Core Insights - The company reported a decline in revenues for FY 2025, totaling €172.0 million, which represents an 8.6% decrease compared to 2024 [1] - Q4 2025 revenues were €44.6 million, down 6.9% year-over-year [1] Financial Performance - France's revenues fell by 12.9% to €19.2 million in Q4 2025, primarily due to complex trade negotiations with Off-Trade customers [2] - The overall revenue for the France Cluster in 2025 was €69.1 million, down 17.6% from 2024 [11] - The International Cluster recorded revenues of €102.9 million in 2025, a decline of 1.4% compared to the previous year [15] Market Dynamics - The global spirits market experienced a significant slowdown, impacting the company's performance [1] - The William Peel brand faced delisting by certain distributors, leading to a loss of market share [9][12] - The On-Trade market showed strong performance with a growth of 35.2% throughout 2025 [9] Regional Insights - In the United States, Q4 2025 revenues increased by 32.9%, driven by the Marie Brizard brand, although the annual performance showed a decline of 19.4% [21] - Spain's sales in Q4 2025 rose by 42.5%, largely due to a significant increase in Industrial Services activity [17] - Sales in Denmark fell by 25.7% in Q4 2025, contributing to an overall negative performance of -21.8% for the year [18] Strategic Initiatives - The company aims to focus on balanced commercial conditions with stakeholders and leverage its strategic assets for profitable growth [26][27] - An acquisition of a distribution company in Denmark at the end of 2025 is expected to enhance the company's brand portfolio and distribution capacity [28]

EBT was EUR 424.1 million with a margin of 7.5% . Anders said the gap between EBITDA and EBT widened versus the prior year due to higher depreciation in 2025 and a somewhat lower interest result, noting 2024 had special effects.On profitability, Anders reported EBITDA of EUR 602.3 million , calling it the highest the company has recorded, with EBITDA margin of 10.6% , up 0.5 percentage points from 2024 and within guidance of 10.2% to 10.8%. She noted fourth-quarter margin was about 11%.CFO Uta Anders said K ...

Core Insights - Disney has experienced significant underperformance, losing over 40% of its market capitalization in the last five years, leading to the rehiring of former CEO Bob Iger in late 2022 [1] - Iger is set to transition leadership to Josh D'Amaro next month but will remain a strategic advisor until the end of the year to ensure a smooth handover [1] Streaming Business Performance - Under Iger's leadership, Disney shifted its streaming business strategy from growth to profitability, resulting in an operating profit of $450 million in Q1 fiscal 2026, with a margin of 8.4% [5] - The company anticipates achieving a margin of 10% for the full year, a significant turnaround from an operating loss of nearly $1.5 billion in Q4 2022 [5] Experiences Business Growth - Disney's Experiences segment, which includes Parks, generated revenues exceeding $10 billion in the most recent quarter, marking a significant milestone [6] - This segment is crucial for Disney's profits and has faced challenges affecting guest experience; however, Iger has committed to a multi-year, multi-billion-dollar investment to enhance this area [6] Box Office and Financial Performance - Disney's box office performance has shown improvement under Iger, with the company being the top-grossing studio in 2024 and 2025 [7] - Consolidated revenues for Disney reached $26 billion in Q1 fiscal 2026, up from $23.5 billion in Q1 fiscal 2023, with adjusted EPS increasing from $0.99 to $1.63 during the same period [8]

Core Insights - Cooper Standard reported strong cash flow and margin expansion for the fourth quarter and full year 2025, despite industry disruptions [1][2] - The company anticipates further improvements in 2026, with adjusted EBITDA margins expected to reach or exceed 10% of sales [1] Financial Performance - Fourth Quarter 2025: - Net cash provided by operating activities was $56.2 million, and free cash flow was $44.6 million [1] - Adjusted EBITDA totaled $34.9 million, representing 5.2% of sales [1] - Net income was $3.3 million, or $0.18 per diluted share, a decrease of $36.9 million compared to Q4 2024 [1] - Sales increased by 1.8% to $672.4 million compared to Q4 2024 [1] - Full Year 2025: - Net cash provided by operating activities was $64.4 million, and free cash flow was $16.3 million [1] - Adjusted EBITDA was $209.7 million, or 7.6% of sales, an increase of $29.0 million from 2024 [1] - Net loss improved to $4.2 million, or $(0.23) per diluted share, an improvement of $74.6 million from 2024 [1] - Sales totaled $2.74 billion, a 0.4% increase from 2024 [1] Segment Performance - Sealing Systems: - Sales were $357.8 million, up from $350.4 million in Q4 2024 [2] - Adjusted EBITDA decreased to $32.1 million from $40.2 million in Q4 2024 [2] - Fluid Handling Systems: - Sales were $297.1 million, up from $294.8 million in Q4 2024 [2] - Adjusted EBITDA decreased to $15.1 million from $27.3 million in Q4 2024 [2] Cash Flow and Liquidity - As of December 31, 2025, cash and cash equivalents totaled $191.7 million, with total liquidity of $352.6 million [1] - The company believes it has sufficient financial resources to support ongoing operations and strategic initiatives [1] New Business Awards - In 2025, Cooper Standard received new business awards totaling $297.9 million, with 74% related to battery electric and full-hybrid vehicle programs [1][2] - The company continues to leverage its engineering and manufacturing capabilities to win new business [1]

