Core Insights - Calian Group Ltd. reported a significant turnaround in Q4 2025, with revenues increasing by 12%, attributed to a balanced mix of 6% organic growth and 6% from acquisitions [2][9] - The company achieved a 15% growth in its defence solutions segment, indicating strong performance in its core business areas [2][6] - For the full fiscal year 2025, Calian maintained a double-digit adjusted EBITDA margin of 10.1%, despite a 15% decline in adjusted EBITDA primarily due to the performance of the ITCS segment [3][5] Financial Highlights - Q4 2025 revenues reached $203.2 million, up from $181.2 million in Q4 2024, marking a 12% increase [5][9] - Full year revenues for 2025 totaled $774.1 million, a 4% increase from $746.6 million in 2024 [5][6] - Adjusted EBITDA for Q4 2025 was $24.3 million, a 2% increase year-over-year, with an adjusted EBITDA margin of 11.9% [5][10] - The adjusted net profit for Q4 2025 was $11.5 million, or $1.00 per diluted share, reflecting a 10% increase from $10.5 million, or $0.87 per diluted share, in Q4 2024 [5][11] Operational Developments - The company has a robust backlog of $1.4 billion, which positions it well for growth in fiscal year 2026 [4][12] - Calian launched Calian VENTURES to support the growth of Canadian Defence SMEs and partners, indicating a strategic focus on enhancing its defence capabilities [17] - The acquisition of InField Scientific, completed in October 2025, expands Calian's defence portfolio and enhances its electromagnetic solutions capabilities [15] Debt and Cash Flow - Calian renewed and expanded its debt agreement to a total of $350 million, providing financial flexibility for future investments [16] - Operating free cash flow for Q4 2025 was $17 million, representing a conversion rate of 72% [6][35] - The net debt to adjusted EBITDA ratio stood at 1.1x as of September 30, 2025, indicating a manageable level of debt relative to earnings [36]

Core Viewpoint - Petco has reported its third quarter 2025 financial results, demonstrating a focus on profitability and a multi-phased transformation strategy, while also tightening its full-year net sales outlook and revising its earnings guidance upward for fiscal 2025 [1][3]. Q3 2025 Overview - Petco's net sales for Q3 2025 were $1.5 billion, reflecting a decrease of 3.1% year over year, aligning with the company's expectations [7]. - Comparable sales also decreased by 2.2% year over year [7]. - The gross profit margin improved by approximately 75 basis points to 38.9% of net sales [7]. - Operating income increased by $25.2 million to $29.2 million [7]. - GAAP net income rose by $26.0 million to $9.3 million [7]. - Adjusted EBITDA increased by $17.3 million to $98.6 million [7]. Full Year 2025 Outlook - The company has tightened its full-year net sales outlook, projecting a decline of 2.5% to 2.8% [4]. - Adjusted EBITDA is expected to be in the range of $395 million to $397 million [4]. - Net interest expense is estimated at approximately $125 million [4]. - Capital expenditures are projected to be between $125 million and $130 million [4]. - Depreciation and amortization is expected to be around $200 million [4]. - The company anticipates approximately 20 net store closures [4]. Fourth Quarter 2025 Outlook - For Q4 2025, net sales are expected to decline in the low single digits year over year [5]. - Adjusted EBITDA is projected to be between $93 million and $95 million [5].

Core Viewpoint - Burlington Stores, Inc. reported stronger profit and raised its outlook, but the stock fell due to softer sales momentum and cautious consumer demand [1]. Financial Performance - The company reported third-quarter adjusted earnings per share of $1.80, exceeding the analyst consensus estimate of $1.64 [2]. - Quarterly sales reached $2.710 billion, a 7% year-over-year increase, but fell short of the expected $2.739 billion. Comparable store sales increased by 1% [3]. - Gross margin improved to 44.2%, up from 43.9% in the previous year, with merchandise margin expanding by 10 basis points and freight expense improving by 20 basis points [4]. - Adjusted EBITDA was $266 million, compared to $229 million in the year-ago period, representing an 80 basis point increase as a percentage of sales [4]. Cash and Debt Position - The company ended the quarter with cash and equivalents of $584.079 million. Long-term debt increased to $2.015 billion from $1.542 billion in the previous year [5]. Future Outlook - Burlington Stores raised its 2025 adjusted EPS outlook to $9.69–$9.89, up from $9.19–$9.59, surpassing the $9.52 consensus estimate. Total sales are expected to rise by about 8% for the full year [6]. - The company anticipates net capital expenditures of approximately $950 million and plans to open 104 net new stores [6]. - For the fourth quarter, adjusted EPS is guided to be between $4.50 and $4.70, slightly around the $4.64 Street estimate, with total sales growth expected between 7% and 9% [7]. Management Commentary - CEO Michael O'Sullivan noted a significant drop in store traffic after the back-to-school period due to unseasonably warm temperatures, but indicated a recovery in mid-October with continued strong trends into November [3][8].

