Core Points - Crédit Agricole S.A. has decided to reduce its share capital by cancelling 22,886,191 treasury shares, which represents approximately 0.75% of the total share capital [1][2] - The cancellation of shares is effective from 13 November 2025, following the authorization from the General Meeting of Shareholders on 22 May 2024 [1] - After the cancellation, the total share capital of Crédit Agricole S.A. will amount to 9,077,707,050 euros, consisting of 3,025,902,350 shares, with 583,317 treasury shares remaining under a liquidity agreement [3] Share Repurchase Program - The treasury shares were acquired under a share repurchase program conducted between 1 October 2025 and 30 October 2025, aimed at offsetting the dilutive effect of a capital increase reserved for employees [2] - The total expenditure for the share repurchase program was 374,414,014 euros, as decided by the Board of Directors on 14 May 2025 [2]

Core Insights - President Donald Trump's comments regarding federal health care funding have led to a decline in shares of health insurers, suggesting a potential shift in the Affordable Care Act (ACA) funding structure [1][4]. Group 1: Market Reaction - Centene (CNC), HCA Healthcare (HCA), and Molina Healthcare (MOH) experienced significant stock declines, with Centene down over 8%, Molina nearly 7%, and HCA dropping 5% [5]. - Other health insurers, including United Health Group (UNH) and Cigna Group (CI), also saw their shares fall following Trump's remarks [5]. Group 2: Policy Implications - Trump proposed that federal health care funds should be redirected to individuals rather than insurers, which could fundamentally alter the ACA marketplace [2]. - The Committee for a Responsible Federal Budget estimated that federal subsidies to insurance companies this year amount to $138 billion, a substantial increase from $53 billion in 2020 [2][4].

Core Points - Crédit Agricole S.A. has announced the redemption of its outstanding ¥17,700,000,000 Japanese Yen Callable Senior Non-Preferred Bonds, which were issued on December 7, 2022 [2][3] - The redemption will occur at a price equal to 100% of the principal amount plus accrued interest, with the Redemption Amount due on December 7, 2025 [2][3] - If December 7, 2025, is not a business day, the payment will be made on the next business day, December 8, 2025, without any additional interest for the delay [3] Redemption Details - The formal notice of redemption will be provided to the bondholders in accordance with the Conditions of the Bonds [4] - The bonds will cease to bear interest on the redemption date unless the Redemption Amount is improperly withheld or refused [3]

Core Insights - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, particularly in the financial sector, to achieve exceptional returns [1] - Identifying high-quality growth stocks is challenging due to their inherent risks and volatility [1] Company Overview: Arcosa (ACA) - Arcosa is currently highlighted as a recommended growth stock by the Zacks Growth Style Score system, which evaluates a company's growth prospects beyond traditional metrics [2] - The company holds a favorable Growth Score and a top Zacks Rank, indicating strong potential for growth investors [2] Earnings Growth - Earnings growth is a critical factor for investors, with double-digit growth being particularly desirable as it signals strong future prospects [4] - Arcosa's historical EPS growth rate stands at 12.9%, but projected EPS growth for the current year is significantly higher at 38.4%, compared to the industry average of 3.9% [5] Cash Flow Growth - Cash flow growth is essential for growth-oriented companies, allowing them to expand without relying on external funding [6] - Arcosa's year-over-year cash flow growth is currently at 8%, surpassing the industry average of 3.1% [6] - The company's annualized cash flow growth rate over the past 3-5 years is 11.3%, compared to the industry average of 10% [7] Earnings Estimate Revisions - Positive trends in earnings estimate revisions are indicative of a stock's potential performance [8] - Arcosa has experienced upward revisions in current-year earnings estimates, with the Zacks Consensus Estimate increasing by 7.2% over the past month [9] Conclusion - Arcosa has achieved a Zacks Rank of 2 and a Growth Score of B, reflecting its strong growth metrics and potential as a solid choice for growth investors [10]

Core Points - The European Central Bank (ECB) has set the Pillar 2 capital requirements for Crédit Agricole Group and Crédit Agricole S.A. to remain unchanged at 1.80% and 1.65% respectively, effective from January 1, 2026 [2] - Crédit Agricole Group is required to maintain a CET1 ratio of at least 10.4% from January 1, 2026, which includes various capital buffers [3] - Crédit Agricole S.A. must achieve a CET1 ratio of at least 8.8% from January 1, 2026, also incorporating applicable capital buffers [4] - As of September 2025, Crédit Agricole Group's phased-in CET1 ratio was reported at 17.6%, indicating strong solvency compared to other European systemic banks [4] - Crédit Agricole S.A. benefits from a legal solidarity mechanism and had a phased-in CET1 ratio of 11.7% at the end of September 2025 [5]

