Hardman Johnston Global Advisors, an investment management company, released its “Hardman Johnston Global Equity Strategy” investor letter for the fourth quarter of 2025. A copy of the letter can be downloaded here. Global equity markets delivered robust results in the quarter, backed by easing inflation trends and strong economic data. The Hardman Johnston Global Equity Strategy returned 2.91%, net of fees, compared to the MSCI AC World Net Index’s 3.29% gain. The Financials and Consumer Staples sectors c ...

Chief Financial Officer Shane Tackett added that fourth-quarter adjusted EPS exceeded the early-December guidance by $0.33, attributing roughly half of the outperformance to better non-fuel cost performance, with the remainder driven by lower December fuel costs as West Coast refining margins normalized and a lower tax rate due to higher earnings.CEO Ben Minicucci said Alaska Air Group delivered adjusted earnings per share (EPS) of $0.43 in the fourth quarter and $2.44 for the full year, “both ahead of our ...

Financial Data and Key Metrics Changes - Pinnacle reported fourth quarter adjusted EPS of $2.24, stable quarter over quarter and up 18% year over year [10] - Net interest income increased 3% from the third quarter and 12% year over year [10] - Period-end loans grew at a strong 3% from the prior quarter and 10% year over year [10] - Core deposit growth was healthy at 3% quarter over quarter and 10% year over year [10] - Adjusted non-interest revenue declined 6% from the third quarter but jumped 25% year over year [10] - Synovus reported strong fourth quarter adjusted diluted EPS of $1.45, stable quarter over quarter and increased 16% year over year [11] Business Line Data and Key Metrics Changes - Legacy Pinnacle grew adjusted diluted EPS by 22% in 2025, while Legacy Synovus grew adjusted diluted EPS by 28% [7] - BHG contributed $31 million in fee revenue to Pinnacle [11] - Synovus generated healthy growth in adjusted non-interest revenue, which grew 6% from the prior quarter and 16% year over year to $144 million [12] Market Data and Key Metrics Changes - The merger between Pinnacle and Synovus was completed on January 1st, demonstrating effective integration [8] - The combined company expects period-end loans to grow to $91-$93 billion, or up 9%-11% versus combined loans at year-end 2025 [17] - Total deposits are expected to grow to $106.5-$108.5 billion, or up 8%-10% this year [18] Company Strategy and Development Direction - The company aims to deliver exceptional client service and industry-leading loyalty, focusing on attracting and retaining revenue producers [5][6] - The goal is to hire 250 total revenue producers in 2026, with loan growth supported by financial advisors hired in the past three years [17] - The company plans to realize $100 million in annualized merger-related expense savings in 2026 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving loan growth targets despite competitive pressures and economic uncertainties [44] - The company anticipates a constructive credit environment with net charge-offs estimated to be in the range of 20-25 basis points for the year [20] - Management is optimistic about the potential for revenue synergies and expects strong earnings performance in 2026 [21] Other Important Information - The company has undertaken a meaningful repositioning within the legacy Synovus securities portfolio, selling approximately $4.4 billion and purchasing new securities with an average yield of 4.7% [15] - The CET1 ratio ended the quarter at 10.88% for Pinnacle and at an all-time high of 11.28% for Synovus [11][14] Q&A Session Summary Question: What can the combined bank not do today that it will be able to do a year from now post-conversion? - Management indicated that both companies will operate on existing legacy platforms until conversion, but new capabilities and products will arise post-conversion [33] Question: When do you think you would actually initiate buybacks? - Management stated that they would reassess buybacks later in the year, with no purchases expected in the first or second quarter due to capital ratios [38] Question: Can you walk us through your confidence in achieving loan growth targets? - Management highlighted that fourth quarter pro forma company generated 10% loan growth already, with confidence stemming from existing team members and recent hires [44] Question: What is the outlook for fee income guidance for the capital markets business? - Management expressed optimism about capital markets as a growth area, expecting strong growth in capital markets fees in 2026 [54] Question: How do you plan to handle higher hold limits? - Management clarified that higher hold limits would allow for slightly larger loan sizes while still utilizing a strong syndicated platform to manage risk [80]

Core Viewpoint - A class action lawsuit has been filed against Primo Brands Corporation, alleging that the company misled investors regarding the merger with Primo Water Corporation and its integration process, leading to significant financial losses for shareholders [5]. Group 1: Allegations and Financial Impact - The lawsuit claims that during the class period, the defendants provided positive statements about the merger and its integration, despite facing significant technology and service issues that negatively impacted operations [5]. - On November 6, 2025, Primo Brands announced the replacement of its CEO and a reduction in its full-year 2025 net sales and adjusted EBITDA guidance, which led to a stock price decline of $8.20 per share, or over 36%, resulting in a loss of $2.0 billion in market capitalization within two trading days [5]. Group 2: Legal Actions and Investor Rights - Investors who purchased shares of Primo Brands or Primo Water during specified periods are encouraged to contact Bragar Eagel & Squire, P.C. to discuss their legal rights and options [4]. - The deadline for investors to apply to be appointed as lead plaintiff in the lawsuit is January 12, 2026 [5].

