Group 1 - The JPMorgan U.S. Quality Factor ETF (NYSEARCA: JQUA) is a passive ETF designed to track the JP Morgan US Quality Factor Index, which utilizes a proprietary definition of quality based on three styles [1] - The ETF aims to provide investors with exposure to high-quality U.S. companies, focusing on factors such as profitability, earnings stability, and low financial leverage [1] Group 2 - The article emphasizes the importance of rigorous risk management and a long-term perspective on value creation in investment strategies [1] - The authors highlight their expertise in quantitative research, financial modeling, and equity valuation, which supports their analysis of market trends and corporate earnings [1]

earnings conference call third quarter fiscal 2025 July 30, 2025 O Regulation G: Adjusted Results the information presented herein regarding certain uncudited adjusted results does not conform to generally accepted accounting principles in the United Srates (U.S. GAAP) should not be construed as an affernative to the reported results determined in accordance with U.S. GAAP. Ashland has included this non-GAAP information to assis in understranding the operating performance of the company ond its reportable s ...

Core Viewpoint - Allied Properties Real Estate Investment Trust reported encouraging operational results for Q2 2025, with slight increases in leased area, stable average net rent, accelerated non-core property sales, and progress in balance-sheet management [1]. Operations - Allied's portfolio includes three urban workspace formats: Allied Heritage, Allied Modern, and Allied Flex, with strengthened utilization and demand in Q2 2025. The occupied area was 84.9% and leased area was 87.2% at the end of the quarter [2]. - A total of 588,373 square feet of Gross Leasable Area (GLA) was leased in Q2, with 546,437 square feet from the rental portfolio and 41,936 square feet from the development portfolio [3]. - The average in-place net rent per occupied square foot was $25.32, reflecting a 1.0% increase from the previous year. Renewals accounted for 54% of leases maturing in the quarter [4]. Portfolio Optimization and Non-Core Property Sales - The company is finalizing a large multi-city development pipeline initiated in 2012, with significant progress on properties like 150 West Georgia and KING Toronto [5]. - Allied sold seven non-core properties for $229 million last year and plans to sell additional non-core properties for at least $300 million this year to strengthen its balance sheet [7][8]. - In Q2, Allied closed the sale of a non-core property in Edmonton and has nine non-core properties under contract for approximately $200 million [8]. Balance-Sheet Management - As of the end of Q2, Allied had $120 million drawn on its $800 million unsecured revolving operating facility, with expectations to have no draws by year-end [10]. - The company is committed to maintaining access to debt capital markets and managing its balance sheet effectively [10]. Outlook - Management anticipates steady demand for urban workspace and expects Same Asset NOI growth of approximately 2% in 2025, despite a projected contraction in FFO and AFFO per unit by about 4% due to higher interest costs from acquisitions [11]. - Specific operating goals for year-end 2025 include achieving at least 90% occupied and leased area and selling non-core properties at or above IFRS value [12][15]. Financial Measures - For Q2 2025, rental revenue was $145.045 million, a decrease of 1.2% from $146.750 million in Q2 2024. Operating income was $79.950 million, down 3.0% from the previous year [13]. - The net income (loss) for Q2 2025 was $(94.740) million, compared to $28.062 million in Q2 2024, reflecting a significant decline [25]. - Total assets decreased to $10.416 billion from $10.981 billion year-over-year, a reduction of 5.1% [16].

Core Insights - The recent share price corrections and valuation compression of Fair Isaac Corporation (NYSE: FICO) are driven more by sentiment shifts rather than financials or fundamentals [1] Financial Analysis - The focus on Fair Isaac Corporation's financials and fundamentals is not the primary driver of its recent stock performance [1] Market Trends - There has been a notable sentiment shift affecting the valuation of Fair Isaac Corporation, indicating broader market trends influencing investor behavior [1]

Group 1 - The article expresses reservations about international diversification through passive ETFs, particularly those focusing on developed markets excluding the US [1] - The Franklin International Core Dividend Tilt Index ETF (NYSEARCA: DIVI) is highlighted as one of the few ETFs in this category [1] - The author has extensive experience in quantitative research, financial modeling, and risk management, emphasizing a focus on equity valuation and market trends [1] Group 2 - The author, a former Vice President at Barclays, has led teams in model validation and stress testing, showcasing expertise in both fundamental and technical analysis [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, with a focus on macroeconomic trends and corporate earnings [1] - The goal is to provide actionable investment ideas for those seeking to outperform the market [1]

