Financial Performance - Revenues for Q3 2025 reached $797.8 million, a 25% increase from $640.4 million in Q3 2024[3] - Net income surged to $73.0 million, up 340% from $16.6 million in the prior year[3] - Adjusted EBITDA increased by 53% to $174.2 million, with an Adjusted EBITDA margin expansion of 400 basis points to 21.8%[3][4] - Gross profit for Q3 2025 was $191.9 million, up 40.5% from $136.7 million in Q3 2024[26] - Net income for Q3 2025 was $73.0 million, compared to $16.6 million in Q3 2024, representing a 338.6% increase[26] - Adjusted net income for Q3 2025 was $77.3 million, significantly higher than $44.6 million in Q3 2024[31] - Operating profit for Q3 2025 was $112.3 million, a substantial increase from $33.8 million in Q3 2024[26] - Net income for the nine months ended September 30, 2025, was $156.3 million, up from $101.4 million in 2024, representing a 54.1% increase[34] Revenue Guidance - Full year 2025 revenue guidance is set between $2.86 billion and $2.91 billion, with Adjusted EBITDA guidance between $575 million and $585 million[10][9] - The company provided full-year 2025 revenue guidance between $2,860.0 million and $2,910.0 million[34] Segment Performance - The construction products segment reported a 46% revenue increase to $387.5 million, driven by the acquisition of Stavola[15] - Construction Products segment revenues for the three months ended September 30, 2025, were $387.5 million, up from $265.9 million in 2024, marking a 45.7% increase[36] - Engineered Structures segment revenues increased to $311.0 million for the three months ended September 30, 2025, compared to $279.4 million in 2024, a growth of 11.3%[36] - Transportation Products segment revenues for the three months ended September 30, 2025, were $99.3 million, slightly up from $95.1 million in 2024, a 2.2% increase[36] - Aggregates revenues for Q3 2025 reached $218.1 million, a 28% increase from $170.6 million in Q3 2024[38] - Freight-Adjusted Revenues for Construction Products in Q3 2025 were $352.3 million, up 45% from $243.2 million in Q3 2024[39] Cash Flow and Debt - Operating cash flow for Q3 was $160.6 million, an increase of 19% compared to the prior period[19] - Free Cash Flow for Q3 2025 was $134.0 million, a 25% increase from $107.2 million in Q3 2024[41] - The company ended Q3 with a Net Debt to Adjusted EBITDA ratio of 2.4x, improved from 2.8x at the end of Q2 2025[8][19] - Net Debt as of September 30, 2025, was $1,379.4 million, with a Net Debt to Adjusted EBITDA ratio of 2.4[42] Asset Management - Total current assets increased to $1,172.2 million as of September 30, 2025, compared to $954.0 million at the end of 2024[28] - Cash and cash equivalents rose to $220.0 million at the end of Q3 2025, up from $187.3 million at the end of 2024[28] - The backlog for utility and related structures was $461.5 million as of September 30, 2025, compared to $418.3 million a year earlier[27] Capital Expenditures - Capital expenditures for the nine months ended September 30, 2025, were $101.4 million, down from $136.4 million in the same period of 2024[29] Orders and Backlog - The barge business experienced a 22% revenue increase, with a backlog up 16% year-to-date, totaling $325.9 million[19] - The company received new wind tower orders totaling approximately $117 million, enhancing visibility for 2026 and 2027[7] Segment Challenges - Steel Components Adjusted EBITDA for Q3 2025 was $(1.3) million, a decline from $8.0 million in Q3 2024, indicating challenges in this segment[43] - Stavola Adjusted EBITDA for Q3 2025 was $44.5 million, consistent with the previous year, reflecting stable performance in this segment[43] Adjusted Metrics - For the three months ended September 30, 2025, diluted EPS increased to $1.48 from $0.34 in 2024, while adjusted diluted EPS rose to $1.56 from $0.91[32] - Adjusted EBITDA for the three months ended September 30, 2025, was $174.2 million, compared to $114.0 million in 2024, reflecting a 53% increase[36] - Adjusted EBITDA margin for the three months ended September 30, 2025, improved to 21.8% from 17.8% in 2024[34] - The adjusted segment EBITDA margin for Construction Products was 29.7% for the three months ended September 30, 2025, compared to 26.7% in 2024[36] Volume and Pricing - The aggregates business saw total volumes increase by 18% and pricing rise by 9%, leading to a 17% growth in Adjusted Cash Gross Profit per Ton[6][15] - Aggregates shipments increased to 9.9 tons in Q3 2025, compared to 8.4 tons in Q3 2024, indicating a growth in volume[38] - The Aggregates Freight-Adjusted Average Sales Price rose to $18.27 per ton in Q3 2025, up from $16.79 per ton in Q3 2024[38]