Financial Data and Key Metrics Changes - Oatly achieved its first full year of profitable growth, with revenue growth of 4.7% and positive Adjusted EBITDA of $6.8 million for the full year [24][25] - In Q4, revenue grew by 9.1%, with a constant currency growth of 4.3%, and gross margin improved to 34.5%, an increase of 580 basis points year-over-year [24][25] - Adjusted EBITDA for Q4 was positive $11 million, which is $17.1 million higher than the same quarter last year [24][25] Business Line Data and Key Metrics Changes - Volume growth in Europe and international segments was 13.9%, contributing to a $9.9 million increase in segment-adjusted EBITDA [26] - North America experienced an 8.8% revenue decline primarily due to a change in sourcing strategy at a large customer, but excluding this customer, the segment grew 10% in the quarter [26] - Greater China saw a slight decline in constant currency revenue, but the food service channel grew by 5% [26] Market Data and Key Metrics Changes - In established markets, Europe and international segments grew by 7%, while expansion markets saw fantastic growth of 54% [17] - North America also achieved solid growth of 7% in both retail and food service when excluding the largest food service customer [17] - Household penetration is increasing, particularly among younger consumers, indicating a positive trend for the brand [19] Company Strategy and Development Direction - Oatly is focused on executing a refreshed growth playbook that emphasizes increased relevance, attacking barriers to conversion, and increasing availability to consumers [13][20] - The company plans to continue investing in new product innovations, including flavored Barista products and matcha offerings, to attract a broader consumer base [21][23] - A strategic review of the Greater China segment is planned for 2026, with options including a potential carve-out to maximize growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving stronger profitable growth in 2026, expecting constant currency revenue growth of 3%-5% and Adjusted EBITDA of $25 million-$35 million [12][28] - The company is committed to improving free cash flow, which is expected to be negative in 2026 but will show improvement from 2025 levels [27][28] - Management highlighted the importance of maintaining a culture of efficiency and continuous improvement to support growth [11] Other Important Information - Oatly has reduced its cost of goods sold per liter by 23% and total SG&A by nearly $100 million, reflecting significant restructuring efforts [9][10] - The company is focused on brand-building investments, particularly in the first half of 2026, to support its growth strategy [28] Q&A Session Summary Question: Expectations for North America food service in 2026 - Management noted that they have diversified their customer base and expect continued growth outside of the large customer that has been a drag on performance [33][35] Question: Enhancing protein content in response to competitors - Management emphasized their focus on fiber rather than protein, aligning with consumer trends towards fiber-rich diets [40][41] Question: Drivers of oat milk category declines in U.S. retail - Management acknowledged category softness but highlighted their strong performance and penetration growth, indicating a positive outlook for the brand [46][49] Question: Free Cash Flow expectations and improvements - Management explained that Free Cash Flow has not improved sequentially due to various factors, but they expect significant improvements in 2026 driven by higher Adjusted EBITDA and better working capital management [67][70]

