Core Insights - NACON reported consolidated half-year results for the 2025-2026 financial year, indicating business growth and expected operating profit for the full year [1][10]. Financial Performance - Sales for the first half of 2025-2026 reached €78.1 million, a 1.4% increase from €77.0 million in the previous year [2]. - Gross margin improved to €54.4 million, representing a 7.4% increase, with a gross margin rate of 69.7% [2][3]. - EBITDA rose by 18.7% to €33.6 million, with an EBITDA margin of 43.1%, up 6.3 points [2][6]. - Operating income increased by 30.4% to €4.2 million, accounting for 5.3% of sales [2][4]. - Profit before tax surged by 80.2% to €1.7 million, with net income for the period at €2.5 million, a 16.2% increase [2][4]. Business Segments - Gaming sales contributed €56.4 million, while the Accessories business generated €19.8 million, and "other activities" accounted for €1.8 million [3]. - The Accessories segment is expected to benefit from the launch of new products, including the RIG R5 PRO HS headset and controllers for the Switch TM 2 [9]. Future Outlook - NACON has 41 games under development, with related assets valued at €128.1 million [7]. - The company anticipates a strong second half of the fiscal year, supported by a robust editorial calendar and expected sales performance in line with the previous fiscal year [8][10]. - Despite challenges in the U.S. market, signs of recovery are noted, and the company remains optimistic about growth prospects [9].

Core Insights - Jurgita Mišeniovienė has been appointed as the Chair of the Board at Utenos Trikotažas, marking a significant leadership change as the company aims for growth and operational efficiency [1][4] - The company has experienced substantial revenue growth, with a 30.7% year-over-year increase in group revenues, reaching EUR 15.9 million [7] - Utenos Trikotažas is transitioning into a new strategic phase focused on profitability and brand development, with key appointments reflecting this direction [4][5] Leadership Changes - Jurgita Mišeniovienė brings over 15 years of leadership experience from the furniture manufacturing sector [2] - Aurimas Likus has been appointed to the Board, replacing Dovilė Tamoševičienė, who will continue as Director of Business Control [1][3] - The current Board composition includes Jurgita Mišeniovienė (Chair), Aurimas Likus, Vytautas Vaškys, Neringa Vaitelytė, Jelena Grišina, and Artūras Užgalis [6] Financial Performance - Utenos Trikotažas reported a 46.1% increase in contract manufacturing knitwear sales, totaling EUR 13.3 million [7] - The group's EBITDA improved to EUR 286 thousand, a significant recovery from a negative EUR 1.6 million the previous year [8] - The pre-tax loss for the group decreased from EUR 3.2 million to EUR 1.4 million, indicating a positive trend in financial performance [8]

