Financial Data and Key Metrics Changes - TELUS Digital generated revenue of $699 million, an increase of 7% year over year or 6% on a constant currency basis [19] - Adjusted EBITDA margin was 13.4%, reflecting a year-over-year decrease due to increased salary and benefits, as well as goods and services purchased outpacing revenue growth [22][23] - Free cash flow for the quarter was $33 million, with a year-over-year decline primarily due to increases in operating expenses outpacing revenue growth [25][26] Business Line Data and Key Metrics Changes - Revenue from AI and data solutions continued to grow, with a focus on diversification across more clients [20] - Customer experience service line faced cost pressures due to client budgetary constraints and geographic labor cost differences [32] - Digital solutions area saw strong client engagement, with approximately 10% of new bookings coming from new clients and 90% from existing clients [13] Market Data and Key Metrics Changes - Revenue growth was observed in the Americas and Europe, while revenue in the Asia Pacific segment was softer year over year [22] - The healthcare and communication/media industry verticals grew significantly, with healthcare revenue increasing by 119% [21] - E-commerce and fintech revenue decreased by 14% year over year due to a decline in service volumes [22] Company Strategy and Development Direction - The company is focused on operational improvements, service quality excellence, and talent development to drive sustainable revenue growth and improved margins [10][11] - There is an emphasis on leveraging AI capabilities and advanced methods to enhance operational efficiency [10][11] - The company aims to position itself as a trusted independent partner in the AI space, differentiating itself in a competitive marketplace [8][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing margin pressures due to competitive pricing, labor inflation, and complex work requirements [4][5] - The outlook for revenue growth remains at approximately 2% on a constant currency and organic basis for the full year 2025 [26] - Management expressed confidence in the company's ability to navigate challenges and emphasized the importance of operational excellence [10][11] Other Important Information - The company recorded an impairment charge on goodwill in Q2 due to updated financial modeling assumptions [18] - The leverage ratio was elevated at 3.75 times as of June 30, 2025, primarily due to lower adjusted EBITDA and a non-cash increase in derivative liabilities [24][25] Q&A Session Summary Question: Can you discuss the margin pressures and the restructuring carried out in the quarter? - Management identified customer experience and content moderation as areas under pressure, with actions taken to improve workforce management and pricing discipline [32][34] - Restructuring included costs related to rebalancing with a customer in Europe and ongoing efficiency programs [36] Question: What is the update on AI solutions and market dynamics? - The AI consulting business is evolving strongly, with a shift from proofs of concept to full deployment expected in 2026 and 2027 [42] - The company is seen as a trusted advisor in large language model development, with promising projects underway [44] Question: Are there more IT services or technology vendors becoming competitive? - Management noted that while the number of competitors remains stable, the competitive pressure is increasing in terms of advancing capabilities beyond traditional customer experience work [52] Question: What verticals are seeing a return in discretionary spending? - The digital solutions space is experiencing increased demand for cost optimization projects, with a rebound in classic digital business activities [61][63] Question: Can you provide insights on key clients beyond the top three? - Growth is noted across various sectors, including healthcare and communications, with a diverse client base contributing to overall revenue growth [71][73] Question: What is the impact of the Scale AI acquisition by Meta? - The company has seen increased interest from clients seeking alternative partners following the acquisition, presenting new opportunities [49] Question: How is the company addressing margin pressures? - Management is focused on pricing accuracy, workforce management, and leveraging AI capabilities to improve efficiency and stabilize margins [88][90] Question: What types of investments are being made in Gen AI? - Investments are focused on managing workforce talent, project execution, and ensuring high-quality datasets to support model training [96][98]

Financial Performance - Net revenues for 2Q25 were US$708 million, a 13% increase compared to 1Q25 (US$627 million) but a 4% decrease compared to 2Q24 (US$736 million)[14] - Adjusted EBITDA for 2Q25 was US$161 million, a 28% increase compared to 1Q25 (US$125 million) but a 22% decrease compared to 2Q24 (US$206 million)[14] - The company's net leverage ratio was 23x in 2Q25, compared to 21x in 1Q25 and 27x in 2Q24[14] - Free cash flow for 2Q25 was US$17 million, compared to US$(226) million in 1Q25 and US$149 million in 2Q24[14] Operational Highlights - Zinc production (mining) reached 74kt in 2Q25, up 9% from 1Q25 (67kt) but down 12% from 2Q24 (83kt)[14] - Total zinc sales (smelting) were 145kt in 2Q25, up 12% from 1Q25 (130kt) but down 2% from 2Q24 (148kt)[14] - Mining segment cash cost net of by-products was US$(011)/lb in 2Q25[19] - Smelting segment cash cost net of by-products was US$123/lb in 2Q25, a 5% increase QoQ and a 3% increase YoY[26] Strategic Initiatives and Outlook - The Cerro Pasco Integration Project is progressing, with Phase I execution advancing and technical studies for Phase II underway, aiming for a 15+ year LoM extension[34, 84] - Exploration efforts continue to reinforce geological potential, with promising intercepts at Cerro Lindo, Aripuanã, Vazante, and Cerro Pasco Complex[41, 42, 43, 44, 45] - The company expects higher Adjusted EBITDA in 2H25, driven by operational improvements and cost optimization initiatives[31]

