Summary of Organization of Football Prognostics S.A. Capital Markets Day Company Overview - **Company**: Organization of Football Prognostics S.A. (OTCPK:GOFP.Y) - **Event**: 2025 Capital Markets Day held on November 28, 2025 - **Key Speakers**: Jan Karas (CEO), Ken Morton (CFO), Karel Komárek (Founder), Kathleen Colemire (Board Member), Pavel Mucha (CFO of OPAP) Core Industry Insights - **Industry**: Lottery and Gaming Sector - **Market Dynamics**: The lottery and gaming industry is undergoing a transformation driven by evolving customer expectations, requiring personalization, social features, and seamless experiences [11][12][13] - **Technological Integration**: Emphasis on cutting-edge technology, including AI, to accelerate innovation and reduce time to market [11][12] Key Transaction Highlights - **Transaction with OPAP**: A transformational deal that positions OPAP shareholders to share in the growth of a global gaming leader while maintaining a minimum dividend of EUR 1 per share [12][13][15] - **Scale and Growth**: The combination will create the second-largest listed lottery and gaming operator globally by EBITDA, enhancing growth potential and cash flow resilience [16][17] Financial Performance - **EBITDA Growth**: Pro forma for announced acquisitions, the company generated EUR 1.9 billion of EBITDA in the 12 months to June 2025, with a compound annual growth rate (CAGR) of about 20% over the last six years [20][24] - **Cash Flow Generation**: The company has invested over EUR 2.5 billion in inorganic growth since 2019 while paying EUR 1.7 billion in dividends [26][27] Strategic Growth Initiatives - **Organic Growth Strategy**: Focus on enhancing customer offerings, driving digitalization, and expanding product portfolios [30][39] - **Inorganic Growth Strategy**: Targeted acquisitions to strengthen core operations and enter new markets, with recent acquisitions including PrizePicks and Novibet [41][42] Market Position and Expansion - **Geographic Footprint**: The transaction expands OPAP's footprint from a Cyprus-only operation to a global presence, including high-growth markets in the U.S., Brazil, and Latin America [17][19] - **Product Diversification**: The combined entity will offer a broader range of products, including daily fantasy sports through PrizePicks and enhanced iGaming capabilities [18][19] Future Outlook - **Vision for 2030**: Ambition to be the leading global gaming entertainment company with top positions across lottery, sports betting, and iGaming markets [50][51] - **Technological Advancements**: Continued investment in proprietary technology and content to enhance customer experiences and drive innovation [44][45] Additional Insights - **Responsible Gaming**: Commitment to high standards of play protection and corporate social responsibility as integral to sustainable growth [48][49] - **Community Contributions**: Active involvement in community initiatives, supporting various social causes [49] This summary encapsulates the key points discussed during the Organization of Football Prognostics S.A. Capital Markets Day, highlighting the company's strategic direction, financial performance, and future growth potential in the lottery and gaming industry.

