Strategic Review Update - The Trust has been undergoing a strategic review since November 15, 2022, to maximize unitholder value, confirming no further growth in the US under the current platform [1] - The Board will pursue strategies to either sell and exit all current investments and return cash to unitholders or explore the sale or re-utilization of the Trust for another property or platform [1] Financial Performance - The Trust reported a net asset value (NAV) of $5.84 per Trust Unit (CAD $8.18), including disposition costs of assets held for sale [2] - For the three months ended September 30, 2025, net income was approximately $0.13 million, a decrease from $0.27 million in the previous quarter and $0.14 million in the same quarter last year [4] - For the nine months ended September 30, 2025, net income was approximately $0.57 million, compared to a loss of $0.29 million for the same period last year [4][6] Accretive Texas Property Refinancing - The Trust refinanced a $19.1 million fixed-rate mortgage with a new variable-rate mortgage, achieving a 166 basis point interest rate savings, equating to an interest rate of 6.59% [3] - The refinancing is expected to generate an annual AFFO savings of approximately $0.3 million or $0.04 per unit [3] Asset Dispositions - The Trust sold four of six wholly owned assets for gross proceeds of approximately $71.6 million, with net sale proceeds of about $28 million used for debt repayment [5] - The Trust provided seller financing of $4.0 million for its Florida property sale, generating a minimum 9% return that has escalated to 15% [5] - A joint venture property in Maryland was sold for $15.9 million, with the Trust receiving approximately $1.1 million from the sale [5]

Strategic Review Update - The Trust has been undergoing a strategic review since November 15, 2022, to maximize unitholder value, confirming no further growth in the US under the current platform [1][2] - The Board will pursue strategies to either sell and exit all current investments to return cash to unitholders or explore the sale or re-utilization of the Trust for another property or platform [1] Financial Performance - The Trust reported a net asset value (NAV) of $5.84 per Trust Unit (CAD $8.18), including disposition costs of assets held for sale [2] - For the three months ended September 30, 2025, net income was approximately $0.13 million, a decrease from $0.27 million in the previous quarter and $0.14 million in the same quarter last year [4][6] - For the nine months ended September 30, 2025, net income was approximately $0.57 million, compared to a loss of $0.29 million for the same period last year [4][6] Accretive Texas Property Refinancing - The Trust refinanced a $19.1 million fixed-rate mortgage with a new variable-rate mortgage, achieving a 166 basis point interest rate savings, equating to an interest rate of 6.59% [3] - The refinancing is expected to generate an annual AFFO savings of approximately $0.3 million or $0.04 per unit [3] Asset Sales and Transactions - The Trust sold four of six wholly owned assets for gross proceeds of approximately $71.6 million, with net sale proceeds of about $28 million used for debt repayment [5] - The Trust provided seller financing of $4.0 million for its Florida property sale, generating a minimum 9% return that has escalated to 15% [5] - A joint venture property in Maryland was sold for $15.9 million, with the Trust receiving approximately $1.1 million from the sale [5]

The owner of US and Canadian restaurant chains such as Cold Stone Creamery, Wetzel’s Pretzels and Mr. Sub said it’s undergoing a strategic review and may sell itself https://t.co/lwU0MEupB7 ...

Core Points - Waldencast plc has sold its rights to the "Obagi" trademark in Japan to Rohto Pharmaceutical Co., Ltd. for USD $82.5 million [1] - The transaction is part of Waldencast's strategy to improve its capital structure and maximize shareholder value [5][6] Financial Transactions - Rohto has been licensing the "Obagi" mark since 2002, and royalties from this arrangement accounted for 3% of net revenue for the Obagi Medical business for the fiscal year ended December 31, 2024 [2] - Waldencast has entered into a new credit agreement with Lumina Capital Management for a secured first-lien term loan facility of $225 million, aimed at improving liquidity and supporting brand growth [3][4] - Proceeds from the sale to Rohto will be used to repay a significant portion of the new loan facility, further deleveraging the company's balance sheet [4] Strategic Focus - The company is currently reviewing a range of strategic alternatives to enhance shareholder value, with the recent transactions reflecting this ongoing focus [5] - The CEO of Waldencast expressed that these transactions will substantially strengthen the company's balance sheet while exploring strategic options [6]

Core Viewpoint - Siemens will transfer 30% of its shares in Siemens Healthineers to its shareholders, relinquishing its controlling stake in the imaging and diagnostics company [1][2]. Group 1: Strategic Implications - Siemens currently holds a 67% stake in Siemens Healthineers and aims to focus on its core technology portfolio with increased capital allocation flexibility, which is expected to accelerate growth [2]. - The decision is seen as a natural progression towards Siemens Healthineers becoming a fully independent company, following its initial public offering in 2018 [3]. - Both companies will benefit from enhanced strategic flexibility, allowing for tailored capital allocation to accelerate value creation in their respective markets [4]. Group 2: Financial Performance - Siemens Healthineers reported a 4% year-over-year decline in fourth-quarter net income, with revenue remaining roughly flat, indicating a challenging environment influenced by higher tariffs [5]. Group 3: Transaction Details - Further details regarding the structure and timing of the share transfer will be disclosed in early Q2 2026, pending regulatory reviews and approvals from shareholder meetings of both companies [5].

