The Buyback will commence on March 12, 2026 on the New York Stock Exchange, and will end no later than May 21, 2026, being 10-weeks from the date of commencement. The purpose of the Buyback is to reduce the share capital of Flutter. This Buyback is the fifth tranche of the multi-year share repurchase program of up to $5bn announced on September 25, 2024. NEW YORK, March 11, 2026 (GLOBE NEWSWIRE) -- Flutter Entertainment plc ("Flutter") (NYSE:FLUT; LSE:FLTR), the world's leading online sports betting and iGa ...

Core Viewpoint - Upstart, a digital lender, has applied for a banking charter to establish an insured national bank, marking a significant step in its evolution as a financial technology company [2][3]. Group 1: Company Developments - Upstart announced its application to federal banking regulators, including the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) [2]. - The company plans to apply to the Federal Reserve to become a bank holding company, indicating a strategic shift in its business model [2]. - Paul Gu, Upstart's chief technology officer and incoming CEO, stated that the bank charter is a natural evolution of the business, aimed at enhancing efficiency and customer service [3]. Group 2: Operational Benefits - With the banking charter, Upstart aims to reduce operational, regulatory, and financial costs, which will benefit both the company and its third-party capital sources [7]. - Annie Delgado, the proposed CEO of the new bank, highlighted that the charter will enable Upstart to reach more customers, addressing the issue of approximately 40,000 consumers who could not apply for loans due to jurisdictional limitations [7]. Group 3: Industry Context - Upstart joins other FinTech firms like Revolut, PayPal, Checkout.com, and Affirm in seeking banking charters, indicating a trend where nonbanks are pursuing regulatory approval as a means to establish permanence in the financial system [8]. - Research indicates that 62% of Generation Z consumers are open to using neobanks as their primary banking provider, reflecting a shift in consumer preferences towards digital banking solutions [9].

Data include a concurrent assessment of results collected from PGI and AMRA instruments, insights into clinically meaningful changes in HAE attack symptoms, and support for hierarchical ranking of RAPIDe- 3 endpoints ZUG, Switzerland, March 11, 2026 (GLOBE NEWSWIRE) -- Pharvaris (Nasdaq: PHVS), a late-stage biopharmaceutical company developing novel, oral bradykinin B2 receptor antagonists to help address unmet needs of those living with bradykinin-mediated diseases such as hereditary angioedema (HAE) and a ...

Core Viewpoint - Harmony Gold Mining is transitioning into a significant global producer of gold and copper, focusing on creating value for stakeholders while maintaining a strong balance sheet and disciplined capital allocation. Financial Performance - The company reported an interim dividend payout of ZAR 3.4 billion (or $204 million), which is 43% of net free cash flow for the period [1] - Harmony declared an interim dividend of ZAR 5.30 (or $0.32) per share, resulting in a rolling 12-month dividend yield of 2.2% [2] Production and Operations - Operations are on track to meet full-year production, cost, and grade guidance, supported by an "exceptional gold price environment" [3] - Current production guidance for the CSA mine includes one-off stoppages, with management expressing satisfaction with the ore body and ongoing improvements [10] - Lower gold production was attributed to a mill motor failure at Hidden Valley and prior cyanide supply disruptions affecting recoveries [11] Capital Expenditure and Projects - Group capital expenditure guidance for FY2026 is updated to ZAR 18.5 billion, including CSA and Eva Copper project spending [5] - The Eva Copper project is targeting first production by late 2028, with total project capital estimated between $1.55 billion and $1.75 billion [6] Strategic Focus - The company is pursuing selective growth with capital allocation prioritizing safety, sustaining existing operations, and organic projects [4] - Harmony is investing in Australia as a natural extension of its operational capabilities, supporting its Papua New Guinea operations [7] Cost Management - South African costs are predictable, with labor comprising about 55% of the cost basket, and over 70% of costs being relatively stable [9] - The company is working to reduce dependence on external cyanide supply by increasing internal distribution capacity [8] Silver Production - Silver revenue decreased by 27% to ZAR 740 million from ZAR 1 billion, primarily due to reduced production linked to the mill motor issue [12] Capital Structure - The company expects to return to a net cash position by the end of the financial year, despite recent acquisitions [13] - Management is evaluating options to refinance near-term maturities related to a bridge loan for the CSA acquisition [13] Long-term Vision - Harmony aims to be a higher quality, lower risk global producer of copper and gold, emphasizing "mining with purpose" [14]

