Financial Performance - For the quarter ended September 30, 2025, the investment portfolio totaled $2,773.3 million, with net assets of $1,074.5 million and a GAAP net asset value per share of $10.83, reflecting a quarterly change of (1.2)%[2] - Net investment income for the quarter was $27.5 million or $0.28 per share, compared to $18.0 million or $0.24 per share for the same quarter in 2024, indicating a growth driven by an increase in the debt portfolio size[18] - Total investment income for the year ended September 30, 2025, was $261.4 million, up from $186.4 million in 2024, primarily due to the growth in the debt portfolio[16] - For the year ended September 30, 2025, net investment income was $107.2 million, compared to $77.7 million in 2024, marking an increase of approximately 37.9%[37] - The company declared total distributions of $113.9 million for the year ended September 30, 2025, compared to $80.6 million in 2024, reflecting a year-over-year increase of 41.2%[30] Investment Activities - The company invested $633.0 million in 11 new and 105 existing portfolio companies during the quarter, achieving a weighted average yield on debt investments of 10.5%[9] - The weighted average yield on debt investments at quarter-end was 10.2%, with approximately 99% of the debt portfolio consisting of variable-rate investments[7] - The company formed a joint venture, PennantPark Senior Secured Loan Fund II, LLC, with commitments of $200 million, aiming to invest primarily in middle market loans[31] - In September 2025, the company acquired a portfolio of assets valued at approximately $250 million, projected to be accretive to Core NII by one to two cents per share quarterly[32] Market Conditions - The company reported net realized losses of $(14.3) million for the quarter and $(5.9) million for the year, compared to $(0.3) million and $0.2 million in the prior year, reflecting changes in market conditions[19] - As of September 30, 2025, the portfolio had net unrealized depreciation of $46.1 million, compared to $11.4 million in the previous year, driven by capital market conditions[20] Debt and Equity Management - Regulatory debt to equity ratio stood at 1.66x, indicating a disciplined approach to leverage in the investment strategy[2] - For the year ended September 30, 2025, the annualized weighted average cost of debt decreased to 6.8% from 8.5% in 2024[24] - The company sold $118 million of assets to PSSL and $191 million to PSSL II, using the net proceeds to pay down its Credit Facility and reduce the debt-to-equity ratio to 1.41x[33] Cash and Assets - As of September 30, 2025, the company had cash equivalents of $122.7 million, an increase from $112.1 million in 2024[25] - As of September 30, 2025, total assets were $2.91 billion, an increase from $2.11 billion in 2024, indicating a growth of approximately 37.9%[36] Future Outlook - The company expects its dividend policy to remain stable, supported by growing net investment income and potential spillover income of $0.25 per share[6] - Forward-looking statements made by the company are subject to various risks and uncertainties that could cause actual results to differ materially[41] - The company does not guarantee future performance or results based on forward-looking statements[41] Advisory and Contact Information - The information provided does not constitute specific legal, tax, or accounting advice[43] - The company encourages consultation with qualified professionals for legal and tax advice[43] - Contact information for inquiries includes Richard T. Allorto, Jr. at PennantPark Floating Rate Capital Ltd.[44] Company Overview - PennantPark Investment Advisers, LLC manages approximately $10 billion of investable capital, including potential leverage[40] - The company has been providing access to middle-market credit since its inception in 2007[40] - PennantPark Investment Advisers offers a comprehensive range of creative and flexible financing solutions to private equity firms and middle-market borrowers[40] - The company is headquartered in Miami and has offices in major cities including New York, Chicago, and Los Angeles[40]

