Financial Performance - Q4 2025 net income was $30 million, with adjusted EBITDA of $170 million, representing a 14.6% year-on-year increase[5]. - Q4 2025 adjusted EBITDA margin was 19.0%, up 290 basis points year-on-year, driven by pricing and raw material cost actions[9]. - FY 2025 net revenue was $3.47 billion, down 2.7% year-on-year; adjusting for the flooring divestiture, net revenue was up 1.8% year-on-year[5]. - Adjusted EPS for Q4 2025 was $1.28, up 39.1% year-on-year, attributed to higher operating income and lower shares outstanding[8]. - Net income attributable to H.B. Fuller for the three months ended November 29, 2025, was $29.7 million, compared to a net loss of $7.4 million in the same period of 2024[22]. - For the year ended November 29, 2025, net revenue was $3.47 billion, down 2.7% from $3.57 billion in 2024[24]. - Adjusted net income attributable to H.B. Fuller for the year ended November 29, 2025, was $70.6 million, compared to $52.0 million in 2024[26]. - Net income attributable to H.B. Fuller for the year ended November 29, 2025, was $151.967 million, with an adjusted net income of $234.608 million[47]. - The company reported a net income attributable to the company of $51.264 million for the three months ended November 30, 2025, compared to $55.361 million for the same period in 2024, reflecting a decrease of approximately 3.9%[59]. Revenue and Growth - Fiscal 2026 net revenue is expected to be flat to up 2%, with organic revenue anticipated to be approximately flat versus fiscal 2025[16]. - Total net revenue for H.B. Fuller in the three months ended November 29, 2025, was $894.8 million, a decrease of 3.9% compared to $923.3 million in the same period of the previous year[37]. - The company experienced a total net revenue decline of 3.1% for the three months ended November 29, 2025, with organic growth declining by 1.3%[53]. - The Hygiene, Health and Consumable Adhesives segment reported a net revenue growth of 0.3% for the year ended November 29, 2025, while Engineering Adhesives grew by 5.2%[55]. - The Building Adhesive Solutions segment faced a decline of 3.3% in net revenue for the year ended November 29, 2025[57]. EBITDA and Margins - Adjusted EBITDA for fiscal 2026 is projected to be in the range of $630 million to $660 million[16]. - Adjusted EBITDA for the three months ended November 29, 2025, was $170.1 million, representing a margin of 19.0%[26]. - The adjusted EBITDA margin improved to 19.0% in Q4 2025, compared to 16.1% in Q4 2024[37]. - Adjusted EBITDA for the year was $620.660 million, with an adjusted EBITDA margin of 17.9%[47]. - The adjusted EBITDA margin for the three months was 19.0%, indicating strong operational efficiency[47]. Expenses and Costs - Selling, general and administrative expenses for the three months ended November 29, 2025, were $183.6 million, accounting for 20.5% of net revenue[22]. - Interest expense for the year ended November 29, 2025, was $133.3 million, slightly up from $133.1 million in 2024[24]. - Selling, general and administrative expenses for the three months ended November 29, 2025, were $183.6 million, a slight decrease from $188.5 million in the same quarter last year[45]. - Acquisition project costs for the year amounted to $15.412 million, reflecting ongoing strategic investments[47]. - Organizational realignment costs totaled $31.424 million, aimed at enhancing operational effectiveness[47]. Debt and Cash Flow - Net debt at the end of Q4 2025 was $1,910 million, down $48 million sequentially and up $68 million year-on-year[12]. - Operating cash flow for fiscal year 2026 is expected to be between $275 million and $300 million[16]. - Total debt as of November 30, 2025, was $2.180 billion, with a net debt of $2.074 billion after accounting for cash and cash equivalents of $105.743 million[64]. - The net debt-to-adjusted EBITDA ratio improved to 3.5 as of November 30, 2025, compared to 3.3 in the previous quarter, indicating better leverage management[64]. - Net cash provided by operating activities decreased to $263,493 million in 2025 from $302,437 million in 2024, a decline of about 13%[70]. Strategic Initiatives - H.B. Fuller continues to focus on market expansion and product innovation as part of its strategic initiatives[47]. - The company is focused on strategic initiatives including acquisitions and organizational realignment to enhance operational efficiency and market presence[59].