Core Insights - The company reported a strong free cash flow generation of over £133 million, with leverage returning to a target range of 1.8x, and anticipates 2025 to be a record year for post-COVID free cash flow [1] - Despite a challenging year, the company achieved growth in reported revenue and underlying EBITDA, attributing this to operational excellence initiatives and strategic acquisitions [6] Financial Performance - The group margin was reported at 16.3%, impacted by volume declines and a structurally lower margin in Lionmark, but like-for-like margin performance remained resilient due to operational excellence initiatives contributing £20 million [2] - Revenue and EBITDA increased year-over-year, supported by U.S. acquisitions, although like-for-like revenue and EBITDA saw slight declines [3] - Underlying EPS fell by 8% due to higher depreciation and increased interest expenses, yet the company raised its dividend by 3% to £0.15 per share, with total cash distributions exceeding £210 million over five years [7] Operational Highlights - In Great Britain, like-for-like revenue fell by 4%, but margins were maintained through operational excellence, with improved plant reliability and fossil fuel replacement rates [8] - Ireland's operating environment was more positive, with GDP growth of 12.3% and modified domestic demand up 4.9%, although performance was affected by deferred infrastructure projects [8] - In the U.S., revenue and EBITDA saw significant increases due to contributions from BMC and Lionmark, with like-for-like revenue up by 9% [9] Strategic Initiatives - The company simplified its management structure to a country-based model for faster decision-making and continued investment in quarries and plants [4] - Management expects about one-third of the £20 million operational excellence benefit from 2025 to carry into 2026, with targeted initiatives already identified for further cost savings [10] Market Conditions - The company faced challenging conditions across all geographies, with significant declines in ready-mix concrete volumes in Great Britain and deferred projects in Ireland [5] - Pricing improvements in Great Britain are not expected until a meaningful market volume recovery occurs, while Ireland may see some pricing opportunities [12] Capital Allocation and M&A - The acquisition of Lionmark was earnings-enhancing, and management anticipates future M&A activity to be bolt-on in nature, particularly in Great Britain and Ireland [13] - The company expects further deleveraging in 2026, absent M&A activity [14] Regulatory and Policy Issues - The company is advocating for a level playing field regarding cement policy in Great Britain, highlighting concerns over carbon regulation and energy prices [16]

Core Viewpoint - The company faced a challenging trading environment in 2025, resulting in a significant decline in net fee income and operating losses, while management is focused on cost reductions and maintaining balance sheet strength to support strategic objectives [6][10]. Financial Performance - Free cash flow was negative GBP 14.6 million in 2025, leading to a net cash position that was "broadly halving" compared to 2024 [1] - The company reported an operating loss of GBP 14.9 million and a loss before tax of GBP 19.6 million [4] - Net fee income declined 14% year-on-year in constant currency terms, a reduction of GBP 47 million [5] Cost Management - Non-staff costs declined by GBP 4 million due to tight control over discretionary spending, with a monthly cost base run rate below GBP 24 million [2] - The company achieved a GBP 27 million reduction in operating costs, primarily through a 15% year-on-year reduction in average headcount, contributing to a GBP 21 million reduction in fixed staff costs [3] Dividend Policy - The board decided not to declare a final dividend for 2025, following the absence of an interim dividend earlier in the year, to maintain a strong balance sheet [4] Market Conditions - Management noted early signs of recovery in select markets such as the UK, Spain, and New Zealand, with positive year-on-year net fee growth observed in the second half of 2025 [9] - However, recovery was not evident in Northern European markets, and management remains cautious due to ongoing volatility [10] Business Line Updates - The company is organized into four service lines: outsourcing, consultancy, talent advisory, and specialist recruitment, with each line showing varying degrees of performance [11] - Talent advisory net fees "almost doubled" in 2025, while consultancy saw a 25% increase in average consultant volumes [14] Technology Investment - The company completed the deployment of a new CRM system in 2025 and expects significantly lower capital expenditure levels going forward [12] Strategic Focus - Management is working to introduce local financing facilities in certain markets to optimize cash holdings and improve flexibility [7] - The aggregate addressable market is estimated at over GBP 60 billion, with additional opportunities in consultancy and talent advisory estimated at GBP 10 billion [8]

Core Insights - The Gym Group reported strong progress in its 2025 full-year results, highlighting membership growth, increased revenue, and improved profitability as it continues to invest in new sites and its "Next Chapter" growth plan [7] Financial Performance - Revenue increased by 8% to GBP 244.9 million, with a 3% like-for-like growth and average members rising to 945,000, up 4% year-over-year [6] - EBITDA less normalized rent rose 19% to GBP 56.7 million, exceeding consensus by GBP 1.2 million, with an EBITDA margin improvement to 23%, up 2 percentage points from the previous year [5] - Statutory profit before tax was GBP 7.4 million, an increase of GBP 4.9 million year-over-year, while adjusted profit before tax rose to GBP 10.6 million, up GBP 7 million [5] Cost Management - Like-for-like site costs fell 1% in the first half and rose 3% in the second half, resulting in a 1% increase for the full year, which was better than prior guidance of 2% [2][4] - Central costs increased by 5% year-over-year but improved as a percentage of revenue, falling 0.4% to 11.3%, with expectations to drop below 11% of revenue in 2026 [8] Membership and Revenue Growth - The average headline rate of a standard membership increased to GBP 25.64, up GBP 1.11 year-over-year, with like-for-like revenue rising 3% [3] - Closing membership rose by 4% in 2025, with average revenue per member per month increasing by 4% to GBP 21.60 [6] Expansion and Future Outlook - The company opened 16 new sites in 2025 and expects to open at least 20 gyms in 2026, with guidance indicating 20-22 sites planned [14] - Early 2026 trading showed a strong start with 9% revenue growth year-to-date, driven by 4% average member growth and a 5% increase in average revenue per member per month [15] - For 2026, the company guided to like-for-like sales growth of about 3% and like-for-like site cost inflation of 3%-4% [16] Capital Allocation and Debt Management - Free cash flow rose 10% to GBP 38.3 million, supported by a GBP 5.3 million working capital inflow [9] - Net debt ended the year at GBP 59.3 million, down GBP 2 million from December 2024, with a net debt to EBITDA leverage ratio falling to 1x from 1.3x a year earlier [10] - The company initiated a GBP 10 million share buyback program and has purchased and canceled 1.1 million shares to date [11]

