Clermont-Ferrand, February 26th, 2026 COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN Restatement of 2025 segment reporting, after creation of the Polymer Composite Solutions reporting segment As announced in January 2026, the Michelin Group is creating a fourth reporting segment dedicated to its Polymer Composite Solutions activities, which were previously part of RS3. In addition, the Group is changing the names of its segments: Previous segmentation (3 segments)New segmentation (4 segments)RS1ConsumerRS ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Cloud Native Computing Foundation (CNCF) has achieved significant growth, hosting over 230 projects and more than 300,000 contributors globally, marking a decade of progress in cloud native technologies [5][15] - In 2025, CNCF launched the Certified Kubernetes AI Platform Conformance Program to standardize AI infrastructure on Kubernetes, addressing the risk of fragmentation in AI workloads [47][48] - The end user community remains a strong asset for CNCF, with notable contributions from organizations like Ant Group and Michelin, showcasing the practical impact of cloud native technologies [8][35] Summary by Sections Introduction - 2025 marks ten years of CNCF, highlighting its evolution and the growth of open source cloud native innovation [5] 2025 Momentum - CNCF continues to support organizations in adopting cloud native tools at scale, with themes like platform engineering, AI, and observability emerging as key areas of focus [6] Leadership - Jonathan Bryce was appointed as executive director, overseeing CNCF's projects and member collaboration [16][17] Membership - CNCF welcomed 135 new members in 2025, bringing the total to nearly 800 member organizations, indicating strong investment in cloud native computing [19][20] End User Community - The CNCF End User community is recognized for its innovative use of cloud native technologies, with awards given to Ant Group and Michelin for their impactful contributions [8][35] Education - CNCF expanded its education initiatives, launching new certifications and achieving significant enrollment increases in existing programs [90][91] Project Updates - CNCF hosted 34 graduated projects, 36 incubating projects, and 144 sandbox projects, reflecting its commitment to project diversity and growth [101] Security - CNCF prioritized security audits and threat modeling, addressing the increasing sophistication of open source supply chain attacks [116][117] Community Engagement - CNCF organized numerous community events, fostering collaboration and knowledge sharing among cloud native enthusiasts [124][125]

Core Insights - FORVIA's 2025 results show ongoing margin improvement and deleveraging, supported by strong cash flow generation [2][3] - The company is focused on three strategic priorities: delivering performance, driving business transformation, and invigorating culture [2][3] Financial Performance - Reported sales for 2025 were €26.2 billion, or €27 billion at constant currency, remaining flat year-on-year [7] - Operating margin improved to 5.6% of sales, up 40 basis points compared to 2024 [7] - Net cash flow increased by 47% to €962 million [7] - Net debt decreased by €0.6 billion to €6.0 billion, with a net debt to adjusted EBITDA ratio of 1.7x, down from 2.0x at the end of 2024 [7][18] Strategic Initiatives - The planned divestiture of the Interiors Business Group is in advanced negotiations and is expected to reduce net debt by over €1 billion [4][36] - The company has undertaken significant non-cash exceptional charges in 2025, reflecting disciplined portfolio decisions aligned with its simplification and resilience objectives [5][24] Market Context - Global automotive production increased by 3.9% to 93 million light vehicles in 2025, with strong growth in China offsetting declines in Europe and North America [9] - The unfavorable geographic mix effect for FORVIA was approximately 2.5 percentage points due to regional shifts [9] Operational Highlights - Organic sales were broadly stable, with product sales up 1.5%, offset by lower tooling sales [12] - The company achieved €165 million in restructuring savings and €63 million in synergies from the FORVIA HELLA integration, reaching a target of €400 million by the end of 2025 [13] 2026 Outlook - FORVIA anticipates a challenging production environment in 2026, with global automotive production projected to decline slightly to 92.8 million light vehicles [37] - The company aims to continue rigorous cost control and cash management, expecting further benefits from the EU-FORWARD and SIMPLIFY programs [38]

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Core Insights - JCDecaux is launching an enhanced version of its 360 Footprint tool internationally, which measures the environmental, economic, and social impact of advertising campaigns, aiming to set a new benchmark for responsible communication [1][2][4] Group 1: Product Launch and Features - The 360 Footprint tool allows advertisers to measure the environmental impact, societal benefits, and identify areas for improvement in their campaigns [2][5] - The tool has been successfully piloted in France, analyzing over 235 campaigns for nearly 50 major advertisers across various sectors from 2021 to 2025 [3][4] - The enhanced version now covers all advertising environments offered by JCDecaux, providing solutions like low-impact inks and certified recycled paper [5] Group 2: Strategic Importance - The rollout of 360 Footprint aligns with JCDecaux's 2030 ESG and Climate Strategies, aiming for significant emissions reductions in line with its Net Zero ambition [6] - The initiative supports JCDecaux's long-standing commitment to improving quality of life through sustainable services, such as advertising-funded street furniture [6] Group 3: Communication and Market Engagement - A communication campaign, developed by Publicis Consultants, will promote the 360 Footprint tool, emphasizing its ability to measure unseen impacts like carbon and water footprints [7][9] - The campaign will utilize transparent street furniture and social media to engage stakeholders and raise awareness about the tool's benefits [7] Group 4: Leadership Statements - Lénaïc Pineau, Chief Sustainability and Quality Officer, highlighted that 360 Footprint not only measures impact but also facilitates informed conversations with clients and local authorities [8] - Jean-François Decaux, Chairman and Co-CEO, stated that the international rollout represents a milestone in JCDecaux's commitment to innovation and positive impact in outdoor advertising [9]