Core Insights - Arcosa, Inc. reported a significant increase in revenues for the third quarter of 2025, reaching $797.8 million, which represents a 25% increase compared to $640.4 million in the same period of 2024 [1] Financial Performance - Revenues for the third quarter of 2025 were $797.8 million, up from $640.4 million in 2024, indicating a 25% growth [1] - When excluding the impact of divested businesses, revenues for the third quarter of 2025 were $797.8 million compared to $626.8 million in 2024 [1]

Core Viewpoint - Crédit Agricole S.A. has announced the redemption of its outstanding USD Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes, with a total nominal amount of USD 457,689,000 remaining after a previous tender offer [2][3]. Group 1: Redemption Details - The redemption will take effect on December 23, 2025, and will include the outstanding nominal amount along with any accrued interest [2][4]. - The issuer previously repurchased USD 792,311,000 of the Notes through a tender offer conducted on September 2, 2025 [3]. Group 2: Terms and Conditions - On the redemption date, the redemption amount will be due and payable, and the Notes will cease to bear interest unless the redemption amount is improperly withheld [4]. - Holders of the Notes will receive formal notice of the redemption in accordance with the terms and conditions outlined in the original prospectus [4].

Core Insights - Crédit Agricole S.A. reported strong financial results for Q3 2025, with net income group share increasing by 10.2% year-on-year to €1,836 million, driven by high revenues and a controlled cost of risk [32][40][44] - The group achieved revenues of €9,731 million in Q3 2025, reflecting a 5.6% increase compared to Q3 2024, with a gross operating income of €3,944 million, up 8.9% [18][33] - The cost/income ratio improved to 59.5%, down 1.2 percentage points from the previous year, indicating better operational efficiency [18][35] Financial Performance - For Q3 2025, Crédit Agricole S.A. reported revenues of €6,850 million, a 5.6% increase from Q3 2024, with operating expenses rising by 4.0% to €3,837 million [33][34] - The gross operating income for the quarter was €3,013 million, up 7.7% year-on-year, while the cost of risk increased by 13.0% to €489 million [35][37] - In the first nine months of 2025, net income group share reached €7,120 million, a 9.7% increase compared to the same period in 2024 [21][40] Business Lines and Activity - The group experienced sustained activity across all business lines, with significant growth in home loans (+18% year-on-year) and corporate loans (+14% year-on-year) [7][10] - Asset management saw record inflows of €15 billion in Q3 2025, contributing to a total of €2,317 billion in assets under management [11][52] - The insurance segment reported strong performance, with revenues reaching €11.8 billion, up 21.4% compared to Q3 2024 [46][62] Customer Growth and Market Position - Crédit Agricole Group gained 522,000 new customers in Retail Banking during Q3 2025, with total on-balance sheet deposits amounting to €835 billion, reflecting a 0.6% year-on-year increase [10][27] - The group maintained a strong market share in credit, standing at 22.6% as of June 2025, with buoyant loan production driven by home loans and specialized markets [27][10] Risk Management and Solvency - The phased-in CET1 ratio for Crédit Agricole S.A. was reported at 11.7%, while the group’s CET1 ratio stood at 17.6%, indicating strong solvency [3] - The cost of risk for the group was stable at 27 basis points over a rolling four-quarter period, reflecting prudent risk management practices [19][24]