Core Insights - The Fidelity MSCI Information Technology Index ETF (NYSEARCA: FTEC) tracks the MSCI USA IMI Information Technology 25/50 Index, sharing similar drawbacks with VGT [1] Company Analysis - The company has a focus on equity valuation, market trends, and portfolio optimization to identify high-growth investment opportunities [1] - The investment strategy combines rigorous risk management with a long-term perspective on value creation, emphasizing macroeconomic trends, corporate earnings, and financial statement analysis [1]

Financial Performance - Total company revenues for 2Q25 reached $5704 million, a 21% increase year-over-year[6, 10] - Same store revenues increased by 7% in the U S and 6% in the U K[10] - Total same store parts & service gross profit increased 14% year-over-year[10] - Diluted EPS from continuing operations was $1077, a 6% increase year-over-year, and adjusted diluted EPS was $1152, an 18% increase year-over-year[10] - Adjusted free cash flow was $267 million year-to-date[20] Strategic Initiatives - The company largely completed the U K restructuring plan, with additional cost-saving activities continuing in 2025[10, 11, 12] - During 2025, the company repurchased 04 million shares at an average price of $41662 for $167 million[10, 21] - Acquired revenues since the beginning of 2021 totaled $88 billion[20] Portfolio Optimization - Acquisitions in 2025 YTD amounted to $04 billion involving 9 franchises[21, 22] - Dispositions in 2025 YTD totaled $470 million[21] - Three luxury dealerships were acquired with expected annual revenues of $330 million[22]

Financial Data and Key Metrics Changes - Net sales increased by 49% to $1.9 billion, driven by the acquisition of S and P EMEA and strong volume in the U.S. business [6][22] - Adjusted EBITDA rose by 25% to $328 million, with adjusted EBITDA margin improving by 101 basis points to 17.2% [6][22] - Adjusted EPS was $1.37, reflecting a 7% year-over-year increase, impacted by higher interest expenses [21][22] Business Line Data and Key Metrics Changes - Consumer Packaging segment saw a 115% growth in adjusted EBITDA, attributed to a 10% volume mix gain in the U.S. metal business and the acquisition of EVOSA [7][23] - Industrial segment adjusted EBITDA increased by 15% to $113 million, despite a 2% decline in sales to $588 million due to lower volumes [24][25] - All Other segment sales were flat at $95 million, with adjusted EBITDA declining by 8% [26] Market Data and Key Metrics Changes - EMEA sales were impacted by a delay in the European vegetable packaging season, with approximately 40% of sales being seasonal [15][16] - Demand for pet food and certain premium food categories remained resilient despite macroeconomic pressures [16] - The company expects a solid vegetable harvest in the third quarter, which is typically the strongest quarter [16] Company Strategy and Development Direction - The company is focused on businesses where it can leverage advanced material science and technology to drive competitive advantage [9][10] - Recent divestitures, including Thermoform and Flexible Packaging, are aimed at reallocating capital to core businesses [10][11] - The company is targeting $100 million in cost savings through synergies from the S and P EMEA acquisition by 2026 [12][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged global macroeconomic pressures affecting consumer and industrial demand, but remains optimistic about strong performance in the Consumer segment [6][28] - The company is maintaining its full-year guidance for net sales between $7.75 billion and $8 billion, with adjusted EBITDA guidance of $1.3 billion to $1.4 billion [28][29] - Management is focused on controlling costs and reducing leverage while creating long-term value for shareholders [36] Other Important Information - The company has invested $188 million in capital for the first half of 2025, with expectations to reach $360 million by year-end [30] - The integration of S and P EMEA is progressing well, with projected synergies of $40 million to $50 million by the end of the year [12][19] - The company is preparing for the sale of ThermoSafe, with expectations to use proceeds to further reduce net leverage [11][12] Q&A Session Summary Question: Can you discuss the volume run rate across major businesses and expectations for SMT EMEA? - Management indicated slight volume declines in Q2 but expects mid to upper single-digit increases in Q3 due to a late start in the vegetable harvest [41][48] Question: What are the reasons for the relatively light incremental margin in the consumer segment? - Management attributed the light margin to seasonal mix impacts and noted that the business is performing well despite volume shortfalls [50][51] Question: How will stranded costs improve moving forward? - Management expects improvements in stranded costs in the second half of the year and is focused on eliminating these costs [61][63] Question: What are the expectations for EBITDA in the EVO business? - Management confirmed expectations for year-over-year EBITDA growth in the EVO business, with significant incremental business opportunities identified [68][70] Question: How are tariffs impacting the business? - Management acknowledged that tariffs are a concern but noted that they are managing the impact effectively and expect to recover costs on the P&L side [76][78] Question: Can you clarify the factors affecting revised guidance? - Management indicated that the lower EPS guidance is primarily due to higher-than-anticipated interest expenses, while revenue and EBITDA guidance remains strong [102][104]

