Core Insights - Kura Sushi USA, Inc. reported financial results for the fiscal first quarter ended November 30, 2025, highlighting a total sales increase but a decline in comparable restaurant sales [1][5][10]. Financial Performance - Total sales reached $73.5 million, up from $64.5 million in the first quarter of 2025, representing a year-over-year increase of approximately 12.3% [5][10]. - Comparable restaurant sales decreased by 2.5%, driven by negative traffic of 2.5% and flat price/mix compared to the same quarter in the previous year [5][10]. - The operating loss was $3.7 million, worsening from a loss of $1.5 million in the first quarter of 2025 [9][10]. - Net loss was $3.1 million, or $(0.25) per diluted share, compared to a net loss of $1.0 million, or $(0.08) per diluted share, in the first quarter of 2025 [11][10]. Cost Structure - Food and beverage costs as a percentage of sales increased to 29.9% from 29.0% in the first quarter of 2025, primarily due to tariffs on imported ingredients [6]. - Labor and related costs as a percentage of sales decreased to 32.5% from 32.9% in the first quarter of 2025, attributed to menu price increases and operational initiatives [6]. - General and administrative expenses rose to $9.6 million from $8.7 million in the first quarter of 2025, but as a percentage of sales, they decreased to 13.0% from 13.5% [8]. Restaurant Development - The company opened four new restaurants during the fiscal first quarter of 2026, bringing the total to 83 locations across 22 states and Washington D.C. [13][17]. - Kura Sushi aims to open a total of 16 new restaurants in fiscal 2026, with ten units currently under construction [4]. Outlook - For the full fiscal year of 2026, Kura Sushi maintains its guidance of total sales between $330 million and $334 million, with an annual unit growth rate above 20% [19].

Core Financial Performance - UniFirst reported Q1 revenue of $621.3 million, an increase of 2.7% from $604.9 million a year earlier [3][7] - Operating income declined to $45.3 million from $55.5 million, and net income fell to $34.4 million, or $1.89 per diluted share, compared to $43.1 million, or $2.31 per diluted share, in the prior-year period [3][7] - Adjusted EBITDA was $82.8 million, down from $94.0 million last year [3] Segment Performance - In the Uniform and Facility Service Solutions segment, revenue increased to $565.9 million from $552.8 million, with organic growth of 2.4% driven by strong new account sales and improved customer retention [1] - The segment's operating margin declined to 7.4% from 8.8% year-over-year, with Adjusted EBITDA margin at 13.6% compared to 15.4% in the prior-year quarter [8] - First Aid and Safety Solutions revenue rose 15.3% to $30.2 million, attributed to investments in the First Aid van business and small acquisitions [9] Investment and Strategic Initiatives - The company is investing in sales, service, and digital initiatives, including a multi-year ERP rollout, to drive mid-single-digit organic growth and higher adjusted EBITDA margins [6][12] - Management highlighted the importance of building a stronger sales organization and improving account management to enhance customer retention and sales [12][14] - Capital expenditures for the quarter were $38.9 million, with stock repurchases totaling approximately $32 million [19] Guidance and Future Outlook - UniFirst reaffirmed fiscal 2026 guidance for revenue between $2.475 billion and $2.495 billion, with diluted earnings per share projected between $6.58 and $6.98 [20] - Management expects steady improvement in profitability through 2027 and 2028, with potential inflection points from technology projects [15][16] - The company is currently evaluating an unsolicited non-binding proposal from Cintas with independent advisors [22]

Core Viewpoint - Capital Power has extended its summer tolling agreement for the Arlington facility with an investment-grade utility, increasing the contract duration to 2038, which is expected to enhance revenue and growth opportunities in the U.S. southwest [1][10]. Group 1: Contract and Financial Impact - The new agreement extends the existing contract by 7 years, providing a total of 13 years of contracted revenue [10]. - The facility is projected to achieve an adjusted EBITDA uplift of approximately US$70 million annually by 2032, which includes contributions from a capacity uprate [2][10]. - The uprate is expected to add around US$8 million per year to adjusted EBITDA starting in 2027 [2]. Group 2: Facility and Capacity Expansion - The Arlington facility, a 600 MW natural gas-fired combined cycle plant, will undergo a capacity uprate of 35 MW to meet Arizona's peak demand, with 10 MW added in 2026 and 25 MW in 2027 [3][4]. - This expansion is crucial for enhancing the reliability of power supply during peak summer demand in Arizona [4]. Group 3: Strategic Benefits and Market Position - The toll structure allows for flexibility during non-summer periods, enabling the facility to capture incremental energy value and capacity value in CAISO and the Desert Southwest starting in 2027 [5]. - Capital Power is recognized as North America's fifth-largest natural gas Independent Power Producer (IPP), reinforcing its commitment to reliable energy solutions across the continent [6].

