The German lender is looking to deliver growth in revenue, profitability and returns to shareholders in the period running through to 2028, after years of restructuring under Chief Executive Christian... ...

Financial Data and Key Metrics Changes - The company reported normalized EBITDA of $250 million for the third quarter, with distributable cash flow of $236 million benefiting from a current tax recovery of $71 million due to changes in U.S. tax legislation [11][12] - The outlook for distributable cash flow is revised to approximately $700 million for 2025, with an effective tax rate expected to range between 20-21% [11][12] - The normalized EBITDA guidance for 2025 is reaffirmed at $1.01 billion, with a forecast for 2026 normalized EBITDA of $1.03 billion, reflecting a 2% range increase [11][12] Business Line Data and Key Metrics Changes - The marketing segment is expected to see normalized EBITDA approximately $25 million higher, while InterAlberta and other segments are projected to increase by about $10 million due to BlackRod cash flows ramping up [12] - Keystone's normalized EBITDA is anticipated to decrease by approximately $15 million due to reduced planned maintenance capital expenditures [12] Market Data and Key Metrics Changes - The company is encouraged by ongoing dialogues in Canada and the U.S. regarding energy solutions, which highlight the resilience of customer businesses and the strategic positioning of the company's assets [5][6] - The company expects conditions to become more favorable for supply growth in late 2026 to early 2027, as supply growth is anticipated to exceed current egress capacity [21][22] Company Strategy and Development Direction - The company aims to grow its business and enhance competitiveness while ensuring safe operations and financial strength [4][5] - The focus is on maturing and executing a growth portfolio through both organic and inorganic opportunities, with the BlackRod project serving as a successful template [4][30] - The company is working towards exiting transition services with TC Energy by the end of 2025, which is expected to improve efficiency and cost savings [3][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning Keystone to baseline operations by 2026, with ongoing remedial actions reinforcing system integrity [7][9] - The company is optimistic about the potential for growth in customer organizations and the overall market environment, which has become more constructive since the spin-off [30][31] Other Important Information - The company has completed significant milestones in the BlackRod project, including mechanical completion and the commissioning of a natural gas lateral [9] - Legal proceedings related to variable toll disputes have been resolved, allowing the company to focus on new business opportunities [10] Q&A Session Summary Question: Update on major projects and Keystone XL discussions - The company is providing advisory support for Alberta's crude pipeline initiative but is not directly involved in the project [17][18] Question: Outlook on crude spreads and inventory normalization - The company anticipates improved conditions for egress in late 2026 to early 2027, driven by supply growth [21][22] Question: Details on tax optimization and U.S. legislation changes - Tax benefits stem from extended interest deduction legislation and accelerated tax pools, with expectations of returning to a regular tax cadence by 2027 [24][25] Question: Impact of transition agreements on efficiency and cost savings - The company is focused on optimizing processes post-transition, which is expected to enhance EBITDA but is not included in the current 2-3% growth outlook [25][27] Question: Organic growth opportunities and project types - The company is exploring various growth opportunities in both Canada and the U.S., with a focus on customer needs [30][31] Question: CapEx assumptions for 2026 - The company suggests a consistent investment of approximately $100 million annually to achieve EBITDA growth, with no sanctioned projects currently [36][38] Question: Variable toll settlements and future P&L impact - Remaining payments related to variable toll settlements will be normalized out of EBITDA, confirming the expected financial impact [40][41]

Core Insights - Paramount's third-quarter revenue was $6.71 billion, falling short of the $6.99 billion expected by analysts, but the company provided optimistic projections for 2026 [1][2] - The company anticipates 2026 revenue of $30 billion and adjusted OIBDA of $3.5 billion, driven by increased streaming revenue and global profitability [2] - Cost savings from the Skydance merger have been increased from $2 billion to $3 billion [2] Financial Performance - The earnings report is the first following the completion of the Skydance merger on August 7, which faced a lengthy regulatory process [3] - Investors reacted positively to the earnings results, with shares rising in after-hours trading after a period of sluggish performance [4] Strategic Moves - Paramount is downsizing, laying off about 2,000 workers, which is roughly 10% of its global workforce, to achieve the promised cost savings from the merger [5] - The company has been active in dealmaking, including a $7.7 billion acquisition for UFC rights and a $150 million deal for Bari Weiss's The Free Press [5] Talent Acquisition and Competition - Paramount attracted the Duffer Brothers from Netflix but lost Yellowstone creator Taylor Sheridan to NBCUniversal [6] - The company has made three offers to acquire Warner Bros. Discovery, which is valued around $60 billion, while WBD is also considering a split into two separate companies [7]

