AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR14 NOVEMBER 2025 Please find below the Highlights and Chairman’s commentary from the Richemont FY26 - Interim Results announcement. RICHEMONT DELIVERS SOLID RESULTSFOR THE SIX-MONTH PERIOD ENDED 30 SEPTEMBER 2025WITH STRONG SALES MOMENTUM IN Q2 Group highlights Group sales at € 10.6 billion with 10% growth at constant rates (+5% actual); Q2 acceleration to +14%Growth in operating profit to € 2.4 billion underpinned by strong sales contribution and continued cost di ...

Core Insights - Corning Incorporated (GLW) is experiencing strong growth in its Specialty Materials segment, driven by robust demand in the consumer electronics market, with Q3 revenues reaching $621 million, a 13% increase year over year, and net income rising 57% to $113 million [1][8] Consumer Electronics Demand - Major smartphone manufacturers, including Samsung, Xiaomi, and OnePlus, are adopting Corning's Gorilla Glass Ceramic 2 in their latest premium devices, enhancing the company's market position [2] - Apple plans to invest $2.5 billion in Corning's Kentucky facilities for the development of cover glass for iPhones and Apple Watches, as part of a broader $600 billion multi-year investment in the U.S., which significantly boosts Corning's consumer electronics segment [3] Specialty Materials Segment - Corning's Specialty Materials segment serves diverse markets such as semiconductor, aerospace, defense, and telecommunications, which enhances the company's resilience against macroeconomic challenges. Revenue is projected to reach $2.16 billion by 2025, reflecting a 7.3% year-over-year growth [4] Competitive Landscape - Universal Display Corporation (OLED) is also benefiting from increased OLED usage across various consumer electronics, although its revenue declined from $161.6 million to $139.6 million year over year [5] - InterDigital, Inc. (IDCC) reported a rise in net sales from $128.7 million to $164.7 million, driven by a licensing agreement with Samsung [6] Financial Performance and Valuation - Corning's stock has increased by 89.2%, compared to a 139.4% growth in the communications components industry [7] - The company's shares are currently trading at a forward P/E ratio of 30.41, which is lower than the industry average [9] - Earnings estimates for Corning for 2025 and 2026 have seen upward revisions over the past 60 days, indicating positive market sentiment [11]

Certain statements in this presentation, including our guidance and business strategies, are forward- looking statements that involve risk, uncertainty and assumptions, and are based on information as of November 4, 2025. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review our Annual Report on Form 10-K, Form 10-Qs filed in 2025 and our other filings with the U.S. Securities and Exchange Commission. Third Quarter ...

Core Viewpoint - Chipotle's stock experienced a significant decline of over 20% following the release of its Q3 earnings, which met expectations for earnings but fell short on revenue, leading to investor concerns about future performance [1]. Financial Performance - In Q3, Chipotle reported in-line earnings but weaker-than-expected revenue, contributing to a stock drop of approximately 45% year-to-date [2][3]. - The company's CEO indicated that same-store sales have not improved in October and are projected to decline by about 5% in 2025 [1]. Market Sentiment - Analysts express caution regarding Chipotle shares, noting that the traffic slowdown in Q3 was anticipated, but the extent of the decline was surprising, leading to a broader decrease in customer visits across all income levels [3]. - The stock's valuation remains unattractive, with a forward price-earnings ratio nearing 34x, significantly above the industry average [5]. Macroeconomic Factors - Several macroeconomic challenges, including unemployment, low inflation-adjusted wage growth, and increased student loan repayments, may hinder Chipotle's recovery in the near term [6]. Analyst Recommendations - Following the Q3 earnings report, at least five Wall Street firms lowered their price targets for Chipotle shares, although the average target still suggests potential upside from current levels [8].

Kenvue Inc. (NYSE:KVUE) is one of the best up and coming stocks to buy right now. On October 27, Jefferies analyst Keith Devas lowered the firm’s price target on Kenvue to $23 from $25 and maintained a Buy rating on the shares, as the current macroeconomic challenges are impacting consumer health stocks more than the consumer staples sector. Resultantly, Jefferies lowered its price targets and earnings estimates for the entire consumer health coverage ahead of Q3 2025 reports. Earlier on October 24, Deuts ...

Core Insights - U.S. fashion and footwear firms are performing relatively well compared to other sectors in terms of corporate bankruptcies [1] Bankruptcy Statistics - In 2025, only two fashion firms, Claire's Holdings LLC and F21 OpCo LLC, filed for bankruptcy with liabilities exceeding $1 billion, out of a total of 26 firms in various sectors [2] - The healthcare and information technology sectors have seen a higher number of bankruptcies, while other consumer discretionary firms like At Home Group Inc. and Joann Inc. were not in apparel or footwear [2] Reorganization vs. Liquidation - The third quarter saw a 23% increase in bankruptcy reorganizations, totaling 137, while liquidations decreased by over 9% to 69 [3] - Claire's managed to avoid liquidation by selling assets for $140 million, resulting in the closure of 300 stores but preserving 960 locations [4] Overall Bankruptcy Trends - The total number of large bankruptcies is on track to reach the highest level since 2010, with 582 cases filed through September [5] - The S&P report attributes the rise in bankruptcies to overleveraged firms facing macroeconomic challenges, particularly in refinancing low-interest debt amid high interest rates [7] Specific Company Bankruptcies - Notable bankruptcies in the footwear sector include Soleply, Amiga Shoes, and CaaStle, with the latter two filing for Chapter 7 liquidation [6]

