Nanterre, October 28th, 2025 Disclosure of transactions in on shares from October 20th to October 24th,2025 Within the framework of the authorization granted by the General Meeting of VINCI SA of April 17th, 2025, to trade in its shares and in accordance with the regulations relating to share buybacks, VINCI SA (LEI:213800WFQ334R8UXUG83) declares the purchases of treasury shares below (FR0000125486), carried out from October 20th to October 24th,2025: I - Aggregate presentation by day and by market Issue ...

Core Insights - Dollar General Corporation is a discount retailer with a market cap of approximately $22.5 billion, operating thousands of stores across the U.S. [1] Financial Performance - Analysts expect Dollar General to report a profit of $0.95 per share for the third quarter, reflecting a 6.7% increase from $0.89 per share in the same quarter last year [2] - For the full fiscal year 2026, the expected EPS is $6.13, up 3.6% from $5.92 in fiscal 2025, with an anticipated growth of 8.5% in fiscal 2027, reaching $6.65 per share [3] Stock Performance - Dollar General's stock has increased by 27.9% over the past 52 weeks, outperforming the S&P 500 Index's 18.4% gains and the Consumer Staples Select Sector SPDR Fund's 2.3% decline [4] Recent Developments - Following the release of better-than-expected Q2 results, Dollar General's stock saw a marginal uptick, with same-store sales growing by 2.8% and overall net sales increasing by 5.1% year-over-year to $10.7 billion [5] - The company's EPS for Q2 grew by 9.4% year-over-year to $1.86, surpassing consensus estimates by 19.2% [5] Analyst Sentiment - The consensus rating for Dollar General is "Moderate Buy," with 12 "Strong Buys," one "Moderate Buy," and 17 "Holds" among 30 analysts [6] - The mean price target of $120.86 indicates a potential upside of 17.6% from current price levels [6]

Core Insights - On Holding AG (ONON) experienced a significant stock price increase of 250% over two years, driven primarily by retail interest rather than institutional investment [1][2] - The company has successfully partnered with popular Gen Z figures, enhancing its brand appeal among younger consumers [3] - Social media's influence on stock valuations is highlighted, with companies like Tesla and fashion brands relying heavily on their popularity among young consumers [4] Company Analysis: On Holding AG - Shares of On Holding AG rose from $23 in January 2023 to over $60, reflecting a 250% return [1] - Revenue growth has been slowing in percentage terms despite the stock price surge [1] - Institutional investors have largely avoided ONON, as indicated by a low "D" grade from Louis Navellier's Stock Grader [2] Company Analysis: Dollar General Corp. - Dollar General Corp. (DG) has a high Social Heat Score of 91.5, indicating strong popularity, especially among rural customers [10] - The average customer spends $522 annually at Dollar General, nearly double that of Dollar Tree [10] - The company has solid fundamentals with operating margins at 4.2%, comparable to Walmart's [11] - Dollar General is rated "A" under Louis' Stock Grader, suggesting potential for shares to return to previous highs around $250 [12] Company Analysis: Advance Auto Parts Inc. - Advance Auto Parts Inc. (AAP) is undergoing a turnaround, with signs of improved profitability and a projected net income increase of 58% to $166 million next year [14] - The company's Social Heat Score is at 74, indicating a positive consumer perception [15] - Shares are currently trading at 14X 2027 earnings, suggesting potential for significant price appreciation from around $55 to the $100 range [16] Company Analysis: Alibaba Group Holding Ltd. - Alibaba's Qwen3 model is competitive with leading chatbots, ranking fourth in "Humanity's Last Exam" [19] - The company has seen positive developments, including rising profit margins and successful tech innovations [20] - Alibaba scores an "A" in Louis' Stock Grader and has an 86 Social Heat Score, indicating strong investor interest [21] Market Trends - Social media's fragmented nature poses challenges for investors trying to gauge company popularity [5] - The Social Heat Score system developed by TradeSmith aggregates data to assess company popularity effectively [6][7] - The system can also identify potential "bear traps," helping investors avoid stocks that may continue to decline [22]