Core Insights - Bear Creek Mining Corporation reported its interim consolidated financial results for Q3 2025, highlighting operational challenges and financial losses [1][3][4] Financial Performance - Revenue for Q3 2025 was $22.5 million, with a comprehensive loss of $30.8 million, translating to a loss of $0.11 per share [4][21] - Adjusted earnings for the quarter were $(10.6) million, or $(0.04) per share, consistent with recent quarterly results [5][23] - Cash generated from operating activities was $(5.98) million, while cash used in investing activities was $(11.45) million, and financing activities generated $13.02 million [4][24] Production Highlights - The company produced 6,219 ounces of gold and 18,866 ounces of silver during Q3 2025 [5][6] - Total tonnes mined were 76,211, and tonnes processed were 79,457, with an average gold grade mined of 2.84 g/t [6][8] - Production was impacted by development deficits at the Mercedes mine due to operational challenges and ventilation issues at the Marianas deposit [3][9] Operational Challenges - The company faced significant operational challenges, including contractor underperformance and ground stability issues at the Marianas deposit, which hindered production [9][11] - A comprehensive recovery plan is being implemented to address these challenges, including transitioning to a replacement contractor [9][11] Strategic Initiatives - The company is actively conducting a Strategic Review to explore options for enhancing value, including potential asset sales or mergers [5][18] - Ongoing community support initiatives and environmental monitoring are being maintained at the Corani project [14][15] Debt Management - The company has deferred interest payments on certain debt agreements until December 31, 2025, and has issued a secured promissory note for up to $6.5 million for working capital [16][17] - As of September 30, 2025, the company had a net working capital deficiency of $113.1 million [25]

Q3 2025 Highlights - Production averaged 48 MBoe/D [12] - EBITDAX reached $140 million [12] - Capital expenditures decreased by over 30% from Q2, totaling $86.6 million [12] - Lease operating expenses (LOE) remained consistent with the first half of 2025 at $657 per Boe [12] - Liquidity increased by over $170 million due to extended debt maturities [12] Operational Updates - A second rig was added in mid-October [12] - A second successful simul-frac completion was implemented, resulting in an estimated savings of $25 million [12, 33] Financial Position (as of September 30, 2025) - Cash and cash equivalents stood at $165 million [36] - Total debt amounted to $12 billion [36] - Net debt was $1035 billion [36, 47] - Total liquidity, including RBL availability and cash, was $265 million [37] Hedging - 4Q25 average oil hedged is 177 MBO/d [39]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $3.76 billion, down approximately 1% year-over-year, but operational revenue growth was approximately 1% when excluding the Indore impact [26][27] - Adjusted gross margin was 56%, in line with expectations, but impacted by the Indore situation [28][29] - Free cash flow generated was $658 million, with an adjusted figure of $728 million when excluding transaction-related costs [29][30] Business Line Data and Key Metrics Changes - In developed markets, net sales decreased by 5%, primarily due to the Indore impact, while the generics business grew by 5% year-over-year, driven by new product revenues in key markets like France and Italy [26][27] - The North America business saw a 12% decrease, attributed to the Indore impact and competition on certain generic products, although double-digit growth was noted in products like Breyna and Yupelri [27] - Emerging markets experienced a 7% increase in net sales, driven by established brands in Turkey, Mexico, and emerging Asia [28] Market Data and Key Metrics Changes - Net sales in Greater China exceeded expectations, growing by 9%, attributed to a diversified commercial model and increased demand for brands sensitive to patient choice [28] - Japan's net sales decreased by approximately 9% due to government price regulations and changes in reimbursement policy [28] Company Strategy and Development Direction - The company is focusing on three key areas: a global generics business evolving towards higher-margin complex products, an established brands business strengthened by adding brands, and an innovative brands business expanding through late-stage or in-market growth assets [6][7] - The strategic review aims to identify operating efficiencies across various functions, including sales, marketing, R&D, and supply chain, with expectations of delivering meaningful net cost savings over a multi-year period [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals of the business, anticipating momentum to carry into 2026, and highlighted the importance of capital return to shareholders through dividends and share repurchases [5][11] - The company plans to provide a detailed outlook for 2026 in the first quarter of next year, considering factors such as product approvals and competitive dynamics [31][32] Other Important Information - The company has returned over $920 million to shareholders year-to-date, including $500 million in share repurchases, and is on track to exceed $1 billion in capital returns for the year [10][30] - The acquisition of Aculis in Japan adds innovative CNS assets to the portfolio, enhancing the company's presence in a strategically important market [10][11] Q&A Session Summary Question: Update on the Indore resolution situation - Management reported significant progress in remediation efforts and a productive meeting with the FDA, with reinspection timing dependent on the agency [36] Question: Performance of EpiPen and Lipitor - EpiPen's market share remains stable at around 24-25%, with strong growth noted in Europe and a relaunch in Canada contributing to performance [38] Question: Feedback from the FDA on fast-acting meloxicam - The company is optimistic about obtaining opioid-sparing language in the product label and has a pre-NDA meeting scheduled with the FDA [44] Question: Capital allocation priorities for 2026 - The company aims for a balanced approach between returning capital to shareholders and pursuing business development opportunities [46][47] Question: Insights on the strategic review and potential savings - Management indicated that significant savings are expected from the strategic review, with a focus on various operational areas, but specific figures will be provided in Q1 [51][52] Question: Differentiation of presbyopia treatment - The company believes its presbyopia treatment offers a favorable benefit-risk profile compared to existing options, with a focus on safety and efficacy [76]

