Arcosa (ACA) Conference Summary - June 12, 2025 Company Overview - Arcosa is a Dallas-based company with LTM March revenues of approximately $2.6 billion and adjusted EBITDA of about $465 million [5][6] - The company operates in three segments: construction products, engineered structures, and transportation products [5][6] - Arcosa has over 140 locations, primarily in the US, with only one mine in Canada and two manufacturing plants in Mexico [6] Financial Performance - Adjusted EBITDA has increased from $185 million at the time of spin-off to $530 million LTM March, driven by organic initiatives and $3 billion in core infrastructure acquisitions [7] - Construction products segment accounts for 43% of revenues and 59% of adjusted EBITDA, with a 25% adjusted EBITDA margin [7][8] - Engineered structures segment contributes 42% of revenues and 31% of adjusted EBITDA, with a 17% adjusted EBITDA margin [9] - Transportation products segment is the smallest, accounting for less than 15% of revenues and about 10% of adjusted EBITDA, with mid-teen margins [9][10] Strategic Initiatives - The company aims to grow in attractive markets while reducing cyclicality and complexity, improving return on invested capital, and maintaining a healthy balance sheet [12] - The $1.2 billion acquisition of Stivola expanded Arcosa's aggregates footprint into the New York-New Jersey MSA, enhancing exposure to less cyclical infrastructure-led markets [12][13] - The company expects revenue growth of 17% and adjusted EBITDA growth of 30% in 2025, supported by both acquisitions and organic operations [13][14] Market Dynamics - Arcosa has minimal direct tariff impacts due to its US-centric operations, with most revenues sourced domestically [17][18] - The company is monitoring indirect impacts from agricultural tariffs and steel prices, which could affect customer sentiment [20][21] Segment Insights Construction Products Segment - The integration of Stivola is progressing well, with no negative surprises reported [24][25] - Stivola's seasonality affects EBITDA, with Q1 typically being breakeven or slightly negative due to winter weather impacting asphalt work [28][30] - Pricing trends in aggregates are healthy, with Stivola contributing positively to average selling prices (ASP) due to higher prices in the New Jersey area [33][34] Engineered Structures Segment - The segment has shown strong performance, driven by utility structures and wind towers, with double-digit unit growth reported [46][51] - Demand is supported by grid hardening and increased electrification, with expectations for load growth over the next decade [52][53] Policy and Regulatory Environment - The company is optimistic about the wind business, with a positive demand outlook linked to the Inflation Reduction Act and potential policy clarity from the government [61][62] - Arcosa is focused on maintaining a stable policy environment to support growth in renewable energy sectors [60][63] Deleveraging Strategy - Following the Stivola acquisition, Arcosa aims to reduce leverage from a pro forma 3.7 times net debt to EBITDA to a target of 2 to 2.5 times within 18 months [65][66] - The company ended the year at 2.9 times and expects further deleveraging in the latter half of the year [66] Future Outlook - Arcosa's strategy remains consistent, focusing on simplifying its portfolio and growing in segments with strong long-term growth drivers [71][72] - The company aims to increase the share of construction products in its adjusted EBITDA, potentially evolving into a two-segment company in the future [72][73]

Core Viewpoint - Crédit Agricole Transitions & Énergies has acquired a majority stake in COMWATT, enhancing its solar energy optimization services and supporting customers in decarbonization efforts [2][3]. Group 1: Acquisition Details - The acquisition of COMWATT, based in Montpellier, France, aligns with Crédit Agricole Transitions & Énergies' goal to develop solutions for customers to manage energy costs and decarbonize [2]. - The transaction will not significantly impact the CET1 ratio of Crédit Agricole S.A. [3]. Group 2: Company Profiles - Crédit Agricole Transitions & Énergies is a subsidiary of Crédit Agricole Group, focusing on financing renewable energy projects and providing energy efficiency solutions to various customer segments [4]. - COMWATT, established in 2013, specializes in intelligent energy management solutions and has a user base of 35,000, helping them improve energy independence [5].