Financial Data and Key Metrics Changes - Oatly achieved its first full year of profitable growth, with revenue growth of 4.7% and adjusted EBITDA of $6.8 million for the full year [24][25] - In Q4, revenue grew by 9.1%, with a gross margin of 34.5%, an increase of 580 basis points compared to the previous year [24][25] - Adjusted EBITDA for Q4 was $11 million, which is $17.1 million higher than the same quarter last year [24][25] Business Line Data and Key Metrics Changes - Volume growth in Europe and International was 13.9%, contributing to a $9.9 million increase in segment-adjusted EBITDA [26] - North America experienced an 8.8% revenue decline primarily due to a change in sourcing strategy at a large customer, but excluding this customer, the segment grew 10% [26] - Greater China saw a slight decline in constant currency revenue, but adjusted EBITDA improved to $1.1 million [26] Market Data and Key Metrics Changes - In Europe and International, constant currency revenue growth accelerated to 14% in Q4 [18] - North America revenue growth accelerated to 10% in Q4 when excluding the largest food service customer [18] - Oatly became the number one plant-based drink brand in Germany, marking significant market share growth [19] Company Strategy and Development Direction - Oatly is focused on executing a refreshed growth playbook aimed at increasing relevance, attacking barriers to conversion, and enhancing availability to consumers [13][20] - The company plans to continue investing in brand-building and product innovation, particularly in the Barista lineup and new flavors [20][21] - A strategic review of the Greater China segment is planned for 2026, with options including a potential carve-out to maximize value [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving stronger profitable growth in 2026, expecting constant currency revenue growth of 3%-5% and adjusted EBITDA of $25 million-$35 million [12][29] - The management highlighted the importance of improving free cash flow and maintaining a disciplined approach to investments [8][27] - There is a focus on addressing the fiber deficit in diets, leveraging Oatly's fiber credentials to attract health-conscious consumers [22][42] Other Important Information - The company has reduced its cost of goods sold per liter by 23% and total SG&A by nearly $100 million [9][10] - Oatly's business plan remains fully funded, with expectations for continued improvement in free cash flow despite not achieving positive free cash flow in 2026 [27][28] Q&A Session Summary Question: Expectations for North America food service in 2026 - Management noted that the food service segment outside the large customer now represents 30% of total segment revenue and is expected to continue growing strongly [35][36] Question: Enhancing protein content in response to competitors - Management emphasized their focus on fiber rather than protein, citing a fiber deficit in the Western diet and a growing trend towards fiber-rich products [41][42] Question: Drivers of oat milk category declines in U.S. retail - Management acknowledged category softness in traditional retail but highlighted strong performance in food service and club channels, with a focus on brand investment to drive demand [46][48] Question: Free cash flow improvement expectations - Management explained that free cash flow improvements are expected in 2026 due to higher adjusted EBITDA and better working capital management [52][70] Question: Increasing household penetration among younger consumers - Management attributed the increase in household penetration to the new growth playbook and a focus on making signature drinks available at home [60][61]

Financial Data and Key Metrics Changes - The company achieved its first full year of profitable growth, with revenue growth of 4.7% and 2.2% on a constant currency basis for the full year [23] - Adjusted EBITDA was positive at $6.8 million for the full year, marking a significant improvement [23] - In Q4, revenue grew by 9.1% and 4.3% on a constant currency basis, with a gross margin of 34.5%, an increase of 580 basis points compared to last year's Q4 [23][24] Business Line Data and Key Metrics Changes - Volume growth in Europe and international segments was 13.9%, contributing to a $9.9 million increase in segment-adjusted EBITDA [25] - North America experienced an 8.8% revenue decline primarily due to a change in sourcing strategy at a large customer, but excluding this customer, the segment grew 10% in the quarter [25] - Greater China saw a slight decline in constant currency revenue, but the food service channel grew by 5% [25] Market Data and Key Metrics Changes - The Europe and international segment saw solid growth of 7% in established markets and 54% in expansion markets [16] - North America also achieved 7% growth in both retail and food service when excluding the largest food service customer [16] - Household penetration is increasing, particularly among younger consumers, indicating a positive trend for the brand [18] Company Strategy and Development Direction - The company is focused on executing a refreshed growth playbook that emphasizes increased relevance, attacking barriers to conversion, and increasing availability to consumers [12][19] - Plans for 2026 include completing a strategic review of the Greater China segment and potentially accelerating growth through various options [11] - The company aims to maintain a culture of efficiency while driving growth and impact in a disciplined manner [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving stronger profitable growth in 2026, expecting constant currency revenue growth of 3%-5% and adjusted EBITDA of $25 million-$35 million [11][27] - The management highlighted the importance of driving efficiencies and improving free cash flow, which is expected to improve from 2025 levels [26] - The company is optimistic about the potential for growth in the oat milk category, despite current market pressures [45] Other Important Information - The company has reduced its cost of goods sold per liter by 23% and total SG&A by nearly $100 million, reflecting significant restructuring efforts [8][9] - The company plans to increase CAPEX to support growth, particularly in the Europe and International segment [29] Q&A Session Summary Question: Expectations for North America food service in 2026 - Management noted that they have diversified their customer base and expect continued growth outside the large customer that has been a drag on performance [32][34] Question: Enhancing protein content in response to competitor products - Management emphasized their focus on fiber rather than protein, aligning with consumer trends towards fiber-rich diets [39][41] Question: Drivers of oat milk category declines in U.S. retail - Management acknowledged category softness but highlighted their outperformance and increasing household penetration as positive indicators [45][49] Question: Free Cash Flow expectations and improvements - Management explained that improvements in free cash flow are expected in 2026, driven by higher adjusted EBITDA and better working capital management [52][70] Question: Increasing household penetration and its drivers - Management attributed the increase in household penetration to the new growth playbook and a focus on making products relevant to younger consumers [58][60]