Financial Performance - Revenues for the three and nine months ended September 30, 2025 increased by 24.6% to $797.8 million and by 13.8% to $2,166.7 million, respectively, compared to the same periods in 2024[106]. - Operating profit for the three and nine months ended September 30, 2025 increased by $78.5 million to $112.3 million and by $108.5 million to $262.9 million, respectively, with all segments contributing to the increase[106]. - Net income for the three and nine months ended September 30, 2025 was $73.0 million and $156.3 million, respectively, compared to $16.6 million and $101.4 million for the same periods in 2024[106]. - Operating profit increased 232.2% and 70.3% for the three and nine months ended September 30, 2025, respectively, with a 95.8% and 53.5% increase when excluding the divested steel components business[116]. - Revenues for Construction Products increased by 50.5% to $351.6 million for the three months ended September 30, 2025, driven by the acquisition of Stavola[122]. Backlog and Orders - The backlog for utility and related structures as of September 30, 2025 was $461.5 million, up 11% year to date, providing good production visibility for 2025 and into 2026[100]. - The company received new wind tower orders of $1.1 billion following the Inflation Reduction Act, with a remaining backlog for wind towers of $526.3 million as of September 30, 2025[100]. - The backlog for inland barges as of September 30, 2025 was $325.9 million, up 16% year to date, indicating future pent-up replacement demand[101]. - The backlog for utility and related structures was $461.5 million as of September 30, 2025, with 43% expected to be recognized during 2025[131]. - The backlog for wind towers was $526.3 million as of September 30, 2025, with 18% expected to be recognized during 2025[132]. - As of September 30, 2025, the backlog for inland barges was $325.9 million, up from $244.7 million a year earlier, with an expectation to recognize 30% of this backlog in 2025[137]. Expenses and Costs - Selling, general, and administrative expenses decreased as a percentage of revenues to 10.3% for the three months and 10.6% for the nine months ended September 30, 2025, compared to 12.9% and 12.1% for the same periods in 2024[106]. - Operating costs increased by 13.0% and 8.8% for the three and nine months ended September 30, 2025, respectively[115]. - Cost of revenues increased 42.2% for Construction Products due to the acquisition of Stavola, with a decrease in cost of revenues as a percentage of revenues to 73.4%[123]. - Depreciation, depletion, and amortization expense increased 38.4% primarily due to the acquisition of Stavola[123]. - Selling, general, and administrative expenses decreased by 31.1% for the nine months ended September 30, 2025, driven by the steel components divestiture[141]. - Cost of revenues for the nine months ended September 30, 2025, decreased by 2.5% due to the divestiture of the steel components business[141]. Acquisitions and Financing - The company completed the acquisition of Stavola Holding Corporation for $1.2 billion in cash, enhancing its Construction Products segment[102]. - Interest expense for the three and nine months ended September 30, 2025 totaled $27.1 million and $83.9 million, respectively, reflecting an increase due to additional debt from the Stavola acquisition[106]. - The Company entered into a $698.3 million 2025 Refinancing Term Loan to satisfy the outstanding balance under the 2024 Term Loan, with a maturity date of October 1, 2031[151]. - The Company issued $600.0 million of 6.875% 2024 Notes maturing in August 2032, and $400.0 million of 4.375% senior unsecured notes maturing in April 2029[152]. - The interest rate for the 2025 Refinancing Term Loan is based on SOFR plus 2.00% per year, or an alternate base rate plus 1.00% per year[151]. Shareholder Returns and Liquidity - A quarterly cash dividend of $0.05 per share was declared in September 2025, scheduled for payment on October 31, 2025[154]. - The Board authorized a $50.0 million share repurchase program effective January 1, 2025, with no shares repurchased as of September 30, 2025[155]. - The Company believes that existing cash, available liquidity, and cash flow from operations will be sufficient to fund necessary capital expenditures and operating cash requirements for the foreseeable future[153]. - The company had no outstanding loans under its revolving credit facility as of September 30, 2025, leaving $700.0 million available for borrowing[148]. Tax and Market Risks - The effective tax rate for the three and nine months ended September 30, 2025 was 16.2% and 16.0%, respectively, compared to 13.1% and 15.2% for the same periods in 2024[106]. - The terms of the Senior Notes limit the Company's ability to create liens on assets and enter into certain transactions[152]. - The Company faces various risks that could impact future performance, including market conditions, competition, and changes in regulations[157]. - There has been no material change in market risks since December 31, 2024, as noted in the 2024 Annual Report[159].

