ESG Express "Choose Your Own Adventure" Gershuni

Research evidence excerpt

ESG Express "Choose Your Own Adventure" Gershuni

contracted $8.2bn backlog. They expect SOLV to grow revenue at a ~15%

CAGR through 2030E, however, at ~20x ‘26 EV/EBITDA, the current stock valuation

now reflects our team's near-term positive earnings outlook and the supportive industry

backdrop, in their view. The risk/reward skew for SOLV is now more balanced relative to

the time of our initiation, and our team moves to the sidelines. (Full Report)

Global Sustainability — BZ Critical Minerals Expert Meeting - Open Mic

Last week we hosted an open mic with Viridis Mining and Minerals, IBRAM and CEBRI to

discuss Brazil’s positioning in critical minerals, with a focus on rare earth elements (REEs).

The discussion reinforces a clear shift over the LTM: the investment case is moving from a

geopolitical narrative to an execution-driven and capital-selective framework. The

speakers noted that governments (US/EU) are now acting as investors, providing direct

capital and pricing support. However, support remains highly selective, concentrated in

a limited number of advanced, non-Chinese assets. Overall, the discussion reinforces a

clear shift in the sector’s investment dynamics. While geopolitical relevance and demand

growth remain, capital is becoming increasingly selective, and execution is emerging as

the key driver of value. (Full Report)

Global Oil Fundamentals — The IEA expects greater disruptions from the Gulf

The IEA's May Oil Market Report (OMR) now assumes that the conflict ends by early June

under its base case, vs. oil shipments beginning in May in last month’s update. It projects

a severe supply shortfall through 3Q26, with -6.0Mb/d in 2Q and -1.9Mb/d in 3Q,

compared to previous estimates of -3.7Mb/d and +2.3Mb/d. Supply begins recovering in