4Q 2025 EARNINGS PRESENTATION FEBRUARY 2026 1 TODAY'S SPEAKERS –––––––––––––––––– JEAN-CHRISTOPHE FLATIN, CEO DANIEL ORDOÑEZ, GLOBAL PRESIDENT & COO MARIE-JOSÉ DAVID, CFO 2 LEGAL DISCLAIMER Forward - Looking Statements This document contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. An y express or implied statements contained in this document that are not statements of historical fact may be deemed to be for ward- looking statements, including, ...

Core Insights - Target is facing challenges with uneven performance, including sales declines, reduced foot traffic, and market share loss to competitors, exacerbated by consumer backlash over controversial decisions [1] - The company is under pressure as its partnership with Ulta Beauty is set to end in August 2026, prompting a sense of urgency to fill the beauty gap and maintain its one-stop shopping appeal [2] Strategic Initiatives - Target has launched a multi-year strategy aimed at achieving profitable growth and generating over $15 billion in additional sales by 2030, focusing on product innovation, customer needs, value delivery, and enhanced shopping experiences [3] - The retailer plans to introduce nearly 3,000 new beauty products and over 60 new brands starting in February, with more than 90% of items priced under $20, marking its largest spring beauty expansion to date [5][6] Customer Engagement and Experience - Target aims to create a differentiated beauty assortment and enhance the shopping experience through engaging product trial events and a commitment to affordable pricing [4][7] - The refreshed in-store experience will include clearer layouts, updated displays, and increased visibility for Target exclusives, designed to inspire exploration and interaction [10] Leadership and Technology - With Michael Fiddelke as the new CEO, Target is focusing on stylish, affordable products, improved technology, and a consistent guest experience to address recent challenges [11] - The company is utilizing AI-powered tools to identify emerging trends and design new merchandise, reflecting a commitment to innovation [12] Market Context - The U.S. beauty and personal care industry was valued at approximately $102.73 billion in 2024, with an expected annual growth rate of 7.1% through 2030, indicating a favorable market environment for Target's beauty expansion [17] - Consumer preferences are shifting, with only 14% of U.S. beauty shoppers believing that higher prices indicate better quality, suggesting a growing demand for value-driven products [17][18] Performance Outlook - Despite the strategic initiatives, Target anticipates a low single-digit decline in full-year 2025 sales, with a 1.5% year-over-year drop in net sales for the third quarter of 2025 [14] - Some categories, including Beauty, Food & Beverage, and Hardlines, have shown growth, which is why Target is concentrating its expansion efforts in these areas [16]

Core Insights - Snap, Inc. reported a positive fourth-quarter performance with earnings of three cents per share, surpassing the consensus estimate of a loss of three cents [1] - Quarterly revenue reached $1.72 billion, exceeding analyst expectations of $1.702 billion by 0.84%, and marking a 10.21% increase from $1.557 billion in the same period last year [1] User Metrics - Daily active users (DAU) decreased to 474,000 in the fourth quarter, down from 477,000 in the third quarter [2] - CEO Evan Spiegel indicated that the Q4 results reflect a strategic shift towards profitable growth, leading to revenue diversification and margin expansion [2] Analyst Ratings - Susquehanna analyst Shyam Patil maintained a Neutral rating on Snap and reduced the price target from $9 to $6.5 [3] - Mizuho analyst Lloyd Walmsley also maintained a Neutral rating, lowering the price target from $9 to $7 [3] - Rosenblatt analyst Barton Crockett kept a Neutral rating and cut the price target from $9.5 to $6.4 [3]