Financial Data and Key Metrics Changes - In H1 2025, organic revenue grew by 0.9%, reaching nearly EUR 3.1 billion, confirming expectations for organic growth in 2025 [4][34] - EBITDA for H1 2025 was EUR 246 million before exceptional items, with expectations for a stronger second half [4][34] - Cash flow from operations (CFFO) reached EUR 416 million in H1, with a full-year guidance of over EUR 500 million [4][35] - Free cash flow for H1 was EUR 370 million, a significant increase compared to EUR 29 million for the full year 2024 [10][35] Business Line Data and Key Metrics Changes - The European segment is focused on cost reductions to improve profitability, with the end of the Disney contract and Ligue One contract impacting revenue [6][34] - The content production and distribution segment saw a decrease in revenue in H1 2025 due to the timing of international sales and a strong H1 2024 [41][42] - Dailymotion experienced double-digit growth, driven by strategic investments and advertising deals [43] Market Data and Key Metrics Changes - The subscriber base slightly decreased overall, with a focus on retail subscribers leading to growth in France, while wholesale subscribers declined due to the end of certain deals [36][37] - In Africa, subscriber growth slowed, influenced by content availability and renewal rates, but acquisition rates showed a 19% increase compared to 2024 [38][39] - The Vietnamese market is under assessment due to declining performance, while Myanmar is performing better with new content offerings [37][91] Company Strategy and Development Direction - The company aims to generate profitable growth and cash flow by focusing on profitable contracts and customer segments, alongside cost reduction initiatives [5][6] - Strategic partnerships and content value propositions are key focuses, with plans to enhance in-house production capabilities and develop strategic content partnerships [11][12] - The company is pursuing growth through acquisitions, particularly with MultiChoice, to expand its market presence in Africa [26][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving full-year guidance despite challenges from contract terminations and market conditions [34][35] - The company anticipates improved content availability in H2 2025, which is expected to positively impact subscriber renewal rates [39] - Management is focused on resolving tax issues and improving cash generation, with a proactive approach to legacy tax items [8][50] Other Important Information - The company has implemented a new organizational structure to enhance financial reporting and cash flow management [10] - A significant reduction in net debt from EUR 355 million to EUR 24 million was reported, providing financial flexibility for future acquisitions [35][53] - The company is committed to an ambitious ESG strategy, focusing on reducing carbon footprint and enhancing digital accessibility [55][56] Q&A Session Summary Question: Subscriber trends and initiatives - Management noted a slight decrease in overall subscribers, attributing it to content renewal rates and market dynamics, with strong gross adds in new customers [65][66] Question: Underlying advertising trends - Positive underlying trends in advertising revenue were reported, with double-digit growth at Dailymotion and significant revenue growth at Canal Plus [68][69] Question: Macro trends in content segment - No major shifts in content demand were observed, with a focus on leveraging intellectual property across various content types [70] Question: Free cash flow guidance - Management clarified that free cash flow for H2 is expected to be lower due to seasonal payment patterns, despite strong CFFO in H1 [72][74] Question: MultiChoice acquisition timeline - Financial and strategic guidance regarding MultiChoice will be provided post-acquisition, with immediate actions planned to generate synergies [76][77] Question: Content costs outlook - Content costs are expected to decrease in Europe, with continued investment in local content in Africa [80] Question: Tax issues and guidance - The expected group income tax charge is projected to be between 35-40%, significantly lower than the previous year [92]

