[Financial Results and Business Highlights](index=1&type=section&id=Financial%20Results%20and%20Business%20Highlights) Mirion reported strong Q2 2025 results and updated full-year guidance, reflecting robust market dynamics and strategic capital structure optimization [Second Quarter 2025 Performance](index=1&type=section&id=Second%20Quarter%202025%20Performance) Mirion achieved strong Q2 2025 results with a 7.6% revenue increase to $222.9 million and a significant shift to net income of $8.5 million Q2 2025 Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $222.9M | $207.1M | +7.6% | | GAAP Net Income (Loss) | $8.5M | ($12.0M) | +171% | | Adjusted EBITDA | $51.2M | $48.8M | +4.9% | | GAAP EPS | $0.04 | ($0.06) | - | | Adjusted EPS | $0.11 | $0.10 | +10.0% | - The company's performance was driven by robust market dynamics in nuclear power and cancer care[3](index=3&type=chunk) - Key strategic actions in Q2 include: Completed a **$400 million** convertible notes offering; Refinanced the Term Loan B to optimize the capital structure; Announced the acquisition of Certrec to expand services and software offerings in the nuclear power market[3](index=3&type=chunk) [Updated Full Year 2025 Guidance](index=1&type=section&id=2025%20Guidance) The company raised its full-year 2025 guidance for key financial metrics, driven by strong first-half performance and favorable foreign exchange rates Full Year 2025 Guidance Update | Metric | New Guidance | Previous Guidance | | :--- | :--- | :--- | | Total Revenue Growth | 7.0% – 9.0% | 5.0% – 7.0% | | Organic Revenue Growth | 5.0% – 7.0% | 5.5% – 7.5% | | Adjusted EBITDA | $223M – $233M | $215M - $230M | | Adjusted EBITDA Margin | 24.0% – 25.0% | 24.0% – 25.5% | | Adjusted Free Cash Flow | $95M – $115M | $85M - $110M | | Adjusted EPS | $0.48 – $0.52 | $0.45 – $0.50 | - The guidance increase is attributed to strong first-half performance, foreign exchange tailwinds, and improved visibility for the rest of the year[4](index=4&type=chunk) - The revision in organic revenue growth reflects stronger expectations for the Nuclear Power end-market, which are more than offset by reductions in Labs & Research and Dosimetry Services end-markets[10](index=10&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) Mirion's financial statements show increased assets driven by cash and convertible debt, improved net income, and strong operating cash flow [Condensed Consolidated Balance Sheets](index=5&type=section&id=Mirion%20Technologies%2C%20Inc.%20Condensed%20Consolidated%20Balance%20Sheets) Mirion's total assets increased to $2,737.8 million as of June 30, 2025, driven by higher cash and convertible debt, with a decrease in non-current debt Key Balance Sheet Items (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $262.6 | $175.2 | | Total current assets | $693.2 | $594.7 | | Total assets | $2,737.8 | $2,636.0 | | Debt, non-current | $444.5 | $685.2 | | Convertible debt | $387.9 | $0.0 | | Total liabilities | $1,224.2 | $1,076.9 | | Total stockholders' equity | $1,513.6 | $1,559.1 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Mirion%20Technologies%2C%20Inc.%20Condensed%20Consolidated%20Statements%20of%20Operations) Mirion's Q2 2025 revenues rose 7.6% to $222.9 million, achieving a net income of $8.5 million, a significant improvement from the prior-year net loss Statement of Operations Highlights (Three Months Ended June 30, in millions) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Total revenues | $222.9 | $207.1 | | Gross profit | $102.5 | $97.4 | | Income (loss) from operations | $9.9 | $2.3 | | Net income (loss) | $8.5 | ($12.0) | | Diluted EPS | $0.03 | ($0.06) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Mirion%20Technologies%2C%20Inc.%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities more than doubled to $48.0 million for the six months ended June 30, 2025, significantly boosting the company's cash position Cash Flow Summary (Six Months Ended June 30, in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $48.0 | $21.2 | | Net cash used in investing activities | ($15.7) | ($21.8) | | Net cash provided by (used in) financing activities | $41.2 | ($2.8) | | Net increase (decrease) in cash | $87.4 | ($6.7) | | Cash at end of period | $263.0 | $123.8 | [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) Mirion provides reconciliations for non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS, to offer a clearer view of