Conference Call Scheduled at 9am Eastern Time AZOUR, Israel, Feb. 9, 2026 /PRNewswire/ -- Ituran Location and Control Ltd. (NASDAQ: ITRN), announced that it will be releasing its fourth quarter and full year 2025 results on Thursday, March 5, 2026. The Company will be hosting a video conference call later that day via Zoom, starting at 9am Eastern Time, 6am Pacific Time and 4pm Israel time. On the call, management will review and present the results and will be available to answer investor questions. To pa ...

Core Insights - Vulcan Value Partners reported positive results across all its investment strategies for the year, with notable returns in both large and small cap composites despite overvalued markets [1] - The firm emphasizes a disciplined investment approach, prioritizing safety and long-term gains, reminiscent of the late 1990s dot-com bubble dynamics [1] Investment Performance - Large Cap Composite (Net) returned -1.5% in Q4 and 7.9% YTD - Small Cap Composite (Net) gained 3.2% in Q4 and 9.5% YTD - Focus Composite (Net) returned 0.1% in Q4 and 7.1% YTD - Focus Plus Composite (Net) returned 0.1% in Q4 and 6.2% YTD - All-Cap Composite (Net) returned 1.3% in Q4 and 10.7% YTD [1] Company Highlight: Ituran Location and Control Ltd. - Ituran Location and Control Ltd. (NASDAQ:ITRN) is recognized as a significant contributor within Vulcan's Small Cap Strategy [2] - The company specializes in telematics products and services, particularly in stolen vehicle recovery, with a market cap of $877.904 million [2][3] - Ituran's stock traded between $30.06 and $45.90 over the past year, closing at $44.13 on January 26, 2026, with a one-month return of 4.08% and a three-month gain of 14.62% [2] Business Performance of Ituran - Ituran's revenue increased by 5% year-to-date, with 70% of its revenue derived from ongoing subscriptions [3] - The EBITDA margin has slightly contracted due to currency headwinds [3] - Recent agreements with Stellantis and Renault in Latin America are expected to bolster its business [3] - The company is viewed as trading at a substantial discount to its intrinsic value [3]

Core Viewpoint - The investment strategies have shown positive returns for the year, with a focus on long-term performance over short-term results [2][5]. Performance Summary - Large Cap Composite (Gross) returned -1.4% QTD, 8.5% YTD, and 10.4% annualized since inception [3][22]. - Small Cap Composite (Gross) returned 3.4% QTD, 10.3% YTD, and 8.3% annualized since inception [3][31]. - Focus Composite (Gross) returned 0.2% QTD, 7.5% YTD, and 14.3% annualized since inception [3][36]. - All Cap Composite (Gross) returned 1.5% QTD, 11.5% YTD, and 11.1% annualized since inception [3][53]. Market Environment - The current market resembles the late 1990s, with concerns about overvaluation and a focus on AI-related stocks [5][6][7]. - AI is seen as a transformative technology, similar to the Internet, but caution is advised regarding valuations [7][9]. Investment Strategy - The company emphasizes buying only those companies with stable values, often waiting for them to become discounted enough for investment [10][12]. - The portfolio has shifted towards more healthcare and insurance-related businesses, with a focus on smaller companies outside the top 10 largest market capitalizations [11][12]. Notable Holdings - Medpace (MEDP) has shown significant growth, with a stock price increase of over 73% for the year, driven by strong free cash flow and share repurchases [13][14]. - Ryan Specialty Holdings Inc. is highlighted for its robust growth and stable margins, despite facing a short-term pricing cycle [24][25][38]. - TransUnion is recognized for its strong operating margins and successful diversification beyond credit reports [26][38]. Performance Contributors and Detractors - Alphabet Inc. and Salesforce Inc. were significant contributors to performance, while CoStar Group and Microsoft Corporation were notable detractors [37][46]. - Fiserv Inc. was a material detractor due to downward guidance and strategic shifts in its business model [30][46]. Market Trends - The small-cap sector has lagged behind large-cap returns, presenting potential opportunities for investment as it is often overlooked [15]. - The dominance of large-cap stocks in market returns continues, with the top 10 S&P 500 stocks accounting for over 50% of its return in 2025 [16].