Financial Data and Key Metrics Changes - Tilray achieved record annual revenue of $821 million, a 4% increase year over year on a constant currency basis, and $834 million, a 6% increase year over year [7][34] - The company reported a gross profit of $241 million, an 8% increase year over year, and the highest gross margin at 29%, up from 28% in the prior year [8][40] - A net loss for fiscal year 2025 increased to $2.2 billion, or $2.46 per share, compared to a loss of approximately $220 million in the prior year [41][50] Business Line Data and Key Metrics Changes - International cannabis revenue reached $22.4 million in Q4, up 71% year over year, with a full year growth of approximately 20% [7][14] - The beverage segment reported net revenue of $65.6 million in Q4, a 19% year-over-year increase, although impacted by SKU rationalization initiatives [24][38] - Wellness revenue grew by 9% to over $60 million, driven by the expansion of the Manitoba Harvest brand and new product innovations [29][30] Market Data and Key Metrics Changes - In Canada, Tilray maintained a 9.3% market share in the adult recreational segment, with a total cannabis revenue of $186 million for the fiscal year [18][12] - The international cannabis business showed significant growth, particularly in Germany, where revenue grew by 134% year over year in Q4 [15][12] - The U.S. beverage division generated approximately $240 million in sales, with a focus on expanding market share in the non-alcoholic beverage sector [13][28] Company Strategy and Development Direction - The company is focused on solidifying its global leadership in cannabis and expanding its beverage and wellness business through innovation and strategic acquisitions [6][12] - Tilray aims to strengthen its balance sheet through strategic debt restructuring and has reduced its net debt to EBITDA ratio to 0.3 times from 1.7 last year [9][41] - The company is optimistic about future growth opportunities in international markets, particularly in Europe and emerging markets [17][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term strategy despite recent non-cash impairment charges, emphasizing the intrinsic value of tangible assets and brand equity [11][43] - The Canadian cannabis market is stabilizing, with expectations of regulatory reforms that could enhance market conditions [17][65] - Management anticipates continued growth in international cannabis markets, particularly in Germany, Poland, and the UK, with significant plans for expansion [70][72] Other Important Information - The company implemented strategic initiatives that impacted revenue by approximately $35 million due to decisions aimed at enhancing margins and profitability [7][35] - The beverage business faced challenges due to softer consumer demand and unexpected distribution headwinds, but corrective actions are being taken to improve performance [24][26] - Tilray's wellness segment is expected to expand further in fiscal year 2026, focusing on better-for-you functional foods and beverages [31][30] Q&A Session Summary Question: What is the current status of importing rights and delays? - Management indicated that legal issues in Portugal are being resolved, and they expect to start shipping products soon, with an estimated $8 million in sales impacted by trapped shipments [60][61] Question: Can you elaborate on the Canadian market's equilibrium and price pressures? - Management noted that the Canadian market is stabilizing with more retail stores opening, leading to increased consumer preference for legal cannabis over illicit products, and potential regulatory changes could further enhance market conditions [63][65] Question: How should growth in international markets be viewed for next year? - Management expressed optimism about international growth, particularly in Germany and other European markets, with significant plans for expansion and a focus on medical cannabis [70][72]

Summary of MicroPort (0853) Conference Call Company Overview - **Company**: MicroPort (0853 HK) - **Industry**: Healthcare, specifically medical devices Key Points Financial Performance - **1H2025 Results**: - Sales decline of less than 4% (excluding forex effects) - Adjusted net loss limited to US$110 million [1][5] - **Challenges**: - Domestic competition intensifying - Policy-induced price adjustments - International trade conflicts affecting sales growth across all segments, except for the surgical robot business [1][5] Future Outlook - **2H2025 Expectations**: - Anticipated recovery in sales momentum, particularly in the endovascular business during 2Q2025 - Significant growth potential in the surgical robot business as procurement funding in China normalizes [1][5] - **Management Comments**: - Awaiting insights on each business segment, especially orthopedics and CRM, during the interim earnings call [1][5] Investment Thesis - **Profitability Outlook**: - Expected decrease in net loss and potential for profitability by 2026, as per performance covenants from recent financing [5] - **Cost Optimization**: - Targeted cost optimization and inter-segment sales leverage expected to reduce opex/sales ratio from 96% in 2023 to below 50% by 2026 [5] - **Sales Growth**: - Estimated sales growth of approximately 20% per annum [5] Valuation - **Price Target**: - Dec-25 price target set at HK$8.60 based on DCF valuation [6] - **WACC Assumptions**: - Risk-free rate: 3.8% - Market risk premium: 6.4% - Beta: 1.5 - WACC: 12.7% [8] Risks - **Downside Risks**: - Worse-than-expected earnings - Higher-than-expected financial obligations, including CRM share repurchase - Dilution risk from further equity financing - Geopolitical risks [9] Additional Insights - **Convertible Loans**: - Adjusted net loss must not exceed US$110 million in 1H25 and US$55 million in 2025 as per performance covenant [1][5] - **Market Position**: - MicroPort manufactures high-value medical devices used across various disease areas, indicating a broad market presence [5] This summary encapsulates the critical financial and operational insights from the conference call regarding MicroPort, highlighting both current challenges and future opportunities within the healthcare sector.

