further bolstered its balance sheet by converting £20,000 of accrued interest on outstanding debt into 2 million new shares at 1p. The additional capital will be directed toward advancing fluorspar and gallium resource estimates and completing a scoping study at the Monte Muambe project. As a result of the share issuance, total voting rights will increase to 358,682,302, representing modest dilution for existing shareholders but providing added financial support for the company’s African critical minerals strategy.

An application has been submitted for the admission of the 32 million new shares to trading on the Main Market of the London Stock Exchange, with admission expected around 13 February 2026. Management described the transactions as a positive signal of growing investor and lender confidence, highlighting continued backing for Altona’s efforts to progress and ultimately monetise its portfolio of critical raw materials assets positioned within global clean energy and high-technology supply chains.

From an outlook perspective, the company remains constrained by its early-stage financial profile, characterised by a lack of revenue, ongoing losses and continued cash burn, alongside relatively elevated leverage. Positive share price momentum and supportive technical trends offer some offset, but valuation remains challenged in the absence of profitability or dividend support.

More about Altona Rare Earths

Altona Rare Earths is a London Main Market-listed exploration and development company focused on critical raw materials across Africa, including rare earth elements, fluorspar, gallium and copper-silver. Its flagship Monte Muambe project in Mozambique hosts multi-commodity mineralisation under a 25-year mining licence, while the company is also advancing the Sesana Copper-Silver Project in Botswana as part of a diversified growth strategy.

Europa Oil & Gas (Holdings) plc (LSE:EOG) has proposed a fundraising of up to £3.5m via a discounted placing of new shares at 1.2p on AIM, alongside the issue of warrants and a separate retail offer for existing investors through the WRAP platform. The transaction, which is being led by Tennyson Securities, is conditional on shareholder approval at a general meeting expected to take place around 27 February 2026, with admission of the new shares targeted for early March.

Approximately £1.5m of the proceeds is earmarked to fund Europa’s 42.9% interest in Antler Global, enabling progress toward drilling and testing at the Barracuda gas prospect within the EG-08 licence offshore Equatorial Guinea, where the company holds an effective 40% interest. The Barracuda structure is estimated to contain 893 BCF of gas. The remaining £2m is intended to provide general working capital support across Europa’s wider asset base. Management has cautioned that failure to secure shareholder approval for the fundraising would leave the company without sufficient resources to retain its EG-08 position or continue other operations, highlighting the importance of the raise to both its going-concern status and strategic objectives.

The investment outlook continues to be shaped by weak recent financial performance, including sharp declines in revenue and profitability. This is partly offset by supportive corporate developments and some constructive technical signals, which suggest scope for improvement if funding is secured. Valuation metrics remain under pressure due to ongoing losses, although insider support and the strategic significance of the Barracuda project provide a degree of longer-term optimism.

More about Europa Oil & Gas (Holdings) plc

Europa Oil & Gas (Holdings) plc is an AIM-listed exploration, development and production company with a portfolio of oil and gas assets in West Africa, the UK and Ireland. The group focuses on high-impact opportunities such as the EG-08 licence in Equatorial Guinea, alongside a range of additional licences that require continued investment and working capital support.