Financial Data and Key Metrics Changes - Total company revenues increased by 9.1% to $311 million for Q3 2025, with an adjusted EBITDA growth of 12.2% to $164 million, resulting in adjusted EBITDA margins of 52.7%, an increase of 147 basis points year-over-year [5][9][10] - Net income for Q3 2025 was $48 million, or $0.17 per diluted share, compared to $17 million, or $0.06 per diluted share in Q3 2024 [9][10] - Adjusted EPS increased by $0.09 to $0.26 compared to Q3 2024, driven by adjusted EBITDA growth and a reduced tax rate [10][17] Business Line Data and Key Metrics Changes - Sterigenics achieved 9.8% revenue growth to $193 million, with segment income increasing by 11.6% to $107 million and margins improving to 55.6% [10][11] - Nordion's revenue grew by 22.4% to $63 million, with segment income rising by 19.9% to approximately $38 million, although segment income margin decreased to 60.6% due to product mix [11][12] - Nelson Labs reported a 5% decline in revenue to $56 million, but segment income rose by 1.9% to $19 million, with margins expanding to 34.1% [12][13] Market Data and Key Metrics Changes - The company reaffirmed its 2025 revenue outlook and raised its adjusted EBITDA outlook, expecting constant currency revenue growth of 4.5%-6% and adjusted EBITDA growth of 6.75%-7.75% [15][16] - Nordion secured a 25-year renewal of its Class 1B operating license, enhancing its position in the global supply of Cobalt-60 [8] Company Strategy and Development Direction - The company emphasized its vital role in global healthcare and its commitment to operational excellence and safety culture [8][18] - Strategic actions taken included paying down $75 million of debt and lowering interest expenses, which are expected to generate approximately $13 million in annual savings [7][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued recovery of volumes across Sterigenics and other business lines, with expectations for sustained growth [25][31] - The company noted minimal impact from the government shutdown on its operations, with some indirect effects on expert advisory services [33][34] Other Important Information - The company is on track to achieve its cumulative free cash flow commitment of $500 million-$600 million from 2025 through 2027 [17] - The litigation update highlighted favorable rulings in ongoing cases, reinforcing the company's position regarding ethylene oxide emissions [18][22] Q&A Session Summary Question: Volume recovery in specific areas - Management noted consistent performance across Sterigenics and various categories, including bioprocessing and med tech, with expectations for continued volume recovery [25] Question: Broader litigation update - Management provided updates on ongoing cases in Illinois and Georgia, indicating progress and favorable rulings [27][28] Question: Expectations of budget flush in Q4 - Management does not expect a budget flush from med tech customers and feels confident in their guidance for the remainder of the year [31][33] Question: Expert advisory services impact - Management acknowledged that expert advisory services are feeling headwinds from FDA activity, impacting top-line performance [37] Question: Core lab testing growth - Management indicated that core lab testing is performing well, with some growth expected despite challenges in expert advisory services [42] Question: Nordion revenue growth and margin pressure - Management explained that margin pressure in Nordion is due to a mix of lower-margin product sales, but overall margins remain strong [48] Question: Sustainability of Sterigenics growth - Management reiterated confidence in Sterigenics' long-term growth trajectory, expecting mid to high single-digit growth [50] Question: Pricing trends in Sterigenics - Management noted that pricing contributions are stabilizing, with expectations for gradual improvements as capital investments are realized [52][56]

Financial Performance - The company's net leverage ratio as of Q3 2025 was 3.8x [1, 2] - Net loss for the twelve months ended September 27, 2025, was $221.808 million [1] - Debt Agreement Adjusted EBITDA for the twelve months ended September 27, 2025, was $543.930 million [1] - Total debt as of September 27, 2025, was $2.21438 billion, less cash and cash equivalents of $162.028 million, resulting in net debt of $2.052352 billion [1] Key Adjustments to EBITDA - Depreciation and amortization expenses totaled $151.776 million for the twelve months ended September 27, 2025 [1] - Share-based compensation expense was $40.767 million for the twelve months ended September 27, 2025 [1] - Asset sale leaseback loss, net, impairment, notes receivable loss, and closed store expenses amounted to $443.625 million for the twelve months ended September 27, 2025 [1] Pro Forma and Other Adjustments - Pro forma EBITDA adjustments reduced EBITDA by $11.808 million [1] - Run rate adjustments related to store openings and closings increased EBITDA by $10.208 million [1] - Other adjustments permitted under the Debt Agreement increased EBITDA by $10.227 million [1]