Core Insights - VINCI reported a consolidated revenue increase of 3.7% to €54.3 billion for the first nine months of 2025, with organic growth of 2.0% and a positive impact from changes in scope of 2.5% [4][5][6] - The order book reached €70.6 billion, up 6% year-on-year, indicating strong business activity and a renewal rate across all business lines [8][38] - The company confirmed its guidance for 2025, expecting continued revenue and earnings growth despite an increase in corporate tax rates in France [24][56] Revenue and Key Indicators - Concessions revenue increased by 5.4% to €9.4 billion, driven by growth in VINCI Airports and VINCI Autoroutes [2][9] - Energy Solutions revenue rose by 6.7% to €20.7 billion, with significant contributions from international markets [11][12] - Construction revenue was slightly up by 0.8% to €24.5 billion, with VINCI Construction showing a 0.9% increase [15][16] Order Intake and Book - Order intake for the first nine months of 2025 was €46.9 billion, a decrease of 3% compared to the previous year, but showed a 4% increase in the third quarter [6][37] - The order book at the end of September 2025 represented 14 months of average business activity, with international business comprising 70% of the total [8][38] Financial Position - VINCI's net financial debt decreased to €21.4 billion, down €0.8 billion year-on-year, reflecting a strong liquidity position [19] - The company maintained stable credit ratings from Standard & Poor's and Moody's, indicating confidence in its financial health [19] Recent Developments - VINCI Energies completed 25 acquisitions in the first nine months of 2025, contributing over €400 million in revenue, primarily in Germany [20][21] - Key contracts won include projects in energy transition and infrastructure, enhancing VINCI's market position [21][23] Outlook - The company anticipates continued growth in revenue and earnings for 2025, with specific expectations for each business line [24][29] - VINCI expects to increase renewable electricity capacity to around 5 GW by the end of 2025 [29]

Core Points - VINCI SA has conducted share buybacks from October 13 to October 17, 2025, under the authorization granted by its General Meeting on April 17, 2025 [2] - A total of 336,516 shares were purchased during this period, with an average price of €119.5470 per share [2] Summary by Category Share Buyback Transactions - On October 13, 2025, VINCI purchased a total of 76,473 shares across three markets, with average prices ranging from €118.0768 to €118.2265 [2] - On October 14, 2025, the company bought 76,345 shares, with average prices between €117.7976 and €118.9507 [2] - On October 15, 2025, VINCI acquired 38,757 shares, with average prices from €120.4748 to €121.0266 [2] - On October 16, 2025, the total shares purchased were 72,614, with average prices between €120.3449 and €120.7034 [2] - On October 17, 2025, VINCI bought 72,327 shares, with average prices ranging from €120.9763 to €121.3126 [2] Market Information - The transactions were executed across multiple markets, including XPAR, CEUX, and TQEX, indicating a diversified approach to share buybacks [2] - The highest average price recorded during this period was €121.3126 on October 17, 2025 [2]

Core Insights - Retail media networks (RMNs) are experiencing a slowdown in growth as sponsored search becomes saturated and consumer packaged goods (CPG) advertisers reevaluate their investment strategies [1] - To achieve revenue targets, RMN leaders must explore new media inventory types and innovative ways to monetize shopper relationships, potentially looking beyond traditional in-store methods [1][2] Group 1: Experiential Marketing Opportunities - Experiential marketing is a significant spending category, valued at over $128.3 billion globally, with a 10.5% increase from the previous year [3] - Retailers have a unique advantage in experiential marketing, as they can target specific shoppers and measure the direct impact on in-store sales, unlike traditional sponsorships that focus on brand awareness [4] - New retail data capabilities allow RMNs to target specific shoppers more effectively, bridging the gap between experiential marketing budgets and retail media investments [5][9] Group 2: Targeting and Measurement Innovations - RMNs can now apply precise targeting to reach shoppers during relevant moments outside the store, akin to off-site digital media strategies [6] - Hyper-contextual targeting enables RMNs to connect with specific consumer segments in trusted environments, enhancing the likelihood of product trials [7][8] - Measurement capabilities are evolving, allowing RMNs to demonstrate the return on investment (ROI) of experiential campaigns by linking them to actual sales data [12][14] Group 3: Case Studies and Practical Applications - Dollar General's partnership with Recess exemplifies the effective use of targeted brand experiences, reaching over 90 million shoppers in their communities [10] - The collaboration allows for authentic product trials in natural settings, driving measurable in-store sales from out-of-store activations [11][12] - A case study of an OTC brand illustrates the effectiveness of multi-channel programs, achieving a $7.28 incremental return on advertising spend (iROAS) and a 5.8% sales lift over 26 weeks [15] Group 4: Strategic Implications for RMNs - With enhanced targeting and measurement capabilities, RMNs can access previously unreachable brand budgets, transforming experiential marketing from a cost center to a revenue driver [16] - As CPG brands face increased scrutiny over advertising expenditures, RMNs that integrate retail media with experiential marketing become essential growth partners, offering comprehensive solutions from brand discovery to sales [17]