Financial Data and Key Metrics Changes - The IT services revenue for Q1 was $2,590 million, reflecting a 2% decline in constant currency terms, which is within the guidance range [7][20] - Operating margin for Q1 was 17.3%, an expansion of 80 basis points year on year [21] - Net income grew by 10.9% year on year, with earnings per share (EPS) at INR 3.2, a growth of 10.8% year on year [24][25] - Free cash flow as a percentage of net income was robust at 115% for the quarter [25] - The effective tax rate was 21.6% for Q1, down from 24.5% in Q1 2024 [26] Business Line Data and Key Metrics Changes - BFSI sector saw a decline of 3.8% sequentially and 3.5% year on year [23] - Healthcare grew by 0.5% sequentially and 3.5% year on year [23] - Consumer sector declined by 4% sequentially and 5% year on year [23] - Technology and communications grew by 0.4% sequentially but declined by 3% year on year [23] - Capco continued to perform well, growing by 6.1% year on year [24] Market Data and Key Metrics Changes - Americas market grew by 1.5% year on year in constant terms, with strong deal momentum [7] - Europe faced a decline of 6.4% sequentially and 11.6% year on year [22] - Digital spending in India, the Middle East, and Southeast Asia remained resilient [8] Company Strategy and Development Direction - The company is focusing on AI, data, and modernization programs, aligning with client priorities [5][6] - Emphasis on vendor consolidation and cost optimization as key drivers for deal wins [12][45] - The company aims to build an AI-first enterprise, integrating AI capabilities into industry solutions [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the macro environment, citing ongoing geopolitical uncertainties and tariff impacts [36][100] - Despite uncertainties, there is strong deal momentum in BFSI and technology sectors, with clients focusing on cost optimization and AI investments [37][102] - The outlook for the second half of the year appears positive due to a strong order book and healthy pipeline [18][71] Other Important Information - The board declared an interim dividend of INR 5 per share, distributing over $1,300 million in the last six months [26] - The company revised its capital allocation policy to pay out a minimum of 70% of net income over three years [27] Q&A Session Summary Question: What is the macro outlook right now? - Management acknowledged ongoing uncertainty in the macro environment, with geopolitical issues and tariffs affecting various industries [36] Question: What powered the Americas One performance despite sector declines? - Strong performance in health and communications sectors contributed to the growth in the Americas market unit [39] Question: Is discretionary demand returning? - Discretionary spending is returning in certain areas, particularly around AI and modernization projects [45] Question: How are large deal wins impacting financials? - Large deal wins will take time to ramp up, typically around six to eight quarters, but are expected to positively impact revenues [70] Question: What is the outlook for margins going forward? - Margins may face pressure due to upfront investments required for large deals, but management remains optimistic about maintaining profitability through operational excellence [98]

Core Insights - Northern Trust Corporation (NTRS) successfully passed the Federal Reserve's 2025 stress test, maintaining a 2.5% Stress Capital Buffer, indicating a strong capital position and resilience against severe economic downturns [1][3] - Analysts have revised earnings growth estimates for NTRS upward for 2024 and 2025, reflecting optimism about the company's financial performance [2] Financial Performance - The Zacks Consensus Estimate for NTRS's earnings per share (EPS) for 2025 is projected at $8.18, with a year-over-year growth estimate of 6.23% [12] - Over the past three to five years, NTRS's EPS has increased by 3.1%, with a projected growth rate of 6.2% in the near term [8][11] - The company reported a return on equity (ROE) of 13% in the first quarter of 2025, indicating consistent profitability and operational efficiency [16] Dividend and Share Repurchase - Following the stress test, NTRS plans to increase its quarterly dividend by 7% to $0.80 per share starting in Q3 2025, subject to board approval, with a current dividend yield of 2.34% [4] - NTRS has an active share repurchase program, having repurchased $287 million worth of shares in Q1 2025, with $25 million authorized for buybacks [6] Growth Drivers - The company has experienced a compound annual growth rate (CAGR) of 7.8% in total revenues from 2020 to 2024, supported by increases in net interest income (NII) and non-interest income [12][14] - Loan and lease balances grew at a CAGR of 6.7% during the same period, with expectations for a rebound in loan activity as the client base expands [13][14] - The launch of Family Office Solutions in April 2025 aims to attract ultra-high-net-worth clients, enhancing revenue potential [14] Cost Management - Northern Trust is implementing cost optimization measures, including disciplined headcount management and process automation, to enhance productivity and achieve financial objectives [15] - The company has maintained a solid liquidity position, with deposits totaling $52 billion compared to total debt of $12 billion, supporting its financial flexibility [7] Market Performance - Over the past year, NTRS shares have increased by 53.1%, outperforming the industry growth of 28.6% [17] - NTRS currently holds a Zacks Rank of 2 (Buy), indicating positive market sentiment [20]

