Market Overview - The markets have become increasingly nervous in 2026, transitioning from a rotation out of tech stocks to a broader sell-off of sectors potentially disrupted by artificial intelligence (AI) [1] Investment Strategies - The S&P 500 and Nasdaq-100 have not yet seen significant pullbacks, but there is a risk of larger declines if investor fear escalates [2] - In a potential bear market, investors may want to consider sectors that could perform well during stock corrections [2] Recommended ETFs - **Vanguard Extended Duration Treasury ETF (EDV)**: This ETF serves as an alternative to stocks in a bear market, though it carries interest rate sensitivity and volatility. If interest rates decline, the share price could see significant upside potential [5][6] - **Vanguard Consumer Staples ETF (VDC)**: This ETF invests in defensive stocks that typically experience less decline than the S&P 500 during market corrections. For instance, in 2022, while the S&P 500 fell over 18%, this ETF only dropped less than 2%, providing substantial downside protection [7] - **Vanguard Total Bond Market ETF (BND)**: This ETF offers a standard hedge against equity portfolio risk, encompassing a broad range of investment-grade bonds. It has lower interest rate sensitivity compared to the Extended Duration Treasury ETF and is likely to provide protection and risk mitigation during bear markets [8][9][10]

Q4 and FY 2025 Earnings Report 18 February 2026 ©2026 Sabre GLBL Inc. All rights reserved. 1 Forward-looking statements Forward-looking Statements Certain statements herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements about trends, future events, uncertainties and our plans and expectations of what may happen in the future, including regarding the Company's plan for long-ter ...

Group 1 - Investors expect the Federal Reserve to lower interest rates two more times in 2023, targeting a federal funds rate of 3% to 3.25% by September [1] - A prominent billionaire investor believes the market is underestimating the Fed's potential for more than two rate cuts this year [2] - The selection of Kevin Warsh as the new Fed Chair has relieved market concerns about potential aggressive rate cuts to please the President [5] Group 2 - Kevin Warsh has a notable background in finance, having worked with Stanley Druckenmiller and served on the Federal Reserve's Board of Governors [6] - Investor David Einhorn anticipates that Warsh will advocate for rate cuts even in a strong economy, unless inflation reaches 4% or 5% [7] - Historically, Warsh has been more concerned about inflation than labor market conditions, which may influence his stance on rate cuts given current inflation levels above the Fed's 2% target [8]

Charles River Laboratories 4Q 2025 Results & 2026 Guidance February 18, 2026 Caution Concerning Forward-Looking Statements. This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "intend," "will," "may," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends o ...

Core Insights - Mortgage rates are expected to decrease further as the 10-year Treasury yield has dropped nearly 2% in the past week, leading to increased investor interest in bonds and a subsequent fall in yields [1] - Zillow reports the current national average for a 30-year fixed mortgage rate at 5.79%, marking the lowest level in years, while the 15-year fixed rate stands at 5.34% [1] Current Mortgage Rates - The current mortgage rates according to Zillow include: - 30-year fixed: 5.79% - 20-year fixed: 5.71% - 15-year fixed: 5.34% - 5/1 ARM: 5.90% - 7/1 ARM: 5.69% - 30-year VA: 5.44% - 15-year VA: 5.06% - 5/1 VA: 5.14% [5] Mortgage Refinance Rates - Today's mortgage refinance rates, which are typically higher than purchase rates, are also provided as national averages rounded to the nearest hundredth [3] Market Trends - The decline in mortgage rates is attributed to stock market volatility, particularly in tech stocks, and concerns regarding the Federal Reserve's interest rate decisions, which have led buyers to seek refuge in the bond market [17]

Financial Data and Key Metrics Changes - The company reported a revenue decline of 1.1% for the full year, with a slight growth of 0.5% in Q4 [8][30] - Adjusted EBITDA grew by 0.9% for the full year, while Q4 saw a decline of 1.4% [8][36] - Free cash flow remained stable at CHF 80 million, aligning with guidance [8][9] - The proposed dividend is CHF 3.42, reflecting a 2.7% year-over-year growth [9][45] Business Line Data and Key Metrics Changes - Mobile RGUs increased by 82,000 for the full year, while fixed RGUs saw a slight decline of 3,000 [7] - The company experienced a postpaid net addition of 31,000 in Q4, the best outcome of the year [28] - The FMC (Fixed Mobile Convergence) rate increased to 59.8%, a 1.8 percentage point increase over the full year [28] Market Data and Key Metrics Changes - The company noted lower market liquidity during Black Friday, impacting trading volumes [17][26] - The CH Mobile launch contributed less than 50% of the inflow in Q4, primarily attracting price-sensitive customers [20][22] - The ARPU for mobile was CHF 29.2 in Q4, showing year-on-year growth, while fixed ARPU declined by 4% to around CHF 56 [29] Company Strategy and Development Direction - The company aims to stabilize customer ARPU through innovation, loyalty, and service, particularly in the A segment [48] - A focus on the SME segment in B2B is emphasized, with new bundles launched to enhance service offerings [52] - The company plans to reduce CapEx while improving infrastructure quality and operational efficiency [53][54] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a delay in stabilizing the fixed consumer base, expecting continued impacts into 2026 [9][10] - The company anticipates a challenging Q1 due to Black Friday outflows but expects churn to improve by 10% [27][28] - The outlook for 2026 includes a projected EBITDA of around CHF 1 billion, with expectations for gradual revenue improvement [59] Other Important Information - The company achieved a score of 975 in the annual connect test, marking the strongest outcome in its history [10][11] - Sustainability efforts include a 49% reduction in greenhouse gas emissions and significant progress in circularity initiatives [15][16] Q&A Session Summary Question: Guidance on EBITDA and its building blocks - The company was asked to provide details on the components contributing to the CHF 1 billion EBITDA guidance, including the impact of selected price rises and cost savings [64] Answer: - Management indicated that the timing of potential changes in network strategy is driven by current market dynamics, with no immediate urgency to retire the cable network [66] - The company aims to improve gross profit alongside revenue growth, with expectations for a significant improvement in gross profit in 2026 [68]

