Core Thesis - The Kraft Heinz Company (KHC) is positioned for growth through a strategic corporate split planned for 2026, separating its high-growth global business from its struggling North American grocery business [2][5]. Financial Performance - KHC's share price was $24.32 as of February 12th, with trailing and forward P/E ratios of 22.43 and 12 respectively [1]. - The company has a solid financial profile, with projected yearly free cash flow growth of 3–10%, a free cash flow yield of approximately 10%, and a debt-to-equity ratio of 0.5 [3]. Business Segmentation - The high-growth global business ("Good Co") includes strong brands like Heinz Ketchup and Primal Kitchen, benefiting from consumer loyalty and expansion potential, especially in emerging markets [2]. - The struggling North American grocery business ("Bad Co") includes legacy brands such as Oscar Mayer and Kraft Mac & Cheese, facing declining volumes and a significant $9.3 billion impairment [3]. Strategic Initiatives - KHC is advancing AI integration and digital transformation through various projects aimed at improving operational efficiency and innovation [4]. - Supply chain modernization efforts include a $400 million automated distribution center and initiatives for autonomous planning [4]. Market Outlook - The anticipated corporate split is expected to unlock substantial shareholder value, particularly for the high-growth global entity, while the stable cash flows from the North American business provide downside protection [5]. - The current low market valuation presents an attractive entry point, with potential upside ranging from 20–30%, and in optimistic scenarios, the possibility of doubling [5].

Financial Data and Key Metrics Changes - For the full year 2025, revenue was $2.136 billion, exceeding the high end of guidance, while adjusted EBITDA was $214 million, reflecting year-over-year growth of 5.6% [4][22] - Fourth quarter revenue was $570 million, a slight increase from $567 million in the prior year, with adjusted EBITDA at $62 million, or 10.9% of revenue, compared to $51 million, or 9% [21][22] - Full year revenue decreased by 3.2% compared to the prior year, while adjusted EBITDA increased by 5.6% [22][23] Business Line Data and Key Metrics Changes - In the Engage segment, fourth quarter revenue decreased by 1.8% to $444 million, but operating income increased by 62% to $36 million [24][25] - The Digital segment saw fourth quarter revenue increase by 9.2% to $125 million, driven by product resale, although operating income decreased slightly [27][28] - Full year revenue for the Engage segment was $1.67 billion, a decrease of 4.6%, while operating income increased by 18.8% [25][26] Market Data and Key Metrics Changes - The company noted a significant shift in the market towards AI-enabled solutions, with expectations of nearly 100% AI adoption among current clients by the end of 2026 [6][45] - The overall market for CX, IT, and SaaS-based services is projected to be $400 billion, with a growing demand for end-to-end transformative solutions [7][10] Company Strategy and Development Direction - The company is focused on profitable and sustainable growth, emphasizing the importance of AI in enhancing customer experience [4][10] - Strategic partnerships and technology integration are key components of the company's growth strategy, with a focus on delivering high-quality, AI-enabled solutions [6][15] - The company aims to rationalize underperforming contracts to secure a healthier client portfolio and superior margins [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the current macro environment and the complexities of AI adoption, emphasizing the need for operational realities to deliver effective customer experiences [7][8] - The company expects revenue declines in 2026, particularly in the Engage and Digital segments, but anticipates continued growth in adjusted EBITDA and operating income [38][41] Other Important Information - A non-cash goodwill impairment charge of $193 million was recorded due to a decline in market capitalization, but it does not impact the company's broader strategies [5][31] - Free cash flow improved to $83 million in 2025, compared to a negative $104 million in the prior year, reflecting better profitability and working capital management [33][34] Q&A Session Summary Question: AI adoption and ongoing work with customers - Management clarified that AI adoption refers to internal tools used to enhance efficiency and that they are focused on automating low-value transactions while maintaining human involvement for complex interactions [45][47] Question: Revenue mix between project-based and recurring revenue - Management indicated a focus on achieving a 50% recurring revenue model in the Digital segment and emphasized the integration of technology in the Engage segment [52][55] Question: Impact of offshore mix shift on revenue - Management noted that while there is a shift towards offshore operations, a significant portion of onshore revenue is tied to regulated sectors that cannot be moved offshore [62][63] Question: Defending against clients pushing for AI efficiency savings - Management stated that currently, clients are not pressuring for cost savings from AI efficiencies, as they are more focused on advisory services to leverage AI effectively [68][70] Question: Benefits from client consolidation - Management expects that client consolidation will accelerate as companies seek fewer partners with deeper technological capabilities [77][80]