Financial Data and Key Metrics Changes - Net revenue for Q1 2025 was USD 657 million, a 150% increase year over year and largely in line with Q4 2024 [27] - Cost of goods sold for the quarter was USD 888 million, an increase of 113% year over year and down 25% quarter over quarter [27] - Q1 2025 gross margin was -35%, an improvement from -59% in the same period last year [27] - Net loss for the quarter was USD 712 million, with a net loss margin of -109%, compared to -226% in Q1 2024 [30] Business Line Data and Key Metrics Changes - In Q1 2025, VinFast delivered 36,330 electric vehicles, representing a 296% increase year over year and a 32% decline quarter over quarter [7] - Two-wheeler deliveries reached 44,904 units, marking a 473% year over year increase and a 44% rise quarter over quarter [8] - B2C deliveries accounted for over 70% of total sales for three consecutive quarters through Q1 2025 [9] Market Data and Key Metrics Changes - In Vietnam, VinFast's market share of overall auto sales increased to nearly 40% in Q1 2025 from approximately 20% last year [15] - EV penetration in Vietnam reached nearly 40% in Q1, while BEV adoption in Indonesia was 7% and 3% in The Philippines [11] - Vietnam led Southeast Asia in automotive sales growth with a 24% year over year increase [15] Company Strategy and Development Direction - VinFast aims to double vehicle deliveries in 2025 and maintain strong momentum into 2026 [39] - The company is transitioning from a direct-to-consumer model to a dealer-based model to enhance efficiency [28] - New vehicle platforms and EE architecture are expected to drive long-term cost savings and operational efficiency [26][22] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about improved operating leverage driven by economies of scale [6] - The company is focused on scaling operations, accelerating product development, and executing cost optimization to achieve profitability [39] - Management acknowledged the challenges posed by global macroeconomic and trade uncertainties but remains committed to growth [7] Other Important Information - CapEx for Q1 2025 was USD 147 million, down 24% year over year and 40% quarter over quarter [30] - As of May 31, liquidity stands at approximately USD 2.4 billion, including various loans and grants [32] Q&A Session Summary Question: Timeline on new factories in Vietnam, India, and Indonesia - All facilities in Asia are expected to start operations this year, with the India factory opening in July [36] Question: Key catalysts for investors in 2025 - Growth will be driven by deeper market penetration in key international markets and new product offerings [39] Question: Timing of CapEx and when it might peak - Total CapEx planned for 2025 is USD 800 million, with over 50% allocated to R&D [44] Question: Expansion into the bus market - Deliveries of buses have already started in Vietnam, with plans to expand into other markets [46] Question: Average selling price (ASP) trajectory for the rest of the year - ASP for Q1 2025 was around USD 15,000, expected to remain under USD 20,000 for the full year [49] Question: Variable margin versus fixed costs in production - Variable costs are being optimized, with expectations for improvements in gross margin by 2026 [51] Question: Rationale for closing B2C showrooms in North America and Europe - Transitioning to a dealership model to enhance efficiency and scale globally [61] Question: Liquidity status - Total cash burn for 2025 is expected to be around USD 2 billion to USD 2.5 billion [64]