Financial Data and Key Metrics Changes - The company reported a revenue decline of 1.1% for the full year, with a slight growth of 0.5% in Q4 [7][32] - Adjusted EBITDA grew by 0.9% for the full year, while Q4 saw a decline of 1.4% [8][38] - Free cash flow remained stable at CHF 80 million, aligning with guidance [8][32] - Proposed dividend of CHF 3.42 represents a 2.7% year-over-year growth [9][47] Business Line Data and Key Metrics Changes - Mobile RGUs increased by 82,000 for the full year, while fixed RGUs saw a slight decline of 3,000 [6][29] - Non-subscription revenue in residential grew by CHF 9 million in Q4, driven by higher handset volumes and fee increases [33] - B2B non-subscription revenue increased by CHF 11 million in Q4, attributed to fee adjustments and device sales [33] Market Data and Key Metrics Changes - The company experienced lower market liquidity during Black Friday, leading to extended promotional activities into December [18][19] - Postpaid net additions on the mobile side were 31,000 in Q4, the best outcome of the year [29] - Fixed customer base improved from a negative -7,000 in Q3 to -2,000 in Q4, although challenges are expected in Q1 [29] Company Strategy and Development Direction - The company aims to stabilize customer ARPU through innovation, loyalty, and service enhancements [50] - Focus on the SME segment in B2B with new bundles that include ICT services [54] - Continued emphasis on operational efficiency and cost reductions, leveraging AI for improved processes [55][56] Management Comments on Operating Environment and Future Outlook - Management noted a delay in the stabilization of the fixed consumer base, expecting continued impact into 2026 [10][63] - The company anticipates a gradual improvement in fixed volumes and ARPU, with a slight revenue increase expected in 2026 [57] - Management remains optimistic about maintaining a progressive dividend outlook for the upcoming years [63] Other Important Information - The company achieved a score of 975 points in the annual connect test, marking the strongest outcome in its history [10] - Significant progress in sustainability efforts, including a 49% reduction in greenhouse gas emissions [15][16] Q&A Session Summary Question: Guidance on EBITDA and its building blocks - The question inquired about the components contributing to the CHF 1 billion EBITDA guidance, including the impact of price increases and cost savings [66] Answer: - Management indicated that the guidance reflects a combination of improved revenue and cost management, with specific details to be provided [70] Question: Network roadmap and potential cable network retirement - The question asked about the strategy regarding the cable network and the potential benefits of wholesaling fiber from Swisscom [67] Answer: - Management stated that there is currently no urgency to change the strategy, as the HFC network remains stable and competitive [68]

Core Insights - The Smart Waste Management Market was valued at USD 3.55 billion in 2025 and is projected to reach USD 13.31 billion by 2035, growing at a CAGR of 14.13% from 2026 to 2035 [1][5]. Market Growth Drivers - Rising urbanization and increasing population are driving the demand for effective waste management solutions, necessitating the adoption of modern waste management systems in urban areas [1]. - Intelligent waste management tools, such as self-cleaning disposal trucks and IoT-enabled garbage cans, are enhancing waste management efficiency and promoting sustainable cities [1]. Market Segmentation By Technology - IoT-based technologies held a revenue share of 36.13% in 2025, with companies like Ecube Labs leading the segment through innovations like solar-powered compactor bins [6]. - The Artificial Intelligence segment is expected to grow the fastest, with a CAGR of 15.30%, driven by advancements in AI-based waste-sorting robots [6]. By Waste Type - The Solid Waste segment accounted for 74.75% of the market revenue in 2025, primarily due to the high volume of municipal solid waste generated [7]. - The Special Waste segment is anticipated to grow at the highest CAGR of 16.78% from 2025 to 2035, influenced by increasing awareness and regulations regarding hazardous waste disposal [7]. By Method - The Smart Collection segment dominated with a market share of 44.80% in 2025, as cities implement systems to optimize waste pickups and reduce emissions [8]. - Smart Processing is projected to have the fastest growth with a CAGR of 15.33% during 2026-2035, driven by demand for automated waste treatment systems [8]. By Source - The residential segment led the market with a share of 46.87% in 2025, attributed to rising waste generation in urban households and the adoption of smart waste solutions [9]. - The business segment is expected to grow at the fastest CAGR of 15.29% from 2026 to 2035, due to increased digital tracking and management of waste in various industries [9][10]. Regional Insights - North America dominated the market in 2025 with a 45.02% share, supported by advanced infrastructure and the adoption of AI-based waste sensor technologies [11]. - Europe is projected to be the fastest-growing region from 2026 to 2035, with a CAGR of 16.05%, driven by stringent environmental regulations [12]. Competitive Landscape - Key players in the Smart Waste Management Market include Ecube Labs, Bigbelly, Enevo Oy, and Veolia Environnement S.A., among others [4]. - Companies are focusing on technological advancements and partnerships to enhance their market presence and operational efficiency [16].

