Financial Data and Key Metrics Changes - In Q1, organic sales declined by approximately 3%, with a favorable timing shift contributing to this decline [27][28] - The company expects organic sales growth in the back half of the year to be positive, low single digits, while the front half is anticipated to be negative, low single digits [7][8] - Input costs and inflation are projected to increase by about $70 million for the full year, which is $20 million more favorable than previous estimates [21][22] Business Line Data and Key Metrics Changes - The U.S. retail category is expected to grow at a muted rate of 0-1%, still below historical averages [7] - Innovations are planned in key businesses, including new product launches and expansions of existing platforms, which are expected to drive consumption improvement [8][9] - The trash and cat litter businesses are experiencing increased promotional activity and competitive pressure, impacting market share [41][42] Market Data and Key Metrics Changes - The competitive environment remains rational, with some categories experiencing increased promotions, particularly in trash and cat litter [16][17] - The company has seen a decline in market share due to ERP implementation challenges, but is focused on regaining share through innovation and demand creation [31][32] Company Strategy and Development Direction - The company is focused on reinvigorating category growth and delivering superior value to consumers through a robust demand creation plan [4] - The successful launch of a new ERP system is seen as a foundational step to strengthen the company's digital backbone and unlock new value streams [4] - The company is actively reviewing its portfolio to ensure it aligns with long-term growth objectives, including divesting underperforming segments [56][57] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the stress consumers are under, which is influencing shopping behaviors and category growth [15][16] - The company remains optimistic about the back half of the year, driven by innovation and improved execution plans [81][82] - Management is closely monitoring consumer behavior and market dynamics to adjust strategies as needed [81][82] Other Important Information - The company has largely recovered its inventories post-ERP implementation and is back to normal fill rates with retailers [91] - The promotional environment is expected to remain competitive, with ongoing adjustments to pricing and promotional strategies [20][21] Q&A Session Summary Question: Insights on organic sales cadence and category growth - Management indicated that organic sales growth in the front half would be negative, while the back half is expected to be positive, driven by consumption improvement and market share gains [7][8] Question: Environment for promotions and competitive landscape - The competitive environment is rational, with increased promotions in certain categories, but overall promotional spending remains manageable [16][17] Question: Market share trends and demand creation activities - Management noted a decline in market share due to ERP challenges but is focused on regaining share through innovation and effective demand creation [31][32] Question: Gross margin outlook and inflation impact - The company expects moderate inflation and has adjusted its gross margin outlook to reflect more favorable input costs [21][22] Question: Inventory trends and destocking behavior - Management confirmed that they are not experiencing material destocking and have largely rebuilt inventories post-ERP [62] Question: Future portfolio actions and strategic focus - The company is taking a long-term view on its portfolio, focusing on strengthening core brands and exploring opportunities for growth [54][56]

Core Insights - German drugstore retailer Drogeriemarkt (DM) is collaborating with French retail digitalisation company VusionGroup to implement the EdgeSense digital shelf platform as part of its digital transformation [1][3] - The EdgeSense system utilizes IoT, data analytics, computer vision, and AI to enhance store operations and staff workflows [1][4] - DM has over 93,000 employees and operates 4,200 stores across 14 European countries, with a recorded revenue of €19.19 billion ($22.11 billion) for the 2024–2025 financial year [4] Implementation Details - The collaboration currently involves 70 DM outlets, with 20 already utilizing the technology and plans for further rollouts [2] - The platform features LED shelf indicators to assist DM employees in efficiently locating products during order fulfillment [2] Strategic Goals - DM's chief information officer Roman Melcher emphasized the partnership's focus on exploring and developing digital solutions that accelerate strategic transformation [3] - The collaboration aims to improve customer interactions and operational efficiencies through intelligent digital solutions [4] VusionGroup Overview - VusionGroup collaborates with 350 retail groups across Europe, Asia, and North America [5] - In October 2025, British supermarket Morrisons partnered with VusionGroup to deploy 10.8 million smart electronic shelf labels across its 497 supermarkets [5]