Market Overview - European stocks closed mostly higher, with the pan-European Stoxx 600 gaining 0.45% and the U.K.'s FTSE 100 climbing 0.79% [2] - Investors are optimistic about potential monetary easing from central banks, particularly the Bank of England, amid rising unemployment rates in the UK [1][9] Sector Performance - Defense stocks showed weakness due to hopes of de-escalation in U.S.-Iran tensions [3] - In the UK market, several companies such as Coca-Cola Europacific Partners, Barratt Redrow, and AstraZeneca saw gains between 2% and 3.5% [3] - Conversely, miners like Endeavour Mining and Antofagasta fell between 2% and 4% [4] Notable Company Movements - GSK's shares rose over 2.5% following the announcement of a £2 billion share buyback program [3] - Bayer in Germany soared more than 8%, while other companies like Vonovia and Infineon gained approximately 4% and 3.25% respectively [4] - In France, Dassault Systemes climbed about 4%, with other firms like Unibail Rodamco and AXA gaining 2%-3% [6] Economic Indicators - German consumer price inflation rebounded to 2.1% in January, influenced by higher food and services costs [7] - The UK's jobless rate increased to 5.2% in the fourth quarter, with average earnings growth at 4.2%, below expectations [9]

Core Insights - Penske Automotive Group (PAG) has a strong financial foundation and diversified operations, including high-margin service, parts, and luxury dealership segments, but faces near-term pressures from supply constraints, tariffs, and soft premium vehicle demand [1][12] Financial Performance - PAG reported fourth-quarter adjusted earnings of $2.91 per share, a decrease of 17.8% year over year, while net sales increased by 0.6% year over year to $7.77 billion [2] Growth Drivers - The growth in Penske's service and parts segment is expected to enhance profits, benefiting from an aging vehicle fleet, with U.S. same-store service and parts revenues rising by 6% and gross profit increasing by 5.5% [3] - Recent acquisitions, including the Ferrari dealership in Modena, Italy, and Longo Toyota and Longo Lexus dealerships, are projected to add approximately $1.5 billion in annualized revenues [4][5] - The impending buyouts of Lexus of Orlando and Lexus of Winter Park are expected to contribute an additional $450 million to annual revenues [6] - PAG is expanding into commercial vehicle, defense, and energy solutions, targeting approximately $1 billion in revenues from its Energy Solutions segment by 2030 [6] Financial Stability - PAG maintains a healthy balance sheet with a long-term debt-to-capitalization ratio of 24.5%, which is favorable compared to the broader industry average of 25% [7] - The company has high liquidity of approximately $1.6 billion, providing financial flexibility for strategic mergers and acquisitions, service capacity expansion, and growth opportunities [7] - PAG has consistently increased its quarterly dividend, marking the 21st consecutive increase, and has repurchased shares worth $182 million in 2025 [8] Strategic Contributions - Penske Transportation Solutions (PTS), a 28.9%-owned affiliate, continues to be a key contributor to PAG, delivering approximately $48 million in equity income despite temporary freight market softness [9] - PTS's strong market position in leasing, logistics, and fleet services supports recurring earnings that help offset cyclicality in retail automotive [10] Challenges - PAG's U.K. segment faced challenges due to a cybersecurity incident at Jaguar Land Rover, which disrupted operations and increased costs [13] - The macroeconomic environment remains challenging with elevated inflation, higher taxes, and affordability pressures impacting consumer demand [14] - Used vehicle supply and margin volatility present near-term headwinds, with a gradual recovery expected [15] - Tariff-related uncertainties and the expiration of U.S. BEV incentives may distort year-over-year comparisons and impact near-term profits [16][17] - A decline in BEV sales by 63% year over year and a 20% drop in German luxury brand sales in both the U.S. and U.K. could negatively affect PAG's earnings due to its high premium mix [17]

Core Insights - The inaugural MICHELIN Guide restaurant celebration in Saudi Arabia showcases the country's vibrant and evolving culinary scene, featuring 51 selected restaurants, including 11 recognized for exceptional value with the Bib Gourmand designation and 40 listed as selected restaurants [1][6]. Group 1: Event Highlights - The celebration marked a significant moment as the MICHELIN Guide revealed its list through a dedicated website, presenting the information in three narrative chapters that capture the essence of Saudi hospitality, women, and bread [1]. - The award ceremony, held on December 15, included the presentation of official MICHELIN plaques to each restaurant, symbolizing excellence and allowing them to proudly display their honors [2]. Group 2: Special Awards - The Young Chef Award was given to Elia Kaady from Maiz in Riyadh, recognizing his culinary journey and contributions to the region's dining scene [3]. - Il Baretto in Riyadh received the Exceptional Mocktail Award for its innovative non-alcoholic cocktails, showcasing creativity and quality under the leadership of bar manager Santiago Latorre [3]. - Yaza in Jeddah was awarded the Service Award for providing an outstanding dining experience characterized by warm hospitality and knowledgeable staff [4]. Group 3: Restaurant Overview - A total of 51 restaurants were included in the 2026 MICHELIN Guide, with 11 receiving the Bib Gourmand recommendation and 40 recognized as selected restaurants [6]. - The list includes notable restaurants such as Em Sherif Café, Fi Glbak, and KAYZŌ, all of which received the Bib Gourmand designation [9][10].