Core Insights - Crédit Agricole Santé & Territoires has signed an agreement to acquire Petits-fils, the leading provider of at-home services for seniors in France, which will position the company as a leader in this sector [1][5] - The acquisition is part of Crédit Agricole's strategy to diversify its offerings in health and aging support, aiming to improve access to healthcare and support the aging population [5][7] Company Overview - Crédit Agricole Santé & Territoires is a subsidiary of the Crédit Agricole Group, focused on expanding healthcare services and addressing societal challenges related to healthcare access and aging [7] - Petits-fils, founded in 2014, has rapidly grown to become the largest provider of at-home services for seniors in France, operating over 290 branches and employing more than 11,000 care workers [8] Market Dynamics - The French population aged over 75 is projected to grow by 60% by 2040, with 90% of this demographic expected to continue living at home, indicating a significant market opportunity for at-home services [2] - Petits-fils has experienced exceptional growth, operating at twice the rate of the broader at-home services industry, highlighting its strategic appeal to Crédit Agricole Santé & Territoires [3] Financial Details - The acquisition of Petits-fils is valued at €345 million, with an estimated equity value at closing of approximately €255 million, and is expected to have a limited impact on the CET1 ratios of Crédit Agricole S.A. and the Crédit Agricole Group [5][6] Strategic Partnerships - Clariane SE and Crédit Agricole Santé & Territoires plan to establish a nationwide partnership to enhance support services for caregivers and dependent individuals [4]

Core Insights - The renewable energy sector is experiencing significant growth as global awareness and government pressure to reduce greenhouse gas emissions increase, leading to a shift from fossil fuels to renewable sources for power generation [1] - Wind power is emerging as a key driver in the clean energy transition, with the U.S. seeing record levels of electricity generation from wind energy [2][3] Industry Overview - Wind energy has become one of the largest sources of renewable energy in the U.S., generating 10% of total utility-scale electricity in 2024, marking a 6.4% increase from the previous year [3] - The onshore wind energy capacity in the U.S. has grown from 2.4 gigawatts (GW) in 2000 to over 153 GW in 2024 [2] - Wind power accounted for approximately 27% of capacity additions to the U.S. power system on average since 2010 [4] Market Trends - The wind energy market is benefiting from trends such as increased electricity demand from AI-powered data centers, the adoption of electric vehicles, and rapid urbanization [5] - The U.S. grid is projected to add 7.7 GW of wind generation capacity in 2025, up from 5.1 GW added in the previous year [5] Company Highlights - Arcosa, Inc. is positioned to benefit from strong demand for wind towers, with $1.1 billion in new orders following the Inflation Reduction Act (IRA) [9][10] - NextEra Energy Resources LLC is the world's leading generator of wind energy, adding 1,365 MW of new wind capacity in 2024, with a total generating capacity of approximately 26,335 MW [14] - OGE Energy is expanding its renewable generation assets, owning several wind farms and focusing on reducing carbon emissions by over 60% compared to 2005 levels [16][17] - Portland General Electric is planning significant renewable asset additions to meet growing industrial load driven by high-tech and data center customers [12]

Core Viewpoint - The article highlights Arcosa (ACA) as a promising growth stock, emphasizing its strong earnings growth, cash flow growth, and positive earnings estimate revisions, which position it well for outperformance in the market [2][10]. Earnings Growth - Arcosa's historical EPS growth rate is 8.6%, but the projected EPS growth for this year is significantly higher at 25.3%, surpassing the industry average of 6.6% [4]. Cash Flow Growth - The year-over-year cash flow growth for Arcosa is currently at 8%, which is above the industry average of 2.7%. The company's annualized cash flow growth rate over the past 3-5 years stands at 11.3%, compared to the industry average of 10.1% [5][6]. Earnings Estimate Revisions - There have been upward revisions in current-year earnings estimates for Arcosa, with the Zacks Consensus Estimate increasing by 0.4% over the past month, indicating a positive trend in earnings estimates [8][7]. Overall Positioning - Arcosa has achieved a Growth Score of B and holds a Zacks Rank 2 due to favorable earnings estimate revisions, making it an attractive option for growth investors [10].