operational performance [Reconciliation of Adjusted EBITDA](index=10&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Mirion's Adjusted EBITDA for Q2 2025 increased to $51.2 million, with the margin slightly decreasing to 23.0% from 23.6% in the prior-year quarter Reconciliation of Adjusted EBITDA (Three Months Ended June 30, in millions) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | Income from operations | $9.9 | $2.3 | | Amortization | $25.2 | $31.0 | | Depreciation | $8.7 | $7.5 | | Stock-based compensation | $3.4 | $4.0 | | Non-operating expenses | $4.0 | $4.3 | | **Adjusted EBITDA** | **$51.2** | **$48.8** | | Adjusted EBITDA margin | 23.0% | 23.6% | [Reconciliation of Adjusted Earnings per Share (EPS)](index=10&type=section&id=Reconciliation%20of%20Adjusted%20Earnings%20per%20Share) Adjusted EPS for Q2 2025 increased to $0.11 from $0.10, driven by a rise in adjusted net income to $26.2 million from $19.4 million Reconciliation of Adjusted EPS (Three Months Ended June 30) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | GAAP net income (loss) | $8.5M | ($12.0M) | | Key Adjustments (net) | $17.7M | $21.4M | | **Adjusted net income** | **$26.2M** | **$19.4M** | | Adjusted weighted average shares - diluted | 243.058M | 203.005M | | **Adjusted EPS** | **$0.11** | **$0.10** | [Other Information](index=2&type=section&id=Other%20Information) This section provides important context on forward-looking statements, non-GAAP financial measures, and the company's share count [Forward-Looking Statements and Non-GAAP Disclosures](index=2&type=section&id=Forward-Looking%20Statements%20and%20Non-GAAP%20Disclosures) The report contains forward-looking statements subject to risks and uses non-GAAP measures to supplement GAAP results, without forward-looking reconciliations - The report includes forward-looking statements concerning future results, strategy, and market trends, which are not guarantees of future performance and are subject to significant risks[11](index=11&type=chunk) - The company utilizes non-GAAP measures (e.g., Organic Revenue, Adjusted EBITDA, Adjusted EPS, Adjusted Free Cash Flow) to provide supplemental information on business trends[13](index=13&type=chunk)[24](index=24&type=chunk) - Reconciliations for forward-looking non-GAAP measures are not provided due to the inherent difficulty in predicting certain adjusting items[7](index=7&type=chunk) [Share Count](index=8&type=section&id=Share%20Count) As of June 30, 2025, Mirion had 224,354,723 Class A common shares outstanding, excluding Class B shares and other potential equity awards - Class A common stock outstanding: **224,354,723** as of June 30, 2025[23](index=23&type=chunk) - The outstanding count excludes **6,074,885** Class B shares, which are redeemable for Class A stock or cash on a one-for-one basis[23](index=23&type=chunk) - Also excludes shares underlying RSUs, PSUs, and other potential equity awards from the 2021 Omnibus Incentive Plan[23](index=23&type=chunk)

Company Overview - JBT Marel is part of the Business Services group, which consists of 258 companies and currently ranks 7 in the Zacks Sector Rank [2] - The company has a Zacks Rank of 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] Performance Analysis - Year-to-date, JBT Marel has increased by approximately 6.6%, outperforming the average gain of 2.1% for Business Services stocks [4] - In comparison, Mirion Technologies, Inc. has shown a significant return of 24.6% since the beginning of the year [4] Earnings Estimates - The Zacks Consensus Estimate for JBT Marel's full-year earnings has risen by 1% over the past quarter, reflecting improved analyst sentiment [3] - In contrast, Mirion Technologies, Inc. has seen a 12.5% increase in its consensus EPS estimate over the last three months [5] Industry Context - JBT Marel operates within the Technology Services industry, which includes 122 companies and currently ranks 85 in the Zacks Industry Rank [6] - Stocks in the Technology Services industry have gained about 12.3% year-to-date, indicating that JBT Marel is slightly underperforming its industry [6] Future Outlook - Investors are encouraged to monitor JBT Marel and Mirion Technologies, Inc. for potential continued strong performance in the Business Services sector [7]