Financial Data and Key Metrics Changes - The company reported normalized EBITDA of $250 million for the third quarter, with distributable cash flow of $236 million benefiting from a current tax recovery of $71 million due to changes in U.S. tax legislation [11][12] - The outlook for distributable cash flow is revised to approximately $700 million for 2025, with an effective tax rate expected to range between 20-21% [11][12] - The normalized EBITDA guidance for 2025 is reaffirmed at $1.01 billion, with a forecast for 2026 normalized EBITDA of $1.03 billion, reflecting a 2% range increase [11][12] Business Line Data and Key Metrics Changes - The marketing segment is expected to see normalized EBITDA approximately $25 million higher, while InterAlberta and other segments are projected to increase by about $10 million due to BlackRod cash flows ramping up [12] - Keystone's normalized EBITDA is anticipated to decrease by approximately $15 million due to reduced planned maintenance capital expenditures [12] Market Data and Key Metrics Changes - The company is encouraged by ongoing dialogues in Canada and the U.S. regarding energy solutions, which highlight the resilience of customer businesses and the strategic positioning of the company's assets [5][6] - The company expects conditions to become more favorable for supply growth in late 2026 to early 2027, as supply growth is anticipated to exceed current egress capacity [21][22] Company Strategy and Development Direction - The company aims to grow its business and enhance competitiveness while ensuring safe operations and financial strength [4][5] - The focus is on maturing and executing a growth portfolio through both organic and inorganic opportunities, with the BlackRod project serving as a successful template [4][30] - The company is working towards exiting transition services with TC Energy by the end of 2025, which is expected to improve efficiency and cost savings [3][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning Keystone to baseline operations by 2026, with ongoing remedial actions reinforcing system integrity [7][9] - The company is optimistic about the potential for growth in customer organizations and the overall market environment, which has become more constructive since the spin-off [30][31] Other Important Information - The company has completed significant milestones in the BlackRod project, including mechanical completion and the commissioning of a natural gas lateral [9] - Legal proceedings related to variable toll disputes have been resolved, allowing the company to focus on new business opportunities [10] Q&A Session Summary Question: Update on major projects and Keystone XL discussions - The company is providing advisory support for Alberta's crude pipeline initiative but is not directly involved in the project [17][18] Question: Outlook on crude spreads and inventory normalization - The company anticipates improved conditions for egress in late 2026 to early 2027, driven by supply growth [21][22] Question: Details on tax optimization and U.S. legislation changes - Tax benefits stem from extended interest deduction legislation and accelerated tax pools, with expectations of returning to a regular tax cadence by 2027 [24][25] Question: Impact of transition agreements on efficiency and cost savings - The company is focused on optimizing processes post-transition, which is expected to enhance EBITDA but is not included in the current 2-3% growth outlook [25][27] Question: Organic growth opportunities and project types - The company is exploring various growth opportunities in both Canada and the U.S., with a focus on customer needs [30][31] Question: CapEx assumptions for 2026 - The company suggests a consistent investment of approximately $100 million annually to achieve EBITDA growth, with no sanctioned projects currently [36][38] Question: Variable toll settlements and future P&L impact - Remaining payments related to variable toll settlements will be normalized out of EBITDA, confirming the expected financial impact [40][41]

Core Insights - Erin Sawyer has a clear career trajectory in finance, starting from a young age with a focus on accounting and evolving into leadership roles in finance and operations [1][2][4] Career Progression - Sawyer began her career as an accountant, later obtaining an MBA to transition into finance, where she held various roles including FP&A senior manager and director of finance and operations [2][3] - She served as vice president of finance business operations at Vertafore before becoming deputy CFO, and subsequently held CFO positions at Wowza and Certinia [4][5] Current Role at Certinia - Sawyer's experience with Certinia's products prior to her appointment as CFO provided her with unique insights, making her well-suited for the role [9] - She emphasizes the importance of operational efficiency, productivity, and growth in her current position, indicating a strategic focus on enhancing the company's performance [9][11]

Core Insights - The company reported strong growth in Clear Aligner volumes across EMEA, APAC, and Latin America during the third quarter [1] Growth Drivers - The growth in Clear Aligner volumes is attributed to multiple factors including the signing of new doctors, increased utilization rates, and the launch of new products [1] - The company is seeking to provide more detailed insights into individual market performance, particularly in regions where obtaining key performance indicators (KPIs) is challenging [1]

Business Growth - Women-owned businesses increased at nearly double the rate of male-owned businesses between 2019 and 2023 [1] Report Focus - The 2024 Wells Fargo Impact of Women-Owned Business Report reveals the business growth information [1]