Core Insights - The Sands Capital Technology Innovators Fund experienced mixed performance in Q4 2025, with a portfolio decline of 6.3% quarter-to-date and a 14.7% return over the year, driven by a narrow group of large-cap growth stocks and stock-specific challenges rather than macroeconomic factors [1] - The fund's top ten holdings represented approximately 59% of its assets, indicating a concentration in a few key stocks [1] - Despite challenges, many portfolio companies showed solid earnings growth in 2025, supported by revenue models linked to artificial intelligence, cloud computing, and digital transformation [1] Fund Performance - The fund's performance was affected by high-valuation innovation names facing pressure from slowing momentum and investor risk aversion [1] - Weaker performance in certain emerging technology holdings was offset by strength in select platform and infrastructure businesses [1] - The average annual portfolio turnover was noted to be 21%, reflecting a long-term investment strategy [1] Shopify Inc. Insights - Shopify Inc. (NASDAQ:SHOP) was highlighted as a key stock, with a one-month return of -4.03% and a market capitalization of approximately $164.362 billion as of February 26, 2026 [2] - The company reported a 28% year-over-year increase in gross merchandise value (GMV) in Q3, marking its strongest growth in four years [3] - Shopify's growth was broad-based across various geographies and merchant sizes, with notable acceleration in GMV per merchant and merchant services growth driven by payments adoption [3] - The company's strong share price performance is attributed to its perception as an AI beneficiary, particularly with the launch of AI-enabled merchant services and product discovery [3]

Core Viewpoint - Credicorp Ltd. is set to hold its 2026 Annual General Meeting of Shareholders on March 31, 2026, where the Board of Directors will propose new candidates for election as part of a structured refreshment process aimed at enhancing expertise in technology, AI, and financial governance [1][2]. Board Composition and Nominees - The Board will propose the election of three new directors: María Inés Álvarez (Independent), Juan Paredes Manrique (Independent), and Manuel Romero Valdez (Non-Independent) [3]. - The new nominees are intended to succeed retiring directors Antonio Abruña Puyol, Alexandre Gouvêa, and Patricia Lizárraga Guthertz, while all other current directors will stand for re-election [3][9]. Nomination Process - The nomination process was overseen by the Compensation and Nominations Committee, ensuring compliance with the Company's Bye-laws and Corporate Governance Policies, including independence assessments and conflict-of-interest safeguards [4]. - The Audit Committee will remain composed entirely of independent directors, maintaining robust oversight of financial reporting and risk management [4]. New Director Profiles - **María Inés Álvarez**: A technology executive with over 30 years of experience in AI and cybersecurity, previously at Microsoft, enhancing the Board's oversight of digital transformation [5]. - **Juan Paredes Manrique**: An independent consultant with extensive experience in external audit and regulatory matters, reinforcing financial reporting and compliance oversight [6]. - **Manuel Romero Valdez**: Chairman of Grupo Romero with a background in corporate finance and strategy, contributing to long-term capital allocation and governance [7]. Continuity and Experience - The Board will also propose the re-election of existing directors, including Nuria Aliño Pérez and María Teresa Aranzabal Harreguy, who bring continuity and deep institutional knowledge [8]. - The Board emphasizes maintaining diversity, with women representing one-third of its composition [4]. Dividend Policy Update - The Board approved an update to the Company's dividend policy, maintaining a minimum payout of 25% of consolidated net profits, aligning with regulatory capital considerations [11]. Company Overview - Credicorp is the leading financial services holding company in Peru, with operations in multiple countries and a diversified business portfolio across Universal Banking, Microfinance, Insurance & Pension Funds, and Investment Management & Advisory [12].

