Group 1 - Blackstone and TPG have reignited interest in acquiring medical diagnostics company Hologic, potentially becoming one of the largest healthcare privatization deals of the year [1] - Hologic's CEO Steve MacMillan's compensation terms and the recent decline in stock price may be motivating factors for the sale [1] - Both parties are currently conducting due diligence, and a deal is not expected to be reached within the next month [1]

Core Viewpoint - Hologic's stock price increased by 7.6% following reports of renewed interest from Blackstone Inc. and TPG in acquiring the medical device company [2] Company Summary - Blackstone Inc. and TPG have resumed discussions with Hologic's board regarding a potential takeover [2]

Core Viewpoint - TPG RE Finance Trust, Inc. announced the retirement of CFO Robert R. Foley at the end of the year, with Brandon Fox set to take over as interim CFO starting October 1, 2025 [1] Company Transition - Robert R. Foley will transition to a senior advisor role within TPG's real estate credit business after his retirement [1] - Brandon Fox, currently the chief accounting officer, will assume the responsibilities of interim chief financial officer [1]

Company Overview - HALA is a leading fintech company in Saudi Arabia, focused on providing embedded financial services to micro, small, and medium enterprises (MSMEs) [11] - The company has rapidly expanded its offerings, which include business accounts, card issuance, payment and transfer services, and point-of-sale solutions [11] - HALA currently serves over 142,000 businesses and processes more than $8 billion in annual transactions [6][11] Investment Details - HALA has successfully raised $157 million in a Series B funding round, marking it as one of the largest fintech Series B funding rounds in the Middle East [1][2] - The funding round was led by The Rise Fund and Sanabil Investments, with participation from various other venture capital firms [2] - The capital raised will be used to strengthen HALA's market position, enhance its service offerings, and expand its regional presence [2] Growth and Vision - The investment reflects HALA's year-on-year growth and the scalability of its operating model, which aligns with Saudi Vision 2030 to boost the contribution of SMEs to GDP [4] - HALA's co-founders expressed their commitment to innovation and excellence in serving small businesses, emphasizing the potential impact on the MSME landscape [7][10] - The company aims to empower micro and small businesses by providing a broad range of payment solutions, which are essential for the region's economy [10]

Group 1 - GE Vernova has entered into a binding agreement to divest its Proficy manufacturing software business to TPG for $600 million, with potential additional proceeds based on future outcomes [1][2] - Proficy accounts for approximately 20% of GE Vernova's Electrification Software revenues and will become a standalone entity focused on software solutions [1][2] - The transaction is expected to close in the first half of 2026, contingent upon employee consultations, regulatory approvals, and other standard closing conditions [2] Group 2 - Proficy serves over 20,000 customers with integrated solutions aimed at enhancing efficiency and connectivity across industrial operations [2] - TPG plans to invest in Proficy through its US and European private equity platform, TPG Capital, while GE Vernova will retain a board observer seat post-transaction [1][2] - GE Vernova's CEO emphasized the importance of this agreement for Proficy's independent success and the reinvestment of proceeds into core businesses, particularly in electrification and decarbonization solutions [3] Group 3 - Proficy's software business addresses various industrial challenges in discrete, process, and hybrid manufacturing, as well as metro transit and infrastructure applications [4] - TPG partner highlighted the ongoing renaissance in manufacturing driven by the need for increased throughput, optimized operations, and augmented workforces [5] - Proficy's integrated and AI-enabled solutions are designed to help customers run, monitor, and improve production processes [6]

Core Insights - TPG Inc. has appointed Juan Diego "JD" Vargas as a Partner, effective immediately [1] - Vargas will be a senior member of the TPG Rise Climate Transition Infrastructure team [1] - The firm aims to expand its value-add infrastructure strategy focusing on essential subsectors and geographies [1]

Core Insights - TPG Inc. has appointed Juan Diego "JD" Vargas as a Partner, effective immediately [1] - Vargas will be a senior member of the TPG Rise Climate Transition Infrastructure team [1] - The firm aims to expand its value-add infrastructure strategy focusing on essential subsectors and geographies [1]

Financial Data and Key Metrics Changes - The company reported a 2.2% increase in service revenue, primarily driven by mobile, with modest growth in fixed services [10][28] - Statutory EBITDA increased by 1%, reaching $618 million, while pro forma EBITDA was $786 million, reflecting a growth of 0.9% compared to the previous year [32][38] - Net profit after tax (NPAT) was significantly up, reaching $32 million, attributed to improved operating performance and lower financing costs [33] Business Line Data and Key Metrics Changes - The mobile subscriber base grew by 100,000, with strong growth from digital-first brands TPG and Felix, despite a decline in international arrivals [5][12] - Fixed service revenue saw a slight increase of just under 1%, with fixed wireless now representing 14% of total fixed subscribers [20][21] - Average revenue per user (ARPU) for postpaid increased by 14.5% over the last three years, while total ARPU rose by 7.8% [14] Market Data and Key Metrics Changes - The company gained market share in both metropolitan and regional centers, with domestic growth in postpaid services coming at the expense of competitors [5][12] - The NBN market remains competitive, with intense competition impacting subscriber numbers for larger incumbents [21] Company Strategy and Development Direction - The company plans to return $3 billion in cash to shareholders and increase minority ownership through a reinvestment plan [7][48] - A focus on customer well-being and accessibility is part of the company's three-year roadmap to ensure fair access to essential connectivity [24] - The company is committed to maintaining a disciplined approach to operating expenses, targeting flat growth in nominal terms through to 2029 [31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum in the mobile segment, although they expect a more moderate performance in the second half of the year [63] - The government’s revitalized student visa program for 2026 is expected to positively impact the company’s mobile business [16] - Management acknowledged the challenges in the fixed market but emphasized the importance of maintaining profitability and improving service offerings [82] Other Important Information - The company has taken steps to address a recent cyber incident affecting iINET customers, with ongoing support measures in place [7][9] - The company has successfully canceled $1.7 billion in bank loans as part of its capital management plan [44] Q&A Session Summary Question: Mobile subscriber growth expectations for the second half - Management does not provide specific guidance on customer numbers but remains optimistic about continued growth, albeit at a moderated pace [63] Question: ARPU for digital-first brands - Management indicated that ARPU for digital-first brands is likely in the mid-twenties, with consistent growth across different brands [64] Question: Pricing strategies in the mobile industry - Management acknowledged the challenges posed by tier-two operators and the need for pricing adjustments in the market [62][66] Question: Margin differentials between digital brands and traditional prepaid - Management noted that the margin differential is significant, with digital brands benefiting from lower operational costs [73] Question: CapEx for LEOSAT opportunities - Management highlighted that investments in LEOSAT will be smaller compared to terrestrial networks, with potential for future monetization [79] Question: Fixed subscriber trends and market competition - Management expressed confidence in maintaining profitability in the fixed segment despite competitive pressures [82]