Core Insights - The holiday sales season for 2025-26 in the U.S. has begun, with Thanksgiving and Black Friday being critical days for consumer spending, which is a key indicator of economic conditions and consumer behavior [2][3] Company Summaries Crocs Inc. (CROX) - Crocs has a Zacks Rank of 1 and has seen significant growth in brand awareness through collaborations and product innovations, appealing to a broad demographic [8] - The company is refreshing its product lines and has upcoming launches that are generating consumer interest, with an expected revenue growth rate of 0.4% and earnings growth rate of 3.9% for the next year [11] - The short-term average price target for Crocs represents an increase of 11.2% from its last closing price of $83.07 [11] On Holding AG (ONON) - On Holding also holds a Zacks Rank of 1, providing innovative footwear and sports apparel, with an expected revenue growth rate of 21.2% and earnings growth rate of 79.8% for the next year [12][13] - The short-term average price target for On Holding indicates a potential increase of 45.3% from its last closing price of $41.78 [13] Ralph Lauren Corp. (RL) - Ralph Lauren has a Zacks Rank of 2 and has outperformed the industry, driven by its strategic "Next Great Chapter: Accelerate Plan" focusing on brand elevation and operational agility [14][16] - The company is investing in digital transformation, enhancing consumer engagement, with an expected revenue growth rate of 9.5% and earnings growth rate of 25% for the current year [17] - The short-term average price target for Ralph Lauren suggests a 3.3% increase from its last closing price of $364.50 [17] Kontoor Brands Inc. (KTB) - Kontoor Brands, with a Zacks Rank of 2, is a lifestyle apparel company with an expected revenue growth rate of 11.3% and earnings growth rate of 5.3% for the next year [18][19] - The short-term average price target for Kontoor Brands indicates a potential increase of 31% from its last closing price of $73.69 [19] Boot Barn Holdings Inc. (BOOT) - Boot Barn Holdings has a Zacks Rank of 2 and operates in the lifestyle retail sector, with an expected revenue growth rate of 16.2% and earnings growth rate of 20.5% for the current year [20][22] - The short-term average price target for Boot Barn suggests a 15% increase from its last closing price of $195.76 [22] Industry Insights - The Zacks Retail – Apparel and Shoes industry is currently ranked in the top 26% of Zacks Industry Rank, indicating a favorable outlook compared to the broader market [7] - Consumer confidence is under pressure due to macroeconomic uncertainties, leading to a shift towards value-driven purchases, impacting demand in the apparel and footwear sectors [5][6]

Transaction Overview - Allwyn and OPAP are combining to unlock long-term value for OPAP shareholders, positioning them to benefit from industry trends and mitigate risks[22, 27] - The transaction aims to create the second largest listed lottery and gaming operator globally, with greater scale to seize opportunities[32] - The combined company is expected to have a pro forma LTM H1-25 Adjusted EBITDA of €1.9 billion, including PrizePicks and Novibet[28, 33] - The transaction is expected to be double-digit accretive in the first year post completion[28] Financial Highlights - Allwyn's pro forma Adjusted EBITDA margin is 37% of pro forma Net Revenue[50] - Allwyn's pro forma online NGR is 55%[50] - Allwyn has a strong track record of growth, with Net Revenue, Adjusted EBITDA, and Adjusted EBITDA – Capex all more than doubling since 2019[59] - Allwyn has distributed over €3.3 billion in capital to its and OPAP's shareholders since 2019[253] Growth Strategy - Allwyn has multiple organic and inorganic growth levers, including PrizePicks, IWG, and Betano[37] - Allwyn's medium-term growth will be driven by high-growth, market-leading assets, representing ~30% of pro forma LTM H1-25 Adjusted EBITDA[39] - The combined company will be highly diversified geographically and by product, with 57% of pro forma LTM H1-25 NGR from exclusive revenue[41]

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Core Insights - VEON Ltd. announced that Beeline Uzbekistan will partner with GSMA and the Ministry of Digital Technologies of Uzbekistan to host GSMA M360 Eurasia 2026 in Samarkand on May 20–21, 2026, marking the event's return to Uzbekistan for the second consecutive year [1][2] Group 1: Event Significance - The return of M360 Eurasia to Uzbekistan highlights the country's status as a regional digital hub and aligns with its Digital Uzbekistan 2030 strategy, aiming to foster modern digital cooperation, innovation, and investment [2] - Hosting the event in Samarkand, a historical crossroads of Eurasian exchange, emphasizes the government's ambition to position Uzbekistan as a platform for digital