Group 1 - The General Meeting of Shareholders of Crédit Agricole S.A. took place on May 14, 2025, with over 1,700 attendees and a quorum of 80.37% [2] - All resolutions proposed by the Board of Directors were approved, with the exception of resolution A, which was rejected by more than 95% [2][3] - A dividend payout of €1.10 per share was confirmed following the approval of the financial statements for the year ended December 31, 2024 [3] Group 2 - Olivier Desportes was appointed as a Director to replace Louis Tercinier, who reached the statutory age limit [3] - The General Meeting ratified the co-optation of Gaëlle Regnard as Director and renewed the terms of several existing directors [4] - Dominique Lefebvre was re-appointed as Chairman, and Jérôme Grivet was appointed as the sole Deputy Chief Executive Officer [5]

Revenue and Profitability - Revenues for the three months ended March 31, 2025 increased 5.6% to $632.0 million compared to $598.6 million for the same period in 2024, driven by higher revenues in Engineered Structures and Construction Products [97]. - Operating profit for the three months ended March 31, 2025 totaled $55.8 million, an increase of 4.5% year-over-year, with significant contributions from Engineered Structures [97]. - Revenues from Engineered Structures increased 23.0% to $284.8 million, primarily due to higher volumes in the wind towers business and contributions from the acquired Ameron business [99]. - Revenues for the three months ended March 31, 2025, increased by 4.6% to $262.8 million, primarily due to the acquisition of Stavola, which contributed $26.4 million [112]. - Operating profit decreased by 36.5% to $18.3 million, impacted by the seasonal nature of the Stavola acquisition, which reduced operating profit by $11 million [115]. - Cost of revenues increased by 9.5% to $217.1 million, with cost of revenues as a percentage of revenues rising to 82.6% from 78.9% [115]. - Inland barge revenues increased by 5.9% to $84.4 million, while total revenues for the Transportation Products segment decreased by 27.1% to $84.4 million due to the sale of the steel components business [123]. Backlog and Orders - The backlog for inland barges as of March 31, 2025 was $333.6 million, up 19.1% from the start of the year, indicating strong customer commitment [91]. - The company received new orders of $1.1 billion for wind towers since the passage of the Inflation Reduction Act, supporting wind energy expansion projects through 2028 [91]. - The backlog for utility, wind, and related structures as of March 31, 2025, was $1,094.1 million, with approximately 59% expected to be delivered during 2025 [117]. - Approximately 59% of the unsatisfied performance obligations for utility, wind, and related structures are expected to be delivered during 2025 [98]. Expenses and Costs - Selling, general, and administrative expenses increased 6.7% for the three months ended March 31, 2025, primarily due to costs from recently acquired businesses, representing 11.7% of revenues [97]. - Operating costs increased 5.7% to $576.2 million for the three months ended March 31, 2025, driven by additional costs from the acquired Stavola and Ameron businesses [106]. - Corporate overhead costs decreased by 5.5% to $15.4 million, primarily due to lower acquisition and divestiture-related expenses [122]. Acquisitions and Capital Expenditures - The company completed the acquisition of Stavola for $1.2 billion in cash, enhancing its Construction Products segment [92]. - Capital expenditures for the three months ended March 31, 2025, were $34.0 million, with full-year expectations of approximately $145 to $165 million [128]. Financial Position and Liquidity - As of March 31, 2025, the company had no outstanding loans and approximately $0.1 million of letters of credit, leaving $699.9 million available for borrowing under its revolving credit facility [130]. - The net cash required by operating activities for the three months ended March 31, 2025, was $0.7 million, compared to $80.5 million provided in the same period in 2024 [125]. - 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 [135]. Debt and Financing - The Term Loan has an aggregate principal amount of $700.0 million, with $100.0 million used to pay down the revolving credit facility, and requires mandatory prepayments from excess cash flow starting in fiscal year 2025 [133]. - The Company issued $600.0 million aggregate principal amount of 6.875% 2024 Notes, maturing in August 2032, and $400.0 million aggregate principal amount of 4.375% senior unsecured notes maturing in April 2029 [134]. - The Term Loan has a maturity date of October 1, 2031, and is prepayable at any time without penalty [133]. - The Credit Agreement requires maintenance of certain ratios related to leverage and interest coverage, with compliance as of March 31, 2025 [132]. - The Company’s financial covenants are guaranteed by certain domestic subsidiaries, and obligations are collateralized with substantially all personal property [132]. Taxation - The effective tax rate for the three months ended March 31, 2025 was 19.2%, compared to 17.1% for the same period in 2024, primarily due to higher state taxes [109]. Shareholder Returns - A quarterly cash dividend of $0.05 per share was declared in February 2025, paid on April 30, 2025 [136]. - The Board authorized a $50.0 million share repurchase program effective January 1, 2025, with no shares repurchased as of March 31, 2025 [137]. Market Risks - There has been no material change in market risks since December 31, 2024, as noted in the 2024 Annual Report [141].

