Core Viewpoint - Lululemon Athletica Inc. reported better-than-expected third-quarter results and raised its full-year guidance, indicating strong financial performance and positive outlook for the company [1][2]. Financial Performance - Quarterly earnings were $2.59 per share, exceeding the analyst estimate of $2.27 by 14.15% [1]. - Quarterly revenue reached $2.57 billion, surpassing the Street estimate of $2.48 billion and increasing from $2.4 billion in the same period last year [1]. Guidance Update - The company raised its fiscal 2025 GAAP EPS guidance to a range of $12.92 to $13.02, compared to the analyst estimate of $12.95 [2]. - Fiscal revenue outlook was increased to between $10.96 billion and $11.05 billion, above the $10.979 billion estimate [2]. Strategic Developments - Lululemon announced a CEO succession plan and authorized an increase to its share buyback program [2]. - Following the earnings announcement, Lululemon shares rose 10.7% to $207.01 in pre-market trading [2]. Analyst Reactions - B of A Securities analyst Lorraine Hutchinson maintained a Neutral rating and raised the price target from $185 to $220 [3]. - Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating and increased the price target from $200 to $215 [3]. - Jefferies analyst Randal Konik upgraded Lululemon from Underperform to Hold and raised the price target from $120 to $170 [3].

Core Viewpoint - Aramis Group is implementing a share buyback program to support its performance share allocation plan for key managers and employees, aligning with its value-sharing strategy established during its IPO in 2021 [3]. Group Overview - Aramis Group is the European leader in B2C online used car sales, operating in six countries and focusing on sustainable mobility within the circular economy [5]. - The company has generated over €2.3 billion in full-year revenues and sold more than 119,000 vehicles B2C in the current year, attracting over 70 million visitors annually across its digital platforms [5]. - Founded in 2001, Aramis Group employs over 2,500 people and operates nine industrial-scale refurbishing centers throughout Europe [5]. Share Buyback Program Details - The share buyback program will commence on December 10, 2025, and will last for nine months, with a maximum volume of 550,000 shares, representing 0.66% of the company's capital [4]. - Kepler Cheuvreux has been mandated to execute the share purchases under this program [4]. - Information regarding the transactions will be available on the Group's website [5].

Core Insights - Banco Macro S.A. reported its third quarter results for 2025, highlighting significant changes in net income and operational metrics [1][4]. Financial Performance - In the first nine months of 2025, Banco Macro's net income totaled Ps.176.7 billion, a decrease of 35% or Ps.95.2 billion compared to the same period last year [4]. - The accumulated annualized return on average equity (ROAE) was 4.5%, while the return on average assets (ROAA) was 1.3% as of 3Q25 [4]. - Operating income for the first nine months of 2025 was Ps.1.03 trillion, which is 64% or Ps.1.84 trillion lower than in 9M24 [4]. Financing and Deposits - Total financing increased by 3% or Ps.332.4 billion quarter over quarter, reaching Ps.10.12 trillion, and rose by 69% or Ps.4.13 trillion year over year [4]. - Total deposits grew by 5% or Ps.556.4 billion QoQ and 11% or Ps.1.17 trillion YoY, totaling Ps.11.81 trillion, which represents 75% of the Bank's total liabilities [4]. - Private sector deposits increased by 6% or Ps.604.9 billion QoQ [4]. Capital and Solvency - Banco Macro maintained a strong solvency ratio with excess capital of Ps.3.30 trillion, a Capital Adequacy Ratio of 29.9%, and a Tier 1 Ratio of 29.2% [4]. - Liquid assets accounted for 67% of total deposits in 3Q25 [4]. Asset Quality - The non-performing to total financing ratio stood at 3.19%, with a coverage ratio of 120.87% [4]. Customer Base - As of 3Q25, Banco Macro served 6.29 million retail customers, including 2.5 million digital customers, and over 219,235 corporate customers across Argentina [4].

