Financial Data and Key Metrics Changes - The company recorded a consolidated pro forma turnover of approximately $1,570 million, representing a 20% increase compared to the same period in 2024 [5] - Pro forma EBITDA increased by 21%, reaching around $234 million, with a margin of 16.1% [11] - Gross sales increased by 20.3%, reaching around $1,670 million, while operating expenses rose by 10.9% to approximately $1,360 million [11] - The pro forma net loss was reported at $4.2 million, influenced by a foreign exchange loss of around $83 million [11][21] Business Line Data and Key Metrics Changes - Clinics accounted for 37% of total sales, with a 20% growth driven by a 13% rise in the number of visits and a 6% increase in average fees [13] - Hospitals represented about 28% of total sales, growing by 38% due to increased patient numbers and investments in technology [15] - Laboratories accounted for 11% of total sales, posting an 18% year-on-year growth, driven by a 21% increase in lab tests performed [16] Market Data and Key Metrics Changes - The corporate segment accounted for 9.75% of total sales, remaining largely flat compared to the previous year, with a 1.2% decline in subscriptions offset by a 0.9% increase in average fees [17] - The pharmacy segment represented 2.4% of total sales, with revenues growing by 13% due to a 22% increase in average spend per client [18] Company Strategy and Development Direction - The company is focusing on strategic investments in technology and innovation, particularly in robotic surgery and AI integration [6][9] - There is a commitment to expanding genetic testing capabilities, with an initial investment of €3 million for advanced sequencing technology [8] - The company plans to maintain a stable trajectory while adapting to the evolving macroeconomic environment, with a focus on operational efficiency [9][10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a stable net debt to pro forma EBITDA ratio, despite challenges from foreign exchange fluctuations [22] - The company is preparing for various scenarios due to macroeconomic challenges, including potential impacts from VAT increases [20] - Management anticipates that new hospital units will reach breakeven by the end of the year, contributing positively to overall performance [26][28] Other Important Information - The company completed several acquisitions to strengthen its market position, including RoutineMed Group and All Clinic [6] - Capital expenditures for the second half of the year are expected to remain low, with no significant investments planned [23] Q&A Session Summary Question: What is the current negative EBITDA from new hospital units and their breakeven timeline? - Management indicated that two large hospitals are close to breakeven, with expectations for positive results by mid-year [25][26] Question: What is the estimated impact of VAT increases on costs? - The estimated impact of a 2% to 3% VAT increase is around €2 million per year, which is not considered significant [29][30] Question: What are the expectations for capital expenditures in the near term? - Management confirmed that capital expenditures will be low, with no large investments planned for at least the third quarter [31][32] Question: How are rising energy costs affecting the company? - Management stated that rising energy costs are not expected to have a major impact, estimating a potential annual effect of €1 to €2 million [37][38] Question: What is the outlook for the full year in line with second-quarter results? - Management aims to fulfill the budget presented earlier in the year, despite challenges from foreign exchange rates [40][41]