Financial Data and Key Metrics Changes - Revenues for Q3 2025 were $31.1 million, a 26% increase compared to $24.7 million for the comparable prior period [15][16] - Adjusted EBITDA for Q3 2025 was $3.1 million, an increase of $4.9 million compared to a negative $1.8 million in the comparable prior period [18][19] - The company recorded a net loss of $10 million for Q3 2025, an improvement from a net loss of $16.2 million in the comparable prior period [18] Business Line Data and Key Metrics Changes - HA manufacturing revenues increased by $4.8 million due to increased demand from a customer [15][16] - CDMO revenues increased by $1.6 million, primarily from higher sales volumes, but were partially offset by lower development revenue [16] Market Data and Key Metrics Changes - The company is experiencing a buoy in its pipeline of commercial site transfer opportunities from regions such as Asia, Europe, and India, indicating a favorable market environment for CDMOs [31] Company Strategy and Development Direction - Lifecore is focused on growth with a revamped commercial strategy and a promising late-stage pipeline of 11 programs expected to launch between 2026 and 2029 [5][9] - The company aims to increase adjusted EBITDA margins through operational excellence and disciplined cost control, targeting a midterm goal of 25% [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth driven by a strong foundation in high-grade hyaluronic acid and a forecasted inflection point with their largest customer in 2027 [5][6] - The company is committed to improving its cost structure and productivity, with expectations of further efficiencies and productivity gains [12][13] Other Important Information - Lifecore has signed two new business wins during the third quarter and made substantial progress on additional projects [7][10] - The company expects revenue for the transition period from May 26 to December 31, 2025, to be approximately $74-$76 million [19][20] Q&A Session Summary Question: What would the missing month imply for Q4? - Estimated revenues for June were about $8.7 million, leading to Q4 revenue guidance of $34-$36 million, representing an 8% increase over the comparable prior year quarter [24][25] Question: Are there additional levers to pull on cost reductions? - There is potential for further reductions in SG&A expenses, with an estimated $1.5 million per quarter possible as legacy matters are resolved [26][27] Question: How are early conversations progressing regarding manufacturing capacity? - The regionalization of manufacturing is seen as a tailwind for CDMOs, with increased opportunities for commercial site transfers [31] Question: What is the expected timeline for the tech transfer agreement? - The commercial site transfer is expected to take approximately 24-30 months [35][36] Question: Will revenues be expected before the full transfer is complete? - The company anticipates being the sole manufacturer once fully qualified, with significant capacity expected to be consumed by this product [42]

Core Insights - The company is experiencing compounding growth in its diversified business model, with a year-on-year increase in ICWP of 5.9% to over $4 billion, driven by all three business segments [3]. Segment Analysis - Retail segment ICWP has grown by 7.3% in US dollars, with expectations of constant currency growth exceeding 6% for the year [4][5]. - The company is focused on underwriting excellence and disciplined pricing in the big ticket segment, successfully capturing attractive opportunities in a competitive London market [4]. - In the Re & ILS segment, disciplined capital deployment has resulted in both net and gross growth [4].

Financial Data and Key Metrics Changes - For Q3 2025, revenue increased by 30% year-over-year, reaching $986.8 million, driven by strong performance in the electrical and mechanical (E&M) segment [15][5] - EBITDA for the third quarter rose by 37% compared to the previous year, totaling $89 million, with an EBITDA margin of 9%, up 50 basis points from 8.5% [15][16] - Total backlog at the end of Q3 was $2.95 billion, reflecting a 2% increase from the same period last year and a 6% increase from the end of 2024 [7][16] Business Line Data and Key Metrics Changes - E&M segment revenues increased by 43% to $767.3 million, primarily driven by growth in commercial and renewables markets, particularly in the data center submarket [15][17] - T&D segment revenues were $223.4 million, a slight decrease from $228.5 million last year, attributed to timing and reduced storm work, while T&D backlog increased by 19% year-over-year [15][18] Market Data and Key Metrics Changes - The demand for power transmission infrastructure upgrades in the U.S. is unprecedented, driven by factors such as data centers, electric vehicle adoption, and industrial reshoring, creating a multi-year tailwind for T&D services [9][10] - The data center submarket continues to show strong demand with no signs of weakening, with significant projects located in the Upper Midwest, Southwest, and Pacific Northwest [31][49] Company Strategy and Development Direction - The company is focused on maintaining a disciplined approach to project selection, emphasizing opportunities that align with strategic objectives and offer attractive returns [8][10] - The "Forever strategy" aims to attract and retain key talent, with significant investments in training and development to support growth objectives [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue building backlog momentum, citing robust underlying demand drivers across key markets [7][9] - The company raised its 2025 revenue guidance to a range of $3.55 billion to $3.65 billion, reflecting strong business momentum and elevated backlog levels [21][22] Other Important Information - Operating cash flows for the first nine months of 2025 were $108.6 million, up from $82.7 million in the same period last year, with CapEx increasing to $42.1 million [19] - The company is actively evaluating M&A opportunities, with a broader and deeper funnel than a year ago, focusing on companies that align with its strategic priorities [51] Q&A Session Summary Question: Margin sustainability and future expectations - Management acknowledged that while margin expansion is challenging to forecast, strong execution has led to improved margins this fiscal year, and they will continue to focus on margin uplift [27][28] Question: Data center project strength and timelines - Management highlighted strong demand for data center projects in specific regions and noted that larger projects are entering the backlog earlier than expected [29][31] Question: Organic growth expectations for next year - Management remains optimistic about strong demand for services and believes they can secure sufficient backlog to support growth, despite potential cyclicality [36][37] Question: Pre-construction projects and backlog conversion - Some projects in pre-construction have accelerated, contributing to solid revenue, while others remain in early phases, providing visibility for the next year [40][42] Question: Local market activity in Las Vegas - Management reported a diversified approach in Las Vegas, with ongoing projects in hospitality and data centers, and noted that their backlog in these areas has increased [44][45] Question: Data center end market revenue progression - Management confirmed that data centers have become a significant part of their business, with strong demand and a long runway for opportunities [48][49] Question: M&A opportunities and capital deployment - The company is in a strong position to pursue meaningful acquisitions, with an active corporate development team and a focus on strategic alignment [51]