Core Insights - Canal+ reported a successful first year as a listed company, exceeding financial objectives and achieving adjusted EBIT of €542 million, cash flow from operations of €606 million, and free cash flow of €448 million, all excluding Vietnam [4][5] Financial Performance - Revenues in content production and distribution slightly declined, attributed to a strong upcoming slate in 2024, but profitability remained high with a margin rate above 20% [1] - Europe experienced a turnaround with a 1.1% organic revenue growth and a 15% increase in adjusted EBIT for 2025 [2] - Canal+ ended 2025 with a customer base of 28 million, an increase of over 2 million from 2024, with retail subscribers growing by more than 1 million [3] Tax and Exceptional Items - A tax settlement resulted in €346 million of exceptional costs in 2025, primarily from a VAT settlement of €363 million [6] - Despite these exceptional items, Canal+ achieved a 119% cash conversion rate, with CFFO reaching €648 million before exceptional items [7] 2026 Guidance - For 2026, Canal+ expects moderate organic revenue growth and adjusted EBIT to rise to €565 million, with an EBIT margin exceeding 9% [8] - The company anticipates over €500 million of CFFO and more than €300 million of free cash flow before VAT and restructuring costs [9] MultiChoice Integration - Canal+ began consolidating MultiChoice in September 2025, addressing challenges through cost reductions and price increases, while aiming to reverse a negative cycle [12] - MultiChoice's trading profits declined significantly, and for 2026, Canal+ aims to lift adjusted EBIT to about €170 million [13][14] - The discontinuation of the Showmax service was highlighted as a necessary move to stop financial losses, with management noting losses exceeding €100 million [15] Long-term Outlook - The combined group is guided to achieve 2026 adjusted EBIT of €735 million, with CFFO over €600 million and free cash flow exceeding €250 million [17] - The medium-term outlook projects adjusted EBIT above €850 million and CFFO above €800 million by around 2028-2029 [17]

Core Insights - The company reported a strong performance in 2025, with revenue increasing by 8% to £10.8 billion, primarily driven by growth in U.S. buildings and U.K. power transmission [5] - The board announced a final dividend of £0.098, resulting in a full-year dividend of £0.14, a 12% increase, and committed to a £200 million share buyback for 2026 [4] - The company is focused on strategic growth areas, including energy, defense, and transportation, with significant market opportunities identified [11] Financial Performance - Group profit for the period rose by 5% to £239 million, contributing to a 9% increase in earnings per share to 47.6 pence [4] - Profit from earnings-based businesses increased by 16%, with strong growth in U.K. construction and support services [5] - The company expects solid PFO increases in 2026, driven mainly by improved margins in U.K. and U.S. construction [15] Operational Highlights - The U.K. construction division had an "excellent year," with profits rising by 22% and surpassing the 3% margin target a year earlier than planned [3] - The order book rose by 23% to £22.7 billion, described as high-quality and resilient, with significant increases in backlog across all divisions [4][8] - In the U.S., backlog increased by 18% in dollar terms, with growth in both buildings and civils [9] Strategic Initiatives - The company introduced a new strategic framework focused on "Evolve, energize, and explore," aimed at strengthening the core and investing in adjacencies and technology [6] - Management highlighted a disciplined contracting approach, with 88% of U.K. construction orders on target cost or cost-plus terms [8] - The company sees significant growth opportunities in data centers and aviation, with a market opportunity of around £250 billion and $140 billion, respectively, over the next five years [19] Market Outlook - Management expects more revenue growth from buildings in 2026, alongside the completion of delayed projects [2] - The company anticipates that U.K. construction margins in 2026 will exceed the 3.2% achieved in 2025 [3] - Average net cash is projected to rise to between £1.3 billion and £1.5 billion in 2026, supported by strong working capital management [14]

Core Viewpoint - The article discusses the importance of distinguishing between good and bad risks in global financial markets, highlighting the ongoing conflict between Oracle and Iran as a case study for market dynamics [1] Group 1: Market Dynamics - The concept of risk is central to global financial markets, influencing asset valuation through a "risk-free" interest rate [1] - Investor behavior, whether to embrace or avoid risk, significantly impacts asset prices throughout their tradable life [1] Group 2: Case Study - Oracle vs. Iran - The conflict between Oracle and Iran serves as an example of how geopolitical tensions can affect market perceptions of risk [1] - The article suggests that markets should favor investments that represent good risk over those that embody bad risk, using the Oracle situation as a reference point [1]