Financial Data and Key Metrics Changes - The company recorded a consolidated pro forma turnover of approximately $1,570 million, representing a 20% increase compared to the same period in 2024 [5] - Pro forma EBITDA increased by 21%, reaching around $234 million, with a margin of 16.1% [11] - Gross sales increased by 20.3%, reaching around $1,670 million, while operating expenses rose by 10.9% to approximately $1,360 million [11] - The pro forma net loss was reported at $4.2 million, influenced by a foreign exchange loss of around $83 million [11][21] Business Line Data and Key Metrics Changes - Clinics accounted for 37% of total sales, with a 20% growth driven by a 13% rise in the number of visits and a 6% increase in average fees [13] - Hospitals represented about 28% of total sales, growing by 38% due to increased patient numbers and investments in technology [15] - Laboratories accounted for 11% of total sales, posting an 18% year-on-year growth driven by a 21% increase in lab tests performed [16] - Corporate accounts remained flat, with a 1.2% decline in subscriptions offset by a 0.9% increase in average fees [17] Market Data and Key Metrics Changes - The dental services market contracted, with a 5.5% decline in sales, attributed to increased competition and market dynamics [14] - The company noted that the market for elective medical services may be affected by changes in purchasing power due to recent fiscal measures [9] Company Strategy and Development Direction - The company is focusing on strategic investments in technology and innovation, particularly in robotic surgery and AI integration [7][10] - There is a commitment to expanding genetic testing capabilities, with an initial investment of €3 million for advanced sequencing technology [9] - The company plans to maintain a stable trajectory while adapting to the evolving macroeconomic environment, with a cautious approach to capital expenditures [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance of new hospital units, expecting them to reach breakeven by the end of the year [25][26] - The company is closely monitoring the impact of rising energy costs and potential government measures on purchasing power [37][39] - Management aims to fulfill the budget presented to investors and is optimistic about operational improvements despite foreign exchange losses [40][52] Other Important Information - The company completed several acquisitions to strengthen its market position, including RoutineMed Group and All Clinic [6] - Capital expenditures for the second half of the year are expected to remain low, with no significant investments planned [23][32] Q&A Session Summary Question: What is the negative EBITDA from new hospital units and their breakeven timeline? - Management indicated that two large hospitals are close to breakeven, with expectations for positive results by mid-year [25][26] Question: What is the estimated impact of VAT increases on costs? - The estimated impact of a 2% to 3% VAT increase is around €2 million per year, which is not considered significant [29][30] Question: What are the expectations for capital expenditures? - Management confirmed that capital expenditures will be low, with no large investments planned for the third or fourth quarters [31][32] Question: How will rising energy costs affect the company? - Management stated that the impact of rising energy costs is minimal, estimating a potential annual impact of €1 to €2 million [37][38] Question: What is the outlook for the full year results? - Management aims to fulfill the budget presented earlier and is optimistic about operational performance despite challenges [40][41]

Financial Performance - The Group achieved a consolidated pro-forma turnover of RON 1.57 billion in H1 2025, a 20.3% increase compared to H1 2024 [19] - Pro-forma EBITDA increased by 21.2% to RON 234.2 million, with a margin of 16.1% [34] - IFRS Revenues recorded a solid 20% increase, with 16.2% driven by organic growth [50] - Net cash from operating activities declined by 41% compared to the same period last year [60] Acquisitions and Investments - The Group finalized the acquisition of Routine Med Group in Tulcea in February [21] - A majority stake in All Clinic in the Republic of Moldova was acquired in March [21] - The acquisition of Medstar Clinic Group in Cluj-Napoca was announced in June, with 2024 revenues of approximately RON 32 million [22] - The company launched the first AI assistant integrated into its mobile app [25] - The company enhanced its diagnostic infrastructure with the 2nd automated laboratory line in the Group, with an investment of over EUR 2 million [26] - The company acquired the Illumina sequencing technology with an initial investment of EUR 3 million [27] Operational KPIs - Hospitals revenue increased by 37.8% to RON 437.787 million [50] - Clinics revenue increased by 20.3% to RON 586.623 million [50] - Laboratories revenue increased by 18.4% to RON 172.790 million [50]

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Macy's due to lower revenues, with a focus on how actual results compare to estimates impacting stock price [1][2] Earnings Expectations - Macy's is expected to report quarterly earnings of $0.19 per share, reflecting a year-over-year decrease of 64.2% [3] - Revenue projections stand at $4.74 billion, which is a 4% decline from the previous year [3] Estimate Revisions - The consensus EPS estimate has been revised 8.62% higher in the last 30 days, indicating a reassessment by analysts [4] - A positive Earnings ESP of +7.53% suggests analysts have recently become more optimistic about Macy's earnings prospects [12] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10] - Macy's currently holds a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [12] Historical Performance - In the last reported quarter, Macy's exceeded the expected earnings of $0.14 per share by delivering $0.16, resulting in a surprise of +14.29% [13] - Over the past four quarters, Macy's has beaten consensus EPS estimates three times [14] Conclusion - While Macy's is positioned as a compelling earnings-beat candidate, other factors should also be considered when evaluating the stock ahead of its earnings release [17]