Financial Performance - Symbotic reported Q4 fiscal year 2025 revenue of $618 million, a 9.4% increase from $565 million in Q4 fiscal year 2024[2] - The company experienced a net loss of $19 million in Q4 fiscal year 2025, compared to a net income of $16 million in the same quarter last year[2] - Adjusted EBITDA for Q4 fiscal year 2025 was $49 million, up from $42 million in Q4 fiscal year 2024, reflecting a 16.7% increase[2] - For the full fiscal year 2025, revenue reached $2,247 million, representing a 26% year-over-year growth[3] - The net loss for the full fiscal year 2025 was $91 million, with adjusted EBITDA totaling $147 million[3] Cash and Liquidity - Cash and cash equivalents increased by $467 million from the prior quarter, totaling $1,245 million at the end of Q4 fiscal year 2025[2] - Free cash flow for the three months ended September 27, 2025, was $494,434,000, compared to a negative free cash flow of $153,210,000 in the same period of 2024[24] - The company reported a net cash provided by operating activities of $530,680,000 for the three months ended September 27, 2025[24] - Cash and cash equivalents rose to $1,244,993 thousand, compared to $727,310 thousand in the previous year, marking an increase of 71%[28] - The company reported a net increase in cash, cash equivalents, and restricted cash of $466,553 thousand for the three months ended September 27, 2025[31] Operational Metrics - Total revenue for the three months ended September 27, 2025, was $618,457,000, an increase of 4.7% compared to $592,121,000 for the same period in 2024[20] - Gross profit for the three months ended September 27, 2025, was $127,121,000, representing a gross profit margin of 20.6%, up from 18.2% in the previous year[23] - Operating income for the three months ended September 27, 2025, was a loss of $21,762,000, compared to a loss of $36,556,000 in the same period of 2024[20] - Adjusted EBITDA for the three months ended September 27, 2025, was $49,442,000, an increase from $45,394,000 in the previous year[23] - Total operating expenses for the three months ended September 27, 2025, were $148,883,000, compared to $144,178,000 in the same period of 2024[20] Customer and Market Expansion - The company added Medline as its first customer in the healthcare vertical, indicating expansion into new markets[3] - Symbotic's management expressed optimism about the transition to next-generation storage structures, aligning with customer expectations[3] - The company is focused on enhancing operational systems and margin expansion as part of its growth strategy[3] Balance Sheet and Equity - Total assets increased to $2,401,197 thousand in September 2025, up from $1,578,552 thousand in September 2024, representing a growth of 52%[28] - Total current liabilities increased to $1,729,423 thousand, up from $1,017,146 thousand, reflecting a rise of 70%[28] - Total stockholders' equity rose to $221,318 thousand, compared to $197,233 thousand in the previous year, an increase of 12%[28] - The number of Class A Common Shares outstanding increased to 112,635,932 as of September 27, 2025, from 104,689,377 a year earlier[26] Research and Development - Research and development expenses for the three months ended September 27, 2025, were $58,732,000, an increase of 12.4% from $52,147,000 in the same period last year[24] Deferred Revenue and Stock-Based Compensation - Deferred revenue increased significantly to $1,242,312 thousand, up from $676,314 thousand, indicating a growth of 83%[28] - The company incurred stock-based compensation expenses of $64,368 thousand for the three months ended September 27, 2025, compared to $49,440 thousand in the previous quarter[30]

Financial Performance - Fourth quarter net sales reached $995 million, a 16% increase year-over-year, while fiscal year 2025 net sales totaled $3.6 billion, up 7%[5] - Net earnings for the fourth quarter were $138 million, reflecting a 66% increase, and for fiscal year 2025, net earnings were $442 million, up 19%[5] - Adjusted EPS for the fourth quarter was $2.09, a 48% increase, and for fiscal year 2025, adjusted EPS was $6.89, up 13%[5] - Net Earnings for 2025 reached $442,111, an increase of 18.5% from $372,971 in 2024[32] - Adjusted Net Earnings for 2025 were $423,553, translating to $6.89 per share, compared to $379,136 or $6.11 per share in 2024[32] - Basic earnings per share increased to $2.30, up from $1.40 in Q3 2024, marking a 64.3% rise[26] Segment Performance - Aerospace segment sales grew 19.6% in Q4 2025, with segment earnings at $162 million, representing 24.4% of segment net