Core Insights - The company has completed an internal investigation regarding improper accounting practices and is releasing preliminary financial results for FY2025 and the first half of FY2026 [1][3][4] Financial Performance - Preliminary unaudited revenue for FY2025 is expected to be $1.6 billion, a 2.6% increase from the previous year [7] - Gross Comparable Store Sales are projected to rise by 7.5%, amounting to an increase of $116.9 million year-over-year [7] - Revenues from BNC First Day programs are anticipated to grow by 25.3%, equating to $119.9 million year-over-year [8] - The expected net loss for FY2025 is projected to be between $(68.0) million and $(62.0) million, an improvement from the previous year's loss [9] - Adjusted EBITDA for FY2025 is expected to range from $55.0 million to $63.0 million, reflecting a significant increase from the prior fiscal year [9] Balance Sheet and Debt Management - Total debt at year-end is expected to be $103.1 million, down from $196.3 million the previous year [10] - The company's net working capital position is projected to improve to positive $188.9 million from $46.1 million last year [10] First Half FY2026 Results - Preliminary revenue for the first six months of FY2026 is expected to be approximately $933.0 million, a 7.8% increase year-over-year [11] - Net income for the first half of FY2026 is anticipated to range from $3.0 million to $8.0 million, a significant improvement over the prior year's loss [11] - Adjusted EBITDA for the first half of FY2026 is expected to be between $32.0 million and $42.0 million [12] Management Commentary and Strategic Outlook - The CEO highlighted strong sales and improved financial metrics driven by the adoption of BNC First Day offerings and disciplined expense management [15] - The company expects continued top-line growth in FY2026 despite market uncertainties, with anticipated Adjusted EBITDA in the range of $65 million to $75 million [16] - Looking ahead to FY2027, the company aims to improve gross margins and grow Adjusted EBITDA by 15% to 20% or more [17]

Core Insights - Sabio Holdings Inc. reported its Q3 2025 financial results, highlighting a 2% year-over-year growth in its core ad-supported streaming category, excluding political and advocacy activities [2][5] - The company experienced significant growth in international revenue, which increased by 240% year-over-year, contributing 19% to consolidated gross revenue [5][11] - Sabio's programmatic revenue reached $1.9 million, accounting for 20% of consolidated gross revenue, indicating strong early adoption and scaling [5][11] Financial Highlights - Q3 gross revenue was $9.3 million, with net revenue at $8.2 million, reflecting an 11% decrease in normalized gross revenue when excluding political and advocacy activities [5][13] - Gross margin stood at 59%, influenced by the growing contribution of scalable programmatic channels [5][13] - Adjusted EBITDA was ($2.2 million), reflecting the revenue mix shift in a non-political year and ongoing investments in growth initiatives [5][13] Business Developments - The company achieved a 54% increase in branded logos in Q3, indicating strong customer diversification [5][11] - Nearly 70% of top customers for 2024 increased their spending year-to-date in 2025, underscoring deepening client relationships [5][11] - Sabio is entering 2026 with a robust pipeline, up nearly 60% year-over-year, and anticipates significant activity due to the upcoming U.S. mid-term elections [7][8] Strategic Initiatives - The launch of AVOD offerings on platforms like Plex and Xumo Play has expanded distribution and reach across various devices [11] - The company is focusing on enhancing its technology stack and diversifying its revenue base through programmatic and international channels [2][9] - Sabio's App Science™ database now covers 80 million U.S. households, representing approximately 70% of U.S. streaming households, which supports its advertising operations [11][22]