Core Insights - Primo Brands Corporation is a leading North American branded beverage company focused on healthy hydration, offering responsibly sourced products across various formats and channels [1] - A class action lawsuit has been filed against Primo Brands Corporation, alleging that the company misled investors regarding its merger with Blue Triton Brands [3][4] Company Overview - Primo Brands Corporation operates in the beverage industry, distributing products in every U.S. state and Canada [1] - The company emphasizes healthy hydration and offers a range of products for different consumer occasions [1] Legal Issues - The class action represents stockholders who acquired shares of Primo Water Corporation and Primo Brands Corporation during specified periods [2] - Allegations include misleading statements about the merger's integration process, which reportedly faced significant challenges [5] - The merger was described as a transformative all-stock transaction expected to enhance financial and operational capabilities [4] Financial Impact - Following the announcement of leadership changes and reduced financial guidance, Primo Brands' stock price fell by over 36%, resulting in a loss of $2.0 billion in market capitalization within two trading days [6]

Core Viewpoint - A securities class action lawsuit has been filed against Primo Brands Corporation following issues related to its merger with BlueTriton Brands, alleging misleading statements about the merger's success and integration process [1][3]. Group 1: Lawsuit Details - The lawsuit aims to represent investors who acquired Primo Brands' common stock between June 17, 2024, and November 6, 2025 [2]. - The firm Hagens Berman is investigating claims against Primo Brands and its executives, urging affected investors to report their losses [2][3]. - The litigation focuses on claims that Primo's assurances regarding the merger's benefits were false, as the integration was reportedly problematic and negatively impacted performance [3][5]. Group 2: Financial Impact - On August 7, 2025, Primo's Q2 financial results revealed integration issues, leading to a share price drop of $2.41 (-9%) [3][6]. - Following the announcement of leadership changes and Q3 financial results on November 6, 2025, Primo was forced to revise its 2025 revenue forecast from expected growth of 3%-5% to a low single-digit decline, resulting in a share price crash of $8.20 (-36%) the next day [5][6]. Group 3: Management Response - New CEO Eric Foss acknowledged that the company may have moved too quickly during the merger integration, which led to customer service and operational issues [5]. - Foss indicated that there is still significant work needed to resolve ongoing customer service problems related to the merger [5]. Group 4: Investigation and Whistleblower Information - Hagens Berman is investigating the extent of company leadership's awareness of integration problems that contradicted their public assurances [7]. - The firm encourages individuals with non-public information about Primo to consider whistleblower options, which may offer rewards for information leading to successful recovery [7].

Core Viewpoint - Primo Brands Corporation is facing a class action lawsuit due to allegations of misleading investors regarding its merger with Primo Water Corporation and Blue Triton Brands, which has resulted in significant financial repercussions for the company [3][4][5]. Company Overview - Primo Brands Corporation is described as a leading North American branded beverage company focused on healthy hydration, with products distributed across all U.S. states and Canada [1]. Class Action Details - The class action represents stockholders who acquired common stock of Primo Water Corporation between June 17, 2024, and November 8, 2024, and/or common stock of Primo Brands Corporation between November 11, 2024, and November 6, 2025 [2]. Allegations and Financial Impact - The lawsuit claims that the company misled investors about the merger's integration process, which was reportedly facing significant challenges, including technology and service issues, contrary to the positive statements made by the defendants [4][5]. - On November 6, 2025, the company announced a CEO replacement and slashed its full-year 2025 net sales and adjusted EBITDA guidance, leading to a stock price decline of $8.20 per share (over 36%), resulting in a loss of $2.0 billion in market capitalization within two trading days [6].

Core Viewpoint - A securities class action lawsuit has been filed against Primo Brands Corporation following issues related to its merger with BlueTriton Brands, alleging misleading statements about the merger's success and integration process [1][3][4]. Group 1: Lawsuit Details - The lawsuit aims to represent investors who acquired Primo Brands' common stock between June 17, 2024, and November 6, 2025 [2][3]. - Hagens Berman, a prominent shareholder rights law firm, is investigating the claims against Primo Brands and its executives [2][8]. - The litigation focuses on claims that Primo's assurances regarding the merger's benefits were false, as the integration was reportedly problematic and negatively impacted the company's performance [3][4]. Group 2: Financial Impact - Investors began to realize the issues on August 7, 2025, when Primo announced its Q2 2025 results, revealing disruptions in product supply and service due to rapid operational changes [4][6]. - Following the announcement of significant integration issues and a change in leadership on November 6, 2025, Primo was forced to revise its 2025 revenue forecast from expected growth of 3%-5% to a low single-digit decline [6][7]. - The market reacted negatively, with Primo's share price dropping by $8.20 (-36%) the day after the announcement [7].