sales[11] - Industrial segment sales increased by 10.6% in Q4 2025, with segment earnings of $49 million, or 14.6% of segment net sales[13] - Aerospace segment net sales increased to $661,205, up 19.6% from $552,790 in the same period last year[30] - Industrial segment net sales rose to $334,059, a 10.7% increase compared to $301,698 in Q3 2024[30] Cash Flow and Assets - Free cash flow for fiscal year 2025 was $340 million, a slight decrease of 1% compared to the previous year[5] - Free Cash Flow for the three months ended September 30, 2025, was $180,927, up from $117,673 in the same period of 2024[44] - Total assets as of September 30, 2025, were $4,630,143, an increase from $4,368,915 in 2024[28] - Cash and cash equivalents at the end of the period were $327,431, up from $282,270 in the previous year[29] - The company reported a total of $471,294 in net cash provided by operating activities for the year ended September 30, 2025, compared to $439,089 in 2024[29] Guidance and Future Plans - Fiscal 2026 guidance projects sales growth of 7% to 12%, with EPS expected to be between $7.50 and $8.00[18] - The company anticipates continued focus on growth and operational excellence, with guidance for fiscal year 2026 including sales and earnings projections[25] - Woodward plans to continue using its Investor Relations website and Facebook page for disclosing material non-public information[48] - FY26 free cash flow guidance is uncertain due to timing of capital expenditures, making reconciliation to net cash from operating activities unavailable without unreasonable effort[48] Strategic Initiatives - The company completed the strategic acquisition of Safran's North American Electromechanical Actuation business, enhancing its portfolio with advanced technology[8] - The company broke ground on a new facility in South Carolina aimed at advanced precision aerospace manufacturing[8] - The company authorized a new three-year $1.8 billion share repurchase program to enhance shareholder value[8] Expenses and Taxation - Research and development costs for Q3 2025 were $39,043, an increase from $34,689 in Q3 2024[26] - Adjusted Effective Income Tax Rate for 2025 was 22.3%, compared to 18.4% in 2024[33] - Income Tax Expense (U.S. GAAP) for 2025 was $79,300, a decrease from $81,000 in 2024[36] - Payments for property, plant, and equipment in 2025 totaled $130,928, compared to $96,280 in 2024[45] Earnings Before Interest and Taxes - EBIT for 2025 was $562,911, an increase from $495,472 in 2024[38] - Adjusted EBITDA for 2025 was $669,511, compared to $619,785 in 2024[41] - Non-Segment Expenses for 2025 were $126,226, up from $119,745 in 2024[42] - Total non-U.S. GAAP Adjustments for 2025 included a product rationalization charge of $20,524[43]

Financial Performance - Cato Corporation reported a net loss of $5.2 million or ($0.28) per diluted share for Q3 2025, an improvement from a net loss of $15.1 million or ($0.79) per diluted share in Q3 2024[2][11]. - Sales for Q3 2025 were $153.7 million, a 6% increase from $144.6 million in Q3 2024, with same-store sales rising by 10%[3][11]. - For the nine months ended November 1, 2025, net income was $5.0 million or $0.25 per diluted share, compared to a net loss of $4.0 million or ($0.24) per diluted share in the same period of 2024[4][11]. - Year-to-date sales reached $496.8 million, a 2% increase from $486.8 million in the prior year, with same-store sales up by 6%[4][11]. Cost Management - Gross margin improved to 32.0% in Q3 2025 from 28.8% in Q3 2024, driven by lower freight and distribution costs[5][11]. - Year-to-date gross margin increased to 34.5% from 33.3% in the prior year, reflecting improved cost management[6][11]. - Selling, general and administrative (SG&A) expenses decreased to $57.0 million in Q3 2025, down from $57.9 million in Q3 2024, representing 37.1% of sales compared to 40.0%[5][11]. Store Operations - The company closed 16 stores year-to-date, operating 1,101 stores as of November 1, 2025, down from 1,167 stores a year earlier[7]. Tax and Economic Outlook - The tax benefit for Q3 2025 was $1.2 million, compared to a tax expense of $0.3 million in the prior year, mainly due to reduced foreign income taxes[5][11]. - Cato Corporation anticipates challenges in Q4 2025 due to expected economic slowdown and will focus on managing expenses and inventory levels[5].