Core Industry Insights - The Retail – Discount Stores industry is a resilient segment within the broader retail sector, focusing on value, efficiency, and consumer accessibility, which continues to attract steady foot traffic despite inflationary pressures [1][3] - Strategic investments in supply chain efficiency, store remodels, and technology are enhancing productivity and customer experience, supporting both top-line growth and margin improvement [1][3] Key Industry Trends - Consumers are increasingly seeking better bargains, leading to a shift towards discount retailers that offer competitive pricing and convenience, particularly among low-to-middle-income households [5] - The integration of digital capabilities and omnichannel strategies is enhancing customer reach, with initiatives like same-day delivery and improved checkout experiences driving consumer satisfaction [6][8] - The U.S. retail sales rose 0.6% in August, indicating resilient consumer spending, with holiday retail sales projected to rise between 2.9% and 3.4% during the November-January period [4] Competitive Landscape - Leading companies in the Retail – Discount Stores industry include Costco Wholesale Corporation, The TJX Companies, Dollar General Corporation, and Dollar Tree, which are well-positioned due to strong brand equity and operational discipline [2][19] - The industry's competitive environment remains intense, with companies focusing on pricing, product variety, and faster go-to-market strategies to defend profitability [7][8] Financial Performance and Valuation - The Zacks Retail – Discount Stores industry currently holds a Zacks Industry Rank 26, placing it in the top 11% of over 250 Zacks industries, indicating encouraging near-term prospects [9][10] - The industry has collectively advanced 6.6% over the past year, underperforming the broader Retail – Wholesale sector and the S&P 500, which rose 10.9% and 16%, respectively [12] - The industry is trading at a forward 12-month price-to-earnings (P/E) ratio of 30.3, higher than the S&P 500's 23.26 and the sector's 24.58 [15] Company-Specific Highlights - **TJX Companies**: Demonstrates strong execution of its off-price retail model, with a Zacks Consensus Estimate suggesting growth of 7% in sales and 8.9% in EPS for the current financial year [20][19] - **Dollar General**: Focuses on value and convenience, with a Zacks Consensus Estimate indicating growth of 4.7% in sales and 3.6% in EPS for the current financial year [24][23] - **Dollar Tree**: After divesting Family Dollar, it is focusing on its core brand, with a Zacks Consensus Estimate suggesting an 8.2% growth in earnings for the current financial year [28][27] - **Costco**: Its membership-based model fosters customer loyalty, with a Zacks Consensus Estimate indicating growth of 7.7% in revenues and 11.1% in EPS for the current financial year [32][31]

Market Overview - The stock market is experiencing volatility due to US-China trade tensions, with the Dow gaining approximately 40 points, the S&P 500 up about 0.5%, and the NASDAQ increasing by around 0.7% [2][3][19] - The VIX index has seen a rise, indicating that institutions are interested in hedging against market fluctuations, with a current level of 20.59% [5][6] - Sector performance shows real estate and utilities leading with gains over 1%, while industrials, materials, energy, and financials are underperforming [6][7] US-China Trade Relations - Treasury Secretary Scott Besson and US Trade Representative Jameson Greer criticized China for imposing unacceptable export controls on rare earth minerals, asserting that the US will not allow China to dominate global supply chains [11][12] - Besson warned of potential decoupling from China if these behaviors continue, although he emphasized that this is not the desired outcome [13] - The US is considering extending a 90-day pause on tariffs depending on negotiations in South Korea [14] Economic Indicators - The Fed's Beige Book indicates muted demand for labor, with reports of layoffs and attrition affecting various sectors, including manufacturing and agriculture [15][16] - The unemployment rate has increased to 4.3%, suggesting a deterioration in the labor market, while inflation pressures persist with rising input costs [17][18] - Despite the government shutdown delaying economic data releases, alternative indicators suggest that the economy may be in better shape than previously thought, with a projected GDP growth of around 3% [88][96] Banking Sector Performance - Major banks like Morgan Stanley and Bank of America reported strong earnings, with investment banking revenues up 44% and 43% respectively, indicating robust activity in capital markets [74][81] - The banking sector is benefiting from a favorable environment for mergers and acquisitions, with CEO confidence on the rise [78][80] - Concerns remain regarding credit risks following recent bankruptcies in the auto sector, prompting a reevaluation of exposure to leveraged loans and collateralized loan obligations [70][73] Technology Sector Developments - Nvidia received an upgrade from HSBC, with expectations for continued growth in the AI chip market, raising its target price to $320 [36][37] - Apple announced the launch of its new M5 chip, enhancing AI capabilities across its product line, including the MacBook Pro and iPad Pro [51][52] - The semiconductor trade remains strong, with companies like AMD and Meta also showing positive performance [7][8] Consumer Behavior and Retail Sector - The consumer remains relatively healthy, with low unemployment and decent wage growth, although inflation concerns persist [105] - Retailers are adapting to changing consumer behaviors, with value-oriented stores like Dollar Tree reaffirming their outlook amid ongoing inflation pressures [103][106] - The impact of US-China trade tensions on inventory levels is currently minimal, as companies have already secured their holiday season stock [106]