Core Viewpoint - Hays is facing a challenging recruitment market, with significant declines in net fees and operating profit, while implementing cost-cutting measures and strategic repositioning to improve performance in the second half of the fiscal year. Financial Performance - Pre-exceptional earnings per share decreased by 43% year-on-year to 0.46 pence, attributed to lower operating profit and a higher effective tax rate of 44.8% [1] - Pre-exceptional operating profit fell 25% to £20.1 million, with a £47 million reduction in net fees impacting operating profit by only £5 million due to disciplined execution [2] - Group net fees declined 9% to £453 million on a like-for-like basis, with temporary and contracting net fees down 7% and permanent net fees down 14% [3][7] Market Conditions - Global recruitment markets remain challenging, particularly in permanent hiring, with low client and candidate confidence leading to reduced activity and longer hiring times [3][4] - Regional trends show mixed performance, with signs of recovery in the UK & Ireland and ANZ, while Germany and France remain weak [5] Cost Management - Hays has achieved £50 million in annual savings in the first half and a total of £80 million over the past 2.5 years, with operating costs reduced by 8% (£40 million) [6][15] - Consultant productivity increased by 7% year-on-year, with significant productivity growth in the UK and Ireland [14] Leadership Changes - CEO Dirk Hahn has stepped down for personal reasons, with Mark Dearnley appointed as interim CEO while the board searches for a permanent replacement [4][7] Cash Flow and Balance Sheet - Hays reported cash from operations of £43.7 million, achieving a cash conversion rate of 217%, and ended the half with net cash of £40 million [17] - Free cash flow was £16.9 million after accounting for tax payments, net interest, and exceptional restructuring charges [18] Strategic Initiatives - The company is focusing on cost reduction and productivity improvements, with ongoing restructuring and transformation programs expected to yield further savings [12][15] - Hays is developing a next-generation digital platform to enhance operational efficiency, with an updated CRM system already live in Asia Pacific [26]