Industry Overview - The artificial intelligence (AI)-powered data center industry is thriving, leading to increased interest in nuclear energy as a hot sector over the past year [1] - The demand for nuclear energy is being driven by the energy-intensive nature of AI technologies [1] Company Profiles Mirion Technologies - Mirion Technologies, based in Atlanta, GA, specializes in radiation detection, measurement, analysis, and monitoring products and services across North America, Europe, and the Asia Pacific [2] - The company is focusing on digital innovation in the nuclear and radiation safety sectors, recently partnering with Westinghouse Electric Company to enhance nuclear instrumentation with digital solutions [3][4] - Mirion's digital systems provide precise measurements and are less affected by environmental changes, ensuring high-quality data collection [5] - The transition to digital systems allows for standardized data recording and remote monitoring capabilities, enhancing operational efficiency [6] BWX Technologies - BWX Technologies, headquartered in Lynchburg, VA, manufactures and sells nuclear components in the U.S., Canada, and internationally [2] - The company is expanding its commercial power segment and benefiting from strong bookings and government contracts, particularly in nuclear demand [8] - BWXT has secured contracts with the U.S. Department of Defense for developing a micro-nuclear reactor and is collaborating with commercial nuclear energy companies [9] - The company is preparing for growth in the small modular reactors market, anticipating multiple follow-on orders in North America and Europe [12] Financial Performance Mirion Technologies - Mirion expects total revenues to grow by 5-7% year-over-year in 2025, with organic revenue growth projected at 5.5-7.5% [7] - Adjusted EBITDA is anticipated to be in the range of $215-$230 million, and adjusted free cash flow is projected between $85-$110 million [7] - The company forecasts adjusted earnings per share (EPS) in the range of 45-50 cents [7] BWX Technologies - BWXT's 2025 sales and EPS estimates imply a year-over-year improvement of 12.9% and 6.6%, respectively [19] - The company faces challenges from zirconium cost impacts and an unfavorable mix in its commercial operations [13][22] Market Performance - Over the past year, BWXT shares have increased by 45.1%, while Mirion shares have surged over 101% [14] - Mirion Technologies is perceived to have a better price performance and focus on digital innovation compared to BWX Technologies [22]

Core Viewpoint - Mirion Technologies (MIR) is expected to report second-quarter 2025 results on July 31, 2025, with earnings estimated at 11 cents per share, reflecting a 10% increase year-over-year, and revenues projected at $218.1 million, indicating a 5.3% growth from the previous year [1][2][7]. Group 1: Earnings and Revenue Estimates - The Zacks Consensus Estimate for Q2 earnings is 11 cents per share, stable over the past 60 days, with a 10% increase from the year-ago quarter [1][2]. - Revenue estimates for Q2 are set at $218.1 million, showing a 5.3% increase compared to the same quarter last year [2]. Group 2: Factors Influencing Results - Strong demand from the nuclear power sector is expected to drive impressive nuclear order growth, positively impacting MIR's second-quarter results [3]. - The medical segment's revenues are anticipated to benefit from nuclear medicine, with strong operating leverage and procurement savings expected to enhance margins [4]. Group 3: Strategic Developments - MIR has entered a strategic partnership with Westinghouse Electric to provide advanced nuclear instrumentation systems, focusing on digital upgrades to reduce operator and maintenance burdens [4]. - The company became a founding member of the Texas Nuclear Alliance to promote safe nuclear power in Texas [4]. Group 4: Challenges and Market Position - Tariff-related uncertainties, particularly between the U.S. and China, may negatively impact results, especially in the medical equipment sector [5]. - Despite a solid 41.3% stock gain over the past three months, MIR's shares are trading at a premium compared to industry averages, with a forward price-to-sales ratio of 5.6X against an industry average of 3.29X [9][12]. Group 5: Investment Considerations - MIR's nuclear-focused technologies are essential across the nuclear energy lifecycle, with a commitment to expanding its reach in next-generation nuclear energy [16]. - The company faces foreign exchange risks and supply chain challenges, compounded by tariff-induced economic uncertainties [17].