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Financial Data and Key Metrics Changes - For the third quarter, APA Corporation reported consolidated net income of $205 million, or $0.57 per diluted common share, with adjusted net income of $332 million, or $0.93 per share, excluding a $148 million unrealized loss on derivatives [13][14] - The company generated $339 million of free cash flow and returned $154 million to investors through dividends and share buybacks [14][15] - Net debt was reduced by approximately $430 million, resulting in net financing cost savings of $75 million compared to the same period in 2024 [15][16] Business Line Data and Key Metrics Changes - In the Permian, oil production exceeded guidance, while capital investment and operating costs were in line with expectations [5][6] - In Egypt, gross BOEs grew sequentially, supported by a successful gas program, and the company received substantial payments, nearly eliminating past due receivables [6][8] - In the North Sea, operational efficiency and cost management led to higher production and lower costs compared to guidance [7] Market Data and Key Metrics Changes - The company raised its guidance for oil production in the Permian while adjusting gas guidance due to temporary curtailments in the field [8] - In Egypt, production estimates for the fourth quarter were slightly increased, reflecting ongoing momentum from the gas program [8] Company Strategy and Development Direction - APA Corporation is focused on disciplined capital allocation, cost reduction initiatives, and maintaining a strong balance sheet to navigate volatile oil price environments [4][10] - The company aims to realize $300 million in savings this year and reach a run-rate savings target of $350 million by the end of 2025, two years ahead of schedule [9][10] - Preliminary plans for 2026 include maintaining consistent activity levels in Egypt and a flexible approach to capital investment based on oil price movements [10][11] Management's Comments on Operating Environment and Future Outlook - The macro environment remains challenging, characterized by volatility and uncertainty in commodity prices due to geopolitical tensions [4] - Management expressed confidence in the company's ability to perform through cycles and respond quickly to changing market conditions [5] - The company plans to provide formal guidance for 2026 in February, with a focus on free cash flow generation [11] Other Important Information - The company is evaluating multiple capital allocation scenarios in light of recent oil price volatility [10] - The North Sea production is expected to decline by 15%-20% from 2025 into 2026 due to minimal investment in the asset [78] Q&A Session Summary Question: Can you elaborate on the flexibility regarding capital spending in 2026? - Management indicated that they have flexibility to adjust capital spending based on oil price movements, with a focus on maintaining production levels in the Permian and Egypt [23][24] Question: What is the potential cash flow impact from the legacy accelerated cost recovery in Egypt? - The cash flow impact is estimated to be around $60 million for next year, but management believes various factors could offset this decline [26][28] Question: How do you view exploration capital for 2026? - Management expects 2026 to be a light year for exploration, with potential activities in Alaska and Suriname [33][34] Question: What are the dynamics of gas pricing in Egypt? - The new gas pricing arrangement allows for growth in gas production, with pricing equivalent to $75-$80 Brent oil [66][68] Question: What is the outlook for the North Sea production and ARO activity? - Production is expected to decline, but tax benefits from ARO spending will provide some financial relief [78][80]

Core Viewpoint - ITV is implementing additional cost-saving measures of £35M ($45.7M) in response to a softening UK economy and reduced advertising demand, while maintaining steady year-to-date revenues [1][2]. Financial Performance - Year-to-date group revenues for ITV reached £2.8B, reflecting a 2% increase from £2.74B in the previous year [3]. - ITV Studios reported revenue of £1.35B, an 11% increase from £1.22B in 2024, with external revenue up 20% due to demand from streaming platforms [4]. - The Media & Entertainment (M&E) networks saw total revenue decline by 5% to £1.44B, although digital advertising revenue increased by 15% [5]. Strategic Adjustments - ITV plans to shift £20M of programming costs to 2026 and achieve an additional £15M in non-content savings through reduced discretionary and marketing spending, adjusting the total content budget for 2025 to approximately £1.21B [2]. - The company remains confident in delivering good growth in ITV Studios revenue and digital revenue for the full year, supported by strategic cost management [7]. Market Outlook - The economic outlook in the UK is uncertain, with caution observed across various business sectors ahead of the upcoming Budget [4]. - ITV's overall performance has exceeded market expectations, attributed to its long-term "More Than TV" strategy [6].