Financial Performance - Goldman Sachs reported net revenues of $58.28 billion for 2025, a 9% increase compared to 2024[5] - Net earnings for 2025 were $17.18 billion, with diluted earnings per share (EPS) of $51.32, up from $40.54 in 2024[3] - Total net revenues for 2025 were $58.283 billion, representing a 9% increase from $53.512 billion in 2024[44] - Net earnings applicable to common shareholders rose by 21% to $16.300 billion in 2025, compared to $13.525 billion in 2024[48] - The firm reported a 68% increase in net interest income, reaching $13.559 billion in 2025, compared to $8.056 billion in 2024[48] Revenue Breakdown - Investment banking fees for 2025 reached $9.34 billion, a 21% increase compared to 2024, driven by higher advisory revenues[11] - Investment banking fees increased by 21% to $9.339 billion in 2025, up from $7.732 billion in 2024[44] - Net revenues in Global Banking & Markets for 2025 were $41.45 billion, an 18% increase from 2024[10] - The Americas accounted for 63% of total net revenues in 2025, with revenues of $36.548 billion, up from $34.448 billion in 2024[45] Operating Expenses - Operating expenses for 2025 were $37.54 billion, an 11% increase from 2024, with an efficiency ratio of 64.4%[30] - Total operating expenses increased by 3% to $9.722 billion compared to Q3 2025, driven by higher compensation and benefits expenses[50] Shareholder Returns - Goldman Sachs declared a quarterly dividend of $4.50 per common share, effective in Q1 2026[1] - The quarterly dividend was increased to $4.50 per common share from $4.00, with a total capital return of $16.78 billion to common shareholders in 2025, including $12.36 billion in share repurchases and $4.42 billion in dividends[37] - The firm returned $4.24 billion to common shareholders in Q4 2025, including $3.00 billion in share repurchases[37] Credit Losses and Provisions - Provision for credit losses for 2025 was a net benefit of $1.11 billion, compared to net provisions of $1.35 billion in 2024[28] - The firm reported a provision for credit losses of $(2.123) billion, indicating a significant change from the previous quarter[50] Asset Management - Total assets under supervision (AUS) reached $3.606 billion, up from $3.452 billion in Q3 2025, with net inflows of $116 million in Q4 2025[56] Tax and Capital Ratios - The effective income tax rate for 2025 was 21.4%, down from 22.4% in 2024[36] - Common equity tier 1 capital ratio was 14.4% as of December 31, 2025, compared to 14.3% in Q3 2025[54] Market Performance - For Q4 2025, net revenues were $13.45 billion, a 3% decrease from Q4 2024 and an 11% decrease from Q3 2025[8] - Total net revenues for Q4 2025 were $13.454 billion, a decrease of 11% from Q3 2025 and an increase of 4% from Q4 2024[50] - Net earnings applicable to common shareholders increased by 14% year-over-year to $4.384 billion, compared to $3.860 billion in Q3 2025[50] - Investment management revenues rose by 8% to $3.201 billion compared to Q3 2025, while investment banking revenues decreased by 3% to $2.579 billion[50] Share Count - The average common shares outstanding decreased by 5% to 312.7 million in 2025 from 328.1 million in 2024[48]

Merger Agreement - Boston Scientific Corporation and Penumbra, Inc. have agreed to a merger, with Penumbra continuing as the surviving corporation and a wholly owned subsidiary of Boston Scientific[27]. - The merger is subject to the conditions set forth in Article VII and will become effective upon the filing of a certificate of merger with the Secretary of State of Delaware[31][33]. - Upon completion of the merger, all outstanding shares of Penumbra common stock will be converted into the right to receive the merger consideration, as specified in the agreement[29]. - The merger closing is scheduled to occur five business days after the satisfaction of all conditions, unless otherwise agreed in writing[32]. - The initial directors and officers of the surviving corporation will be those of Merger Sub immediately prior to the effective time, unless otherwise designated by Boston Scientific[37]. - The Amended and Restated Certificate of Incorporation of Penumbra will be amended and restated to conform to the bylaws of Merger Sub[35][36]. - The merger is expected to enhance Boston Scientific's portfolio and market position in the medical device industry[27]. - The agreement includes provisions for the conduct of business by both parties pending the merger[15]. - The merger is anticipated to create synergies and expand market reach for both companies[27]. - The board of directors of both companies has unanimously approved the merger agreement, deeming it in the best interests of their respective stockholders[29]. Share Consideration - Each share of Company Common Stock will be converted into either 3.8721 Parent Shares or $374.00 in cash, depending on the holder's election[42]. - 73.26% of the total shares will be entitled to receive cash consideration, while 26.74% will receive stock consideration[46]. - The Exchange Fund will include cash sufficient to pay the aggregate cash consideration required for the