Financial Data and Key Metrics Changes - For Q3 2025, revenue reached $986.8 million, a 30% increase compared to the same period last year, driven by strong growth in the electrical and mechanical (E&M) segment [15][6] - EBITDA for the third quarter was $89 million, reflecting a 37% increase from the prior year, with an EBITDA margin of 9%, up 50 basis points from 8.5% in the previous year [15][16] - Total backlog at the end of Q3 was $2.95 billion, up 2% year-over-year and 6% from the end of 2024, indicating solid growth despite strong revenue performance [7][16] Business Line Data and Key Metrics Changes - E&M segment revenues increased 43% to $767.3 million, primarily driven by growth in commercial and renewables markets, particularly in the data center submarket [15][17] - T&D segment revenues were $223.4 million, a slight decrease from $228.5 million last year, attributed to timing and a decline in utility work, although T&D EBITDA increased 11% to $33.8 million [15][18] Market Data and Key Metrics Changes - The T&D backlog increased by 19% year-over-year, driven by utility end market growth, particularly in undergrounding and substation work [16][18] - The company is experiencing strong demand in the data center submarket, with no signs of weakening, and is strategically positioned in key geographic locations for data center development [9][10] Company Strategy and Development Direction - The company is focused on maintaining a disciplined approach to project selection, emphasizing opportunities that align with strategic objectives and offer attractive returns [8][10] - The "Forever" strategy continues to underpin sustainable growth, with a strong emphasis on attracting and retaining talent, which is critical for supporting growth objectives [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue building backlog momentum, citing robust underlying demand drivers across key markets [7][9] - The company anticipates ongoing strong momentum into 2026, supported by favorable trends in core markets and a solid backlog position [20][22] Other Important Information - The company raised its 2025 guidance, now forecasting revenues between $3.55 billion and $3.65 billion, and EBITDA between $290 million and $300 million, reflecting strong business momentum [20][21] - Operating cash flows for the first nine months of 2025 were $108.6 million, up from $82.7 million in the same period last year, indicating strong operational results [19] Q&A Session Summary Question: Thoughts on margin sustainability - Management noted that execution upside is hard to forecast, but strong execution has led to margin improvements this fiscal year, with a focus on maintaining this uplift going forward [27][28] Question: Data center project strength and timelines - Management highlighted strong demand for data center projects, particularly in the Upper Midwest and Southwest regions, with ongoing visibility into future projects [29][30] Question: Organic growth expectations for next year - Management remains optimistic about strong demand for services and the ability to secure backlog to support growth, despite potential cyclicality [35][36] Question: Status of pre-construction projects - Some projects in pre-construction have accelerated, contributing to solid revenue, while others remain in early phases, providing visibility for the next year [39][40] Question: Las Vegas market activity - Management indicated a diversified approach in Las Vegas, with ongoing projects in hospitality and data centers, and a positive outlook for 2025 despite potential slowdowns [42][44] Question: Data center end market revenue progression - Data centers have become a significant part of the business, with strong demand and a long runway for opportunities, while maintaining diversification to mitigate risks [48][49] Question: M&A opportunities and strategy - The company is actively evaluating M&A opportunities, with a broader and deeper funnel than a year ago, focusing on companies that align with strategic priorities [51][52]