Financial Data and Key Metrics Changes - Q3 2025 net sales were $439.3 million, a decrease of 4.7% compared to $461.1 million in Q3 2024. Base business net sales, excluding divestitures, were down 2.7% [6][16] - Adjusted EBITDA for Q3 2025 was $70.4 million, flat year-over-year, representing 16% of net sales [16][25] - Adjusted net income increased to $11.7 million, or $0.15 per adjusted diluted share, compared to $10.1 million or $0.13 per share in Q3 2024 [27] Business Line Data and Key Metrics Changes - The frozen and vegetables business unit saw a decline in net sales of 6.7% but an increase in adjusted EBITDA of $3 million due to favorable crop pack costs and productivity improvements [20] - The spices and seasonings business unit grew net sales by 2.1%, benefiting from fresh food and protein growth, although adjusted EBITDA was impacted by tariffs [7][18] - The meals business unit experienced a 1.4% decline in net sales, but adjusted EBITDA increased by approximately $0.6 million [19] Market Data and Key Metrics Changes - The divestiture of Don Pepino and Sclafani brands removed approximately $10.3 million of net sales and $3.2 million in adjusted EBITDA from Q3 [8][14] - The company expects the fourth quarter to show continued improvement, with net sales projected to be down approximately 2%-3% excluding the impact of the 53rd week [10][32] Company Strategy and Development Direction - B&G Foods is focused on reshaping its portfolio through divestitures to create a more focused and efficient company, aiming for adjusted EBITDA as a percentage of net sales to approach 20% [9][30] - The company plans to reduce its consolidated leverage ratio to six times within the next nine months through divestiture proceeds and improved cash flow generation [12][34] - Future growth is expected to come from a simplified portfolio and strategic acquisitions, with a long-term goal of achieving a leverage ratio between 4.5 and 5.5 [35][84] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging consumer environment impacting sales, but expressed optimism for stabilization in base business trends towards a long-term growth objective of 1% [12][35] - The company is closely monitoring inflation and input costs, with expectations of modest inflation in 2025 [22][106] - Management highlighted the importance of cost-saving initiatives and pricing strategies to offset tariff impacts and maintain profitability [10][33] Other Important Information - The consolidated leverage ratio was reported at 6.88 times, with expectations to reduce it to six times by mid-2026 [11][29] - The company has executed targeted pricing to recover incremental tariffs, which will take effect for most customers starting in November [11][18] Q&A Session Summary Question: What caused the shift in sales guidance for Q4? - Management narrowed the sales guidance range to reflect the impact of divestitures and consistent base business net sales trends observed in Q3 [39] Question: How is the pricing affecting volume elasticity in the spices segment? - Management noted that pricing changes were implemented recently, and while some elasticity is expected, it is projected to be minimal [43][46] Question: What are the trends in the food service and private label business? - The food service business has shown stable trends with modest growth, while the private label business has experienced mid-single-digit growth [56][58] Question: How does the divestiture of Green Giant impact leverage targets? - The divestiture is expected to contribute to a full turn of deleveraging, with stabilization of EBITDA and improved working capital management also playing a role [65] Question: Have there been any early signs of SNAP cutbacks impacting grocery sales? - Management indicated it is too early to determine the impact, but a temporary effect is expected if the situation persists [67][68] Question: What is the outlook for input cost inflation into 2026? - Management anticipates modest input cost inflation, with strategies in place to recover costs through pricing adjustments [106]