transaction[57]. - The Exchange Agent will manage the Exchange Fund and ensure it is maintained at a sufficient level for payments[58]. - Holders must submit an Election Form by the Election Deadline to specify their choice between cash or stock[49]. - If the number of Cash Elections exceeds the Maximum Cash Share Number, Stock Election Shares will be converted to Stock Consideration[47]. - The Exchange Agent will determine the allocation of Cash and Stock Consideration based on the elections made by shareholders[47]. - Any shares not properly elected by the Election Deadline will be deemed Non-Election Shares[52]. - The Company and Parent will comply with SEC regulations regarding the solicitation of elections[56]. - The Exchange Agent will invest cash in obligations guaranteed by the U.S. government[58]. - The Exchange Agent will mail a letter of transmittal and instructions for surrendering Certificates within three business days after the Effective Time[59]. - Holders of Certificates will receive the Merger Consideration and any dividends for each Share represented by the surrendered Certificates[59]. - No fractional shares will be issued; instead, cash will be provided for fractional interests, calculated based on the Parent Stock Price[63]. - The Exchange Fund will hold any undistributed portion for at least twelve months after the Effective Time[62]. - Each Company Option with an exercise price below the Equity Award Consideration Value will be converted into cash and stock consideration[69]. - Accelerated RSUs will vest and convert into the right to receive Equity Award Consideration at the Effective Time[72]. - The share transfer books will be closed at the Effective Time, ceasing further registration of transfers[68]. - No interest will accrue on any cash payable to holders of Certificates or Book-Entry Shares[60]. - The Surviving Corporation will remit any withholding amounts to the appropriate Governmental Authority[64]. - Holders of Book-Entry Shares will automatically receive the Merger Consideration without needing to deliver a Certificate[59]. Corporate Structure and Compliance - The Company has 39,229,670 Shares issued and outstanding as of January 12, 2026, all of which are fully paid and nonassessable[87]. - The authorized share capital consists of 300,000,000 shares of common stock and 5,000,000 shares of preferred stock[86]. - 6,067,836 Shares are reserved for future issuance in connection with the Company Stock Plans, excluding the Company ESPP[88]. - 591,124 Shares are reserved for future issuance under the Company ESPP[88]. - The Company has not issued any Shares, Company Options, or Company RSUs since the Capitalization Date[89]. - No Shares were held in the treasury of the Company as of the Capitalization Date[87]. - The Company is not in violation of any provisions of its Charter or Bylaws[84]. - The Company has all necessary corporate power and authority to execute and deliver the Agreement and perform its obligations[95]. - The Company Board will adopt necessary resolutions prior to the Effective Time to effect the transactions contemplated[77]. - The Merger Consideration will be adjusted if there are changes in the outstanding Shares or Parent Shares prior to the Effective Time[78]. Financial Reporting and Compliance - The Company has timely filed all required documents with the SEC under the Securities Act and the Exchange Act since January 1, 2024[102]. - Each consolidated financial statement in the Company SEC Reports was prepared in accordance with GAAP and fairly presents the Company's financial position as of the respective dates[103]. - The Company maintains a system of internal controls over financial reporting designed to provide reasonable assurances regarding the reliability of financial reporting[104]. - The Company has no undisclosed liabilities that need to be reflected on its balance sheet as of December 31, 2024[107]. - The Company has been in compliance with the Sarbanes-Oxley Act and applicable NYSE rules since January 1, 2024[108]. - There are no material outstanding comments from the SEC regarding the Company SEC Reports, nor any ongoing SEC reviews[109]. - Since December 31, 2024, there has not been a Company Material Adverse Effect[110]. Regulatory Compliance and Permits - The Company Group is in possession of all necessary permits and licenses required to operate its business[99]. - The Company has not received any written notice from a Governmental Authority alleging failure to hold any Company Permits[100]. - No member of the Company Group is currently in conflict with any Company Permit or has been in violation of any applicable laws since January 1, 2024[101]. - Each Plan intended to be qualified under Section 401(a) of the Code is so qualified, and nothing has occurred that would adversely affect its status[116]. - The Company has timely filed all required income and other material Tax Returns and has paid all material Taxes required, except those contested in good faith[132]. - There are no pending audits or investigations regarding material Taxes of any member of the Company