Core Points - Diversified Energy Company has received approval to move its primary listing to the New York Stock Exchange while retaining a secondary listing on the London Stock Exchange [1][2] - The High Court of Justice of England and Wales has sanctioned the scheme of arrangement to introduce a new Delaware-incorporated parent holding company for Diversified Energy Company [1][2] - The scheme will become effective on November 24, 2025, with the cancellation of the ordinary shares listing on the FCA's Official List [3] Group 1 - The primary listing of Diversified's common stock on the NYSE is expected to be effective on November 24, 2025, with the last day of dealings on the LSE being November 21, 2025 [2][3] - Following the scheme's effectiveness, Diversified will continue its share buyback program as previously announced [3] Group 2 - Diversified Energy Company is recognized for its sustainability leadership and focuses on acquiring, operating, and optimizing cash-generating energy assets [4]

Financial Data and Key Metrics Changes - Net income grew nearly 20% quarter-over-quarter and 43% year-over-year, driven by resilient margins and a sharp decline in provision charges [4][28] - ROE expanded by 288 basis points during the period, reaching 20.4% [5][28] - Grupo Cibest's standalone double leverage ratio was 106%, indicating strong creditworthiness and room for further leverage [5] Business Line Data and Key Metrics Changes - Nominal loan growth was flat during the quarter, but adjusted for effects, loan growth would have reached 1.2% quarter-over-quarter [4][14] - Consumer loans were the main driver of growth, with a notable increase in credit card usage and strong performance from Nequi [14][22] - Mortgages registered an annual growth of 11% [14] Market Data and Key Metrics Changes - The Colombian economy sustained its recovery through the third quarter, with economic activity likely expanding at an annual rate of 2.4% [10] - Central American operations showed notable resilience, with El Salvador expected to grow 2.2% and Guatemala projected to expand 3.6% [12] Company Strategy and Development Direction - The company is well-positioned to deliver sustained value creation for shareholders through a new corporate structure under the holding company [6] - The share buyback program launched in mid-July is enhancing ROE performance and boosting key valuation metrics [7][8] - The launch of Breve was completed smoothly, with Bancolombia and Nequi accounting for 52% of all digital keys registered [9] Management Comments on Operating Environment and Future Outlook - Management anticipates continued improvements in asset quality and a cost of risk in the range of 1.5%-1.7% for 2025 [31] - The company expects loan growth of approximately 3.5% for 2025, with a net interest margin estimated at 6.5% [30][31] - The management is confident that Nequi will reach profitability by 2026, following its separation from Bancolombia [81] Other Important Information - Net provisions amounted to COP 800 billion, a 24% quarterly drop and close to 48% annual contraction [24][25] - Operating expenses decreased by 2.4% during the quarter, driven by efficiency strategies [27] Q&A Session Summary Question: Sustainability of funding costs and potential upward revisions to ROE - Management emphasized a structural advantage in managing funding costs through a robust digital offer and physical presence [36] - ROE guidance for 2025 is around 17%, with potential for improvement [37] Question: Update on presidential elections and efficiency guidance - Management noted that clarity on candidates will emerge closer to the elections, with January and March being key months for assessment [44] - Efficiency guidance for 2026 is around 50%, with ongoing efforts to optimize expenses [46][48] Question: Loan growth breakdown and sustainable levels for new PDL - Loan growth for 2026 is guided at 7%, with consumer loans expected to grow around 10% [54] - Management indicated a cost of risk range of 1.6%-1.8% for 2026, reflecting improved credit risk behavior [55] Question: Model recalibration and tax rates - The model recalibration applies to all banks within Grupo Cibest, reflecting improved credit risk across countries [64] - The effective tax rate for Grupo Cibest is around 28%, varying by country [66] Question: Buyback program and Nequi's profitability roadmap - Management is satisfied with the buyback program's progress and remains flexible regarding future capital allocation [80] - Nequi is expected to continue its growth trajectory, with profitability anticipated in 2026 [81]