Core Insights - Royce Small-Cap Trust, a closed-end diversified management investment company, aims for long-term capital growth by investing primarily in small-cap and micro-cap companies [10][14]. Performance Summary - As of September 30, 2025, the Net Asset Value (NAV) is $17.86, while the market price is $16.13 [1]. - The average annual total return for the Fund as of September 30, 2025, is as follows: - One-Month: NAV 1.10%, MKT 2.22% - Year to Date: NAV 11.38%, MKT 8.17% - One-Year: NAV 12.03%, MKT 12.01% - Three-Year: NAV 18.90%, MKT 17.90% - Five-Year: NAV 12.70%, MKT 14.14% - Ten-Year: NAV 11.84%, MKT 12.55% [2]. Portfolio Diagnostics - The Fund's average market capitalization is $3.3835 billion, with a weighted average Price-to-Earnings (P/E) ratio of 18.7x and a weighted average Price-to-Book (P/B) ratio of 2.3x [5]. - The total net assets of the Fund amount to $2.15 billion [5]. Portfolio Composition - The top ten positions in the portfolio and their respective percentages of net assets include: - IES Holdings: 2.3% - Assured Guaranty: 1.4% - E-L Financial: 1.1% - APi Group: 1.1% - SEI Investments: 1.0% - Brady Corporation Cl. A: 1.0% - International General Insurance Holdings: 1.0% - Arcosa: 1.0% - Dorman Products: 1.0% - Alamos Gold Cl. A: 0.9% [10]. - The top five sectors by percentage of net assets are: - Industrials: 25.1% - Financials: 21.0% - Information Technology: 13.8% - Consumer Discretionary: 10.7% - Health Care: 9.2% [10]. Additional Information - The Fund's adviser has over 50 years of experience in small- and micro-cap investments [9]. - Daily NAVs for Royce Small-Cap Trust are accessible on their website and through various financial services [11].

Core Viewpoint - The market anticipates Arcosa (ACA) will report a year-over-year increase in earnings driven by higher revenues when it releases its quarterly results for the period ending September 2025 [1] Earnings Expectations - Arcosa is expected to post quarterly earnings of $1.29 per share, reflecting a year-over-year increase of +41.8% [3] - Revenues are projected to reach $778.3 million, which is a 21.5% increase from the same quarter last year [3] Estimate Revisions - The consensus EPS estimate has been revised 1.19% higher in the last 30 days, indicating a collective reassessment by analysts [4] - The Most Accurate Estimate for Arcosa matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [12] Earnings Surprise Prediction - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10] - Arcosa currently holds a Zacks Rank of 3, making it challenging to predict a definitive earnings beat [12] Historical Performance - In the last reported quarter, Arcosa exceeded the expected earnings of $1.05 per share by delivering $1.27, resulting in a surprise of +20.95% [13] - Over the past four quarters, Arcosa has surpassed consensus EPS estimates three times [14] Industry Comparison - Another company in the Zacks Building Products - Miscellaneous industry, Masco (MAS), is expected to report earnings of $1.02 per share, indicating a year-over-year decline of -5.6% [18] - Masco's revenues are anticipated to be $1.94 billion, down 2.3% from the previous year [19]

Core Points - Arcosa, Inc. will release its third-quarter results for the period ending September 30, 2025, after market close on October 30, 2025 [1] - An earnings call to discuss the results is scheduled for 8:30 a.m. Eastern Time on October 31, 2025 [1] - The earnings call will be accessible via webcast and slide presentation [1]