Group[134]. - The Company has good and valid fee title to each parcel of Owned Real Property, free and clear of all Liens and defects in title[128]. - The Company and its Subsidiaries are in compliance with all Laws relating to the employment of labor, including wages and discrimination[124]. - There are no unfair labor practice complaints pending against the Company or any Subsidiary[123]. - The Company has not effectuated a "plant closing" or "mass layoff" in the past year[123]. - Each Company Lease is valid, binding, and enforceable, with no defaults reported[130]. - The Company has valid ownership interests in all tangible personal property reflected in the Latest Balance Sheet[131]. - No member of the Company Group has participated in any "listed transaction" within the past five years[139]. Business Operations and Insurance - The company has customer contracts with expected annual revenues exceeding $5,000,000 for the twelve-month period ending December 31, 2025[142]. - The company maintains insurance policies against all risks, including cybersecurity and product liability, with reputable carriers[145]. - The company is in compliance with all applicable Environmental Laws and possesses all necessary permits related to pollution and health safety[147]. - The company has not received any claims or notices alleging violations of Environmental Laws since January 1, 2024[147]. Intellectual Property - The company has a complete list of Registered Owned Intellectual Property, indicating status and jurisdiction[150]. - The company’s Intellectual Property is valid, enforceable, and does not conflict with third-party rights[151]. - The company has not received any written claims regarding breaches of its Intellectual Property rights in the past six years[151]. - The company is the exclusive owner of its Owned Intellectual Property, free of liens[153]. - The company has complied with all applicable notice and marking requirements for its Registered Intellectual Property[157]. - The company has not faced any actions challenging the validity or enforceability of its Intellectual Property[155]. Data Security and Privacy - The Company has maintained compliance with all privacy and information security obligations since January 1, 2024, including the Payment Card Industry Data Security Standard[164]. - There has been no unauthorized use or disclosure of Personally Identifiable Information collected by the Company or any Company Subsidiary[165]. - The Company has taken all commercially reasonable steps to maintain the confidentiality of trade secrets and confidential information[159]. - The Company and its Subsidiaries have not participated in any standards-setting activities that would affect the proprietary nature of any Company Intellectual Property[158]. - The Company has not received any written notices or complaints regarding failures to comply with Data Security Requirements[164]. - The Systems used by the Company are maintained in good working condition and are free from unauthorized access or security breaches[166]. Anti-Corruption Compliance - The Company has conducted its business in compliance with Anti-Corruption Laws and has retained accurate books and records[169]. - Since January 1, 2024, the Company has not received any inquiries or allegations concerning violations related to Anti-Corruption Laws[173]. Product Compliance - The Company Products are in material compliance with all applicable Device Regulatory Laws administered by the FDA[174]. - All preclinical and clinical investigations sponsored by the Company have been conducted in compliance with applicable laws, including Good Clinical Practices[176]. - Since January 1, 2024, all manufacturing operations for the Company Products have been conducted in compliance with QSR and FDA requirements[179]. - No material violations or adverse inspection findings have been reported by the FDA or other governmental authorities regarding the Company Products[180]. Parent Company Information - As of January 12, 2026, 1,483,019,808 Parent Shares were issued and outstanding, with 263,290,352 shares held in treasury[199]. - The authorized share capital of Parent consists of 2,000,000,000 shares of common stock and 50,000,000 shares of preferred stock[198]. - There are no outstanding obligations to repurchase or redeem any Equity Interests of any member of the Parent Group[200]. - The Company Board unanimously determined that the Merger and related transactions are advisable and in the best interests of the Company and its stockholders[188]. - The Company has received a financial opinion from Perella Weinberg Partners LP stating that the Merger Consideration is fair from a financial point of view[192]. - No member of the Company Group has been engaged in conduct that would lead to suspension or exclusion from government contracts[183]. - All Company Products have been manufactured and marketed in conformity with applicable laws and warranties since January 1, 2024[186]. - There are no existing or threatened claims against the Company Group related to defective products or services[186].