Core Viewpoint - Ituran (ITRN) is positioned as a leader in the connected car technology sector in Israel and Latin America, with a strong reliance on high-profit subscription revenue, suggesting that the market may undervalue its potential [1] Company Analysis - Ituran has over 15 years of experience in the market, focusing on providing a clear and disciplined breakdown of its business performance [1] - The company’s business model is heavily dependent on steady subscription revenue, which is a key driver of its profitability [1] Market Position - The market perception of Ituran may not fully reflect its strengths and growth potential in the connected car technology space [1]

Core Insights - Noble Mineral Exploration Inc. has acquired a rare earth element (REE) enriched system on its Chapiteau Property, located 100 kilometers south of the Strange Lake and B-Zone deposits, and 38 kilometers northeast of the Crater Lake Scandium-Rare Earth resource [1][16]. Acquisition Details - The Chapiteau Property consists of 25 map staked units covering approximately 647 hectares [1]. - The property was previously explored by Midland Exploration Inc. in 2010/2011, which conducted a 3,143-line-kilometer airborne magnetic and radiometric survey identifying several new REE exploration targets [4]. Mineralization Findings - Selected samples from 81 rock outcrops and mineralized boulders returned high values of up to 8.34% total rare earth element oxides (TREOs), including yttrium [4]. - Heavy rare earth element oxides (HREOs) in samples ranged from 2.29% to 12.85% for those containing more than 0.5% TREO [4]. - Significant individual REE results included up to 8.22% cerium oxide (Ce2O3), 3.38% lanthanum oxide (La2O3), and 3.39% neodymium oxide (Nd2O3) [4]. Geological Context - The best concentrations of mineralization are associated with iron oxides in pegmatite-aplite dikes and iron oxide clusters in an alkaline granite intrusion, which is identified as a 9-kilometer diameter airborne magnetic anomaly [5]. - Recent grab samples from the property returned TREO values ranging from 1.40% to 3.02% [6]. Previous Exploration Activities - A series of channel samples and one diamond drill hole (Y3-11-04) were completed on the Chapiteau property in 2011, with drill hole Y3-11-04 intersecting a grey-pink coarse-grained alkaline granite [9]. - The best assay results from the drill hole returned 0.13% TREO + Y2O3 over 7.5 meters and 0.14% TREO + Y2O3 over 12.0 meters [10]. Strategic Importance - The acquisition of the Chapiteau Property underscores Noble's commitment to exploring critical minerals in Canada, aligning with the growing demand for REEs in various industries [16].

Company Overview - Ituran Location and Control Ltd. (ITRN) is an Israel-based technology company that has completed three decades of existence this year [1] Product Offering - The company offers a range of hardware and software solutions with a keen expertise in the field [1]

Core Insights - Ituran Location and Control Ltd. (NASDAQ: ITRN) is a prominent provider of telematics and connected-car products, expanding its market presence through OEM partnerships and the launch of IturanMOB in the U.S. [1] Financial Performance - For Q3 2025, ITRN reported an earnings per share (EPS) of $0.74, exceeding the estimated EPS of $0.68, indicating effective operational management [2][6] - The company's revenue reached $92.28 million, surpassing the forecast of $86.52 million, driven by innovative telematics solutions and strategic partnerships [2][6] - The addition of 40,000 net new subscribers contributed to the record revenue, showcasing the company's commitment to delivering advanced telematics services [3] Financial Metrics - ITRN has a price-to-earnings (P/E) ratio of approximately 13.14, suggesting a reasonable market valuation of its earnings [4] - The price-to-sales ratio is about 2.15, and the enterprise value to sales ratio is around 1.90, indicating positive market valuation of the company's sales [4] - The enterprise value to operating cash flow ratio stands at 8.31, reflecting how the company's cash flow is valued in relation to its enterprise value [4] Financial Health - The company maintains a low debt-to-equity ratio of 0.03, indicating a conservative approach to leveraging debt [5][6] - A current ratio of 2.25 suggests strong liquidity, ensuring the company can cover its short-term liabilities [5] - With an earnings yield of approximately 7.61%, ITRN presents a solid return on investment, making it an attractive option for investors [5][6]