Core Viewpoint - China National Petroleum Corporation (CNPC) reported a mixed financial performance for Q3 2025, with a slight increase in revenue but a decrease in net profit, reflecting resilience amid declining oil prices [1] Financial Performance - For the three months ending September 30, CNPC achieved operating revenue of 719.16 billion yuan, a year-on-year increase of 2.3% [1] - The net profit attributable to shareholders was 42.29 billion yuan, a decrease of 3.9% year-on-year [1] - Basic earnings per share stood at 0.23 yuan for the quarter [1] - For the nine months ending September 30, CNPC's operating revenue was 2,169.26 billion yuan, down 3.9% year-on-year [1] - The net profit attributable to shareholders for the nine months was 126.29 billion yuan, a decrease of 4.9% year-on-year [1] - Basic earnings per share for the nine months was 0.69 yuan [1] Analyst Insights - Goldman Sachs noted that CNPC's Q3 EBITDA and net profit fell by 5% and 4% year-on-year, respectively, but showed resilience compared to a 13% decline in Brent crude oil prices [1] - The EBITDA for the period was 3% higher than Goldman Sachs' expectations, driven by strong performance in upstream and natural gas sales [1] - Capital expenditure for the first three quarters reached 65% of Goldman Sachs' full-year forecast, slightly above the historical average of 61% [1] - Cash flow for the same period was 125% of Goldman Sachs' full-year expectation, compared to a historical average of 108% [1] - According to Credit Lyonnais, CNPC's dividend outlook and stability are considered the best among its peers, making it the preferred choice among the "Big Three" oil companies [1]

Core Viewpoint - AltaGas Ltd. has decided to retain ownership of the Mountain Valley Pipeline (MVP) as a long-term investment, which is expected to enhance shareholder value through increased normalized EPS and improved credit metrics over the next few years [1][8][9]. Equity Financing - AltaGas has entered into a bought deal equity financing agreement to issue $400 million of common equity at an offering price of $39.65 per share, with a total of 10,100,000 shares being sold [2][4]. - An over-allotment option allows underwriters to purchase an additional 1,515,000 shares for up to $60 million within 30 days after the offering closes [3]. Use of Proceeds - The net proceeds from the equity offering will be used for leverage reduction and to fund future growth, achieving similar near-term de-leveraging as a full monetization of MVP [4][9]. MVP Ownership Rationale - AltaGas expects project-level MVP EBITDA to significantly increase by the second half of 2028 due to two expansion projects, making continued ownership more valuable than a potential sale [9]. - Retaining MVP is projected to result in $0.02 higher normalized EPS in 2026, $0.03 in 2027, and $0.05 in 2028 and beyond compared to a divestiture [9]. MVP Expansion Projects - The MVP Boost expansion will add 600 MMcf/d of capacity, with a mid-2028 in-service date, and has been contracted under 20-year take-or-pay agreements with investment-grade utilities [10]. - The MVP Southgate project is progressing efficiently, with an expected <5.0x EBITDA build multiple and anticipated to be in service ahead of MVP Boost [10]. Operational Performance - The MVP Mainline is exceeding financial expectations in 2025, supported by long-term contracts with investment-grade counterparties, and is crucial for connecting Appalachian gas to key markets [10].

Core Insights - The company reported total net sales of $138.5 million for Q3 2025, a decrease from $149.7 million in Q3 2024, indicating a year-over-year decline of approximately 7.9% [1][3] - Net income for Q3 2025 was $2.7 million, down from $5.4 million in the same quarter last year, reflecting a decline of about 50% [1][3] - EBITDA for Q3 2025 was $7.5 million, compared to $11.7 million in Q3 2024, representing a decrease of approximately 36% [1][3][20] - The Board of Directors declared a quarterly dividend of $0.14 per share, payable on November 28, 2025 [4] Financial Performance - For the third quarter ended September 30, 2025, net sales were $138.5 million, down from $149.7 million in Q3 2024 [3] - Pretax earnings were $3.2 million compared to $6.6 million in Q3 2024 [3] - Net earnings were $2.7 million or $0.18 per diluted share, compared to $5.4 million or $0.33 per diluted share in Q3 2024 [3][20] Dividend Declaration - The Board approved a quarterly dividend of $0.14 per share, with a record date of November 14, 2025 [4] Full-Year Outlook - The company updated its full-year revenue outlook range from $550 million to $575 million to a new range of $560 million to $570 million [5] Management Commentary - The CEO noted solid sequential progress from the second quarter and emphasized improvements in selling, general, and administrative expenses, which are expected to enhance future profitability [2] - The company is leveraging its diverse supply base and competitive advantages to drive growth despite current economic uncertainties [2]