In US dollars, fourth quarter revenue was $33.73 billion, which increased 25.5% year-over-year and increased 1.9% from the previous quarter. Gross margin for the quarter was 62.3%, operating margin was 54.0%, and net profit margin was 48.3%. In the fourth quarter, shipments of 3-nanometer accounted for 28% of total wafer revenue; 5-nanometer accounted for 35%; 7-nanometer accounted for 14%. Advanced technologies, defined as 7-nanometer and more advanced technologies, accounted for 77% of total wafer revenue ...

Financial Performance - Full year 2025 net income available to common shareholders (NIAC) increased 29% to $956 million, or $1.87 EPS, compared to $738 million, or $1.36 EPS in 2024[1] - Fourth quarter 2025 NIAC was $257 million, or $0.52 EPS, a 1% increase from $254 million, or $0.50 EPS in the third quarter 2025[3] - Adjusted net income rose by 13% to $1,008 million compared to $891 million in the previous year[15] - Earnings per share (EPS) increased by 38% to $1.87 from $1.36[15] - Net income attributable to common shareholders increased by 29% to $956 million from $738 million[15] - The company returned $894 million of capital to shareholders in 2025 through share repurchases at an average price of $21.16 per share[13] - The company achieved a net income of $266 million in Q4 2025, representing a 57% increase year-over-year[38] - Earnings per share (EPS) for Q4 2025 was $0.52, a 73% increase compared to $0.30 in Q4 2024[38] Revenue and Income - Total revenue for 2025 was $3.42 billion, a 7% increase from $3.19 billion in 2024[38] - Noninterest income for 2025 was $797 million, an increase of $118 million, driven by fixed income revenue growth of $18 million and mortgage banking revenue improvement of $8 million[8] - Total revenue (FTE) for Q4 2025 was $892 million, an 8% increase from Q4 2024, with total revenue for 2025 reaching $3,434 million, up 4% from 2024[41] - Adjusted total noninterest income in Q4 2025 was $212 million, a 12% increase year-over-year, with total noninterest income for 2025 reaching $797 million, up 3% from 2024[41] Interest Income and Expenses - Net interest income (FTE) for 2025 was $2.6 billion, up $110 million, or 4%, with a net interest margin improvement to 3.47%, an increase of 12 basis points from the prior year[7] - Interest income decreased to $4,200 million from $4,367 million, a decline of 4%[15] - Interest expense for Q4 2025 was $375 million, a decrease of 7% compared to Q4 2024[55] - The cost of total deposits was 1.92% in Q4 2025, down 19 basis points from Q3 2025[55] Asset and Loan Growth - Average loan and lease balances increased by $0.6 billion to $62.6 billion, with period-end loans and leases at $64.2 billion, up $1.6 billion from the previous year[10] - Total assets increased by $684 million (1%) from Q3 2025 to $83,876 million, and by $1,725 million (2%) compared to Q4 2024[51] - Loans and leases, net of unearned income rose by $1,098 million (2%) quarter-over-quarter, reaching $64,156 million, and increased by $1,590 million (3%) year-over-year[51] - Average loans grew by 1% to $62.6 billion from $62.0 billion[15] Credit Quality and Losses - Provision for credit losses expense decreased to $65 million from $150 million in 2024, with net charge-offs consistent year-over-year at $120 million[12] - Net charge-offs increased to $120 million from $112 million, a rise of 7%[15] - The allowance for loan and lease losses decreased to $738 million in 4Q25, down 5% from $777 million in 3Q25 and down 9% from $815 million in 4Q24[62] - Total nonperforming loans and leases amounted to $604 million, showing no significant change from the previous quarter[57] Efficiency and Ratios - Efficiency ratio improved to 60.66% from 62.06%, a decrease of 140 basis points[15] - The CET1 ratio at year-end 2025 was 10.64%, down from 11.20% at the end of 2024, with total capital ratio at 13.4%[13] - The effective tax rate for 2025 was 22.1%, compared to 21.0% in 2024[14] - The adjusted efficiency ratio for Q4 