Industry Overview - The Zacks Building Products - Miscellaneous industry is facing challenges due to tariffs, rising input and labor costs, and persistent inflation, which have slowed commercial activity and created affordability issues in housing [1][4][6] - Supply-chain disruptions and high energy expenses are contributing to these pressures, with mortgage rates remaining above 6%, limiting demand as homeowners retain low-rate mortgages [1][6] Long-term Prospects - Despite current challenges, long-term growth prospects are supported by federal investments in infrastructure, global supply-chain reinvestment, and energy transition efforts [2][7] - Companies are focusing on efficiency through cost-saving initiatives, digital solutions, and acquisitions to capitalize on these positive trends [2][9] Industry Trends - Tariff policies are reshaping the industry by increasing costs and disrupting supply chains, leading to heightened inflation and challenges for builders and consumers [4] - Rising costs related to transportation, materials, and labor are compressing margins and affecting operating performance, with companies struggling to recover these costs through price increases [5][6] Market Performance - The Zacks Building Products - Miscellaneous industry has underperformed the broader Zacks S&P 500 Composite and the construction sector over the past year, losing 8% compared to the sector's 4% decrease and the S&P 500's gain of 18.4% [10][14] - The industry's current valuation is at a forward P/E of 18.29X, lower than the S&P 500's 23.53X and the sector's 19.76X [17] Company Highlights - **Everus Construction Group, Inc. (ECG)**: Positioned for growth with a record backlog of $3 billion, up 24% year-over-year, driven by demand in data centers and infrastructure modernization [22][23] - **Armstrong World Industries, Inc. (AWI)**: Benefiting from strong execution in its segments, with earnings estimates for 2025 increasing to $7.27 per share, indicating 15.2% year-over-year growth [26][27] - **Frontdoor, Inc. (FTDR)**: Experiencing growth through effective marketing and new programs, with earnings estimates for 2025 rising to $3.90 per share, reflecting 16.4% year-over-year growth [28][31] - **Arcosa, Inc. (ACA)**: Growth driven by strong demand and strategic acquisitions, with earnings estimates for 2025 increasing to $3.90 per share, indicating 29.1% year-over-year growth [34][35]

Core Viewpoint - The Crelan Group and Crédit Agricole Group have finalized their strategic partnership, which includes the signing of commercial agreements and the acquisition of a 9.9% minority stake in Crelan SA/NV by Crédit Agricole [2][5]. Group 1: Strategic Partnership Details - The partnership aims to enhance banking services in Belgium by combining Crelan's local presence with Crédit Agricole's expertise in asset management, private banking, and leasing [3]. - The two groups will focus on commercial collaborations in key areas such as asset management through Amundi, private banking via Indosuez Wealth Management / Bank Degroof Petercam, and leasing through CA Leasing & Factoring [2][3]. Group 2: Financial Impact - The acquisition of the 9.9% stake has a negligible impact on the CET1 ratio of Crédit Agricole S.A. and its subsidiaries, while positively affecting Crelan Group's phased CET1 capital ratio by 2.1% [6]. - This increase in capital ratio provides Crelan with greater financial flexibility to pursue future organic growth opportunities [6]. Group 3: Company Profiles - Crelan Group ranks fifth among Belgian retail banks, with total assets of €55.8 billion, managing €44.3 billion in customer deposits and supporting €49.5 billion in loans [7]. - Crédit Agricole Group is Europe's leading retail bank and asset manager, serving 54 million customers and characterized by its cooperative banking model [8][9].

Group 1 - Crédit Agricole S.A. has announced a share repurchase program for up to 22,886,191 ordinary shares, starting from 1 October 2025 and ending no later than 13 November 2025 [1][2] - The purpose of the share repurchase program is to offset the dilutive effect of a capital increase reserved for employees in 2025 [2] - Shares purchased under this program will be cancelled [1] Group 2 - The share repurchase will be conducted on the regulated market of Euronext Paris and will comply with relevant regulatory standards [3] - An independent investment services provider has been instructed to execute the share purchases during the specified period [2][3] - The existing liquidity agreement with Kepler Cheuvreux will be temporarily suspended during the execution of the share repurchase program [4] Group 3 - Details of the share repurchase program are available in Crédit Agricole S.A.'s Universal Registration Document and the resolution adopted by the General Meeting [5]