Core Viewpoint - Sunoco LP has announced its 2026 guidance, projecting Adjusted EBITDA to be between $3.1 billion and $3.3 billion, which includes specific operational assumptions [1] Financial Projections - The projected Adjusted EBITDA for full-year 2026 is in the range of $3.1 billion to $3.3 billion [1] - The guidance includes total Parkland synergies estimated at approximately $125 million [1] Operational Assumptions - A planned 50-day maintenance turnaround at the Burnaby Refinery is scheduled to begin at the end of January [1] - The closing of the TanQuid acquisition is expected to occur in the first quarter of 2026 [1]

Core Viewpoint - Vistra has agreed to acquire Cogentrix Energy for approximately $4.7 billion, which includes cash, stock, and debt assumption [1][6]. Group 1: Acquisition Details - The acquisition consists of $2.3 billion in cash, $900 million in Vistra stock, and the assumption of $1.5 billion in debt, with tax benefits expected to total around $700 million [1]. - The deal will add ten natural gas-fired power plants with a combined capacity of approximately 5.5 GW to Vistra's portfolio [2]. - The assets include significant facilities such as the Patriot CCGT facility and the Hamilton-Liberty CCGT plant, both with a capacity of 881 MW located in Pennsylvania [3]. Group 2: Financial Metrics - The transaction's implied value is approximately $730 per kW of capacity and represents a multiple of around 7.25 times the expected adjusted EBITDA contribution in 2027 [4]. - Following the acquisition, Vistra's total generation capacity is expected to expand to nearly 50 GW across the US [3]. Group 3: Advisory and Regulatory Aspects - Goldman Sachs & Co. is serving as the financial adviser to Vistra, with Evercore and King & Spalding advising Cogentrix and Quantum Capital Group [5]. - The completion of the acquisition is subject to regulatory approval from various agencies, including the Federal Energy Regulatory Commission and the Department of Justice [5].

Core Insights - Calumet, Inc. anticipates a net loss between $69 million and $12 million for the year ended December 31, 2025, with Adjusted EBITDA with Tax Attributes expected to range from $285 million to $305 million [2][19]. Financial Performance - The company reported a significant reduction in restricted debt by over $220 million in 2025, attributed to structural cost improvements exceeding $70 million, cost efficiencies of approximately $20 million, and a $110 million divestiture of the Royal Purple Industrial business [3]. - As of December 31, 2025, Calumet had approximately $250 million of liquidity in the Restricted Subsidiaries Group and total liquidity of about $447 million, including restricted cash [3]. Operational Highlights - The company achieved an increase of 1.3 million barrels in annual production, positioning itself for durable free cash flow generation and continued deleveraging in 2026 [3]. - Montana Renewables marked a pivotal year with the successful completion of a U.S. Department of Energy loan, eliminating around $80 million in annual cash debt service, and monetizing over $90 million in producer tax credits during 2025 [3]. Future Outlook - The company is optimistic about the long-term growth and margin outlook for Montana Renewables, especially with the MaxSAF expansion on track for the second quarter of 2026 and anticipated favorable regulatory developments [3].

Core Viewpoint - Dana Incorporated has completed the sale of its Off-Highway business to Allison Transmission Holdings for $2.7 billion, marking a significant step in its transformation strategy [1][2]. Financial Impact - The transaction is valued at 7.5 times the expected adjusted EBITDA for the Off-Highway business in 2025 [1]. - Proceeds from the sale will allow Dana to reduce its debt by approximately $2 billion, achieving a target net leverage of 1x over the business cycle [2]. - The company plans to return $1 billion to shareholders through 2027, with about $650 million already returned since the announcement, an increase of $50 million compared to the previous target [2]. Strategic Focus - Following the divestiture, Dana aims to become a more focused company, concentrating on serving light- and commercial-vehicle customers with both traditional and electrified systems [2]. - The divestiture, along with a successful cost-reduction plan, is expected to strengthen the company's balance sheet, improve margins, and reduce complexity, positioning Dana for accelerated innovation and growth in core markets [2]. Company Overview - Dana is a leader in designing and manufacturing propulsion and energy-management solutions for various mobility markets globally [8]. - The company reported sales of approximately $7.7 billion in 2024 and employs around 28,000 people across 22 countries [9]. - Dana has been recognized as one of the "World's Most Ethical Companies" for 2025 and as one of "America's Most Responsible Companies 2025" [9].