Financial Performance - Net sales and other operating revenues decreased by $281 million in fiscal 2025 compared to fiscal 2024, driven by lower volumes in the Reinforcement Materials segment ($125 million) and less favorable pricing and product mix in both segments ($160 million combined) [186] - Gross profit decreased by $20 million in fiscal 2025 compared to fiscal 2024, primarily due to lower volumes in the Reinforcement Materials segment, partially offset by higher volumes in the Performance Chemicals segment [187] - Income (loss) from operations before income taxes and equity in earnings of affiliated companies increased in fiscal 2025 compared to fiscal 2024, primarily due to lower losses from currency devaluations in Argentina and higher segment EBIT in Performance Chemicals [185] - The decrease in net sales was attributed to lower customer demand driven by uncertainty from tariffs and a weaker global macroeconomic environment [186] - Net income attributable to Cabot Corporation decreased to $331 million in fiscal 2025 from $380 million in fiscal 2024, primarily due to a higher provision for income taxes [196] - Total segment EBIT for fiscal 2025 was $702 million, slightly up from $701 million in fiscal 2024 [198] - Sales in Reinforcement Materials decreased by $269 million in fiscal 2025, totaling $2,341 million, primarily due to lower volumes and less favorable pricing [202] - EBIT in Performance Chemicals increased by $30 million in fiscal 2025, totaling $194 million, driven by higher volumes and lower selling and administrative expenses [205] Expenses and Cost Management - Selling and administrative expenses decreased from $283 million in fiscal 2024 to $260 million in fiscal 2025 [187] - Selling and administrative expenses decreased by $23 million in fiscal 2025 compared to fiscal 2024, primarily due to cost management efforts [188] - Research and technical expenses decreased by $4 million in fiscal 2025, totaling $59 million, compared to $63 million in fiscal 2024 [188] - Interest and dividend income decreased by $5 million in fiscal 2025, totaling $27 million, primarily due to lower interest rates [189] - Interest expense decreased by $5 million in fiscal 2025, totaling $76 million, primarily due to lower interest rates on short-term borrowings [189] - Other expense decreased by $29 million in fiscal 2025, totaling $(7) million, primarily due to lower foreign currency losses in Argentina [190] Cash Flow and Liquidity - As of September 30, 2025, the liquidity position increased by $75 million, with cash and cash equivalents of $258 million and borrowing availability of $1.2 billion [207] - Cash provided by operating activities totaled $665 million in fiscal 2025, down from $692 million in fiscal 2024 [214] - Cash flows from investing activities consumed $298 million in fiscal 2025, compared to $235 million in fiscal 2024, primarily for capital expenditures [217] - Financing activities consumed $336 million in cash in fiscal 2025, down from $415 million in fiscal 2024, with significant repurchases of common stock totaling $168 million [220] - The company repurchased approximately 1.8 million shares for $156 million in fiscal 2025, compared to 1.7 million shares for $159 million in fiscal 2024 [223] - Cash dividends paid were $1.76 per share in fiscal 2025, totaling $96 million, compared to $1.66 per share totaling $93 million in fiscal 2024 [224] Capital Expenditures and Future Outlook - Capital expenditures for fiscal 2026 are expected to be between $200 million and $250 million, focusing on sustaining and compliance projects [219] - The company had $130 million in borrowings outstanding under the Euro Credit Agreement as of September 30, 2025, with no outstanding borrowings under the U.S. Credit Agreement [211] - The weighted-average interest rate on fixed-rate long-term debt was 4.29% as of September 30, 2025 [222] Foreign Currency and Taxation - The assessment of deferred tax assets is conducted quarterly, with valuation allowances established when it is more likely than not that some or all of the deferred tax assets are not realizable [168] - The company recorded a significant reserve for respirator liability claims, with potential developments that could materially affect the estimate of liabilities [171] - Goodwill is subject to annual impairment testing, with significant assumptions including discount rates and forecasted results for the applicable reporting unit [172] - Foreign currency translations increased segment EBIT by $10 million in fiscal 2025, while in fiscal 2024, it decreased EBIT by $5 million [238] - The company recognized net foreign exchange losses of $8 million in fiscal 2025, compared to $46 million in fiscal 2024, largely due to changes in the Argentine peso [239]

Revenue Performance - CureVac reported revenues of €54.1 million for Q3 2025 and €56.3 million for the first nine months, representing year-over-year decreases of 89% compared to €493.9 million and €520.7 million in the same periods of 2024[12] - The decline in revenue was primarily due to the absence of a €480.4 million one-time revenue recognized in Q3 2024 from a license agreement with GlaxoSmithKline[13] - Revenue for the three months ended September 30, 2024, was €493,902 thousand, a significant increase compared to €54,134 thousand in 2025[30] - Other operating income significantly increased to €321,982 thousand for the nine months ended September 30, 2025, compared to €6,792 thousand in 2024[30] Profitability - The operating profit for Q3 2025 was €310.2 million, compared to €368.4 million in Q3 2024, influenced by a positive one-time effect of $420 million from the U.S. Settlement Agreement[17] - Net profit for Q3 2025 was €273.2 million, down from €338.0 million in Q3 2024[19] - Operating profit for the nine months ended September 30, 2024, was €221,441 thousand, while it decreased to €193,735 thousand in 2025[30] - Net profit for the period for the three months ended September 30, 2024, was €338,043 thousand, compared to €273,229 thousand in 2025[30] Earnings Per Share - Basic earnings per share for Q3 2025 were €1.21, compared to €1.51 in the prior-year quarter[21] - Basic earnings per share for the three months ended September 30, 2024, was €1.51, down from €1.21 in 2025[30] Cash and Assets - As of September 30, 2025, CureVac had cash and cash equivalents of €416.1 million, down from €481.7 million at year-end 2024, confirming a cash runway into 2028[7] - Cash and cash equivalents decreased from €550,862 thousand at the end of the period in 2024 to €416,090 thousand in 2025[33] - Total assets increased from €802,827 thousand on December 31, 2024, to €1,138,619 thousand on September 30, 2025[32] - Total equity rose from €696,608 thousand on December 31, 2024, to €871,230 thousand on September 30, 2025[32] Research and Development - Research and development expenses increased due to manufacturing-related costs being recorded as R&D rather than cost of sales, partially offset by cost reductions from a strategic restructuring initiated in July 2024[20] - Research and development expenses for the three months ended September 30, 2024, were €49,979 thousand, compared to €38,254 thousand in 2025[30] Regulatory and Legal Matters - The German Federal Cartel Office granted clearance for the planned transaction with BioNTech, with the offer period for BioNTech's public exchange offer for CureVac shares set to expire on December 3, 2025[3] - CureVac received Clinical Trial Application clearance from the European Medicines Agency for its CVHNLC squamous non-small cell lung cancer candidate[3] - The company is contesting findings from Deloitte's audit report regarding its Advance Purchase Agreement with the European Commission for its first-generation COVID-19 vaccine candidate[24]

Luxembourg, November 24, 2025— Corporación América Airports S.A. (NYSE: CAAP), ("CAAP" or the "Company") one of the leading private airport operators in the world, reported today its unaudited, consolidated results for the three and nine-month periods ended September 30, 2025. Financial results are expressed in millions of U.S. dollars and are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board ("IASB"). Commencing 3Q18, th ...