Financial Data and Key Metrics Changes - Total operating loss from continuing operations for the first nine months of 2025 amounted to EUR 462.2 million, compared to an operating loss of EUR 125.6 million for the same period in 2024 [24] - Net other financial income for the first nine months of 2025 was EUR 30.4 million, down from EUR 71.7 million in the same period of 2024 [25] - Cash and cash equivalents and current financial investments totaled EUR 3.05 billion on September 30, 2025, compared to EUR 3.32 billion on December 31, 2024 [26] Business Line Data and Key Metrics Changes - The company intends to wind down the self-therapy business due to significant ongoing investment requirements and lack of viable acquisition proposals [6][7] - The remaining organization will focus on transformational business development and maintaining a dedicated presence at headquarters in Mechelen, Belgium [10] Market Data and Key Metrics Changes - The cash balance of approximately EUR 3 billion represents about EUR 46 per share, generating significant interest income [12] - The company expects to receive tax receivables of approximately EUR 20 million to EUR 35 million per year over the next three years [13] Company Strategy and Development Direction - The company is undergoing a transformation, focusing on business development and rebuilding its pipeline after the decision to wind down the self-therapy business [4][5] - The strategy includes identifying and executing on opportunities that can enhance the standard of care in various diseases, particularly in partnership with Gilead [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, emphasizing the importance of a disciplined approach to business development and the potential for significant value creation [28] - The company anticipates being cash flow neutral to positive by the end of 2026, excluding any business development activities [27] Other Important Information - The company has welcomed four new board members to enhance its leadership team [9] - The wind-down process is expected to conclude in the first quarter of 2026, with consultations ongoing with works councils in Belgium and the Netherlands [11] Q&A Session Summary Question: What assumptions are behind the expectation of achieving cash flow neutral status by year-end 2026? - The assumptions include interest income based on forward rates, tax credits, and the completion of the wind-down process [30] Question: What types of opportunities are in the deal funnel? - The focus is on clinically de-risked mid to late-stage opportunities, particularly in oncology and immunology, with a preference for collaboration with Gilead [31][32] Question: How does the company balance being conservative with pursuing business development? - The company aims to leverage its cash balance and existing assets while ensuring any new opportunities create a positive return [33] Question: What expectations does the company have for Gilead's contribution to the deal process? - Gilead is expected to provide expertise in diligence and potentially contribute capital for development [35] Question: What is the timeline for the wind-down process of the cell therapy business? - The wind-down process is expected to be concluded in Q1 2026, with the company open to viable proposals during this time [44] Question: Will potential transactions bring in R&D capabilities? - The company is flexible regarding R&D capabilities, considering both acquiring teams and funding external parties [50]

Coty Inc.’s sales slipped in the first three months of fiscal 2026, the beauty company reported Wednesday, just weeks after it was revealed that it will lose the Gucci license. Net revenue tallied $1.58 billion, down 6 percent from a year earlier, but roughly in line with Wall Street estimates. On a like-for-like basis, revenues declined 8 percent. More from WWD Within that, prestige revenue was down 4 percent, just topping $1 billion. Consumer beauty revenue was $507.7 million, representing a decrease o ...