collaboration [2] Group 2: Statements from Officials - Sherzod Shermatov, Minister of Digital Technologies, expressed that hosting M360 Eurasia in Samarkand reflects Uzbekistan's commitment to building a modern digital economy and the importance of partnerships with the mobile industry for economic growth [3] - Kaan Terzioglu, Beeline Uzbekistan Chairman and VEON Group CEO, noted that Central Asia is becoming a focal point for AI-driven digital development, and the event will showcase the region's potential [3] - John Hoffman, CEO of GSMA Ltd., stated that the event's location in Samarkand supports digital transformation and cross-regional collaboration, making it an ideal venue for advancing innovation and connectivity [3] Group 3: About the Companies - VEON is a digital operator serving nearly 150 million connectivity users and 140 million digital users across five countries, focusing on technology-driven services that promote economic growth [4] - Beeline Uzbekistan serves 7.7 million customers with mobile connectivity and has 7.9 million total monthly active users across its digital services, contributing to the software and IT ecosystem in Uzbekistan [5]

Core Insights - Salesforce (CRM) is set to release its third-quarter fiscal 2026 results on December 3, with expected revenues between $10.24 billion and $10.29 billion, indicating an 8.7% increase year-over-year [1][9] - The company anticipates non-GAAP earnings per share (EPS) in the range of $2.84 to $2.86, reflecting an 18.3% increase from the previous year [2][9] Revenue and Earnings Estimates - The Zacks Consensus Estimate for third-quarter revenues is $10.26 billion, aligning closely with Salesforce's expectations [1][9] - The consensus estimate for non-GAAP EPS has remained stable at $2.85 over the past 60 days [2] Performance History - Salesforce has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 3.2% [3] Factors Influencing Q3 Results - The company is well-positioned for strong results due to its focus on digital transformation and cloud solutions, which align with global business needs [6] - Demand for generative AI-enabled cloud solutions has been a significant growth driver, enhancing customer engagement and competitive positioning [7] - Salesforce's expansion in key geographic markets and the public sector has unlocked new growth opportunities [8] Strategic Acquisitions - Recent acquisitions, including Waii, Convergence.ai, and Zoomin, have enhanced Salesforce's capabilities and diversified its revenue base, likely boosting subscription revenues [10] - Key cloud service revenue estimates for Q3 include $2.3 billion from Sales, $2.49 billion from Service, and $2.07 billion from Platform & Other [11] Cost Restructuring Initiatives - Ongoing cost restructuring is expected to improve profitability, with a non-GAAP operating margin of 34.3% in Q2, up 60 basis points [12] Stock Performance and Valuation - Year-to-date, Salesforce shares have declined by 31.7%, underperforming the Zacks Computer – Software industry, which has risen by 6.6% [13] - The stock is currently trading at a forward 12-month price-to-sales (P/S) ratio of 4.92, compared to the industry average of 7.39 [15] Competitive Position - Salesforce maintains its leadership in the customer relationship management industry, consistently outperforming competitors like Microsoft, Oracle, and SAP [18] - Strategic acquisitions, such as the $27.7 billion acquisition of Slack, have significantly enhanced its market position [19] AI Initiatives - The introduction of Einstein GPT and the expansion of AI functionalities across its ecosystem have solidified Salesforce's competitive edge in the market [20] Conclusion - Despite potential near-term challenges from softening IT spending, Salesforce's leadership in CRM and aggressive AI expansion provide a solid foundation for sustained growth [22]

Core Insights - The role of Chief Information Officer (CIO) in the brokerage industry is evolving, becoming a focal point in the digital transformation wave [1][11] - There has been a significant turnover in CIO positions within brokerages, with over 10 firms appointing new CIOs this year [2][4] - The trend shows a shift towards younger and more versatile candidates, with many being born in the 1980s [5][6] Group 1: Changes in CIO Positions - More than 10 brokerages have appointed new CIOs this year, indicating a trend of frequent leadership changes [2] - Notable changes in November include the resignation of Lei Jie from Yuekai Securities and the reappointment of Huo Da as CIO of China Merchants Securities [1][2] - Some brokerages, like Hongta Securities and Southwest Securities, are still in the process of recruiting new CIOs [3] Group 2: Characteristics of New CIOs - The new CIOs are predominantly younger, with many from the "post-85" generation, reflecting