Revenue Growth - Revenue for the September Quarter increased 28.2% year over year to RMB5,796.6 million (US$814.3 million), exceeding the previous guidance range of 25%-28%[10] - Revenue from MINISO brand increased by 22.9% year over year to RMB5,221.5 million (US$733.5 million), with overseas markets contributing 44.3% of this revenue[25] - Revenue from TOP TOY brand surged by 111.4% to RMB574.5 million (US$80.7 million)[26] - For the three months ended September 30, 2025, MINISO's revenue increased by 28.2% year-over-year to RMB 5,796,645,000, with the MINISO brand contributing RMB 5,221,476,000, a 22.9% increase[102] - Revenue from overseas markets grew by 28.7% year-over-year to RMB 2,312,305,000 for the three months ended September 30, 2025[102] Profitability Metrics - Adjusted operating profit rose 14.8% year over year to RMB1,022.3 million (US$143.6 million), with an adjusted operating margin of 17.6%[12] - Adjusted net profit for the first nine months increased 11.7% year over year to RMB766.8 million (US$107.7 million)[13] - Adjusted operating profit rose by 14.8% year over year to RMB1,022.3 million (US$143.6 million), with an adjusted operating margin of 17.6%[35] - Profit for the period decreased to RMB443.2 million (US$62.3 million) from RMB648.3 million in the same period last year[39] - Adjusted net profit increased by 11.7% year over year to RMB766.8 million (US$107.7 million)[40] - Adjusted net profit for the nine months ended September 30, 2025, was RMB 2,045,496,000, reflecting a growth of 6.1% compared to RMB 1,928,090,000 in the same period of 2024[98] Cash Flow and Financial Position - Cash position as of September 30, 2025, was RMB7,766.2 million (US$1,090.9 million), up from RMB6,698.1 million at the end of 2024[17] - Net cash from operating activities for the September Quarter was RMB1,299.6 million (US$182.6 million), with a cash flow to adjusted net profit ratio of 1.7[22] - Cash position improved to RMB7,766.2 million (US$1,090.9 million) as of September 30, 2025, compared to RMB6,698.1 million as of December 31, 2024[64] - As of September 30, 2025, total assets increased to RMB 28,668,811 (approximately US$ 4,027,085), up from RMB 18,120,128 as of December 31, 2024[82] - Current assets also increased to RMB 13,763,790 (approximately US$ 1,933,388) from RMB 11,655,501, indicating strong liquidity[82] Expenses and Cost Management - Cost of sales rose by 28.6% year over year to RMB3,206.6 million (US$450.4 million)[29] - Gross profit increased by 27.6% year over year to RMB2,590.1 million (US$363.8 million), with a gross margin of 44.7%[30][31] - Selling and distribution expenses grew by 43.5% year over year to RMB1,429.9 million (US$200.9 million), driven by investments in directly operated stores[32] - General and administrative expenses increased by 45.6% year over year to RMB343.8 million (US$48.3 million)[33] Store Expansion - The total number of stores reached 8,138 globally, marking a year-over-year increase of 718 net new stores[17] - The number of MINISO stores in mainland China increased to 4,407 as of September 30, 2025, up by 157 stores year-over-year[104] - Overseas, the total number of MINISO stores reached 3,424 as of September 30, 2025, an increase of 488 stores compared to the previous year[106] Financial Ratios and Metrics - Adjusted EBITDA for the first nine months increased 18.8% year over year to RMB1,353.8 million (US$190.2 million), with an adjusted EBITDA margin of 23.4%[13] - The adjusted EBITDA margin for the three months ended September 30, 2025, was 23.4%, slightly down from 25.2% in the same quarter of 2024[98] - Basic earnings per share for ordinary shares for the three months ended September 30, 2025, was RMB 0.36, down from RMB 0.52 in the same period of 2024[88] - Adjusted net margin for the nine months ended September 30, 2025, was 13.5%, down from 15.7% in the previous year[96] Strategic Insights and Future Outlook - Forward-looking statements indicate expectations for growth in the retail market and demand for MINISO's products, with inherent risks and uncertainties[79] - The company emphasizes the importance of non-IFRS financial measures for assessing operating performance, which may differ from peer companies[75][76] - Adjusted operating profit and adjusted net profit metrics are used by management to evaluate performance, excluding non-cash and other adjustment items[73][74]