Financial Performance - Q3 2025 Adjusted EBITDA reached $830 million, driven by new renewables projects, US utilities rate base investment, and cost savings[16] - Q3 2025 Adjusted EPS increased to $075, influenced by Adjusted EBITDA drivers and a lower adjusted tax rate[16] - Year-to-Date 2025 Renewables SBU Adjusted EBITDA increased by 46%, primarily due to 3 GW of new projects and higher returns[19] - The company reaffirms its 2025 Adjusted EBITDA guidance, projecting between $2650 million and $2850 million[78] - The company reaffirms Adjusted EPS guidance for 2025, estimating between $210 and $226[79] Strategic Objectives - The company is on track to sign at least 4 GW of PPAs in full year 2025, with 22 GW already signed or awarded year-to-date, including 16 GW with data center customers[16] - The company is on track to add 32 GW of new projects in full year 2025, having completed construction of 29 GW year-to-date[16] - The backlog of projects under signed PPAs has reached 111 GW[16] - The company anticipates an average annual Adjusted EBITDA growth of 5% to 7% through 2027[81] Capital Allocation - The company projects discretionary cash sources and uses between $2615 million and $2815 million[85]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was $667.9 million, a 6.9% increase compared to Q3 2024. Excluding Kurt Geiger, revenue decreased by 14.8% [9] - Net income attributable to Steve Madden Ltd. for the quarter was $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share in Q3 2024 [13] - Operating income for the quarter was $46.3 million, or 6.9% of revenue, down from $85.4 million, or 13.7% of revenue in the prior year [12] Business Line Data and Key Metrics Changes - Wholesale revenue was $442.7 million, down 10.7% compared to Q3 2024. Excluding Kurt Geiger, wholesale revenue decreased by 19% [9] - Direct-to-consumer (DTC) revenue increased by 76.6% to $221.5 million. Excluding Kurt Geiger, DTC revenue increased by 1.5% [9] - Wholesale footwear revenue was $266.5 million, a 10.9% decrease from the comparable period in 2024, or down 16.7% excluding Kurt Geiger [9] Market Data and Key Metrics Changes - Comp sales for the Kurt Geiger brand were up mid-teens in Q3 2025, indicating strong consumer response [6] - The company ended the quarter with 397 company-operated retail stores, including 99 outlets, and 7 e-commerce websites [10] Company Strategy and Development Direction - The company is focused on deepening consumer connections through compelling products and effective marketing, particularly for the Steve Madden brand [5] - The acquisition integration of Kurt Geiger is on track, with progress on revenue synergies and cost savings opportunities [7] - The company plans to open a handful of stores in the U.S. for Kurt Geiger next year and expects growth in both retail and wholesale channels [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by new tariffs but believes the worst is behind them, with order patterns from wholesale customers normalizing [4] - The company expects revenue to increase by 27%-30% in Q4 2025 compared to Q4 2024, with earnings per share projected in the range of $0.41-$0.46 [14] - Management expressed confidence in improved financial performance in Q4 and the long-term growth potential of their brands and business model [8] Other Important Information - Consolidated gross margin was 43.4%, up from 41.6% in the comparable period of 2023, primarily due to the higher mix of DTC from Kurt Geiger [10] - The company approved a quarterly cash dividend of $0.21 per share, payable on December 26, 2025 [14] Q&A Session Summary Question: How is the fashion developing this fall and inventory levels in the wholesale channel? - Management noted strong performance in the core Steve Madden women's shoe business, particularly in boots, and expressed confidence in spring prospects [17][18] Question: What is the expected revenue contribution from Kurt Geiger in Q4? - Management expects Kurt Geiger's revenue contribution to be between $182 million and $187 million, with over 70% coming from DTC [20][21] Question: How is the margin structure expected to