Core Insights - Mirion Technologies (MIR) is focusing on digital innovation in the nuclear and radiation safety sectors, particularly through a partnership with Westinghouse Electric Company to enhance nuclear instrumentation with digital solutions [1][2]. Digital Innovation and Upgrades - The collaboration aims to upgrade analog systems to modern digital Ex-core Nuclear Instrumentation Systems, utilizing the Mirion proTK product line to improve existing analog neutron flux systems, thereby reducing operational burdens and enhancing performance in nuclear power plants [2]. - Digital equipment from Mirion provides precise measurements and is less affected by environmental temperature variations, ensuring high-quality data collection and reducing troubleshooting time [3]. Data Management and Remote Monitoring - Transitioning to digital systems allows for quick data recording and storage in a standardized format, ensuring data integrity and reproducibility [4]. - The Mirion Lynx II system enables real-time remote monitoring and control of germanium and neutron detectors, facilitating continuous observation over extended periods [4]. Industry Context - Constellation Energy (CEG) operates nuclear plants with a capacity factor of 94.6% in 2024, indicating strong production [5]. - CEG's acquisition of NRG Energy's 44% stake in the South Texas Project Electric Generating Station, a two-unit nuclear plant with a total capacity of 2,645 MW, is expected to expand its operations [6]. - BWX Technologies (BWXT) is involved in manufacturing nuclear components and has secured partnerships with the U.S. Department of Defense for developing micro-nuclear reactors [7]. Financial Performance - Mirion's shares have increased by 24.8% this year, outperforming the Zacks Technology-Services sector's 13.2% growth [8]. - Mirion is trading at a premium with a 12-month forward price-to-sales ratio of 5.6X, compared to the industry average of 3.29X [11]. - The Zacks Consensus Estimate for MIR's earnings for the second quarter, third quarter, and full year 2025 has remained stable over the past 60 days, with estimates at $0.11 for Q1 and Q2, and $0.47 for the full year [12][13].

Financial Data and Key Metrics Changes - The profit for the year decreased to CHF 7.9 million from CHF 10.7 million, attributed to a decline in dividend income and option income [7] - The management expense ratio improved slightly to 0.54% from 0.56%, indicating good value for an investment vehicle in this sector [8] - The ordinary dividend was maintained at €0.65, representing a yield of 6.5% [9] Business Line Data and Key Metrics Changes - The portfolio return was reported at 11.4%, underperforming the benchmark of 15.2% [11] - The previous year saw a strong outperformance with a portfolio return of 17.4% compared to the benchmark of 8.7% [13] Market Data and Key Metrics Changes - The company noted that certain sectors, particularly gold, performed well, but the company chose not to invest in that area due to the belief that it is more of a trading sector [14] - The company experienced volatility in stock performance, with some holdings significantly outperforming while others lagged [25] Company Strategy and Development Direction - The company undertook a one-for-seven rights issue to raise capital, which was well-received with a take-up of 119% [21] - The capital raising was aimed at providing additional capital to rebalance positions and reduce the management expense ratio [17] - The company emphasized a long-term investment approach, focusing on solid outperformance over longer timeframes [16] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook, noting that while cash positions are healthy, they will take a patient approach to deploying capital [60] - The company highlighted the importance of focusing on good businesses to ensure long-term returns, despite short-term market volatility [59] Other Important Information - The company reported a divergence in portfolio contributions, with significant gains from top holdings like Temple and Webster, which was up 127% [26] - The company acknowledged challenges with certain holdings, such as IDP, which faced pressures in the international education sector [29] Q&A Session Summary Question: Where is the Australian market developing? - The company noted that earnings growth is not robust across large economies, making it challenging to predict share price movements based on valuations alone [63] Question: What percentage of portfolio revenue comes from global sources? - Approximately 35% of revenue from the top 20 stocks comes from offshore sources, with a mix of domestic and international businesses [66] Question: Why is Technology One not invested in? - The company cited valuation concerns despite recognizing Technology One's strong earnings profile and management [70] Question: Why does the company still hold IDP? - The company believes IDP remains the market leader in its space, despite current pressures, and aims to weather the downturn [72] Question: What is the outlook for Macquarie Technology Group? - The company expressed confidence in Macquarie's long-term prospects, despite current challenges in obtaining development approvals [76] Question: Why was Sigma Healthcare exited? - The decision was based on portfolio management reasons, as Sigma's valuation increased significantly post-merger, moving it out of the investment universe [80] Question: Thoughts on Gentrack? - The company views Gentrack as a turnaround story that has grown significantly but needs time to consolidate its position [85]