Financial Data and Key Metrics Changes - Third quarter revenues were $92.3 million, an 11% increase compared to $83.5 million in Q3 of the previous year [10] - Subscription fees were $67.6 million, up 13% year-over-year, representing 73% of total revenues [10] - Net income for the third quarter was $14.6 million, or diluted earnings per share of $0.74, an increase of 7% compared to $13.7 million, or diluted earnings per share of $0.69 in the same quarter last year [11] - EBITDA was $24.6 million, 26.7% of revenues, up 6% year-over-year [10] Business Line Data and Key Metrics Changes - The subscriber base reached 2,588,000 at quarter end, an increase of 40,000 in the quarter, with a year-over-year growth of 219,000 [10] - Product revenues were $24.7 million, up 4% year-over-year [10] Market Data and Key Metrics Changes - Geographic breakdown of revenues in Q3: Israel 55%, Brazil 23%, rest of the world 22% [10] - Strong demand for location-based products and telematics services in all regions, particularly in Israel due to high car theft rates [4][5] Company Strategy and Development Direction - The company is focused on expanding its subscriber base and introducing new products and services, including the IturanMob smart mobility platform [5][9] - Plans to scale into high-growth motorcycle markets through partnerships with local OEMs, starting with Brazil [5][29] - The company aims to explore M&A opportunities for expansion into other geographies, particularly in Europe [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting subscriber growth guidance of 220,000 to 240,000 for 2025, which would be the highest in the company's history [21] - The company is optimistic about the U.S. market for IturanMob, targeting small to medium rental companies [14][18] - Management noted that the operating expenses increase was primarily due to foreign exchange effects, but margins are expected to improve with subscriber growth [19][21] Other Important Information - The company generated $21.3 million in operating cash flow during the quarter and declared a dividend of $10 million [7][11] - The dividend policy was increased by 25% at the end of the previous year, reflecting strong profitability and cash generation [8] Q&A Session Summary Question: Can you provide more details on the U.S. launch and target market? - Management indicated that the focus is on small to medium rental companies, which represent a significant portion of the market, and highlighted the demand for cost-saving solutions [14][15] Question: What is driving the increase in operating expenses this quarter? - The increase in operating expenses was primarily attributed to foreign exchange effects, with expectations for margin expansion as subscriber numbers grow [19] Question: How is subscriber momentum performing against original guidance? - Management confirmed that they are on track to meet subscriber growth guidance, with contributions from various regions and initiatives [21] Question: Can you discuss the motorcycle market and partnerships? - Management emphasized the importance of the motorcycle market in South America and the partnership with BMW Motorrad, expecting significant subscriber growth starting in 2026 [29][30] Question: Are there concerns about manufacturers developing their own telematics systems? - Management reassured that Ituran's strength lies in its service-oriented model and strong market presence, which mitigates risks from potential disintermediation [51][52] Question: Update on efforts in India? - Management mentioned a joint venture in India with a focus on commercial vehicles, noting the market's slow growth but long-term potential [55]

Financial Data and Key Metrics Changes - Third quarter revenues were $92.3 million, an 11% increase compared to $83.5 million in Q3 of the previous year [10] - Subscription fees were $67.6 million, up 13% year over year, representing 73% of total revenues [10] - Net income for the third quarter was $14.6 million, or diluted earnings per share of $0.74, an increase of 7% compared to $13.7 million, or diluted earnings per share of $0.69 in the same quarter last year [11] - EBITDA was $24.6 million, 26.7% of revenues, up 6% year over year [10] Business Line Data and Key Metrics Changes - The subscriber base reached 2,588,000 at quarter end, an increase of 40,000 in the quarter, with a year-over-year growth of 219,000 [10] - Product revenues were $24.7 million, up 4% year over year [10] Market Data and Key Metrics Changes - Geographic breakdown of revenues in Q3: Israel 55%, Brazil 23%, rest of world 22% [10] - Strong demand for location-based products and telematics services in all regions, particularly in Israel due to high car theft rates [4][5] Company Strategy and Development Direction - The company is focused on expanding its subscriber base and introducing new products and services, including the Ituran Mob smart mobility platform [5][9] - Plans to scale into high-growth motorcycle markets through partnerships with local OEMs, starting with Brazil [5][29] - The company aims to explore M&A opportunities for expansion into other geographies, particularly in Europe [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting subscriber growth guidance of 220,000 to 240,000 for 2025, which would be the highest in the company's history [21] - The company is optimistic about the U.S. market potential for Ituran Mob, targeting small to medium rental companies [14][18] - Management noted that the ongoing strong profitability and cash generation support the declared dividend of $10 million for the quarter [11][8] Other Important Information - The company generated $21.3 million in operating cash flow during the quarter [7] - A dividend of $10 million was declared, reflecting a 25% increase from the previous policy [8] Q&A Session Summary Question: Can you provide more details on the U.S. launch and target market? - Management indicated that the focus is on small to medium rental companies, which represent a significant portion of the market, and highlighted the strong demand for cost-saving solutions [14][15] Question: What is driving the increase in operating expenses this quarter? - The increase in operating expenses was primarily attributed to foreign exchange effects [19] Question: How is subscriber momentum performing against original guidance? - Management confirmed that they are on track to meet the subscriber growth guidance, with contributions from various regions and initiatives [21] Question: Can you discuss the motorcycle market and partnerships? - Management emphasized the importance of the motorcycle market in Latin America and the recent partnership with BMW Motorrad to tap into this opportunity [28][29] Question: Are there concerns about manufacturers developing their own telematics systems? - Management reassured that Ituran's strength lies in its service-oriented model and strong market presence, which mitigates the risk of disintermediation [51][52] Question: Update on efforts in India? - Management mentioned a joint venture in India with a focus on commercial cars, noting that the market is still developing and requires specific deals to be profitable [55]