recover? - Management believes all margin erosion is recoverable over time, with tariffs expected to be reflected in retail prices [64][65] Question: What is the outlook for the wholesale business by type? - Management indicated the strongest performance is in regular price channels, while value price channels have faced more pressure [85] Question: How is Kurt Geiger performing by region? - Kurt Geiger is growing in all core regions, including the U.K., U.S., and Europe [42] Question: What are the expectations for international brand growth? - Management anticipates high single-digit revenue growth for Steve Madden internationally in 2025 and strong double-digit growth for Kurt Geiger [73]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was $667.9 million, a 6.9% increase compared to Q3 2024. Excluding Kurt Geiger, revenue decreased by 14.8% [9] - Wholesale revenue was $442.7 million, down 10.7% compared to Q3 2024, with a 19% decrease when excluding Kurt Geiger [9] - Direct-to-consumer revenue increased by 76.6% to $221.5 million, with a 1.5% increase when excluding Kurt Geiger [9] - Net income attributable to Steve Madden Ltd. was $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share in Q3 2024 [13] Business Line Data and Key Metrics Changes - Wholesale footwear revenue was $266.5 million, a 10.9% decrease from Q3 2024, or down 16.7% excluding Kurt Geiger [9] - Wholesale accessories and apparel revenue was $176.2 million, down 10.3% compared to the prior year, or down 22.5% excluding Kurt Geiger [9] - Direct-to-consumer gross margin was 61.9%, down from 64% in the comparable period in 2024 due to tariff pressures and the addition of Kurt Geiger [11] Market Data and Key Metrics Changes - Comp sales for Kurt Geiger London were up mid-teens in Q3 2025, indicating strong consumer response [6] - The company operated 397 retail stores, including 99 outlets, and 7 e-commerce websites as of the end of the quarter [10] Company Strategy and Development Direction - The company is focused on deepening consumer connections through compelling products and effective marketing, particularly for the Steve Madden brand [5] - Strategic pricing actions and sourcing initiatives are being implemented to mitigate gross margin pressure [5] - The integration of Kurt Geiger is on track, with progress on revenue synergies and cost savings opportunities [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by new tariffs but expressed confidence that the worst is behind them [4] - There is optimism for improved financial performance in Q4 2025, with expectations of revenue growth of 27%-30% compared to Q4 2024 [14] - Management believes they have the brands and strategy to drive sustainable revenue and earnings growth over the long term [8] Other Important Information - The company declared a quarterly cash dividend of $0.21 per share, payable on December 26, 2025 [14] - Inventory at the end of the quarter was $476 million, compared to $268.7 million in Q3 2024 [13] Q&A Session Summary Question: How is the fashion developing this fall and what are the inventory levels in the wholesale channel? - Management noted strong performance in the core Steve Madden women's shoe business, particularly in boots, and expressed confidence in spring prospects [17][18] Question: What is the expected revenue contribution from Kurt Geiger in Q4? - Management expects Kurt Geiger's revenue contribution to be between $182 million and $187 million, with over 70% coming from DTC [20][21] Question: How is the margin structure expected to recover? - Management believes all margin erosion is recoverable over time, with expectations to return to pre-tariff margins eventually [64][65] Question: What is the performance outlook for wholesale channels? - Strongest performance is seen in regular price channels, while value price channels have faced more pressure [85] Question: How is the international growth outlook for Steve Madden and Kurt Geiger? - Steve Madden is expected to see high single-digit revenue growth internationally, while Kurt Geiger is anticipated to achieve strong double-digit growth [73]