Financial Data and Key Metrics Changes - The company reported a consolidated adjusted EBITDA growth of 26%, outpacing a 12% revenue growth in the first quarter of 2025, with a margin expansion of 190 basis points [7][10] - The net debt to adjusted EBITDA ratio was maintained at 2.9 times, with expectations to reduce leverage to a target of 2 to 2.5 times over the next twelve months [9][19] Business Line Data and Key Metrics Changes - In the Construction Products segment, revenues increased by 5%, driven by the contribution from the Stabola acquisition, while organic revenues declined by 6% due to lower freight revenues and divestitures [13][14] - The Engineered Structures segment saw a 23% increase in revenues, largely due to higher wind tower volumes and the inorganic impact from the Amaron acquisition [17] - The Transportation Products segment experienced a 6% increase in revenues, with adjusted segment EBITDA increasing by 13% [18] Market Data and Key Metrics Changes - The aggregates business represented 69% of construction materials revenues, with average organic pricing up 7% year-over-year and total pricing up 10% due to the Stabola acquisition [12][14] - The company expects to benefit from continued investment in U.S. infrastructure and a new era of growth in the U.S. power market [10][24] Company Strategy and Development Direction - The company is focused on executing its strategic vision, with a strong emphasis on organic investments and the integration of recent acquisitions [6][11] - The outlook for 2025 remains positive, with anticipated revenue of $2.9 billion, representing a 17% increase, and adjusted EBITDA of $570 million, reflecting a 30% increase [22][24] - The company is committed to maintaining operational excellence and managing costs effectively in a fluid macroeconomic environment [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving macroeconomic and policy environments, citing strong demand in most end markets and solid visibility from backlogs [10][11] - The company anticipates a strong second half of 2025, particularly in the construction products segment, driven by the Stabola acquisition and high single-digit organic growth [24][26] Other Important Information - The company reaffirmed its capital expenditure guidance of $145 to $165 million for the full year, with a focus on maintenance CapEx in 2025 [21] - Free cash flow for the quarter was negative $30 million, but management expects improvement in the second half of the year [21] Q&A Session Summary Question: Can you elaborate on the wind tower contribution to sales and profit dollars in the quarter? - Management highlighted strong volume growth in utility structures and noted that the wind tower facilities are performing well, contributing positively to margins [38][40] Question: What are the expectations for the construction products business moving forward? - Management indicated that there are no surprises in the Stabola operations and expressed optimism about demand and orders for the upcoming months [66][70] Question: How are you thinking about pricing versus volume declines in the aggregates business? - The company is focusing on margin rather than volume, with local decision-making to balance cost absorption and pricing strategies [92][93] Question: What is the outlook for the housing market and its impact on the business? - Management expects stabilization and a potential recovery in the housing market in the second half of the year, although it remains cautious about the overall housing demand [106][108]