Agreements and Partnerships - The company entered into a Framework Agreement with Cádiz CF on January 10, 2025, to provide technical training staff and integrate training methodologies for international players [119]. - The company has entered into a HPT License Agreement with Cádiz CF, granting exclusive rights to the High Performance Training Program [140]. - The company entered into a Stadium Agreement with Cádiz CF, granting rights to use Mirandilla Stadium for events, with revenue expected to be recorded in 2025 [145]. - The company has a Framework Agreement with Cádiz CF to provide technical training staff and integrate training methodologies, effective for three years [151]. Financial Performance - For the nine months ended September 30, 2025, the company generated revenue of $877,669, with a gross profit of $533,981 [153]. - The net loss for the nine months ended September 30, 2025, was $1,410,286, primarily driven by professional fees of $1,193,841 related to Form S-1 filing requirements [155]. - The company recorded a revenue of $378,099 for the three months ended September 30, 2025, with a gross profit of $305,505 [157]. - The net loss for the three months ended September 30, 2025, was $496,209, with professional fees accounting for $481,237 of this loss [157]. - As of September 30, 2025, the company had a working capital deficit of $4,171,735 and an accumulated deficit of $2,822,839 [159]. - For the nine months ended September 30, 2025, the company incurred a net loss of $1,410,286, with net cash used in operating activities amounting to $1,501,030 [164]. - In comparison, for the nine months ended September 30, 2024, the company reported a net loss of $885,064 and net cash used in operating activities of $185,914 [165]. Financing Activities - The Standby Equity Purchase Agreement (SEPA) allows the company to sell up to $30 million of common stock to Yorkville, with sales at the company's discretion [122]. - The SEPA includes provisions for convertible promissory notes totaling up to $3 million, with the first two advances of $0.5 million each at a fixed conversion price of $8.00 [125]. - The company has secured a loan agreement with Sportech for up to $10 million to fund operations in 2025, 2026, and 2027 [154]. - Net cash provided by financing activities for the nine months ended September 30, 2025, was $1,565,153, significantly higher than the $171,600 reported for the same period in 2024 [166][167]. - The financing activities in 2025 included proceeds from contributed capital of $1,341,421 and proceeds from convertible notes payable of $920,000 [166]. - The company has entered into a binding capital contribution agreement with Sportech for up to $10 million to fund operations in 2025, 2026, and 2027, contingent upon a U.S. national stock exchange listing [161]. - A financing arrangement was established on May 20, 2025, allowing a third party to purchase up to $30 million of common stock, with a prepaid advance of $3 million [161]. Operational Plans - The company plans to construct Sportech City on a leased property in Spain, covering approximately 110,000 m², with a venue for over 40,000 fans and a hotel [135]. - Construction of Sportech City is scheduled to begin in 2026, with completion anticipated around 2030, although funding is currently not secured [139]. - The company has paid deposits of $1,524,620 related to the lease agreement for the property intended for Sportech City [135]. - The company aims to expand the reach of the Nomadar High Performance Training Program globally, leveraging partnerships with various organizations [140]. - The company plans to launch the Mágico González brand in the U.S. in Q4 2025, with e-commerce offerings starting at that time [147]. Management Concerns - The company expects to continue incurring significant costs in pursuit of its financing and acquisition plans, raising doubts about its ability to continue as a going concern [159]. - Management's plans to complete the Direct Listing and raise capital are uncertain, raising substantial doubt about the company's ability to continue as a going concern [161]. - The company experienced a $1,524,620 increase in advances related to leases during the nine months ended September 30, 2025 [164]. - There was a $1,232,215 increase in accounts payable related to professional fees and costs of sales incurred during the same period [164]. - The company has no off-balance sheet financing arrangements [168].