Core Viewpoint - The collaboration between Macy's Media Network and Amazon Retail Ad Service signifies a transformative shift in the retail media advertising landscape, enhancing the advertising purchasing process and reflecting deep changes within the industry [1][2]. Collaboration Details: New Advertising Pathways - The partnership allows advertisers to purchase sponsored product ads directly on Macy's e-commerce site through Amazon's advertising platform, simplifying the advertising procurement process [2]. - Macy's aims to provide brands with easier access to advertising resources, breaking down traditional barriers in the advertising process [2]. - A pilot project is set to launch in the fall of this year to validate the collaboration model [2]. Industry Context: Competitive Landscape - The retail media advertising technology sector is experiencing intense competition, with emerging players like Koddi, Mirakl, and Topsort challenging established companies like Criteo [3]. - Despite initial concerns from retailers about partnering with Amazon due to competition and data privacy issues, Macy's decision to collaborate is seen as a significant move in the industry [3]. Data Security: Safeguarding Customer Information - Macy's will not share personally identifiable customer data with Amazon, instead opting for a limited data-sharing mechanism through AWS clean rooms to support sales attribution analysis [4]. - This approach aims to address industry concerns regarding data privacy while enabling effective advertising performance monitoring [4]. Industry Impact: Butterfly Effect in Retail Media - The partnership marks a significant shift in advertising dynamics, as it opens the door for larger retail groups to engage with Amazon's advertising services [7]. - The collaboration is expected to enhance advertising efficiency and effectiveness for advertisers, allowing for a more integrated approach to ad purchasing [8]. Competitive Dynamics: Traditional vs. Emerging Players - The collaboration poses a new challenge for traditional advertising technology firms like Criteo, which may face increased pressure on their market share due to the alliance between Macy's and Amazon [9]. - Criteo's recent struggles, including losing major clients, highlight the competitive pressures intensified by this partnership [9]. Future Outlook: Industry Chain Reactions - The collaboration may prompt other retailers to reconsider their partnerships with Amazon, potentially leading to broader adoption of Amazon's retail advertising services [10]. - Advertising technology firms will need to innovate and adapt to the competitive landscape shaped by this partnership, with a focus on enhancing their technological advantages [10]. - The trend towards decentralized and collaborative advertising strategies is expected to become more pronounced, requiring brands to refine their advertising approaches across multiple platforms [10]. Conclusion: Accelerating Change in Retail Media - The partnership between Macy's and Amazon is a catalyst for change in the retail media industry, influencing strategic choices, technological innovations, data security, and consumer rights [11].

Core Viewpoint - Myriad Uranium Corp. is initiating a follow-on non-brokered private placement financing to raise $125,000 by issuing 500,000 units at $0.25 per unit, with proceeds intended for general working capital [1][2]. Group 1: Financing Details - The financing will consist of 500,000 units, each unit comprising one common share and one-half of a common share purchase warrant, with each full warrant allowing the purchase of one share at an exercise price of $0.35 for 24 months [1]. - The financing is being conducted to meet the investment requirements of a key institutional investor [2]. - Securities issued will be subject to a four-month hold period in accordance with Canadian securities laws [2]. Group 2: Company Overview - Myriad Uranium Corp. holds a 75% interest in the Copper Mountain Uranium Project in Wyoming, which has historical uranium deposits and mines, including the Arrowhead Mine that produced 500,000 lbs of U3O8 [4]. - The Copper Mountain project has seen extensive drilling, with approximately 2,000 boreholes drilled, indicating significant exploration potential [4]. - The company has also acquired a 100% interest in the Red Basin Uranium Project in New Mexico, which has a near-surface historical resource with grades ranging from 1,700 to 3,100 ppm [4]. Group 3: Additional Interests - Myriad holds a 50% interest in the Millen Mountain Property in Nova Scotia, Canada, with the other 50% held by Probe Gold Inc. [5].

Core Viewpoint - Myriad Uranium Corp. and Rush Rare Metals Corp. have signed a letter of intent for a proposed merger, where Myriad will acquire 100% of Rush's outstanding shares, with a share exchange ratio of one Myriad share for every two Rush shares [1][2][3] Company Overview - Myriad Uranium Corp. is a uranium exploration company with a 75% interest in the Copper Mountain Uranium Project located in Wyoming, USA, which has historical uranium deposits and mines [5][6] - Rush Rare Metals Corp. is involved in the merger with Myriad, which aims to consolidate ownership of the Copper Mountain Project for enhanced value [2][3] Merger Details - Under the proposed arrangement, all of Rush's convertible securities will be converted to Myriad shares, and Rush will create a subsidiary, Rush Spinco, to hold its Boxi Property in Quebec [1][2] - The merger is expected to provide Rush shareholders with shares in both Myriad and Rush Spinco, allowing them to retain an interest in the Boxi property [3][4] Strategic Rationale - Both companies believe that unified ownership of the Copper Mountain Project will significantly increase its value and attract institutional investors [3] - Myriad's management emphasizes the historical investment and data supporting the potential of Copper Mountain as a district-scale uranium source for the U.S. [3][6] Conditions for Closing - The transaction is subject to several conditions, including mutual due diligence, execution of a definitive agreement, and approvals from Rush shareholders, the British Columbia Supreme Court, and the Canadian Securities Exchange [4]