Core Viewpoint - Hong Kong is implementing regulatory changes and a tokenisation pilot scheme to enhance its position as a leading fintech and digital asset hub, aiming to attract more digital asset trading and investment [1][3]. Regulatory Changes - The Securities and Futures Commission (SFC) will allow licensed virtual asset trading platforms (VATP) to share global order books with overseas affiliates, moving away from the previous requirement to keep order books confined to Hong Kong [2]. - VATPs can now distribute virtual assets and Hong Kong-regulated stablecoins with less than a 12-month track record to professional investors, reducing the prior requirement of a minimum one-year track record [3]. Financial Sector Developments - The Hong Kong Monetary Authority (HKMA) is promoting digital transformation and tokenisation through its "Fintech 2030" roadmap, which emphasizes data, artificial intelligence, resilience, and tokenisation [4]. - HKMA plans to advance its sandbox Ensemble to facilitate real-value transactions in tokenised deposits and digital assets, starting with tokenised money market funds [5]. Investment Trends - Total spending on technological investments in Hong Kong is projected to exceed HK$100 billion (approximately $12.9 billion) annually over the next three years, indicating a strong momentum for digital transformation [6]. - The launch of tokenised Hong Kong-dollar and U.S. dollar money market funds reflects a global trend of digital-native capital seeking yield-generating investments [6][7].

Core Insights - Scalar Gauge Management has completely exited its position in Clearwater Analytics Holdings, selling 524,244 shares for an estimated transaction value of $11.5 million in the third quarter [1][2][6] Company Overview - Clearwater Analytics Holdings reported a total revenue of $551.1 million and a net income of $406.4 million for the trailing twelve months (TTM) [4] - The company's shares closed at $18.41, reflecting a one-year price change of approximately -19% [4] Performance Context - Clearwater Analytics has experienced a significant decline in share price, down 29% over the past year, contrasting sharply with the S&P 500's gain of nearly 17% during the same period [3][7] - The company reported second-quarter revenue of $181.9 million but incurred a net loss of $24.2 million, missing analyst expectations [7] Market Sentiment - Scalar Gauge Management's exit from Clearwater Analytics is indicative of a broader trend of pulling back from software companies that have struggled with earnings momentum, particularly in the SaaS sector [6][7] - The firm noted that small- and mid-cap software valuations have compressed below 2022 levels, despite improvements in profitability, suggesting a cautious approach until market sentiment stabilizes [7]

Core Viewpoint - Shopify is positioned for continued growth and market-beating returns, driven by its strong e-commerce platform and recent strategic developments [1][12]. Company Overview - Shopify has established itself as a leader in e-commerce, providing merchants with user-friendly tools to set up and manage online stores without requiring coding expertise [3][4]. - The company offers a range of services, including marketing, sales data analytics, and inventory management, enhancing the merchant experience [4]. Financial Performance - Shopify has shown resilience by overcoming past revenue and earnings declines, attributed to economic challenges, through strategic changes such as eliminating its low-margin logistics unit and raising prices [5][6]. - The company is closer to achieving consistent profitability, with free cash flow trending positively [6]. Market Position and Growth Potential - The surge in online retail has significantly benefited Shopify, which has achieved over 12% market share in the U.S. by gross merchandise volume (GMV) [8][9]. - E-commerce in the U.S. retail market remains underpenetrated at 16.3%, indicating substantial growth potential for Shopify [13]. Long-term Outlook - The e-commerce industry is on a long-term growth trajectory, with businesses increasingly shifting online to reduce costs and enhance customer convenience [14][15]. - Shopify's strong brand and high switching costs position it well for retaining clients and expanding its market presence globally, particularly in less penetrated e-commerce markets [16][17].