2025 was 60.7%, slightly improved from 61.4% in Q4 2024[41] Segment Performance - Net income for the Wholesale segment was $35 million in 4Q25, down 10% from $39 million in 3Q25, but up 59% from $22 million in 4Q24[69] - The Corporate segment reported a net loss of $73 million in 4Q25, an improvement of 14% from a loss of $85 million in 3Q25[73] - Total revenue for the Wholesale segment reached $135 million in 4Q25, a slight increase of 1% compared to $134 million in 3Q25 and a 23% increase from $111 million in 4Q24[69] Deposits and Funding - Average deposits remained flat at $65.4 billion, while period-end deposits increased by 3% to $67.5 billion compared to year-end 2024[11] - Total deposits grew by $1,952 million (3%) from Q3 2025 to $67,477 million, and increased by $1,896 million (3%) compared to Q4 2024[51] - Noninterest-bearing deposits decreased by $200 million (1%) from Q3 2025 to $15,823 million, and by $198 million (1%) year-over-year[51]

Financial Performance - Net earnings for Q1 2026 increased to $7.6 million, or $0.39 per share, compared to $1.1 million, or $0.06 per share in the prior year quarter [4]. - Net earnings for the three months ended December 27, 2025, were $7,593 million, a significant increase from $1,081 million in the same period last year [26]. - Gross margin expanded by 400 basis points to 11.3% from 7.3% in the prior year quarter, attributed to wider spreads, higher shipment volumes, and lower unit manufacturing costs [5]. Sales and Revenue - Net sales rose by 23.3% to $159.9 million from $129.7 million in the prior year quarter, driven by an 18.8% increase in average selling prices and a 3.8% rise in shipments [5]. - Accounts receivable increased to $14,118 million from $8,866 million year-over-year, indicating a growth in sales [26]. Cash Flow and Dividends - Operating activities used $0.7 million of cash during the quarter, a significant decrease from generating $19.0 million in the prior year quarter, primarily due to changes in net working capital [6]. - The company paid a special cash dividend totaling $19.4 million, or $1.00 per share, in addition to its regular quarterly cash dividend of $0.03 per share [10]. - Cash dividends paid amounted to $19,978 million, slightly down from $20,014 million in the same period last year [26]. Capital Expenditures and Investments - Capital expenditures for Q1 2026 decreased to $1.5 million from $2.7 million in the prior year quarter, with total expected capital outlays for fiscal 2026 around $20.0 million [9]. - Cash flows from investing activities showed a net cash used of $1,617 million, down from $73,939 million in the previous year, primarily due to the acquisition of businesses [26]. Financial Position - The company ended the quarter with a net cash balance of $15.6 million and no debt outstanding [8]. - Cash and cash equivalents at the end of the period were $15,589 million, down from $35,951 million at the end of the same period last year [26]. - The net decrease in cash and cash equivalents was $23,041 million, compared to a decrease of $75,587 million in the prior year [26]. Market Outlook - Positive momentum is noted with a strengthening outlook, despite concerns about the competitive steel price premium in the U.S. relative to the global market [11]. - The company anticipates solid opportunities in 2026, supported by infrastructure spending and data center activity, despite softening residential markets [11]. - Approximately 10% of revenues are directly affected by import competition, indicating a relatively insulated position against global market fluctuations [11]. Inventory and Expenses - Inventories saw a significant decrease of $34,511 million, contrasting with an increase of $2,640 million in the previous year [26]. - The company reported stock-based compensation expense of $441 million, up from $345 million in the prior year [26]. - The principal payments on long-term debt remained consistent at $67 million, matching the previous year's figure [26].