Financial Data and Key Metrics Changes - Net sales for Q4 2025 reached $2.13 billion, a 17.6% increase from $1.81 billion in Q4 2024 [15][24] - Net sales excluding the alcohol brand segment increased by 18.3% in Q4 2025 [15] - Gross profit as a percentage of net sales for Q4 2025 was 55.5%, compared to 55.3% in Q4 2024 [17] - Adjusted net income per diluted share for Q4 2025 increased by 30.4% to $0.51 from $0.39 in Q4 2024 [24] Business Line Data and Key Metrics Changes - Net sales for the Monster Energy Drinks segment increased by 18.9% to $1.99 billion in Q4 2025 [16] - Net sales for the strategic brand segment increased by 7.8% to $110 million in Q4 2025 [17] - Net sales for the alcohol brand segment decreased by 16.8% to $29 million in Q4 2025 [37] Market Data and Key Metrics Changes - Net sales to customers outside the U.S. increased by 26.9% to $903.3 million, representing approximately 42% of total net sales in Q4 2025 [28] - In EMEA, net sales increased by 32.6% in dollars and 25.9% on a currency-neutral basis [29] - In APAC, net sales increased by 11.5% in dollars and 13.9% on a currency-neutral basis [32] - In LATAM, net sales increased by 90.8% in dollars and 15.1% on a currency-neutral basis [35] Company Strategy and Development Direction - The company is focused on expanding its affordable energy drink offerings in emerging markets, with significant growth opportunities identified in Nigeria, Egypt, Kenya, Mexico, India, and China [46] - Innovation remains a key driver for growth, with a robust pipeline planned for 2026 and beyond [42] - The company is committed to digital transformation, including an upgrade to SAP S/4HANA, aimed at improving operational efficiency [21][42] Management's Comments on Operating Environment and Future Outlook - The energy drink category continues to grow globally, with increasing household penetration and consumer demand [41] - The company expects to continue gaining market share through core brand growth and innovation [42] - Management remains optimistic about the future, citing strong brand positioning and a solid relationship with The Coca-Cola Company [78] Other Important Information - The impact of tariffs and aluminum price increases on operating results was described as modest, with expectations for a further modest increase in costs in the first half of 2026 [15][14] - The company has approximately $500 million remaining for share repurchases under its authorized program [38] Q&A Session Summary Question: Market share gains internationally - Management highlighted the growth in the affordable energy category and its significance in emerging markets, estimating around 100 million unit cases for 2025 [46][47] Question: U.S. energy drink category outlook for 2026 - Management discussed the value proposition of energy drinks and expected continued distribution gains in 2026, emphasizing the importance of innovation and pricing strategies [52][54] Question: Margin performance and G&A expenses - Management clarified that gross margin increases were driven by pricing actions and supply chain optimization, while G&A expenses included costs related to digital transformation initiatives [58][62] Question: Pricing actions to offset cost pressures - Management confirmed ongoing reviews for potential price increases both domestically and internationally, with positive results from recent pricing actions [66] Question: Innovation phasing for the year - Management indicated that innovation will be staggered throughout the year, with a focus on maintaining strong repeat purchase rates [68] Question: New bottler performance in India - Management expressed excitement about the new bottler in India and the potential for growth in the region [71]

Financial Data and Key Metrics Changes - For Q4 2025, total revenues were $363.7 million, a decrease of 6.1% year-over-year from $387.2 million in Q4 2024 [26] - Residential data revenues decreased by 4.2%, while business data revenues decreased by 1.3% [26] - Adjusted EBITDA for Q4 2025 was $193.9 million, down 8.1% year-over-year, with an adjusted EBITDA margin of 53.3%, a contraction of 120 basis points [26][30] - Full year 2025 total revenues were $1.5 billion, down from $1.58 billion in 2024, with a $35 million decrease attributed to residential video [28] - Free cash flow for 2025 was $516.5 million, compared to $567.6 million in 2024 [31] Business Line Data and Key Metrics Changes - Residential data customers declined by approximately 10,700 in Q4 2025, although gross connect activity improved sequentially [9] - Business services saw strengthened performance, with average monthly installs increasing compared to the prior year [17] - The company launched a broker and agent sales channel to expand its commercial reach [17] Market Data and Key Metrics Changes - Nearly 60% of the company's passings now face gig-capable wired broadband competition, with over 50% reflecting fiber to the home [13] - Average monthly data usage reached approximately 835 GB per customer, with over 30% of customers exceeding 1 TB per month [13] - The company operates in a competitive environment with fixed wireless and fiber overbuilds impacting market dynamics [7] Company Strategy and Development Direction - The company is focused on defending its existing customer base while capitalizing on profitable growth opportunities [8] - Plans to expand mobile service offerings and enhance customer experience through new products and pricing strategies [10][16] - The company aims to deepen customer relationships and explore complementary services to enhance the core broadband relationship [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macro environment and competitive pressures but expressed confidence in the company's strategic direction [20] - The company is positioned to scale mobile services in a disciplined manner, with a broader launch expected in late Q1 2026 [16] - Management emphasized the importance of delivering value, experience, and reliability to earn customer loyalty [22] Other Important Information - The company plans to close the MBI acquisition in October, which is expected to enhance its service offerings in rural areas [19][35] - The company has made significant debt repayments, totaling $403.4 million during 2025, to strengthen its balance sheet [32] Q&A Session Summary Question: Early learnings about the company and broadband trajectory - Management highlighted strong brand awareness and a sound go-to-market strategy, with opportunities for additional product sets and AI tools to enhance customer satisfaction [42][43] Question: Mobile service integration and convergence strategy - Mobile is seen as integral to the company's strategy, with plans to enhance value for existing broadband customers [54] Question: Video service strategy and programming costs - Management indicated that all options are on the table for enhancing value for broadband customers, including low-cost streaming options [62][63] Question: Plans for improving broadband subscriber additions - Management noted that there is no quick fix, but improvements in customer acquisition and retention strategies are showing early results [70][71]