Summary of Primo Brands (PRMB) Update - August 11, 2025 Company Overview - **Company**: Primo Brands Corporation - **Industry**: Bottled Water and Beverage Industry Key Points and Arguments Operational Challenges - **Impact of Weather and Natural Disasters**: The company faced significant challenges in Q2 due to tornado damage at the Hawkins, Texas retail plant and adverse weather conditions in the Northeast, where it holds a 40% market share [2][60]. - **Merger-Related Issues**: The company closed 40 facilities in Q2, totaling 48 closures to date, as part of a restructuring effort post-merger [3][4]. This aggressive approach aimed to expedite synergy delivery but led to supply chain disruptions [4][10]. - **Workforce Reduction**: A total of 1,600 associates were laid off to prioritize speed in synergy delivery [4]. Service Levels and Recovery - **Service Restoration**: The company reported a 92% daily service rate, aiming to return to pre-merger levels of over 95% by Q4 [6][11]. Minor disruptions are expected to continue for the next 8-10 weeks [6]. - **Customer Impact**: Approximately 10-20% of customers experienced delivery issues, but the company noted resilience in customer retention, with only a slight increase in attrition [17][18]. Financial Performance - **Growth Metrics**: Despite challenges, the company reported a net growth of 11 basis points in the first half of the year and a 3% top-line growth in Q1 [3][13]. - **Churn Rate**: The company experienced a net customer loss of about 1-1.5%, equating to approximately 50,000 customers out of a 3 million user base [22][53]. - **Win-Back Campaigns**: The company is implementing win-back strategies to recover lost customers, offering discounts and free products to encourage re-engagement [56]. Market Position and Strategy - **Market Share Growth**: The company has grown its market share by 11 basis points in the first half of the year, with a 2.2% dollar share growth reported recently [3][60][61]. - **Product Portfolio**: The company offers a diverse range of products across various price points, which helps maintain competitiveness in a fluctuating market [62][63]. - **Private Label Competition**: There has been a slight increase in private label share, indicating a shift in consumer confidence [60]. Future Outlook - **Synergy Goals**: The company aims to achieve $200 million in synergies by the end of year three post-merger, with a focus on operational efficiency and cost reductions [9][92]. - **Long-Term Growth**: The company is targeting a 25% adjusted EBITDA margin by 2027 through synergies, efficiency gains, and pricing optimizations [93]. - **Innovation and Market Expansion**: The company is positioned for long-term growth with plans for innovation and market expansion beyond 2025 [94]. Additional Insights - **ERP Transition**: The transition from Oracle to SAP has not caused significant issues, although some delays were noted due to the adoption of new technology by associates [43][45]. - **Office Coffee Services**: The company has decided to discontinue its office coffee services due to declining demand and to simplify its operations [48][49]. Conclusion Primo Brands is navigating through operational challenges stemming from weather-related disruptions and merger integration issues. Despite these hurdles, the company remains optimistic about its market position, growth potential, and long-term financial targets. The focus on restoring service levels and customer engagement through win-back campaigns is critical for recovery in the upcoming quarters.

Core Insights - SR Bancorp returned to profitability in Q4 2025, reporting GAAP net income of $823,000 ($0.10 per share), a significant recovery from a GAAP net loss of $3.0 million ($0.34 per share) in Q4 2024 [1][2] - Revenue reached $7.97 million, marking a 96.7% increase year-over-year, primarily due to improved asset quality and the absence of merger-related costs from the previous year [1][2] - The net interest margin narrowed to 2.90% from 3.22%, reflecting rising funding costs and competitive pressures in the deposit market [1][7] Financial Performance - Net income increased by $3.9 million compared to the prior year, driven by the completion of merger-related restructuring and normalization of taxes and credit provisions [5] - Adjusted net income (Non-GAAP) was $515,000, compared to a loss of $499,000 in the previous year [2][5] - Total deposits rose to $846.0 million, a 4.8% increase from $807.1 million in Q4 2024 [2][7] Business Overview - SR Bancorp operates as a community bank in New Jersey, offering a range of banking services including deposit accounts, residential and commercial mortgages, and business lending solutions [3] - The company's growth strategy focuses on market expansion, particularly following the acquisition of Regal Bancorp, which enhanced its commercial lending capabilities [3] Operational Highlights - Loan portfolio growth was robust, with net loans increasing by 8.9% year-over-year, driven by residential and multi-family loans [7] - Noninterest income improved significantly, moving from a loss in the prior period to a positive figure, as the company did not repeat last year's loss from security sales [6] - Noninterest expense rose by 3.3%, with higher salaries and benefits partially offset by lower data processing costs post-merger [8] Future Outlook - Management did not provide explicit forward guidance for fiscal 2026, highlighting ongoing challenges related to net interest margin pressure and rising funding costs [11] - Investors are expected to monitor the bank's core profitability and seek clarity on potential margin stabilization, with asset quality and deposit mix being key factors [12]