Financial Data and Key Metrics Changes - The company reported a consolidated adjusted EBITDA growth of 26%, outpacing a 12% revenue growth in the first quarter of 2025, with a margin expansion of 190 basis points [6][21] - The net debt to adjusted EBITDA ratio was maintained at 2.9 times, with expectations to reduce leverage to a target of 2 to 2.5 times over the next twelve months [7][19] Business Line Data and Key Metrics Changes - **Construction Products**: Revenues increased by 5%, driven by the Stabola acquisition, but organic revenues declined by 6% due to lower freight revenues and divestitures [11][12] - **Engineered Structures**: Revenues increased by 23%, largely due to higher wind tower volumes and the inorganic impact from the Amaron acquisition, with adjusted segment EBITDA increasing by 90% [15][16] - **Transportation Products**: Revenues were up 6%, with adjusted segment EBITDA increasing by 13%, driven by higher tank barge volumes [17] Market Data and Key Metrics Changes - The aggregates business represented 69% of construction materials revenues, with average organic pricing up 7% year-over-year and total pricing up 10% due to the Stabola acquisition [10][12] - The company expects continued investment in U.S. infrastructure to benefit operations, with strong demand conditions in various end markets [8][9] Company Strategy and Development Direction - The company is focused on executing its strategic vision, with a commitment to reducing leverage and enhancing operational efficiency [5][7] - The integration of the Stabola acquisition is expected to contribute positively in the second quarter, with a strong outlook for construction products and engineered structures [20][23] - The company anticipates sustained demand growth in utility structures due to increased electrification and renewable energy needs [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving macroeconomic environment, citing strong demand in most end markets and solid visibility from backlogs [8][9] - The company expects a strong 2025, reiterating full-year guidance with anticipated revenue of $2.9 billion and adjusted EBITDA of $570 million, reflecting a 17% and 30% increase, respectively [21][22] Other Important Information - The company reaffirmed its capital expenditure guidance of $145 to $165 million for the full year, with a focus on maintenance CapEx [20] - Free cash flow for the quarter was negative $30 million, but management expects improvement in the second half of the year [20] Q&A Session Summary Question: Can you elaborate on the wind tower contribution to sales and profit dollars in the quarter? - Management highlighted strong demand and volume growth in utility structures, with the wind tower facility ramping up effectively, contributing positively to margins [36][38] Question: What are the expectations for the construction products business moving forward? - Management indicated no surprises in the Stabola operations, with good demand and orders expected to improve significantly in the second quarter [66][71] Question: How is the company managing pricing versus volume declines in aggregates? - The company is focusing on margin rather than volume, with local decision-making to balance cost absorption and pricing strategies [92][93] Question: What is the outlook for the housing market and its impact on the business? - Management expects stabilization and a potential recovery in the housing market in the second half of the year, although not a booming market [104][105]

Financial Performance & Strategic Goals - Arcosa's Q1 2025 adjusted EBITDA grew by 26% while revenue grew by 12%, excluding the divested Steel Components business[9] - The company reaffirms its 2025 revenue guidance, expecting a 17% increase[8, 9] - Adjusted EBITDA for 2025 is projected to increase by 30%, with approximately 60% from inorganic sources and 40% from organic growth[9] - Arcosa aims to reduce net leverage to a target range of 20-25x over the next twelve months[9] - The company is focused on growing in attractive markets, reducing business complexity, improving returns on invested capital, integrating sustainability, and maintaining a healthy balance sheet[13] Segment Results - Engineered Structures saw a 90% increase in adjusted segment EBITDA, driven by higher wind tower volumes and the Ameron acquisition[26] - Transportation Products experienced a 13% earnings growth in the barge business due to increased tank barge deliveries[28, 29] - Construction Products' revenue increased by 5% to $2628 million, but adjusted segment EBITDA decreased by 2% to $589 million due to the dilutive impact of the Stavola acquisition[22, 23] Balance Sheet & Outlook - Liquidity remains strong at $868 million, including full availability under the revolver[9] - Full year 2025 adjusted EBITDA is expected to be in the range of $545 million to $595 million[48] - Full year 2025 capital expenditures are projected to be between $145 million and $165 million[46]