4Q25 Earnings Call February 26, 2026 Cautionary Statement Regarding Forward - Looking Statements Matters discussed in this presentation may constitute forward - looking statements . Forward - looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts . The words "believe," "anticipate," "intends," "estimate," "potential," "may," "should," "expect," "p ...

F4Q25 INVESTOR PRESENTATION Technology that dares to delight INVESTMENT HIGHLIGHTS Pure play in the digital and cognitive space Global presence, leveraging next-gen software and the right talent and skills Organized into Studios, delivering domain expertise in emerging technologies and industries Strong set of Accelerators that leverage AI and other technologies to reinvent key aspects of organizations Proven ability to acquire and integrate complementary, bolt-on acquisitions Experienced and founder-led ma ...

Core Viewpoint - The Zacks Retail-Home Furnishings industry is currently facing significant macroeconomic challenges, including high mortgage rates and subdued housing turnover, which are limiting demand for big-ticket home-related purchases [1][4]. Industry Overview - The Zacks Retail-Home Furnishings industry includes retailers that offer a variety of home furnishing products, such as furniture, garden accessories, and bedding products [3]. - Companies in this sector are involved in manufacturing, marketing, and distributing home and security products for residential applications [3]. Current Trends - **Macroeconomic Challenges**: The industry is grappling with a weak housing market and high interest rates, which are suppressing consumer spending on large home furnishings [4]. - **Inflation and Tariffs**: Tariff volatility and inflationary pressures are complicating the landscape, with incremental tariff rates doubling since Q1 2025, creating cost headwinds [5]. - **Intense Competition**: The industry faces fierce competition from online giants and specialty retailers, leading to increased reliance on discounting and promotional campaigns [6]. Digital Transformation - The industry is showing signs of stabilization through digital transformation, with companies investing in technology-driven initiatives like augmented reality shopping tools and AI-powered personalization [2][7]. - Online furniture shopping is accelerating, with major platforms enhancing customer experiences through innovative solutions [7]. Product Innovation and Marketing - Product innovation is crucial for market share gain, with companies focusing on exclusive collaborations and enhanced customer experiences through digital marketing and store remodeling [10]. - Companies are also exploring omnichannel strategies, blending online and physical retail formats to improve brand visibility [10]. Industry Performance - The Zacks Retail-Home Furnishings industry currently ranks 150, placing it in the bottom 38% of over 250 Zacks industries, indicating dull near-term prospects [11][12]. - Over the past year, the industry has underperformed, losing 7.3% compared to the broader sector's growth of 3.1% and the S&P 500's gain of 20.4% [15]. Valuation Metrics - The industry is trading at a forward 12-month price-to-earnings ratio of 23.05, compared to the S&P 500's 22.58 and the sector's 24.49 [18]. - Historical trading ranges for the industry have been between 14.19X and 25.1X over the past five years, with a median of 20.17X [18]. Notable Companies - **Williams-Sonoma**: This company is benefiting from strong multi-brand momentum and strategic initiatives, with an upward earnings estimate revision for fiscal 2026 to $9.10 per share [22][23]. - **FGI Industries**: The company is focusing on brand strengthening and product innovation, with a 41.2% stock gain over the past year and a projected 56% improvement in earnings for 2026 [26][27].