Our organic revenue decline is 3.2% and our EBITA margin is 13.5%. The major cause to our EBITA margin drop versus last year is lower volume in our industry and semicon segment. Thanks to the reduction of capital expenditure and the great work of our teams to drive inventory reduction, we improved our free cash flow to EUR 56 million", said Stéphane Simonetta. Utrecht, 24 July 2025 highlights (before exceptionals) CEO statement "Our performance for the first half of the year has been impacted by the continu ...

Financial Data and Key Metrics Changes - Adjusted EBITDA rose to $1,210 million, reflecting a 170 basis point year-over-year improvement in margins, driven by structural cost actions and stronger operational execution [6][35] - Free cash flow generated was $239 million, with a total of $423 million returned to shareholders, including $196 million in share repurchases [9][36] - GAAP diluted earnings per share were $0.71, while adjusted earnings per share were $0.63, up 11% year-over-year [35] Business Line Data and Key Metrics Changes - Oilfield Services and Equipment (OFSE) revenue was $3,600 million, up 3% sequentially, with EBITDA margins expanding by 90 basis points to 18.7% [40][42] - Industrial and Energy Technology (IET) revenue increased by 5% year-over-year to $3,300 million, with a 190 basis point margin expansion to 17.8% [39][40] - IET orders totaled $3,500 million in the quarter, with a year-to-date total of $6,700 million, indicating strong momentum [34][37] Market Data and Key Metrics Changes - The company booked $1 billion in new energy orders during the quarter, bringing year-to-date bookings to $1.25 billion, already matching the total for last year [21] - LNG demand is expected to grow by over 20% by 2040, with global LNG increasing by at least 75% [23] - The company secured $2.9 billion in gas infrastructure equipment orders over the past six quarters, indicating strong momentum in this area [23] Company Strategy and Development Direction - The company announced three strategic transactions to advance its portfolio optimization strategy, including a joint venture and acquisitions, aimed at enhancing earnings durability and cash flow [10][44] - Focus remains on executing a disciplined capital allocation approach to maximize long-term shareholder value, with a commitment to returning 60% to 80% of free cash flow to shareholders [36][44] - The company is expanding its presence in distributed power solutions, particularly for data centers, which is seen as a compelling growth factor [28][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving IET's full-year order guidance range of $12.5 billion to $14.5 billion, supported by strong demand in new energy and gas infrastructure [9][21] - The macro environment remains uncertain, but long-term fundamentals are strong, with global energy demand expected to grow due to population growth and industrialization [20][19] - Management anticipates continued volatility in oil markets but expects natural gas demand to grow significantly, creating a favorable environment for the company [25][23] Other Important Information - The company ended the quarter with cash of $3.1 billion and a net debt to EBITDA ratio of 0.6 times, indicating a strong balance sheet [36] - The company is focused on enhancing operational discipline and productivity through its business system, which is now in its third year [39][54] Q&A Session Summary Question: Can you unpack the drivers of the margin performance? - Management highlighted that OFSE's EBITDA margins expanded by 90 basis points due to stronger revenue and cost efficiency initiatives, while IET's margins increased by 190 basis points despite tariff-related headwinds [60][63] Question: Can you expand on the IET order performance this quarter? - Management noted that IET secured $3.5 billion in orders, driven by strength in non-LNG markets, gas infrastructure, and data centers, with expectations for strengthening LNG orders in the second half [67][70] Question: What is the net impact from the three transactions announced in June? - Management indicated that the transactions are expected to provide a modest benefit to segment margins, with a net EBITDA impact of just over $100 million anticipated for 2026 [78][79]