a generational shift in leadership [5][6] - Candidates with a dual background in securities and information technology are becoming the norm, emphasizing the need for versatile skill sets [6][7] - The recruitment of talent from the internet industry is also on the rise, as firms seek individuals with experience in data platforms and user experience [7] Group 3: Evolution of the CIO Role - The role of the CIO has transitioned from a technical operations manager to a strategic value creator, focusing on integrating technology with business operations [11][12] - CIOs are now part of the core decision-making team, balancing technology investments with business outcomes and regulatory compliance [11] - The emphasis has shifted from cost control to enabling growth through digital transformation and data utilization [11][12] Group 4: Financial Technology Investments - Major brokerages are significantly increasing their investments in financial technology, with Huatai Securities and Guotai Junan each planning to invest over 2 billion yuan in 2024 [1][12] - Smaller brokerages are also ramping up their technology investments, with notable growth rates exceeding 20% in some cases [12] - The focus on digital transformation is seen as essential for creating competitive advantages in the brokerage industry [12][13] Group 5: Implementation of Technology - Brokerages are actively launching new technological applications, with initiatives like the introduction of digital employees at CITIC Securities [13] - Huatai Securities has developed an AI-driven product that has gained significant attention on social media, showcasing the potential of AI in reshaping business scenarios [13]

Core Insights - Employers in the UAE are preparing for significant changes in workforce management as 2026 approaches, focusing on compensation strategies that align with economic growth, digital transformation, and talent retention [2][3] - The Korn Ferry UAE Salary Forecast 2026 indicates a shift from reactive pay adjustments to strategic workforce planning, emphasizing long-term capability building alongside competitive compensation [3][21] Economic Context - The UAE economy grew by approximately 4% in 2025 and is expected to accelerate to 4.5% in 2026, driven mainly by non-oil sectors such as finance, technology, and professional services [10] - Workforce growth in the UAE has risen by 9%, with new business formations increasing by 14%, indicating a vibrant economic landscape [10] Salary Trends - Average salary increases across the UAE are projected at 4.1% for 2026, slightly below Saudi Arabia's forecasted 4.6% increase [4][22] - Specialist roles in engineering, technology, logistics, finance, and accounting are expected to see the strongest demand, driven by sector diversification and digital transformation [6][23] Sector-Specific Insights - Industries anticipated to deliver the most robust salary growth in 2026 include banking, real estate, oil and gas, industrial, and retail, influenced by major investment pipelines and evolving operating models [20][24] - In the banking sector, compensation for heads of wholesale banking ranges from Dhs110,000 to 240,000 per month, with senior relationship managers earning between Dhs50,000 and 70,000 [12][13] Workforce Dynamics - High turnover rates are observed in specialist roles, particularly in sales, finance, accounting, and engineering, as employees seek new opportunities in a competitive market [7][8] - Companies are increasingly focused on building the right capabilities for the future, requiring sophisticated approaches to talent retention and development [8][21] Employee Sentiment - While 52% of workers report satisfaction with their current pay, nearly two-thirds are considering job changes in 2026, indicating a shift in employee priorities towards work-life balance and career growth opportunities [11]

Financial Data and Key Metrics Changes - Total revenue for fiscal 2025 was $562 million, with 53% derived from digital sources, indicating a significant shift towards digital reliance over legacy print business [4][11] - Digital-only subscription revenue reached $94 million, with a year-over-year growth of 16% on a same-store basis, despite challenges from a cyber incident [4][11] - Adjusted EBITDA showed growth for the second consecutive quarter, reflecting effective cost management and operational execution [6][14] Business Line Data and Key Metrics Changes - The digital marketing services business, Amplified Digital Agency, surpassed $100 million in revenue with a 5% growth on a same-store basis [5][10] - Digital subscription revenue growth was 32% annually over the last three years, significantly outpacing industry peers [8][11] - Digital advertising revenue contributed $184 million, with Amplified Digital Agency accounting for $103 