Core Insights - Fastenal Company is a leading distributor of industrial and construction supplies, known for its extensive product range and robust supply chain, competing with players like Grainger and MSC Industrial Direct [1] - Despite recent challenges, Fastenal continues to show resilience and growth in a competitive market [1] Financial Performance - Fastenal's Q3 revenue grew by 11.7% to $2.13 billion, slightly below the Zacks Consensus Estimate of $2.14 billion, resulting in a revenue surprise of -0.11% [3][6] - The company's earnings per share (EPS) for Q3 were $0.29, up from $0.26 a year ago, but missed the consensus estimate of $0.30, leading to an EPS surprise of -3.33% [4][6] Insider Activity - On October 16, 2025, director HSU Hsenghung Sam purchased 1,000 shares of Fastenal at $42.45 each, increasing his total holdings to 9,000 shares, signaling confidence in the company's future prospects [2][6] Strategic Positioning - Fastenal is expanding its margins and demonstrating growth despite macroeconomic headwinds, with effective supplier initiatives and tariff mitigation strategies benefiting its margins [5]

Core Insights - The apparel industry is characterized by rapid changes in consumer preferences, leading to potential market share losses for brands like Lululemon if they fail to adapt [1] - Lululemon has experienced a significant growth slowdown in North America, with its stock price dropping 66% from its peak in early 2024 due to shifting trends towards baggier clothing [2] - Despite the slowdown, Lululemon's stock may be undervalued relative to its underlying business, raising questions about whether it is a buying opportunity [2] North American Market Performance - Lululemon's primary market is North America, where it has historically led the premium athleisure segment, particularly with leggings [3] - In the last quarter, net revenue in the Americas grew by only 1% year over year, contributing to a consolidated growth rate of just 6% on a constant-dollar basis [3] - The growth slowdown is attributed to a mismatch between Lululemon's product offerings and evolving consumer tastes, prompting the company to refresh its inventory with looser fitting styles [4] Competitive Landscape - The overall decline in consumer spending on apparel has affected Lululemon, but it remains in a stronger position compared to competitors like Nike and Athleta, which have reported declining revenues [5] - Lululemon's management indicated that the company has continued to gain market share in both men's and women's apparel despite the broader market challenges [5] Future Outlook - While concerns about Lululemon's slowing growth in North America are valid, the company's efforts to adjust its product lineup and the current macroeconomic environment suggest that the stock's decline may be overblown [6] - Lululemon's international growth remains strong, and the company is actively repurchasing shares, indicating confidence in its long-term prospects [7]

Fiscal 2026 Outlook Update - The company updated its fiscal year 2026 outlook, projecting organic net sales to decline by 6% to 4% for the enterprise and 4% to 2% for the beer business [11] - The company anticipates a reported operating income growth of 666% to 686%, but a comparable operating income decline of 11% to 9% [11] - Corporate expense is expected to be $225 million [11] - The company forecasts reported EPS of $10.77 to $11.07 and comparable EPS of $11.30 to $11.60 [11] - Operating cash flow is projected to be $2.5 billion to $2.6 billion, with free cash flow estimated at $1.3 billion to $1.4 billion [11] Market and Consumer Trends - Ongoing U S consumer demand headwinds are impacting the business, with employment in 4,000+ calorie jobs remaining pressured [12] - Consumer sentiment remains volatile and depressed [12, 13] - High-end beer buy rates are declining due to ongoing consumer headwinds [14, 15] - The company's beer brands have higher levels of exposure to the Hispanic consumer, who are showing elevated concern about personal finances and the socioeconomic environment [17, 18, 19, 20] - Hispanic consumer high-end beer buy rates are down more than the total consumer [21, 22] Business Execution - The company is gaining distribution, shelf space, and volume share across the country, with mid-single-digit percentage growth in points of distribution and approximately 30,000 Shopper First Shelf resets [24] - The company has achieved approximately $445 million in beer cost savings from fiscal year 2024 through Q1 fiscal year 2026 [25]

Core Insights - Boston Scientific's second-quarter 2025 performance was significantly influenced by its international expansion, particularly in emerging markets, despite facing challenges from currency fluctuations and a tough macroeconomic environment [1][9]. Financial Performance - Year-to-date, Boston Scientific's shares have increased by 18.1%, outperforming the industry and S&P 500, which grew by 7.5% and 8.6% respectively [2]. - The company has a market capitalization of $155.90 billion and has consistently beaten earnings estimates over the past four quarters, with an average surprise of 8.11% [2]. Growth Drivers - The company is focusing on expanding its presence in emerging markets, which showed a robust revenue growth of 12.1% year-over-year in the second quarter of 2025 [3]. - In the EMEA region, sales grew by 1.8% operationally, while the Asia Pacific region saw a significant sales increase of 15.4%, driven by strong performance in China, Japan, Australia, and New Zealand [4]. - The MedSurg segment is a key growth area, with Urology sales increasing by 28% and Endoscopy business growing by 8% globally, supported by strong product performance [5][8]. Challenges - Boston Scientific is exposed to currency fluctuations, with 40% of its sales coming from international markets, leading to a 1.2% revenue headwind in Q2 2025 due to unfavorable foreign exchange rates [7][8]. - The company is also facing macroeconomic challenges, including geopolitical tensions and supply chain disruptions, which are expected to impact profitability and result in a tariff cost of approximately $100 million for the full year 2025 [9]. Future Outlook - The Zacks Consensus Estimate for 2025 earnings per share has increased by 2.1% to $2.91, with revenue estimates set at $19.49 billion, reflecting a 16.4% increase from the previous year [10].