Operational Performance - VAALCO Energy, Inc. provided an operational and financial update for 2025, highlighting production and sales volumes[5] - The company reported a successful drilling update in Gabon, indicating positive operational performance[5] Financial Stability - As of December 31, 2025, VAALCO Energy, Inc. experienced an increase in cash at bank, reflecting improved financial stability[5] - The update included a positive accounts receivables report, suggesting effective collection processes[5]

Financial Performance - Net revenue for Q4 2025 was NT$1,046.09 billion, a 5.7% increase from NT$989.92 billion in Q3 2025 and a 20.5% increase from NT$868.46 billion in Q4 2024[6] - For the full year 2025, net revenue was NT$3,809.05 billion, a 31.6% increase from 2024, with US dollar revenue increasing 35.9% to US$122.42 billion[6] - Net revenue for Q4 2025 reached $33.731 billion, a 5.7% increase from Q3 2025 and a 20.5% increase year-over-year from Q4 2024[74] - Net revenue for 2025 reached USD 122,424 million, a significant increase from USD 89,431 million in 2024, representing a growth of 36.5%[76] Profitability Metrics - Gross margin improved to 62.3% in Q4 2025, up 2.8 percentage points from Q3 2025 and 3.3 percentage points from Q4 2024[6] - Operating income reached NT$564.90 billion in Q4 2025, reflecting a 12.8% increase from Q3 2025 and a 32.7% increase from Q4 2024[6] - Net income attributable to shareholders was NT$505.74 billion in Q4 2025, up 11.8% from Q3 2025 and up 35.0% from Q4 2024[6] - The operating margin for Q4 2025 was 54.0%, up 3.4 percentage points from Q3 2025 and up 5.0 percentage points from Q4 2024[6] - Net profit margin improved to 48.3% in Q4 2025, up from 45.7% in Q3 2025 and 43.1% in Q4 2024[15] - Gross profit for Q4 2025 was $21.023 billion, representing a gross margin of 62.3%, up from 59.5% in Q3 2025 and 59.0% in Q4 2024[74] - Net income for 2025 was USD 55,133 million, which is 45.0% of net revenue, compared to 40.5% in 2024[76] Expenses and Investments - Research and development expenses for Q4 2025 were NT$64.86 billion, contributing to total operating expenses of NT$88.19 billion[11] - Total operating expenses increased by NT$0.43 billion to NT$88.19 billion in 4Q25, representing 8.4% of net revenue, down from 8.9% in 3Q25[12] - Research and development expenses for 2025 were USD 7,920 million, accounting for 6.5% of net revenue, slightly down from 7.1% in 2024[76] - The company is investing $200 million in research and development for new technologies over the next year[72] Cash Flow and Assets - Cash from operating activities for 4Q25 was NT$725.51 billion, significantly higher than NT$426.83 billion in 3Q25[53] - Free cash flow for 4Q25 was NT$368.60 billion, compared to NT$139.38 billion in 3Q25[53] - Total assets increased to NT$7,933.02 billion, up from NT$7,354.11 billion in 3Q25[52] - Total cash and cash equivalents at the end of 2025 were USD 88,959 million, up from USD 68,382 million at the beginning of the year[79] Shareholder Returns - Earnings per share (EPS) for 2025 was NT$66.25, up from NT$45.25 in 2024[15] - EPS for 4Q25 was NT$19.50, up 11.8% from 3Q25 and 35.0% from Q4 2024[35] - Cash dividends for 2025 were NT$466.78 billion, up 28.6% from the previous year[54] - The company declared a cash dividend of NT$6.00 for the third quarter of 2025, with key dates set for March 2026[29] Future Outlook - For Q1 2026, TSMC expects revenue between US$34.6 billion and US$35.8 billion, with a gross profit margin forecasted between 63% and 65%[55][66] - The company plans a capital budget of US$52 billion to US$56 billion for 2026[65][66] - The company anticipates continued growth in revenue and profitability driven by strong demand in the semiconductor market[74] Market and Operational Insights - Advanced technologies (7-nanometer and above) accounted for 77% of total wafer revenue in Q4 2025[64] - The company deployed 305 distinct process technologies and manufactured 12,682 products for 534 customers in 2025[68] - Market expansion efforts have led to a 30% increase in market share in the Asia-Pacific region[72] - Operational efficiency initiatives have reduced costs by 5%, contributing to improved profit margins[72]

Financial Performance - Matson, Inc. announced preliminary earnings for Q4 2025, with a focus on financial performance and operational metrics[5] - Specific financial figures and performance metrics will be detailed in the attached press release and investor presentation[5] Investor Communication - The company has posted an investor presentation on its website, providing detailed insights into its financial condition and future outlook[5]

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements. 2 Interim Condensed Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Unaudited) Exhibit 99.1 TRX Gold Corporation Interim Condensed Consolidated Financial Statements (Unaudited) For the three months ended November 30, 2025 and 2024 TRX Gold Corporation Interim Condensed Consolidated Statements of Financial Position (Unaudited) (Expressed in Thousands of US Dollars) | | ...