Financial Data and Key Metrics Changes - For Q2 2025, adjusted EBITDA increased by $44 million year over year to $214 million, with an adjusted EBITDA margin up 300 basis points to 15.4% [19] - Adjusted free cash flow was $110 million, up from $59 million in Q2 2024, and adjusted EPS rose to $1.19 from $0.83 [19] - The company raised its low-end fiscal 2025 guidance for adjusted EBITDA to at least $725 million, up from $710 million, and adjusted free cash flow guidance increased to $280 million from $245 million [24][25] Business Line Data and Key Metrics Changes - Customized Polymer Solutions segment saw adjusted EBITDA increase by $19 million year over year to $53 million, driven by volume growth and favorable product mix [21] - Sustainable Fiber Solutions posted $80 million of adjusted EBITDA, up from $50 million in the prior year, with EBITDA margins improving to 13.3% from 8.5% [22] - Integrated Solutions delivered $17 million in adjusted EBITDA, showing slight growth year over year despite a heavier mix of recycled fiber [23] Market Data and Key Metrics Changes - Polymer Solutions volumes improved year over year, particularly in agrochemicals, food and beverage, pharma, and flavors and fragrances, while metals were down 5% due to softer industrial demands [13][14] - Demand remained stable across all regions outside North America, where softness persisted due to greater exposure to industrial end markets [15] Company Strategy and Development Direction - The company is focused on its "Build to Last" strategy, emphasizing cost optimization and operational efficiency [6][10] - A strategic decision was made to close the LA paperboard mill, removing 72,000 tons of capacity to streamline operations [11][12] - The company aims to achieve $1 billion in EBITDA and $500 million in free cash flow by 2027, with a commitment to operational excellence and customer-centric growth [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model despite macroeconomic volatility, noting that ongoing cost optimization efforts are yielding positive results [6][10] - The sentiment among customers remains unchanged, with concerns about housing sales and industrial demand impacting future expectations [31] - Management highlighted that the maximum direct cost exposure from tariffs is less than $10 million annually, with current impacts being even lower due to mitigation actions [17][32] Other Important Information - The company achieved $10 million in run rate savings towards its full-year commitment of $15 million to $25 million in cost optimization [10] - The company has been recognized as one of Newsweek's top 100 most loved workplaces for three consecutive years, reflecting strong colleague engagement [7][8] Q&A Session Summary Question: What are the conversations with customers regarding end market demand? - Management noted that customer sentiment remains unchanged, with housing sales at a low and auto builds down, impacting chemical customers [31] Question: What is the near-term impact of raw material inflation on EBITDA margins? - Management indicated that the maximum worst-case impact from tariffs is around $10 million, but current impacts are much lower [32] Question: What is driving the elevated SG&A expenses? - Elevated SG&A is attributed to increased incentives due to performance, the full quarter impact of IPAC Chem, and currency impacts [38] Question: What is the expected impact of URB pricing increases on EBITDA? - A $10 per ton change in URB pricing is expected to generate about $530,000 a month in additional EBITDA [45] Question: How does the company plan to manage operations post-closure of facilities? - The closures are expected to result in a positive annual EBITDA impact of $10 million, with a focus on optimizing production and inventory management [62]

Core Viewpoint - EXEL Industries reported a decline in revenue and recurring EBITDA for the first half of 2024-2025, primarily due to lower volumes in Agricultural Spraying, while maintaining a focus on debt reduction and cash flow optimization [5][13]. Financial Performance - Revenue for the first half of 2024-2025 was €443.4 million, down 10.0% from €492.7 million in the same period of 2023-2024 [5][6]. - Recurring EBITDA decreased to €20.3 million, representing 4.6% of revenue, compared to 6.2% in the previous year [7][5]. - Net income was €1.5 million, a decline from €4.7 million in the first half of 2023-2024 [7][5]. Debt and Cash Flow Management - The Group's net financial debt improved by €38 million, standing at €174.5 million compared to €212.7 million in the previous year, due to efforts in reducing working capital requirements (WCR) and inventory levels [9][5]. - Despite a negative change in WCR of €30 million, the Group's focus on cash flow generation and debt reduction remains a priority [9][13]. Segment Performance - Agricultural Spraying revenue fell by €53.4 million, or 21.5%, reflecting a significant decline in volumes [4][6]. - Other segments, such as Sugar Beet and Industrial Spraying, showed stable or slight growth, with Sugar Beet revenue remaining relatively unchanged [4][6]. Future Outlook - Order intake in Agricultural Spraying is showing limited visibility but signs of recovery in Europe, while market conditions for Sugar Beet Harvesting remain uncertain [12][15]. - The Group plans to continue aligning production capacities and cost structures with business levels in response to lower volumes [15][12]. Investment and Capex - Capital expenditures (Capex) amounted to €15.6 million, including ongoing construction of a new plant in Stains, France [10].