Core Insights - RedCloud Holdings plc announced a joint venture with Kayanat Holding during the Future Investment Initiative (FII9) in Riyadh, marking a significant step in its expansion into Saudi Arabia's FMCG market [1][2][3] Company Developments - The joint venture, named RedCloud Arabia, aims to digitize and transform FMCG trade in Saudi Arabia, aligning with the country's Vision 2030 and focus on digital transformation [2][4] - RedCloud's platform, RedAI, will utilize algorithmic infrastructure to enhance supply chain efficiency and decision-making for local distributors, retailers, and manufacturers [2][4] - The company has seen substantial operational growth, doubling its customer base year-over-year in the first half of 2025 and launching new partnerships to optimize supply chain financing [5] Market Context - The Saudi FMCG market is estimated to be worth $61 billion, with RedCloud targeting a launch date for its services in December 2025 [3][12] - The collaboration with Kayanat is expected to address an estimated $8.7 billion inventory gap in the Saudi market, enhancing local supply chain capabilities [12] Strategic Vision - RedCloud aims to build a data-driven intelligence foundation for the FMCG industry, moving from traditional trading methods to algorithmic solutions [4][6] - The partnership reflects a commitment to transforming Saudi Arabia into a global hub for technology and sustainable trade practices, in line with Vision 2030 [4][10]

Core Insights - Public Storage's third quarter results demonstrate strong operational performance and strategic initiatives that have led to increased revenue and core FFO per share growth [4][8][9] Operational Innovations - The company has achieved a 30% reduction in labor hours while enhancing employee engagement and reducing turnover [1] - Digital transformation has led to 85% of customer interactions occurring through digital channels, improving customer service and operational efficiency [2] Financial Performance - Public Storage reported a core FFO per share growth of 2.6%, a significant acceleration from the previous year [8] - Same-store revenue growth was driven by strong customer behavior, with in-place rents increasing by 0.6% despite lower occupancy [6][40] Market Trends - The company is experiencing operational stabilization and lower competition from new supply, which has positively impacted acquisition activity [4][25] - The West Coast markets are showing strong demand trends, with same-store revenue growth in the range of 2% to 4% [7][42] Capital Allocation and Growth Strategy - Public Storage has accelerated portfolio growth with over $1.3 billion in acquisitions and developments announced this year, supported by a $650 million development pipeline [5][49] - The company maintains a strong balance sheet with a net debt to EBITDA ratio of 4.2 times, allowing for continued investment in growth opportunities [6] Future Outlook - The company has raised its 2025 outlook for same-store and non-same-store NOI growth, reflecting positive trends in operational performance [4][9] - Anticipated challenges include property tax comparisons and the impact of rental rate restrictions in Los Angeles, which may affect fourth-quarter performance [19][41]