Financial Data and Key Metrics Changes - The profit for the year decreased to CHF 7.9 million from CHF 10.7 million, attributed to a decline in dividend income and option income [7] - The management expense ratio improved slightly to 0.54% from 0.56%, indicating good value for an investment vehicle in this sector [8] - The ordinary dividend was maintained at €0.65, with a portfolio return of 11.4%, underperforming the benchmark return of 15.2% [9][11] Business Line Data and Key Metrics Changes - The portfolio's performance was driven by significant contributors such as Temple and Webster, which increased by 127%, and other companies like Hub24 and Life360 [25] - The underperformance was partly due to the absence of strong representation in high-performing sectors like gold [14] - The company sold down positions in high-performing stocks to manage volatility and maintain dividend capacity [27] Market Data and Key Metrics Changes - The company noted a strong recovery in the market after a significant drop earlier in the year, with a return to near peak levels by June [61] - Approximately 35% of revenue from the top 20 stocks comes from offshore sources, indicating a balanced exposure to global markets [72] Company Strategy and Development Direction - The company aims to provide long-term investment returns through holdings and attractive fully franked dividends, focusing on small and mid-sized companies [5][6] - A one-for-seven rights issue was executed to raise capital, allowing for portfolio rebalancing and lower management expense ratios [16][21] - The company plans to take a patient approach to deploying capital, focusing on long-term value rather than short-term market fluctuations [63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term investment approach despite short-term volatility, emphasizing the importance of patience in capital deployment [63] - The company remains cautious about the current market environment, noting that high growth companies are well-rated, which may limit capital deployment opportunities [69][70] Other Important Information - The company has a history of paying out more in dividends than it receives from share purchase plans, indicating strong shareholder demand for investment opportunities [17] - The capital raising was well-received, with a take-up rate of 119%, leading to a fair outcome for shareholders [21][23] Q&A Session Summary Question: Where is the Australian market developing in a bull market? - The company noted that earnings and valuations drive share prices, but current economic growth is not strong enough to support significant re-ratings in valuations [67][68] Question: What percentage of portfolio revenue comes from global sources? - Approximately 35% of revenue from the top 20 stocks comes from offshore, with a mix of domestic and international businesses [72][73] Question: Why does the company still hold IDP? - The company believes IDP remains the market leader in its space despite current pressures, and it is important to weather the downturn [76][78] Question: What is the view on Macquarie Technology Group's development approval? - There are concerns about development approvals due to local council issues, but the company has faith in management's long-term decisions [80][82] Question: Why was Sigma Healthcare exited from the portfolio? - The exit was due to a rapid increase in value post-merger, making it difficult to justify maintaining a position given its size and valuation [84] Question: Thoughts on Gentrack's transition? - Gentrack has evolved into a robust business, but it may need time to consolidate its growth after a rapid increase in size [90] Question: Will IPD Group pursue further acquisitions? - The company expects IPD Group to continue acquiring businesses, but these will likely be smaller and not thesis-changing [93]