Core Insights - Macy's has a strong history of beating earnings estimates and is well-positioned for future earnings success [1][2] - The average surprise for Macy's in the last two quarters was 15.21%, indicating consistent performance above expectations [2] - Macy's current Earnings ESP is +8.70%, suggesting analysts are optimistic about the company's earnings prospects [8] Earnings Performance - In the most recent quarter, Macy's reported earnings of $0.14 per share against an expectation of $0.16, resulting in a surprise of 14.29% [2] - For the previous quarter, Macy's exceeded the consensus estimate of $1.55 per share by reporting $1.80, achieving a surprise of 16.13% [2] Earnings ESP and Zacks Rank - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) indicates a high likelihood of another earnings beat, with a success rate of nearly 70% for stocks with this profile [5][6] - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, reflecting the latest analyst revisions [7]

Core Viewpoint - Macy's stock has experienced a decline of 2.99% in the latest trading session, underperforming compared to major indices, despite a significant increase of 17.67% over the past month [1] Financial Performance - The upcoming earnings report for Macy's is projected to show an EPS of $0.18, reflecting a 66.04% decrease year-over-year, with revenue expected to be $4.74 billion, down 4.03% from the same quarter last year [2] - For the entire year, earnings are forecasted at $1.78 per share and revenue at $21.27 billion, indicating declines of 32.58% and 4.57% respectively compared to the previous year [3] Analyst Estimates - Changes in analyst estimates for Macy's are crucial as they reflect short-term business trends, with positive revisions indicating a favorable outlook on business health and profitability [4] - The Zacks Rank system, which considers estimate changes, currently rates Macy's at 4 (Sell), indicating a less favorable outlook [6] Valuation Metrics - Macy's is trading at a Forward P/E ratio of 7.69, significantly lower than the industry average of 17.2, suggesting that the stock is trading at a discount [7] - The Retail - Regional Department Stores industry, to which Macy's belongs, ranks in the bottom 22% of all industries, with a current Zacks Industry Rank of 194 [7][8]

Core Viewpoint - Myriad Uranium Corp. is actively advancing its uranium exploration projects, particularly the Copper Mountain Uranium Project in Wyoming and the Red Basin Project in New Mexico, with significant upcoming catalysts that could enhance resource estimates and project economics [1][4][6]. Company Overview - Myriad Uranium Corp. holds a 75% interest in the Copper Mountain Uranium Project and a 100% interest in the Red Basin Project [1][5]. - The Copper Mountain project has historical significance, with past production from the Arrowhead Mine totaling 500,000 lbs of U₃O₈ during the 1950s and 60s [5]. - Approximately 2,000 boreholes have been drilled at Copper Mountain, with Union Pacific having invested an estimated US$78 million in exploration and development [6]. Upcoming Catalysts - An important upcoming catalyst is the assay of around 1,500 additional samples from late 2024 drilling at Copper Mountain, which could confirm new mineralization and enhance resource estimates [4]. - Positive assay results could significantly improve grades and interval thicknesses, potentially positioning Copper Mountain as one of the largest uranium projects in the U.S. [6]. Project Details - The Red Basin Project contains shallow historical uranium resources and offers strong potential for resource expansion, with a planned geophysical survey in 2025 [6]. - Myriad has also expanded its acreage to encompass approximately 800 of 1,050 historical boreholes in the Red Basin [6]. Investor Engagement - Myriad's CEO, Thomas Lamb, will present at the Metals & Mining Virtual Investor Conference on July 24, 2025, providing an opportunity for real-time investor engagement [1][2].