Core Insights - Seth Klarman, a prominent billionaire investor, has significantly increased his stake in Amazon while reducing his investment in Alphabet, indicating a strategic shift in focus towards Amazon's growth potential [5][13]. Investment Actions - Klarman's Baupost Group ended 2025 with approximately $5.3 billion in assets under management, with a notable increase in Amazon shares, totaling over 9% of invested assets by year-end [5][6]. - The fund cut its stake in Alphabet's Class C shares by 41.5%, or 770,957 shares, marking the second consecutive quarter of reduction in this position [13][14]. Amazon's Market Position - Amazon holds a 37.6% share of U.S. e-commerce spending as of 2024, showcasing its dominance in the online retail sector [7]. - Amazon Web Services (AWS) commands a 28% share of global cloud infrastructure service spending, with a significant contribution to the company's operating income [8][9]. Financial Performance - AWS experienced a 24% year-over-year sales growth in the fourth quarter, driven by the adoption of AI solutions, despite representing only 18% of Amazon's net sales [9]. - As higher-margin segments like AWS and subscription services grow, Amazon's operating cash flow and earnings per share are expected to outpace sales growth [10]. Valuation Metrics - Amazon shares are currently valued at 21 times forward-year EPS and 9.8 times forecast cash flow for 2027, representing a 51% discount to its average forward P/E ratio over the past five years [11]. Alphabet's Market Position - Alphabet's Class C shares have seen significant profit-taking, with the stock effectively doubling between May 2025 and the end of the year [14]. - Despite a forward P/E of 23, which suggests value, Klarman's decision to sell may reflect a shift in investment strategy as Alphabet's growth potential appears less compelling compared to Amazon [15]. Google Cloud Growth - Google Cloud reported a remarkable 48% revenue growth in the fourth quarter, indicating strong demand for its services, particularly in generative AI solutions [18].

Core Insights - The company achieved a revenue growth of 3.5% in 2025, with adjusted EBITDA growth of nearly 7% and an adjusted EBITDA margin expansion of 90 basis points [1][10]. - Adjusted earnings per share reached $7.02, and adjusted free cash flow was $2.43 billion, with a conversion rate increase of 200 basis points to 45.8% [1][10]. - The company expects 2026 revenue to be in the range of $17.05 billion to $17.15 billion, with adjusted EBITDA projected between $5.475 billion and $5.525 billion [10][11]. Financial Performance - Fourth quarter organic revenue growth was driven by solid pricing, with an average yield on total revenue of 3.7% and related revenue yield of 4.5% [4][12]. - Organic volume declined by 1% in the fourth quarter, primarily due to decreases in construction and manufacturing markets [4][13]. - The adjusted EBITDA margin for the full year was 32%, reflecting a 90 basis point increase compared to the previous year [16][17]. Customer Engagement and Retention - The customer retention rate remained strong at 94%, with an improving net promoter score throughout 2025 [4][10]. - The company delivered over 70 million proactive service notifications in 2025, addressing common customer inquiries [7]. Digital and Technological Advancements - Investments in AI and digital tools are expected to enhance pricing optimization and customer retention, with advanced analytics being deployed to improve service delivery [5][6][51]. - The company is upgrading its RISE digital platform to strengthen its competitive position [5]. Sustainability Initiatives - The company made significant progress in its sustainability efforts, including the development of polymer centers and renewable natural gas (RNG) projects, with nine RNG projects commencing operations in 2025 [7][9]. - Commercial production began at the Indianapolis Polymer Center, contributing to the company's sustainability goals [8][9]. Capital Allocation and M&A Strategy - In 2025, the company invested $1.1 billion in acquisitions and returned $1.6 billion to shareholders, including $854 million in share repurchases [10]. - The acquisition pipeline remains strong, with expectations to invest approximately $1 billion in value-creating acquisitions in 2026 [10][11]. Market Outlook - The company anticipates a challenging macroeconomic environment but expects to deliver another year of profitable growth in 2026, with projected adjusted earnings per share growth of 3.1% [10][11]. - The guidance for 2026 indicates nearly 4% top-line growth and over 5% growth in adjusted EBITDA, despite headwinds from prior year comparisons [11].