Transaction Overview - Coeur will acquire all outstanding common shares of New Gold, valuing the transaction at approximately $7 billion based on New Gold's basic common shares outstanding[18] - New Gold shareholders will receive 04959 of a Coeur share for each New Gold share, implying a consideration of $851 per New Gold share, representing a 16% premium[18] - Coeur and New Gold shareholders will own approximately 62% and 38% of the combined company, respectively[18] Combined Company Financial Highlights (2026E) - The combined company is expected to generate approximately $3 billion of EBITDA and approximately $2 billion of free cash flow[10] - The combined entity is projected to have $390 million in cash[40] - The combined entity is projected to have $761 million in debt[40] Production and Revenue - The combined company is expected to produce approximately 20 million ounces of silver, 900000 ounces of gold, and 100 million pounds of copper[12] - The combined company's 2026 estimated gold equivalent production is 1243 Koz Au Eq[46] - Gold is expected to account for 72% of the combined 2026 estimated revenue, silver 20%, and copper 8%[13] New Gold Asset Overview (YTD 2025) - New Afton's operating cash flow is $197 million and free cash flow is $115 million[21] - New Afton's copper production is 391 million pounds and gold production is 502K ounces[21] - Rainy River's operating cash flow is $412 million and free cash flow is $215 million[28] - Rainy River's gold production is 1958K ounces[28]

Financial Data and Key Metrics Changes - Copper production in Q3 2025 reached 12,800 tons, down 24% year-on-year, primarily due to processing of ore stockpiled during the previous year's suspension [5] - Silver production was 4.3 million ounces, a 3% decrease from 4.4 million ounces in the same period last year, attributed to lower output at Uchuchaco and Yumpac [6] - Gold production totaled 30,894 ounces, down 21% year-on-year, mainly due to reduced output at Orcompampa and Tambomayo [6] - EBITDA from direct operations was $202.1 million, a 48% increase compared to $136.5 million in Q3 2024 [6] - Net income for the quarter was $167.1 million, down from $236.9 million in Q3 2024, which included $157.3 million from the sale of Chaupilón [6] - The company ended the quarter with a cash position of $486 million and total debt of $711 million, resulting in a leverage ratio of 0.41 times [7] Business Line Data and Key Metrics Changes - CAPEX for the San Gabriel project in Q3 2025 was $92 million, aimed at completing the processing plant for commercial production in Q4 2025 [7][9] - San Gabriel's overall progress reached 96% completion, with construction at 95% complete [10][12] - Coimolache received a new operating permit, allowing full capacity production, with expectations to produce over 8,000 ounces of gold next year [11] Market Data and Key Metrics Changes - The company is on track to begin production at San Gabriel in Q4 2025, pending timely approval of necessary permits [10] - The operational ramp-up at San Gabriel is expected to start in January, with projected production of 70,000 to 90,000 ounces of gold next year [23] Company Strategy and Development Direction - The company is focused on stable and continuous production at flagship operations while prioritizing cost efficiency [11] - Strong cash flow generation and a solid balance sheet enable the company to return value to shareholders and resume its dividend policy [11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in obtaining final permits for San Gabriel and anticipates producing the first gold bar by the end of the year [15][17] - The company expects to reach break-even by the second quarter of next year, even if not operating at full capacity [25] Other Important Information - The Board of Directors approved a dividend payment of $0.1446 per ADS [7] Q&A Session Summary Question: What is still pending for San Gabriel regarding permits and government approvals? - Management is confident that all necessary permits will be granted, with production of two bars expected by the end of the year [15] Question: What is the timeline for the commissioning process and production ramp-up at San Gabriel? - The power line construction is complete, and commissioning will take about two months, with the first gold bar expected by mid-December [21][23] Question: When does management expect San Gabriel to be EBITDA neutral? - Management anticipates reaching break-even by the first or second quarter of next year, even with initial high-grade production [25]