Core Points - Crédit Agricole S.A. announced the redemption of EUR 750,000,000 Subordinated Fixed Rate Resettable Notes issued on June 5, 2020, effective June 5, 2025 [1][2] - The redemption will occur at the outstanding nominal amount along with any accrued interest, as per the terms and conditions outlined in the base prospectus [1][2] - On the redemption date, the redemption amount will be due and payable, and the notes will cease to bear interest unless the amount is improperly withheld [2] Summary by Sections - **Redemption Announcement** - Crédit Agricole S.A. will redeem all outstanding EUR 750,000,000 Subordinated Fixed Rate Resettable Notes on June 5, 2025 [1] - The redemption is in accordance with Condition 6(e) of the terms and conditions of the notes [1] - **Redemption Amount and Interest** - The redemption amount includes the outstanding nominal amount and any accrued interest [1] - Notes will stop accruing interest on the redemption date unless the redemption amount is improperly withheld [2] - **Additional Information** - Further details regarding the redemption process are provided in the notice to the holders of the notes [2] - For more information about Crédit Agricole S.A., the company's website is available [3]

Company Performance - Arcosa reported quarterly earnings of $0.49 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, but down from $0.73 per share a year ago, representing an earnings surprise of 68.97% [1] - The company posted revenues of $632 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.25% and up from $598.6 million year-over-year [2] - Over the last four quarters, Arcosa has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Outlook - Arcosa shares have declined approximately 13.2% since the beginning of the year, compared to a decline of 3.9% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $1.06 on revenues of $767.1 million, and for the current fiscal year, it is $3.77 on revenues of $2.93 billion [7] Industry Context - The Building Products - Miscellaneous industry, to which Arcosa belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Arcosa's stock performance [5][6]

News Release FOR IMMEDIATE RELEASE Arcosa, Inc. Announces First Quarter 2025 Results DALLAS, Texas - ARCOSA, Inc. - May 6, 2025: Arcosa, Inc. (NYSE: ACA) ("Arcosa," the "Company," "We," or "Our"), a provider of infrastructure-related products and solutions, today announced results for the first quarter ended March 31, 2025. First Quarter 2025 Highlights | | | | | Three Months Ended March 31, | | | --- | --- | --- | --- | --- | --- | | | | 2025 | | 2024 | % Change | | | | | ($ in millions, except per share a ...

Core Viewpoint - Crédit Agricole S.A. has announced the redemption of its outstanding ¥5,800,000,000 Japanese Yen Callable Subordinated Bonds, which were issued on June 4, 2020, effective June 4, 2025, at 100% of the principal amount plus accrued interest [1][2]. Group 1 - The redemption will take place on June 4, 2025, and the holders of the bonds will receive the redemption amount, which includes the principal and interest accrued up to the redemption date [2][3]. - On the redemption date, the bonds will cease to bear interest unless the redemption amount is improperly withheld or refused [3]. - Holders of the bonds will receive formal notice regarding the redemption in accordance with the bond conditions [3].

Core Viewpoint - Crédit Agricole S.A. has announced the redemption of its outstanding ¥105,500,000,000 Japanese Yen Callable Senior Non-Preferred Bonds, which were issued on June 4, 2020, effective June 4, 2025 [1][2]. Group 1 - The redemption will occur at a price equal to 100% of the principal amount, along with interest accrued up to the redemption date [2][3]. - On the redemption date, the redemption amount will become due and payable, and the bonds will cease to bear interest unless the redemption amount is improperly withheld or refused [3]. Group 2 - Holders of the bonds will receive formal notice of the redemption in accordance with the conditions of the bonds [3].