Financial Data and Key Metrics Changes - Public Storage's third quarter results indicate an increase in same store and non-same store NOI growth, acquisition volume, and core FFO growth per share, leading to an improved outlook for 2025 [3][10] - Core FFO per share growth increased by 2.6%, representing a 560 basis point acceleration from the previous year's third quarter [10] - Same store revenue growth was primarily driven by strong in-place customer behavior, with overall in-place rents up 0.6% despite lower occupancy [9][10] Business Line Data and Key Metrics Changes - The company reported strong performance in its non-same store pool, contributing to higher core FFO per share growth [10] - The same store pool maintained expense control, with expenses held flat for the quarter due to reductions across most line items [10] Market Data and Key Metrics Changes - Revenue growth in specific markets such as Chicago, Minneapolis, Tampa, Honolulu, and the West Coast ranged from 2% to 4% in same store revenue [9] - The West Coast, representing a third of the company's NOI, showed good demand trends and limited new supply, with expectations for Los Angeles to return to strong growth once price restrictions expire [9][10] Company Strategy and Development Direction - The company is focused on capital allocation and has accelerated portfolio growth with over $1.3 billion in acquisitions and developments announced this year [7][8] - Public Storage is leveraging its industry-leading operations and technology initiatives to drive revenue and margin growth, including investments in digital customer experiences and AI for operational efficiency [4][5][6] Management's Comments on Operating Environment and Future Outlook - Management noted steady stabilization in demand and a decrease in new supply, which is expected to continue into 2026 and beyond [16][38] - The company anticipates a positive trajectory for its development activities, with a strong pipeline and confidence in achieving high returns on capital allocation [40][41] Other Important Information - The company has reduced labor hours by over 30% while increasing employee engagement and lowering turnover through operational innovations [5] - The company is actively managing its expenses, with a focus on digital investments and solar power initiatives to drive operating expense performance [33] Q&A Session Summary Question: Budgeting process for 2026 - Management explained that they continuously forecast and update their business forecasts using data-driven processes and historical trends [13][14] Question: Stabilization and growth outlook - Management sees steady stabilization and healthy growth in certain markets, particularly on the West Coast, despite some markets lagging [15][16] Question: Changes in customer behavior - Management emphasized that overall revenue is the most important metric, which includes move-in rents, volumes, and existing customer behavior [20][22] Question: Revised guidance and fourth quarter expectations - Management highlighted tough comps for property tax and anticipated impacts from Los Angeles price restrictions in the fourth quarter [26][27] Question: Los Angeles market impact - Management noted that the state of emergency and price restrictions are expected to have a negligible impact on overall performance [31][65] Question: Acquisition pace and market conditions - Management expressed a strong appetite for acquisitions and noted improving transaction market conditions, with a focus on integrating new assets into their operating platform [72][74] Question: Operating trends and occupancy - Management reported a slight decline in new customer activity but noted improvements in move-in rates and occupancy [58][60] Question: Housing-related demand - Management indicated that housing demand has been stable, with potential for improvement as interest rates decrease, but no significant shifts are currently observed [101]

Core Insights - The launch of Ecuador's first commercial 5G network by Nokia and CNT marks a significant advancement in the country's digital transformation, providing speeds up to 1.5 Gbps, which is ten times faster than 4G [1][2][7] - The deployment includes 188 5G sites in major cities, supporting the Ecuadorian government's digital transformation policy and aiming for nationwide high-speed coverage by mid-2026 [2][3] Group 1 - The 5G network will enhance connectivity for various sectors including health, education, manufacturing, agriculture, and transport, utilizing data and AI-driven solutions [3][4] - Nokia's AirScale Radio Access Network (RAN) portfolio will be utilized, featuring energy-efficient technology and advanced network management systems [5][6] - The integration of IP routing and optical transport solutions will ensure seamless data transmission, reducing latency and packet loss [6][7] Group 2 - The initiative is expected to unlock new applications and services, contributing to a more inclusive and sustainable digital society in Ecuador [2][7] - The collaboration between Nokia and CNT is positioned as a long-term partnership aimed at modernizing broadband and enhancing competitiveness [4][8] - Nokia's technology is designed to create high-performance networks that support future digital services and applications [9]

Core Insights - Nokia and CNT E.P. have launched Ecuador's first commercial 5G network, significantly enhancing digital connectivity in the country [1][2] - The network offers speeds up to 1.5 Gbps, which is ten times faster than 4G, and features ultra-low latency, facilitating various digital services [1][3] - The initiative aligns with the Ecuadorian government's digital transformation policy, aiming to expand high-speed coverage nationwide by mid-2026 [2][3] Group 1 - The deployment includes 188 5G sites in major cities like Guayaquil and other regions, operating in the N78, 3.5 GHz band [2] - The 5G network will support strategic sectors such as health, education, manufacturing, agriculture, and transport through data and AI-driven solutions [3][4] - Nokia's AirScale Radio Access Network (RAN) portfolio will be utilized, focusing on performance and energy efficiency [5][6] Group 2 - Nokia's solutions will enhance CNT's broadband network, integrating IP routing and optical transport solutions for improved data transmission [6][7] - The collaboration aims to modernize CNT's infrastructure and support the creation of a more innovative and connected nation [4][5] - The launch is seen as a landmark moment in Ecuador's technology history, promising faster, more stable, and secure connectivity without increasing commercial prices [3][4]