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to prevent access issues [1] Group 1 - The article highlights that users may face blocks if ad-blockers are enabled, suggesting the need to disable them for proper access [1]

Financial Data and Key Metrics Changes - Q3 2025 was a record quarter for the company, with revenue increasing by 27% and adjusted EBITDA growing by 51%, both excluding the impact of the divested steel components business [4] - The adjusted EBITDA margin reached a record 21.8%, representing a 340 basis points improvement year-over-year [4] - The company ended the quarter with a leverage ratio of 2.4 times, ahead of its plan to return to a target range of 2 to 2.5 within 18 months of the Stavola acquisition [5][15] Business Line Data and Key Metrics Changes - In the Construction Products segment, Q3 revenues increased by 46% and adjusted segment EBITDA rose by 62%, with margins expanding by 300 basis points to 29.7% [8] - The aggregates business saw freight adjusted revenues increase by 28% and adjusted cash gross profit increase by 38%, with total volumes up by 18% [9] - Engineered Structures segment revenues increased by 11%, with adjusted segment EBITDA rising by 29% and margins expanding by 240 basis points to 18.3% [11] - The Transportation Products segment reported a 22% increase in inland barge revenues and a 36% increase in adjusted segment EBITDA, with margins improving by 190 basis points [12] Market Data and Key Metrics Changes - The barge backlog increased by 16% year-to-date, with production visibility extending well into the second half of 2026 [7][13] - The company anticipates a 32% year-over-year growth in adjusted EBITDA for 2025, reflecting strong contributions from the Stavola acquisition and double-digit organic expansion [7][17] Company Strategy and Development Direction - The company is focused on capital allocation to drive growth while maintaining a healthy balance sheet, with plans for potential M&A opportunities and organic investments [8][24] - The strategic alignment around businesses with durable demand fundamentals is expected to create a resilient platform for long-term growth [16] - The company is optimistic about infrastructure demand, particularly in Texas and the New York/New Jersey markets, which are expected to support future growth [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the U.S. power market and the anticipated demand for utility structures and wind towers [20][21] - The company expects modest volume growth in Q4, assuming normal weather conditions, and is optimistic about a potential recovery in single-family housing in 2026 [19][24] - Management highlighted the importance of maintaining a flexible balance sheet to capitalize on growth opportunities while reducing leverage [46][48] Other Important Information - The company achieved a significant increase in operating cash flow, which was $161 million, up 19% year-over-year [14] - Free cash flow for the quarter was $134 million, reflecting a 25% increase year-over-year [14] Q&A Session Summary Question: Can you provide more details on the adjustments to full-year revenue and EBITDA guidance? - Management indicated that the adjustments reflect strong year-to-date performance and expectations for a good Q4, with slight revenue adjustments due to organic volume performance [30] Question: What is the outlook for the construction business regarding production downtime? - Management believes that production downtime issues are largely behind them and that they are continuously improving operations [32] Question: Can you discuss the margin outlook for engineered structures? - Management noted strong performance in both wind tower and utility structures, with ongoing improvements in capacity and demand [34][35] Question: What is the pricing outlook for aggregates as we head into 2026? - Management expressed optimism about pricing, supported by recovering volume growth and favorable infrastructure demand [41][42] Question: How will capital allocation be balanced between debt reduction and growth initiatives? - Management plans to focus on both debt reduction and pursuing bolt-on acquisitions, while also investing in organic growth opportunities [46][48] Question: What is the outlook for wind orders and production schedules? - Management is optimistic about additional wind orders and is working closely with customers to accommodate their needs [56][68]

Q3 2025 Performance Highlights - Adjusted EBITDA grew 51% outpacing revenue growth of 27%[9] - Record consolidated Adjusted EBITDA Margin of 21.8%, up 340 basis points[9] - Aggregates pricing up 9% and volume increase of 18% leading to 17% cash unit profitability gain[9] - Q3 operating cash flow up 19% and Free Cash Flow up 25%[9] Strategic Transformation - Construction Products Adjusted EBITDA decreased from 56% in 2018 to 34% in Q3 2025, while Engineered Structures increased from 33% to 38% and Transportation Products decreased from 29% to 10%[15] Q3 2025 Consolidated Results - Revenues increased by 27% from $626.8 million to $797.8 million[19] - Adjusted EBITDA increased by 53% from $114.0 million to $174.2 million[19] - Net income increased by 340% from $16.6 million to $73.0 million[19] 2025 Outlook - Revenue is projected to increase by 16% to a range of $2.86 billion to $2.91 billion[9, 37] - Adjusted EBITDA is projected to increase by 32% to a range of $575 million to $585 million[9, 38] - Adjusted EBITDA Margin expansion of 240 basis points[9]

Core Points - Crédit Agricole S.A. has completed its share repurchase program, which started on 1 October 2025 and ended on 30 October 2025 [2] - A total of 22,886,191 shares were repurchased at an aggregate cost of 374,414,014 euros [2] - The purpose of the repurchase was to offset the dilutive effect of a capital increase reserved for employees, with the repurchased shares set to be cancelled [3] - The transaction resulted in a decrease of 9 basis points in Crédit Agricole S.A.'s CET1 ratio and a decrease of 6 basis points for the Crédit Agricole group [3] - The execution of the existing liquidity agreement with Kepler Cheuvreux was temporarily suspended during the share repurchase program and will now resume [4]