Financial Performance & Portfolio Activity - Mirrabooka successfully raised $85.1 million through an Entitlement Offer and Top Up Facility, with a total take up of approximately 119%[17] - New shares were offered at $3.06 and are entitled to a final dividend of 6.5 cents per share[17] - The company has a significant cash holding of 11% of the portfolio value[25] Key Contributors & Detractors - Top contributors to FY25 performance included Temple & Webster (+127%), Hub 24 (+93%), and Life360 (+97%)[18] - Key detractors from FY25 performance included IDP Education (-75%), OFX (-67%), and Reece (-42%)[19] Portfolio Composition - The top 20 holdings comprise a significant portion of the portfolio, with the largest holding at 5.6%[23] - The company maintains an investment flexibility through tax effective portfolio repositioning[16] Strategic Outlook - The company will maintain a focus on patience and discipline in its investment approach[25] - Market volatility is expected to create buying opportunities for mid and small cap investors[26]

Core Insights - Mirion Technologies (MIR) has achieved a 59.2% gain over the past three months, outperforming BWX Technologies (BWXT) at 53.4% but trailing behind Cameco Corporation (CCJ) which gained 100.2% [1][7] Group 1: Performance and Market Position - MIR's growth is driven by AI-linked nuclear demand, strategic partnerships, and strong revenue guidance for 2025 [7] - The stock currently has a Momentum Score of A, indicating strong technical performance and market sentiment [5][7] Group 2: Business Environment and Opportunities - The U.S. Department of Energy forecasts that data center energy usage will double or triple by 2028, which is beneficial for nuclear energy demand [8] - Executive orders signed by President Trump aim to increase U.S. nuclear energy capacity from 100 GW to 400 GW by 2050, prioritizing domestic uranium supply [9] - Mirion's technologies are essential throughout the nuclear energy lifecycle, with a focus on small modular reactor development and partnerships with companies like Westinghouse Electric [10] Group 3: Financial Outlook - For 2025, MIR expects total revenue growth in the 5-7% range, with adjusted EBITDA projected between $215-$230 million and adjusted free cash flow between $85-$110 million [12] - The Zacks Consensus Estimate for 2025 revenues indicates a 5.3% increase from 2024, while earnings are expected to rise by 14.6% [11][12] Group 4: Challenges and Risks - Mirion faces foreign exchange-related risks, with a forecasted headwind of approximately 40 basis points for revenue growth [15] - Supply chain disruptions and tariff risks pose significant challenges, particularly due to the current U.S. administration's protectionist policies [16] - The company's shares are trading at a premium, with a 12-month forward price-to-sales ratio of 5.33 compared to the industry average of 3.31 [17]

Market Overview - The three major U.S. indexes, Dow Jones Industrial Average, Nasdaq Composite, and S&P 500, experienced losses of 1.32%, 0.94%, and 0.48% respectively last week due to escalating geopolitical tensions in the Middle East, particularly between Israel and Iran [1] - Trade policy uncertainty and the impact of tariffs are significant factors affecting the economic outlook, although lower-than-expected inflation and a cooling labor market provided some optimism [1] Inflation and Labor Market - The Consumer Price Index (CPI) and Producer Price Index (PPI) both increased by 0.1% in May, with year-on-year CPI rising by 2.4% and PPI advancing by 2.6% [2] - The U.S. labor market added 139,000 jobs in May, a decrease from 193,000 a year ago, while the unemployment rate remained steady at 248,000, with wage growth at 3.9% year-over-year [2] Stock Performance - Mirion Technologies, Inc. (MIR) shares increased by 42.8% since being upgraded to Zacks Rank 2 (Buy) on April 16, outperforming the S&P 500's 11% increase [3] - Oatly Group AB (OTLY) shares returned 37% since its upgrade to Zacks Rank 2 on April 14 [4] - Zacks Rank 1 (Strong Buy) stocks returned +6.51% in May 2025, compared to +4.47% for the S&P 500 [4] Hypothetical Portfolio Performance - A hypothetical portfolio returned -2.59% in 2025 (through June 2), underperforming the S&P 500's -1.12% [5] - The portfolio had a strong performance in 2024 with a return of +22.4%, compared to +28% for the S&P 500 [5] Zacks Model Portfolio - The Zacks Model Portfolio, consisting of Zacks Rank 1 stocks, has outperformed the S&P index by over 12 percentage points since 1988, with an annualized average return of +23.5% [6] - Avino Silver & Gold Mines Ltd. (ASM) shares advanced 81.6% since its upgrade on April 22, while Comfort Systems USA, Inc. (FIX) shares increased by 38.5% since its upgrade on April 24 [7] Focus List and Other Portfolios - Quanta Services, Inc. (PWR) gained 37.4% over the past 12 weeks, while Casey's General Stores, Inc. (CASY) returned 27.9% during the same period [10] - The Zacks Focus List portfolio returned +6.33% in April 2025, outperforming the S&P 500 index [11] - The Earnings Certain Admiral Portfolio (ECAP) returned +3.20% in Q1 2025, compared to the S&P 500 index's -4.30% decline [16] Dividend Portfolio Performance - Fastenal Company (FAST) returned 12.1% over the past 12 weeks, while Quest Diagnostics Incorporated (DGX) increased by 5.9% [19] - The Earnings Certain Dividend Portfolio (ECDP) returned +5.74% in Q1 2025, outperforming the S&P 500 index [20]