Core Insights - Ellomay Capital Ltd. reported its unaudited interim consolidated financial results for the three and nine months ended September 30, 2025, highlighting significant growth in revenues and profits compared to the previous year [1][2]. Financial Overview - Total assets as of September 30, 2025, were approximately €759.4 million, an increase from €677.3 million as of December 31, 2024 [4]. - Revenues for the three months ended September 30, 2025, were approximately €12.7 million, up from €12.3 million for the same period in 2024. For the nine months ended September 30, 2025, revenues were approximately €32.9 million, compared to €31.8 million in 2024, reflecting a 3% increase [4][7]. - Profit for the three months ended September 30, 2025, was approximately €10.1 million, compared to €6.6 million in 2024. For the nine months, profit was approximately €8.5 million, up from €3.3 million in 2024 [4][7]. - EBITDA for the three months ended September 30, 2025, was approximately €22.1 million, compared to €11 million in 2024. For the nine months, EBITDA was approximately €28.2 million, up from €17.6 million in 2024 [4][7]. Revenue Drivers - The increase in revenues was primarily driven by the Company's solar facilities in Italy and the USA that were connected to the grid in early 2024 and the second quarter of 2025, respectively. This was partially offset by lower revenues from Dutch biogas plants due to production issues and a fire incident at the Talasol facility [4][8]. Operating Expenses - Operating expenses for the nine months ended September 30, 2025, were approximately €14.4 million, slightly down from €14.5 million in 2024. This decrease was mainly due to lower feedstock acquisition costs, offset by new operating expenses from the Italian solar facilities [4][8]. Share of Profits - The share of profits from equity accounted investees was approximately €17 million for the nine months ended September 30, 2025, compared to €5.3 million in 2024. This increase was largely due to a gain on bargain purchase related to the acquisition of shares in Dorad Energy Ltd. [4][8]. Future Projects and Developments - The Company is advancing construction on new projects, including a 160 MW solar facility in Italy expected to be completed by the end of 2026. Additionally, 210 MW of solar projects have reached "Ready to Build" status [8][9]. - In the USA, the Company has completed construction on 49 MW of solar projects, with three connected to the grid and the fourth expected to connect soon. The Company is also exploring additional projects that qualify for current tax benefits [9]. - In the Netherlands, the Company received licenses to increase production at its facilities, with new regulations expected to enhance profitability starting January 2027 [10]. - In Israel, negotiations are ongoing with the Israeli Electricity Authority regarding compensation for delays and damages to the Manara project [11]. Comprehensive Income - Total other comprehensive loss was approximately €8.6 million for the nine months ended September 30, 2025, compared to a total other comprehensive income of approximately €2.6 million in 2024, primarily due to foreign currency translation adjustments [4][5].

Core Viewpoint - Compass Diversified (CODI) reported its consolidated operating results for the three months ended June 30, 2025, and reiterated its full-year 2025 subsidiary Adjusted EBITDA expectations of $330 million to $360 million, excluding Lugano Holding, Inc. [1][2] Financial Performance - For the three months ended June 30, 2025, net sales were $478.69 million, an increase from $426.71 million in the same period of 2024, representing a growth of approximately 12.2% [12]. - Gross profit for the same period was $208.54 million, compared to $188.19 million in 2024, indicating a growth of about 10.8% [12]. - Operating income (loss) was reported at $(27.24) million, a decline from $7.48 million in the previous year [13]. - The net loss attributable to Holdings for the three months was $(51.22) million, compared to $(73.05) million in 2024 [12][14]. Adjusted Financial Metrics - Adjusted EBITDA for the three months ended June 30, 2025, was $46.53 million, slightly down from $47.91 million in the same period of 2024 [14]. - Adjusted Earnings for the same period were $(1.03) million, compared to $(18.31) million in 2024 [14]. Balance Sheet Highlights - As of June 30, 2025, total assets were $3.27 billion, a slight decrease from $3.30 billion as of December 31, 2024 [10]. - Total liabilities increased to $2.86 billion from $2.77 billion in the previous year [10]. - Total stockholders' equity attributable to Holdings was $601.88 million, down from $678.62 million in 2024 [10]. Future Outlook - The company continues to focus on strong operating performance across its subsidiaries and disciplined capital allocation to generate long-term shareholder value [2].

Core Viewpoint - Ooma, Inc. has successfully acquired Phone.com for approximately $23.2 million in cash, enhancing its smart communications platform for businesses and consumers [1] Financial Impact - Phone.com is projected to generate annual revenue of $22-$23 million and adjusted EBITDA of $1.0-$1.5 million, contributing positively to Ooma's financials starting December 26, 2025 [2] - The acquisition is expected to be accretive to Ooma's Adjusted EBITDA and non-GAAP earnings per share [2] Company Overview - Phone.com, headquartered in Newark, New Jersey, serves small and medium-sized businesses with cloud communications and UCaaS solutions, catering to approximately 36,000 customers and 87,000 users across North America [3] - Ooma offers various communication services, including Ooma Office for businesses, Ooma AirDial for replacing traditional phone lines, and Ooma Telo for residential consumers [10]