Financial Data and Key Metrics Changes - Net income grew nearly 20% quarter-over-quarter and 43% year-over-year, driven by resilient margins and a sharp decline in provision charges [4][28] - Return on equity (ROE) expanded by 288 basis points during the period, reaching 20.4% [5][28] - The standalone double leverage ratio was 106%, indicating strong creditworthiness and room for further leverage [5] Business Line Data and Key Metrics Changes - Nominal loan growth was flat during the quarter, but adjusted for effects, loan growth would have reached 1.2% quarter-over-quarter and 5.9% annually [4][12] - Consumer loans were the main driver of growth, with credit card usage stimulated by marketing campaigns [12][22] - Mortgages registered strong growth, with an annual increase of 11% [12] Market Data and Key Metrics Changes - The Colombian economy sustained a recovery with an expected annual growth rate of 2.4% for the third quarter [9] - Economic activity in Central America showed resilience, with El Salvador expected to grow 2.2% and Guatemala projected to expand 3.6% [11] Company Strategy and Development Direction - The company is well-positioned to deliver sustained value creation for shareholders, supported by a new corporate structure under a holding company [5][30] - The share buyback program is progressing well, enhancing ROE performance and boosting key valuation metrics [6][28] - The launch of Nequi is seen as a significant step towards sustained profitability, with expectations of breakeven by Q1 of next year [5][56] Management's Comments on Operating Environment and Future Outlook - Management highlighted the effectiveness of the business model and operational capabilities in navigating a competitive market [4] - The company anticipates continued improvements in asset quality and a stable cost of risk, with projections for loan growth revised to approximately 3.5% for 2025 [30][31] - The cost of risk is expected to be in the range of 1.5-1.7%, indicating ongoing improvements [31] Other Important Information - The company processed approximately 70 million transactions amounting to COP 7.2 trillion in flows within the new digital key system [8] - The asset quality continued to improve, with a significant reduction in past due loans and a 24% quarterly drop in net provisions [24][25] Q&A Session Summary Question: Sustainability of funding costs and potential upward revisions to ROE - Management emphasized a structural advantage in funding costs due to a robust digital offer and physical presence, with guidance for ROE around 17% for 2025 [33][34] Question: Update on presidential elections and efficiency guidance - Management noted that clarity on candidates will improve by January, with efficiency guidance for 2026 set around 50% [37][40] Question: Loan growth breakdown and sustainable levels for new past due loans - Loan growth for 2026 is projected at 7%, with consumer loans expected to grow around 10% [42][44] Question: Model recalibration and tax rates - The model recalibration reflects improved credit risk across all countries, with an effective tax rate for Grupo Bancolombia around 28% [48][49] Question: Buyback program and Nequi's profitability roadmap - The buyback program is progressing well, and Nequi is expected to achieve profitability in 2026, with a strong performance in its loan book [56][58]

Core Points - Embraer S.A. has approved a share buyback program for its own issued shares, aimed at acquiring up to 10,800,000 ordinary shares, which is approximately 1.5% of the total outstanding shares [1][2] - The program will be effective from November 7, 2025, and will last for 12 months, concluding on November 6, 2026 [3] - The acquisitions will be conducted on the stock exchange at market prices, with the financial institution BTG Pactual Serviços Financeiros S/A DTVM facilitating the transactions [3] - The funding for the share buyback will come from the Company's Investment and Working Capital Reserve, amounting to R$ 2,511,611,561.56 (approximately 2.51 billion reais) [4] - The Company believes that the share buyback will not affect its shareholder composition or administrative structure and is compatible with its current financial situation [5]

Core Insights - Corbion has reported the details of its share buyback program initiated on 1 September 2025, indicating a significant commitment to returning value to shareholders [1] - As of the week ending 31 October 2025, a total of 102,003 shares were repurchased at an average price of €17.6450, amounting to €1,799,838.05 [1] - The total number of shares repurchased to date stands at 420,203, which represents 72.40% of the overall share buyback program [1] Weekly Updates - Corbion provides a weekly overview of the share buyback program every Monday on its website, detailing the daily amount of repurchased shares and individual transactions [2]

Group 1 - Tenaris S.A. announced a USD 1.2 billion Share Buyback Program, with the second tranche covering up to USD 600 million starting on November 3, 2025, and ending by April 30, 2026 [1][2] - The buyback will be executed by a primary financial institution independently, adhering to applicable regulations, including the Market Abuse Regulation [2] - Shares purchased under the Program will be cancelled in due course, authorized by the shareholders' meeting held on May 6, 2025 [3] Group 2 - Tenaris is recognized as a leading global supplier of steel tubes and related services for the energy industry and other industrial applications [5]

Core Points - Corbion has reported details of its share buyback program initiated on 1 September 2025, indicating ongoing commitment to returning value to shareholders [1] - As of the week of 20 October to 24 October 2025, a total of 22,669 shares were repurchased at an average price of €17.2559, amounting to a total expenditure of €391,070.36 [1] - Cumulatively, the total number of shares repurchased to date is 318,200, which represents 54.83% of the overall share buyback program [1] Summary of Share Buyback Program - Corbion publishes a weekly update every Monday on its website regarding the progress of the share buyback program, providing detailed information on daily repurchased shares and individual transactions [2]