Core Insights - The financial results for the second quarter of FY '25 show a significant increase in GMV and EBITDA, indicating positive growth for the company [3]. Financial Performance - GMV increased by 11.9% year-on-year to JPY 312.4 billion [3] - GMV, excluding other GMV, increased by 12.2% year-on-year to JPY 292.6 billion [3] - EBITDA increased by 5.8% year-on-year to JPY 34.7 billion [3] - The EBITDA margin was 11.9%, reflecting a 0.7 percentage point decrease compared to the same period last year [3] Progress Against Company Plan - Progress against the revised company plan announced on July 31 shows GMV, excluding other GMV, at 44.8% and EBITDA at 45.3% [4]

Core Insights - Escalade, Inc. reported third quarter 2025 results with net sales of $67.8 million, net income of $5.6 million, and diluted earnings per share of $0.40, showing a slight increase in sales compared to the previous year [2][8]. Financial Performance - Total net sales increased by 0.1% year-over-year, driven by growth in archery, table tennis, billiards, and safety categories, while basketball sales declined due to softer market demand and strategic exits from certain categories [3][4]. - Gross margin improved to 28.1%, up 334 basis points from the prior year, attributed to lower fixed costs and reduced inventory storage and handling costs, despite facing $4.3 million in tariff-related costs [4][9]. - EBITDA decreased by $1.3 million to $8.6 million compared to $9.9 million in the prior year, influenced by a non-recurring gain on asset sales in the previous period [4][19]. Cash Flow and Debt Management - Operating activities generated a cash flow of ($0.1) million, a significant decline from $10.5 million in the same quarter of 2024, reflecting a seasonal buildup in working capital ahead of the holiday season [5]. - Total debt decreased by 31.4% to $20.2 million from $29.5 million year-over-year, with a net debt to trailing twelve-month EBITDA ratio of 0.7x [5][8]. Dividend and Shareholder Returns - The company declared a quarterly dividend of $0.15 per share, scheduled for payment on January 12, 2026, to shareholders of record on January 5, 2026 [6][8]. Management Commentary - Management expressed confidence in the results, highlighting strong demand in core categories and market share gains, particularly in safety and archery, despite a challenging macroeconomic environment [7][9]. - The company is focused on a balanced promotional strategy for the holiday season, aiming to maximize sell-through while maintaining improved gross margin performance [9]. Strategic Developments - Escalade completed the acquisition of Gold Tip, enhancing its archery product portfolio and positioning for further market share gains in the archery category [9].

Core Viewpoint - Tenaris S.A. reported its financial results for the third quarter of 2025, showing mixed performance compared to previous periods, with net sales slightly increasing year-on-year but declining sequentially, while operating income improved. Financial Performance - Net sales for Q3 2025 were $2,978 million, a 2% increase from Q3 2024 but a 3% decrease from Q2 2025 [3] - Operating income rose to $597 million, up 11% year-on-year and 2% sequentially [3] - Net income decreased by 1% year-on-year to $453 million, and fell 16% from the previous quarter [3] - EBITDA for Q3 2025 was $753 million, reflecting a 9% increase year-on-year, with an EBITDA margin of 25.3% [3][11] Segment Analysis - Tubes segment net sales decreased by 2% sequentially to $2,875 million but increased by 3% year-on-year [10] - Seamless pipe sales volume decreased by 3% sequentially but increased by 5% year-on-year, while welded pipe sales volume increased by 11% sequentially [10] - The North America region showed a 3% increase in net sales compared to Q2 2025, while Europe experienced a 12% decline [10] Cash Flow and Liquidity - Free cash flow for Q3 2025 was $133 million, down from $373 million in Q3 2024, primarily due to a $312 million increase in working capital [5][18] - The net cash position decreased to $3,483 million, impacted by $351 million spent on share buybacks [5][18] Dividend Announcement - The board approved an interim dividend of $0.29 per share, totaling approximately $300 million, with payment scheduled for November 26, 2025 [6][7] Market Outlook - Oil prices have softened due to increased inventories and production, leading to a volatile market environment [6] - Despite a reduction in drilling activity in the U.S., overall drilling remains resilient as operators focus on long-term strategies [8] - The company anticipates sales for Q4 2025 to remain stable compared to Q3, although costs and margins will be affected by tariff increases [9]