Financial Data and Key Metrics Changes - The company reported a 2.2% increase in service revenue, primarily driven by mobile, with modest growth in fixed services [8][28] - Statutory EBITDA increased by 1%, reaching $618 million, while pro forma EBITDA was $786 million, reflecting a growth of 0.9% compared to the previous year [31][37] - Net profit after tax (NPAT) rose significantly, reaching $32 million, attributed to improved operating performance and lower financing costs [31][9] - Operating free cash flow increased by 23.6% to $246 million, driven by positive working capital movements and lower capital expenditures [32][33] Business Line Data and Key Metrics Changes - Mobile subscriber base grew by 100,000, with strong growth from digital-first subscription brands TPG and Felix, despite a decline in international arrivals [4][10] - Fixed service revenue saw a slight increase of under 1%, with gross margin impacted by ongoing NBN input costs [19][20] - The average revenue per user (ARPU) for postpaid increased by 14.5% over three years, reaching $48.51, while total ARPU rose by 7.8% [12][11] Market Data and Key Metrics Changes - The mobile market remains competitive, with the company gaining market share in both metropolitan and regional areas [4][10] - The NBN market is challenging, with intense competition affecting subscriber numbers for larger incumbents [19][20] - Fixed wireless subscribers now represent 14% of total fixed subscribers, with the company maintaining its position as the number one player in this market [19][20] Company Strategy and Development Direction - The company aims to enhance customer well-being through a three-year roadmap, focusing on vulnerable customers and improving access to essential connectivity [22][23] - A capital management plan was announced, including a $3 billion cash return to shareholders and a targeted debt repayment of up to $2.4 billion [6][48] - The company is committed to increasing dividends in line with sustainable growth in profits and cash flow over time [5][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about cash flow momentum and the potential for continued growth, despite a moderate expectation for the second half of the year [63][64] - The government’s revitalized student visa program for 2026 is expected to positively impact the company’s mobile business [14][19] - Management acknowledged the challenges posed by intense competition but remains confident in the company's ability to adapt and grow [19][80] Other Important Information - The company has taken steps to address a recent cyber incident affecting iINET, ensuring that customer data was not significantly compromised [6][7] - The introduction of next-generation WiFi 7 modems is expected to enhance customer experience and attract new subscribers [21][20] Q&A Session Summary Question: Mobile subscriber growth expectations for the second half - Management indicated that while they do not provide specific guidance, they are optimistic about maintaining momentum, albeit at a more moderate pace compared to the first half [63][64] Question: ARPU for digital-first brands - Management confirmed that ARPU for digital-first brands is likely in the mid-twenties, with consistent growth across different brands [64][65] Question: Impact of tier two operators on pricing - Management noted that while tier two operators are gaining market share, their wholesale agreements are not a significant part of the company's strategy at this time [66][67] Question: Margin differential between digital brands and traditional prepaid - Management highlighted that the margin differential is significant, with digital brands benefiting from lower operational costs due to their online nature [72][73] Question: LEOSAT opportunity and monetization - Management expressed interest in LEOSAT for providing geographical coverage but noted that the timing and monetization strategies are still uncertain [76][78] Question: Fixed consumer business subscriber trends - Management acknowledged the competitive landscape but remains focused on profitability and improving service offerings to retain subscribers [81][80]

Financial Performance Highlights - Service Revenue increased by 2.2%, driven by Mobile growth[9, 14] - EBITDA increased by 0.9%, including initial costs of regional network expansion[9, 14] - Operating Free Cash Flow (OFCF) increased by 23.6% due to lower capex and working capital impacts[10, 14] - NPAT increased significantly due to EBITDA growth, lower financing costs, and a tax benefit[9, 14] Mobile Business - Mobile subscribers increased by 100,000, driven by market-leading growth post-regional network expansion[9] - Total ARPU increased by 1% to $34.97 in 1H25[23, 24] - Fixed Wireless subscribers increased by 16.2% and now represent 14% of total fixed subscribers[32] Capital Management - Estimated net cash proceeds of $4.7 billion are expected from capital management plans[11] - A capital reduction plan aims to distribute up to $3 billion to shareholders[11] - $1.7 billion of debt was repaid in August, with further repayments planned[11] FY25 Outlook - Targeting FY25 annual dividend of 18 cents per share, same as FY24[10] - FY25 EBITDA guidance (excluding material one-offs) is $1.605 billion to $1.655 billion on a Pro Forma basis[94] - FY25 capital expenditure (excluding spectrum payments) is expected to be approximately $790 million[94]