Core Viewpoint - Arcosa (ACA) shows potential for significant upside, with a mean price target of $109.20 indicating a 26.5% increase from its current price of $86.33 [1] Price Targets - The average price target consists of five estimates ranging from $100 to $120, with a standard deviation of $7.29, suggesting a consensus among analysts [2] - The lowest estimate indicates a 15.8% increase, while the highest suggests a 39% upside [2] Analyst Sentiment - Analysts exhibit strong agreement on ACA's earnings prospects, with positive revisions in earnings estimates supporting the potential for stock price increases [4][11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has risen by 0.4%, with one estimate increasing and no negative revisions [12] Zacks Rank - ACA holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [13]

Core Points - Crédit Agricole S.A. is launching its annual capital increase reserved for employees globally [1] - The capital increase will allow 190,000 eligible employees and retired former employees to subscribe to new shares at a discounted price [2] - The subscription price will be set at the arithmetic mean of opening share prices from May 26 to June 20, 2025, with a 20% discount [2] - The subscription period is from June 24 to July 8, 2025 [2] - New shares will be issued on August 28, 2025, and will be eligible for dividends for the 2025 financial year [3] - A maximum of 32 million shares will be issued, with a par value of €96 million [3] - Following the capital increase, a share buyback operation will be conducted to mitigate dilution, pending ECB approval [3] - This initiative is part of the Group's employee profit-sharing policy related to financial performance [3]

Core Viewpoint - The Crelan Group and Crédit Agricole have signed a long-term partnership agreement, allowing Crédit Agricole to acquire a 9.9% minority stake in Crelan, which will enhance Crelan's service offerings and commercial development in Belgium [2][9]. Group 1: Partnership Details - The partnership includes commercial collaborations in asset management, private banking, wealth management, and leasing [2]. - Crelan and Crédit Agricole plan to establish additional joint commercial initiatives in the near future [2]. Group 2: Strategic Vision - Both Crelan and Crédit Agricole share a vision of cooperative banking, aiming to strengthen their services and provide high-quality banking solutions [3]. - The partnership is expected to benefit customers, cooperators, and society as a whole [3]. Group 3: Financial Implications - The partnership is projected to positively impact Crelan's consolidated 2025 transitional CET1 capital ratio by approximately 2% and have a non-material impact on Crédit Agricole's CET1 ratio [7]. - The conclusion of commercial agreements is anticipated to enhance the revenues of both groups [7]. Group 4: Crelan's Position - Crelan is a cooperative bank in Belgium, maintaining its cooperative model and values while ensuring that all deposits remain invested in Belgium [6]. - The bank has a significant presence with 4327 employees, 727 branches, and €55.8 billion in total assets as of December 31, 2024 [8]. Group 5: Crédit Agricole Overview - Crédit Agricole is a leading financial provider in France and a major player in European banking, recognized for its retail banking and asset management services [10][11]. - The group serves 54 million customers and emphasizes a customer-focused banking model [12].

Core Points - Crédit Agricole S.A. announced the redemption of all outstanding USD 1,500,000,000 Senior Non-Preferred Callable Fixed-to-Floating Rate Notes issued on June 16, 2020, effective June 16, 2025 [2][3] - The redemption will occur at the outstanding nominal amount along with any accrued interest, referred to as the Redemption Amount [2][3] - Holders of the Notes will receive formal notice of the redemption in accordance with the Terms and Conditions [3] Summary by Sections - **Redemption Announcement** - The Issuer, Crédit Agricole S.A., will redeem the Notes on June 16, 2025, as per the terms outlined in the base offering memorandum [2] - **Redemption Details** - The Redemption Amount will be due and payable on the Redemption Date, and interest on the Notes will cease on that date unless the Redemption Amount is improperly withheld [3] - **Legal and Regulatory Information** - The press release does not constitute an offer to buy or sell the Notes in various jurisdictions, including the United States, Canada, Australia, or Japan [4][5][7] - Specific legal and regulatory restrictions may apply to the redemption of the Notes in certain jurisdictions [5]

Core Points - Crédit Agricole Leasing & Factoring (CAL&F) has completed the acquisition of 100% of Merca Leasing, enhancing its position in the German leasing market [2][3] - The acquisition aligns with CAL&F's development strategy and aims to accelerate growth in the dynamic German leasing sector [2][5] - Merca Leasing, founded in 1989, is one of the top ten independent leasing companies in Germany, specializing in tailored leasing solutions for SMEs [4][10] Company Overview - CAL&F is a subsidiary of the Crédit Agricole group and has been a significant player in leasing and factoring for over 60 years [8] - The company operates in 10 European countries, providing specialized financing and responsible mobility solutions to a diverse customer base [9] - Key figures for CAL&F at the end of 2024 include 260,400 customers, 2,769 employees, and €34 billion in outstandings [10] Merca Leasing Overview - Merca Leasing focuses on financing business-critical movable equipment, particularly production machinery [11] - The company reported new sales of €309 million and actual outstandings of €472 million at the end of 2024 [12]