4 th Quarter and Full Year 2025 Results J a n u a r y 2 9 , 2 0 2 6 IMPORTANT INFORMATION Caution Concerning Forward-looking Statements This presentation includes statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent onl ...

分组1 - Lockheed Martin (LMT) reported Q4 2025 net sales of $20.38 billion, exceeding the estimated $19.85 billion, while EPS was $5.80, slightly below the estimate of $5.86 [2][9] - The Aeronautics division, responsible for the F-35 fighter jet, achieved net sales of $8.52 billion, surpassing the $7.96 billion estimate, with 48 F-35 deliveries in the quarter [2][9] - Lockheed Martin's operating profit reached $2.33 billion, outperforming the $2.22 billion estimate, and its backlog grew 10% year-over-year to $193.62 billion [2][9] 分组2 - Blackstone (BX) is preparing for "one of the largest IPO pipelines in history," indicating a potential resurgence in the IPO market [3][9] 分组3 - Comcast (CMCSA) reported adjusted EPS of 84 cents, beating the estimated 75 cents, but revenue of $32.31 billion slightly missed the $32.36 billion estimate [4][9] - The company faced challenges in its domestic broadband segment, losing 181,000 customers, worse than the estimated loss of 168,194 [4] - Peacock streaming service reported an adjusted EBITDA loss of $552 million, larger than the estimated loss of $456.2 million [4] 分组4 - Sherwin-Williams (SHW) reported Q4 2025 adjusted EPS of $2.23 on net sales of $5.60 billion, both surpassing analyst estimates [5] - The Paint Stores Group net sales of $3.13 billion slightly missed the $3.16 billion estimate [5] - For 2026, Sherwin-Williams provided an adjusted EPS outlook of $11.50 to $11.90, below the analyst consensus of $12.39 [5] 分组5 - Nasdaq (NDAQ) announced Q4 adjusted EPS of $0.96, exceeding the $0.91 estimate, with annualized recurring revenue reaching $3,051 million [6] - Nasdaq projected fiscal year adjusted operating expenses between $2,455 million and $2,535 million [6] 分组6 - Geopolitical developments include Russia's Finance Ministry proposing export duties on diamond exports and the EU Council adopting new sanctions against Iran [7]

Core Insights - Comcast's Q4 2025 results showed mixed performance, with revenue slightly increasing by 1.2% to $32.3 billion, while earnings declined due to a prior year's one-time tax benefit of $1.9 billion [1] Media Performance - Peacock ended 2025 with 44 million subscribers, a 22% increase year-over-year, and generated $1.6 billion in revenue with adjusted losses of $552 million, compared to $1.3 billion in revenue and a loss of $372 million in the previous year [2] Theme Parks - Theme Parks' EBITDA rose 24% to over $1 billion for the first time, driven by the contribution from Epic Universe and increased per capita spending and attendance, with revenue jumping 22% to $2.9 billion [5] Connectivity and Broadband - The company experienced domestic broadband customer net losses of 181,000, while total domestic wireless line net additions were 364,000, indicating growth in the wireless segment despite challenges in broadband [8] Strategic Changes - Comcast completed the spin-off of Versant Media, focusing on streaming, live sports, and premium content, while maintaining strong free cash flow and a disciplined capital allocation strategy [7] Competitive Landscape - Comcast lost a bidding war for Warner Bros. assets, which were acquired by Netflix in a cash deal, highlighting the competitive pressures in the media and entertainment sector [9]

Core Viewpoint - Comcast continued to experience a decline in broadband customers during the fourth quarter, while its wireless business generated higher revenue despite adding fewer customers than anticipated by Wall Street [1] Group 1: Broadband Business - The trend of losing broadband customers persisted in the fourth quarter [1] Group 2: Wireless Business - The wireless segment reported increased revenue [1] - The number of new customers added in the wireless business fell short of Wall Street expectations [1]

PRESS RELEASE COMCAST REPORTS 4th QUARTER 2025 RESULTS PHILADELPHIA - January 29, 2026… Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter and year ended December 31, 2025. "2025 was a year of meaningful progress as we made decisive changes to position the company for long-term, sustainable growth," said co-CEOs Brian L. Roberts and Mike Cavanagh. "It was also our best year ever in wireless, with 1.5 million net line additions and more than 9 million total lines, clear evidence of th ...

Core Insights - Comcast experienced a higher-than-expected loss of broadband customers in the fourth quarter, indicating increased competition in the market [1] Group 1: Company Performance - The loss of broadband customers was attributed to aggressive offers from rivals, which attracted consumers away from Comcast [1] Group 2: Industry Dynamics - The competitive landscape is intensifying, putting additional pressure on Comcast's core business [1]

Comcast Maintains Dividend on an Annualized Basis in 2026Jan 29, 2026 7:05 AM Eastern Standard Time# Comcast Maintains Dividend on an Annualized Basis in 2026Share---PHILADELPHIA--([BUSINESS WIRE])--Comcast Corporation (NASDAQ: CMCSA) announced today that it is maintaining its dividend at $1.32 per share on an annualized basis for 2026. Accordingly, the Board of Directors declared a quarterly cash dividend of $0.33 a share on the company's common stock, payable on April 22, 2026, to shareholders of record a ...