Financial Data and Key Metrics Changes - Third quarter revenues were $92.3 million, an 11% increase compared to $83.5 million in Q3 of the previous year [9] - Subscription fees were $67.6 million, up 13% year over year, representing 73% of total revenues [9] - Net income for the third quarter was $14.6 million, or diluted earnings per share of $0.74, an increase of 7% compared to $13.7 million, or diluted earnings per share of $0.69 in the same quarter last year [10] - EBITDA was $24.6 million, 26.7% of revenues, up 6% year over year [9] Business Line Data and Key Metrics Changes - The subscriber base reached 2,588,000 at quarter end, an increase of 40,000 in the quarter, with a year-over-year growth of 219,000 [10] - The geographic breakdown of revenues showed Israel at 55%, Brazil at 23%, and the rest of the world at 22% [9] Market Data and Key Metrics Changes - The company added 40,000 net subscribers in the third quarter, with expectations to add between 220,000 and 240,000 net new subscribers in 2025 [4][10] - Strong demand for location-based products and telematics services was noted in all regions, particularly in Israel due to high car theft rates [4] Company Strategy and Development Direction - The company is expanding its product offerings, including the Ituran Mob smart mobility platform, which is being introduced to the U.S. market [6][8] - The focus remains on partnerships with OEMs and expanding into new markets, particularly in Latin America and the U.S. [5][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting subscriber growth targets, citing strong demand across all regions and segments [21][22] - The company is optimistic about the long-term growth potential in the U.S. market, particularly among small to medium rental companies [15][19] Other Important Information - The company declared a dividend of $10 million for the quarter, reflecting continued profitability and strong cash generation [10] - A share buyback program was also noted, with $1.5 million purchased during the quarter and $5.2 million remaining available [10][7] Q&A Session Summary Question: Can you provide more details on the U.S. launch and target market? - Management indicated that the focus is on small to medium rental companies, which represent a significant portion of the market, and highlighted the strong demand for cost-saving solutions [15][16] Question: What is driving the increase in operating expenses this quarter? - The increase in operating expenses was primarily attributed to foreign exchange effects, with expectations for margin expansion as subscriber growth continues [20] Question: How is subscriber momentum performing against original guidance? - Management confirmed that they are on track to meet their guidance of 220,000-240,000 new subscribers, with strong contributions from various regions and segments [21][22] Question: Can you discuss the motorcycle market and partnerships? - The company is seeing strong traction in the motorcycle market in South America, particularly through partnerships with brands like BMW Motorrad, and expects significant subscriber growth starting in 2026 [29][30] Question: Are there concerns about manufacturers developing their own telematics systems? - Management emphasized that Ituran's strength lies in its service-oriented model and strong market presence, which mitigates the risk of disintermediation by manufacturers [47][48] Question: Update on efforts in India? - The company has a joint venture in India and signed a contract with Mercedes-Benz, but noted that the market is still developing and requires specific deals to be profitable [51]