Core Insights - VINCI Airports experienced a strong traffic growth of 4.2% in Q3 2025, welcoming 94 million passengers compared to the same period in 2024, with an increase of 3.8 million travelers [2][7][17] - The summer of 2025 saw high load factors and an increase in airline seat supply, particularly benefiting Mediterranean resort destinations and routes between China and Japan [2][5] - Traffic growth was notable in various regions, including Portugal, France, Japan, Mexico, Brazil, and Cabo Verde, with specific airports showing remarkable performance [3][6][9][12][13] Traffic Performance - VINCI Airports recorded a year-to-date (YTD) traffic increase of 5.6% as of September 30, 2025, compared to the same period in 2024 [7][9] - Portugal's airports saw an average growth of 4.6%, with Lisbon, Porto, Faro, and Funchal leading the way [3][9] - In Japan, traffic increased by 10% in Q3 2025, driven by high demand during the Universal Exhibition in Osaka and busy connections with China [5][9] Regional Highlights - In Mexico, Monterrey airport experienced a spectacular growth of 15%, attributed to Volaris doubling its capacity [6][12] - Brazilian airports, particularly Salvador de Bahia, benefited from strong domestic and long-haul traffic, with an overall growth of 10% [6][12] - Cabo Verde's airports continued to grow robustly, with a 7.6% increase in traffic, supported by enhanced services from various airlines [6][12] Challenges - Belfast International and London Gatwick airports faced a decline in the number of seats available due to flight reorganization by low-cost airlines, impacting domestic flights within the UK [4][9] - The Dominican Republic's Santo Domingo airport experienced a traffic decline of 9.4%, primarily due to the repositioning of Arajet aircraft [6][12] Commercial Movements - VINCI Airports reported a 4.1% increase in commercial movements in Q3 2025 compared to Q3 2024, with a YTD increase of 5.7% [10][17] - Notable growth in commercial flights was observed in Mexico, with Monterrey airport seeing a 19% increase in Q3 2025 [10][17] - Japan's Kansai Airports recorded a 6.8% increase in commercial movements, reflecting strong demand [10][17]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market strategies, including daily updates, research reports, and stock screens [1] - The Zacks Style Scores are designed to complement the Zacks Rank, providing ratings based on value, growth, and momentum methodologies to help investors identify stocks likely to outperform the market [2] Zacks Style Scores Overview - Each stock is rated from A to F based on value, growth, and momentum characteristics, with A being the highest score indicating a better chance of outperforming [3] - The Style Scores are categorized into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] Value Score - The Value Style Score identifies stocks trading below their true value by analyzing ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - The Growth Style Score evaluates stocks based on projected and historical earnings, sales, and cash flow to find those with sustainable growth potential [4] Momentum Score - The Momentum Style Score helps investors capitalize on price trends by assessing factors like one-week price changes and monthly earnings estimate changes [5] VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive indicator for investors who utilize multiple investment strategies [6] Zacks Rank and Style Scores Interaction - The Zacks Rank is a proprietary model that uses earnings estimate revisions to guide investors, with 1 (Strong Buy) stocks achieving an average annual return of +23.81% since 1988, significantly outperforming the S&P 500 [7] - There are over 800 stocks rated 1 or 2, and the Style Scores assist in narrowing down the best investment options [8] Investment Strategy - To maximize returns, investors should focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B, while also considering earnings outlook changes [9][10] Company Spotlight: Dollar General - Dollar General Corporation, a leading discount retailer in the U.S., is rated 2 (Buy) with a VGM Score of A and a Value Style Score of A, supported by a forward P/E ratio of 16.91 [11] - In the last 60 days, 21 analysts have raised their earnings estimates for fiscal 2026, with the Zacks Consensus Estimate increasing by $0.36 to $6.13 per share, and an average earnings surprise of +11.3% [12]