million of this total [10][11] Market Data and Key Metrics Changes - Digital revenue constituted 53% of total company revenue, a notable increase from 21% in 2020, marking a critical revenue inflection point [12][21] - The company aims for $450 million in digital revenue by fiscal 2030, with a long-term goal of achieving 90% digital revenue [12][21] Company Strategy and Development Direction - The company is focused on a three-pillar digital growth strategy, which is expected to drive sustainable growth and long-term shareholder value [5][12] - Investments in local journalism, branding, and consumer marketing are anticipated to enhance digital subscription revenue, targeting $175 million by fiscal 2030 [18][19] - The company plans to leverage advanced data-driven advertising technology and expand its digital audience to boost high-margin digital advertising revenue [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit adjusted EBITDA growth in fiscal 2026, despite challenges faced in 2025 [17] - The company anticipates a positive lift in digital revenue and margins in 2026 as transformational projects come to fruition [14][17] - The upcoming $50 million common stock rights offering is expected to support digital transformation and deleveraging efforts [21][22] Other Important Information - The company executed $40 million in annualized cost reductions and an additional $10 million entering fiscal 2026, focusing on non-core print operations [16][17] - A strategic termination of the fully funded defined benefit pension plan was announced, enhancing balance sheet flexibility [17] - The company is identifying opportunities to monetize non-core assets, with $9 million in asset sales completed in fiscal 2025 and an additional $25 million identified for future monetization [17] Q&A Session Summary Question: What was the total debt reduction in the fourth fiscal quarter and the full fiscal year? - Since the credit agreement was launched in 2020, the company has reduced debt by $121 million. In fiscal 2025, excluding increases due to the cyber incident, debt was reduced by approximately $3.5 million through operations and asset sales [26]

Core Insights - The holiday sales season for 2025-26 in the U.S. is crucial, with Thanksgiving and Black Friday being key days for consumer spending [2] - Despite a challenging economic environment, holiday sales are expected to grow, albeit at a muted rate, leading to recommendations for five apparel and shoe stocks with strong short-term upside potential [3][10] Industry Overview - Consumer spending is the largest component of U.S. GDP, and the holiday season represents the peak period for this spending [3] - The apparel and footwear industry is facing challenges as consumers shift towards value-driven purchases, impacting demand [6] - The Zacks Retail – Apparel and Shoes industry ranks in the top 26% of Zacks Industry Rank, indicating potential for outperformance in the next three to six months [7] Company Highlights Crocs Inc. (CROX) - Crocs has a Zacks Rank of 1 and is experiencing significant growth in brand awareness through collaborations and product innovations [11] - The company is refreshing its product lines and has an expected revenue growth rate of 0.4% and earnings growth rate of 3.9% for the next year [14] - The short-term average price target for CROX indicates an 11.2% increase from its last closing price of $83.07 [14] On Holding AG (ONON) - On Holding also holds a Zacks Rank of 1, focusing on ultralight footwear and sports apparel [15] - The expected revenue growth rate is 21.2% and earnings growth rate is 79.8% for the next year [16] - The short-term average price target suggests a 45.3% increase from the last closing price of $41.78 [16] Ralph Lauren Corp. (RL) - Ralph Lauren has a Zacks Rank of 2 and has outperformed the industry due to its strategic "Next Great Chapter: Accelerate Plan" [17] - The company is investing in digital transformation, with expected revenue growth of 9.5% and earnings growth of 25% for the current year [20] - The short-term average price target indicates a 3.3% increase from the last closing price of $364.50 [20] Kontoor Brands Inc. (KTB) - Kontoor Brands, with a Zacks Rank of 2, operates lifestyle apparel brands like Wrangler and Lee [22] - The expected revenue growth rate is 11.3% and earnings growth rate is 5.3% for the next year [23] - The short-term average price target suggests a 31% increase from the last closing price of $73.69 [23] Boot Barn Holdings Inc. (BOOT) - Boot Barn Holdings has a Zacks Rank of 2 and focuses on western and work-related footwear and apparel [24] - The expected revenue growth rate is 16.2% and earnings growth rate is 20.5% for the current year [25] - The short-term average price target indicates a 15% increase from the last closing price of $195.76 [25]