Core Insights - Comcast reported mixed results for its fourth quarter, beating earnings expectations but slightly missing revenue targets [1][10] Financial Performance - Net income attributable to Comcast decreased by 54.6% to $2.17 billion, or 60 cents per share, compared to $4.78 billion, or $1.24 per share a year earlier [3] - Adjusted net income was reported at $3.06 billion, or 84 cents per share, with adjusted earnings before interest, taxes, depreciation, and amortization down 10% to $7.9 billion [4] - Overall quarterly revenue increased by more than 1% to $32.31 billion, slightly below the expected $32.35 billion [4][10] Business Segments - Revenue for the connectivity and platforms unit, including Xfinity services, decreased by 1% to $20.24 billion, with domestic broadband revenue down 1% to approximately $6.32 billion [5] - The media unit, which includes NBCUniversal, saw revenue rise by 5.5% to $7.62 billion, driven by domestic advertising revenue growth of 1.5% [6][7] - Universal film studio revenue fell by 7.4% to $3.03 billion, while theme parks revenue increased by 22% to roughly $2.9 billion, attributed to the opening of Epic Universe [9] Customer Metrics - Comcast lost 181,000 domestic broadband customers but gained 364,000 mobile customers, bringing the total to over 9.3 million [2] - The company also lost 245,000 pay TV customers, resulting in a total of 11.27 million pay TV customers [6] - NBC's streaming service, Peacock, added 3 million paid customers, ending the year with 44 million paid subscribers, despite reporting losses of $552 million for the fourth quarter [8]

Core Insights - Canal+ aims to leverage the acquisition of MultiChoice to capitalize on the growth potential in Africa, targeting a combined subscriber base exceeding 40 million and aiming for 50-100 million in the long term [4][10] Group 1: Market Opportunity - The African market presents significant growth opportunities, with a current population of approximately 1.2 billion projected to increase by 800 million by 2050, alongside GDP growth forecasts near 5% over the next five years [2] - Pay-TV penetration in Sub-Saharan Africa is around 32%, while OTT penetration is less than 5%, indicating a prime market for paid television growth [2][4] Group 2: Strategic Goals and Synergies - Canal+ has identified €80 million in cash savings for 2026 through content, supplier, and refinancing actions, with a target of over €400 million in EBITDA cost synergies by 2030 [3][5][14] - The company expects to convert a significant portion of these synergies into free cash flow, targeting over €300 million run-rate after interest and taxes by 2030 [5][13] Group 3: Content and Distribution - Canal+ and MultiChoice collectively offer more than 100 local channels and produce around 10,000 hours of fresh local content annually in over 20 languages, enhancing their competitive edge [7] - Sports content is a core focus, with rights to major leagues and events, which is expected to drive subscriber growth [8] Group 4: Integration and Management Strategy - The management has committed to not exiting any markets or reducing staff in South Africa for three years, emphasizing a focus on cost synergies rather than headcount reductions [11][17] - The integration plan includes trimming investments in loss-making platforms like Showmax while exploring partnerships, such as advanced discussions with Comcast [15]

Core Insights - Coinbase has aligned itself with a Trump-backed initiative by matching government contributions to Trump Accounts for eligible children of its employees, marking a strategic move in Washington's financial landscape [1][2]. Group 1: Company Initiatives - Coinbase CEO Brian Armstrong announced that the company will match the $1,000 seed deposit provided by the U.S. Treasury for eligible children of its employees [2]. - The company aims to eventually make its contribution in Bitcoin (BTC) [2]. - Coinbase is among several major employers, including Uber, Intel, Nvidia, and IBM, that have committed to adding Trump Account contributions to their employee benefit packages [4]. Group 2: Program Details - The Trump Accounts program, established under the One Big Beautiful Bill Act (OBBBA), provides every U.S. child with a government-backed investment account featuring tax-advantaged growth [3]. - Children born between 2025 and 2028 will automatically receive a $1,000 government deposit, while additional funding will provide $250 accounts for up to 25 million children born before 2025 [3]. Group 3: Industry Context - Despite the growing support for crypto from Trump and Coinbase's intention to contribute in Bitcoin, crypto investments are currently restricted within Trump Accounts, allowing only Spot Bitcoin ETFs and excluding Ethereum ETFs and tokenized assets [5]. - The absence of crypto in the program has not deterred crypto firms from participating, as evidenced by Robinhood Markets being the first crypto-facing firm to commit to matching contributions for Trump Accounts [9].