Core Insights - Rivian Automotive reported a narrower loss of 54 cents per share in Q4 2025, compared to a loss of 69 cents estimated by Zacks Consensus, but wider than the previous year's loss of 52 cents [1] - Revenues for the quarter were $1.29 billion, exceeding the Zacks Consensus Estimate of $1.26 billion, but reflecting a year-over-year decline of 25.8% [1] Production and Deliveries - Total production for the quarter was 10,974 units, down from 12,727 units in the same quarter last year [2] - Total deliveries decreased to 9,745 units from 14,183 units a year ago [2] Financial Performance - Gross profit was $120 million, down from $170 million in the prior-year quarter, with a gross margin of 9% [3] - Adjusted operating expenses rose to $712 million from $620 million in the previous year [3] - Adjusted loss before interest, taxes, depreciation, and amortization was $465 million, compared to a loss of $277 million in Q4 2024 [3] Cash Flow and Expenditures - Net cash used by operating activities was $681 million, contrasting with net cash provided of $1.18 billion in the prior-year period [4] - Capital expenditures for Q4 were $463 million, up from $327 million a year ago [4] - Free cash outflow in the quarter was $1.14 billion [4] Segment Performance - The Automotive segment generated revenues of $839 million, a 45% year-over-year decline, primarily due to reduced regulatory credit sales and lower vehicle deliveries [5] - The Software and Services segment saw revenues of $447 million, more than doubling year-over-year, driven by new vehicle electrical architecture and software services [6] Financial Position - As of December 31, 2025, Rivian had cash and cash equivalents of $3.57 billion, down from $5.3 billion a year earlier [7] - Long-term debt remained relatively stable at $4.44 billion as of December 31, 2025, compared to $4.44 billion in the previous year [7] Future Guidance - For 2026, Rivian expects to deliver between 62,000 and 67,000 units, an increase from 42,284 in 2025 [8] - Adjusted EBITDA is projected to remain negative, ranging from $1.80 billion to $2.10 billion [8] - Anticipated capital expenditures for 2026 are between $1.95 billion and $2.05 billion [8]

Core Insights - Penske Automotive Group (PAG) reported fourth-quarter 2025 adjusted earnings of $2.91 per share, a decrease of 17.8% year over year, missing the Zacks Consensus Estimate of $3.19. However, net sales reached $7.77 billion, surpassing the Zacks Consensus Estimate of $7.64 billion, and increased by 0.6% compared to the previous year [1][10]. Financial Performance - Gross profit for the quarter fell by 5.3% year over year to $1.24 billion, while operating income decreased by 20.8% to $275 million. Foreign currency exchange positively impacted revenues by $113.3 million, net income by $700,000, and earnings per share by 1 cent [2]. - Same-store retail units declined by 6.2% year over year to 115,898. In the Retail Automotive segment, same-store new-vehicle revenues decreased by 9.6% to $3.18 billion, while same-store used vehicle revenues increased by 2.8% to $2.10 billion [3]. Segmental Performance - Revenues in the Retail Automotive segment totaled $6.74 billion, a decline of 4.8% from the previous year, but exceeded the estimate of $6.73 billion. Total new and used vehicle deliveries fell by 9.5% year over year to 105,478 units, with gross profit at $1.07 billion, down 5.7% year over year, missing the estimate of $1.11 billion [4]. - Retail Commercial Truck segment revenues decreased by 6.2% to $725.4 million, beating the estimate of $652.4 million. Gross profit in this segment was $121.4 million, down from $138.1 million in the previous year, but exceeded the estimate of $106.1 million [5]. - The Commercial Vehicle Distribution and Other segment saw revenues increase by 35.3% to $303.3 million, surpassing the estimate of $257.4 million. Gross profit rose to $57.4 million from $45.8 million in the previous year, beating the estimate of $44.7 million [6]. Financial Tidbits - SG&A costs remained flat year over year at $924 million. As of December 31, 2025, Penske had cash and cash equivalents of $64.7 million, down from $83.6 million a year earlier. Long-term debt increased to $1.81 billion from $1.13 billion [7]. - In 2025, PAG repurchased 1,178,411 shares of common stock, with $247.5 million of stock repurchase authorization remaining outstanding. The company ended 2025 with approximately $1.6 billion in liquidity and raised its quarterly dividend by 2 cents to $1.40 per share, marking its 21st consecutive quarterly increase [8].