Operational Performance - Valvoline achieved its 19th consecutive year of system-wide same-store sales growth in fiscal 2025, indicating strong operational performance[26] - Valvoline's adjusted EBITDA grew by 5.5%, reflecting strong operational performance[181] - System-wide same-store sales (SSS) growth was 6.1%, supported by premiumization and an expanding customer base[201] Growth and Expansion - Valvoline operates approximately 2,200 service center locations across the U.S. and Canada, including 2,180 service centers as of September 30, 2025[19][26] - Valvoline added 718 net new stores over the last five years, resulting in nearly 50% growth in its retail network[28] - Valvoline plans to add 170 net new system-wide stores in fiscal 2025, creating a critical need for talent[56] - System-wide store sales reached $3,453.8 million, reflecting an 11.3% growth year-over-year, with a total of 2,180 stores, an increase of 170 net new stores[200] Financial Performance - Valvoline reported a 6% growth in net revenues, reaching $3.5 billion, and a 2% increase in diluted EPS for fiscal 2025[181] - Net revenues for fiscal 2025 increased by $91.3 million, or 5.6%, to $1,710.3 million, driven by higher volume, mix, and pricing[199] - Gross profit improved by $39.7 million, or 6.4%, to $658.5 million, with a gross profit margin of 38.5%, up 30 basis points from the previous year[199][203] Strategic Initiatives - Valvoline's strategic initiatives focus on improving operational efficiency, expanding company-operated stores, and innovating services to meet customer needs[25] - The U.S. Do It For Me (DIFM) total addressable market presents significant growth opportunities for Valvoline, driven by increasing vehicle complexity and miles driven[23] Employee and Workforce Management - As of September 30, 2025, Valvoline had approximately 11,400 employees, including 10,600 full-time employees, and operates 1,016 company-owned retail service center stores[52] - New employees receive 270 hours of training within the first 60 days and an additional 240 hours in the next 140 days to support their career advancement[57] - Valvoline's total rewards strategy includes competitive compensation and benefits programs to attract and retain a diverse workforce[60] - Valvoline is committed to diversity and inclusion, aiming for its workforce to reflect the diverse communities it serves[63] Community Engagement - Valvoline's community impact initiative, "Happy to Help," focuses on supporting children's physical and mental health through charitable efforts[68] Risks and Challenges - Valvoline's services demand may decline due to factors such as economic conditions, vehicle age, and technological changes, potentially impacting sales and cash flows[82] - Economic downturns may lead to reduced customer demand for vehicle maintenance services, negatively impacting Valvoline's business[104][105] - The company faces risks in developing new services and technologies, which could affect its competitive position and operational results[83] - Valvoline's substantial indebtedness may limit its ability to fund working capital and capital expenditures, making it more vulnerable to adverse economic conditions[126] Financial Obligations and Debt - Valvoline had outstanding indebtedness of $1.074 billion as of September 30, 2025, with an available borrowing capacity of $341.6 million under its revolving credit facility[125] - Valvoline expects to borrow $740 million in December 2025 to fund the Breeze Autocare acquisition, with excess proceeds used to pay down outstanding debt[125] Cybersecurity and Compliance - Valvoline's reliance on information technology systems exposes it to cybersecurity threats, which could harm business operations and result in significant costs associated with data recovery and breach notifications[109] - The company has implemented a cybersecurity risk management program based on NIST frameworks to protect critical systems and information[154] Acquisitions and Partnerships - Valvoline is set to acquire Breeze Autocare for $593 million, which includes 207 stores, with the acquisition expected to close on December 1, 2025[179] - The company sold 67 company-owned stores to franchise partners, enhancing growth potential in respective markets[175] Legal and Regulatory Matters - Valvoline has incurred costs related to legal proceedings for alleged intellectual property infringements, which could divert resources and affect financial results[135] - The company may face liabilities from environmental damages under strict liability laws, which could adversely affect its financial position[138]