FY2025 Financial Performance - Blue Bird achieved record annual sales of $1.48 billion and an Adjusted EBITDA of $221 million, representing a 15% margin[60] - The company's Adjusted Free Cash Flow for FY2025 was $153 million, an increase of $54 million compared to FY2024[20] - Net sales for FY2025 increased by $133 million compared to FY2024, reaching $1.48 billion[20] - Blue Bird's full-year unit sales reached 9,409, an increase of 409 units compared to the previous year[20] - The average selling price (ASP) increased by $8,300 per unit[20] Q4 2025 Financial Performance - Q4 2025 net sales reached $409 million, a $59 million increase compared to Q4 2024[25] - Adjusted EBITDA for Q4 2025 was $68 million, a $27 million increase compared to Q4 2024[25] Alternative Power and EV - Alternative power sales accounted for 56% of the sales mix[20] - The company booked 901 EV units in FY2025[20] - Blue Bird has a firm order backlog of 680 EVs[20] FY2026 Guidance - Blue Bird confirms FY2026 guidance with revenue of approximately $1.5 billion and an Adjusted EBITDA of approximately $220 million, maintaining a ~15% margin[42]

Core Insights - Corporación América Airports reported strong financial results for Q3 2025, achieving record high Adjusted EBITDA of $194 million, with a margin expansion of 5.2 percentage points year-over-year [4][5][11] - The company experienced a 9.3% increase in passenger traffic, reaching 23.3 million, while revenues grew by 17%, driven by both Aeronautical and Commercial segments [4][5][10] Financial Performance - Consolidated revenues ex-IFRIC12 reached $472.1 million, up 16.6% year-over-year, with Aeronautical revenues increasing by 15.2% and Commercial revenues by 18.0% [5][11] - Operating income rose to $147 million, compared to $100.9 million in Q3 2024, reflecting a 45.6% increase [11] - Adjusted EBITDA margin ex-IFRIC12 expanded to 41.2% from 35.9% in Q3 2024, indicating improved profitability [5][11] Operational Highlights - The company maintained a strong liquidity position with $540 million in cash and cash equivalents, and a net debt to LTM Adjusted EBITDA ratio of 0.9x [5][11] - Passenger traffic increased by 9.3%, while cargo volume decreased by 3.4% to 93.5 thousand tons, and aircraft movements rose by 6.9% to 230.3 thousand [5][11] Strategic Initiatives - The company is advancing several initiatives to enhance passenger experience, including the inauguration of a redesigned Duty Free store in Armenia and expansion projects in Uruguay [7][8] - New business development includes signing an award agreement for the Baghdad Airport project in Iraq, with ongoing government processes in the Angola tender [9][10] Future Outlook - Positive traffic momentum is expected to continue, although domestic growth in Argentina may moderate from earlier strong levels [10] - The company anticipates solid results in Q4 2025, despite not benefiting from the easier comparisons that supported Q3 performance [10]

Financial Performance - Revenue decreased by 9% from Q3 2024 to Q3 2025 [11] - Total costs and expenses (excluding D&A) decreased by 12% from Q3 2024 to Q3 2025 [11] - Profit for the period net of tax increased by 60% from $15 million in Q3 2024 to $24 million in Q3 2025 [13] - Adjusted EBITDA increased by 53% from $17 million in Q3 2024 to $26 million in Q3 2025 [14, 33] Operating Metrics - Bookings decreased by 4% from $94 million in Q3 2024 to $90 million in Q3 2025 [19] - Monthly Paying Users (MPUs) decreased by 16% from 314,000 in Q3 2024 to 263,000 in Q3 2025 [20] - Average Bookings Per Paying User (ABPPU) increased by 16% from $92 in Q3 2024 to $107 in Q3 2025 [20] Cost Structure - Platform commissions accounted for 55% of total costs in Q3 2024, decreasing to 51% in Q3 2025 [16] - Selling and marketing expenses accounted for 26% of total costs in Q3 2024, increasing to 29% in Q3 2025 [16] Diversification - Pixel Gun 3D accounted for 34% of game revenue in Q3 2024, decreasing to 32% in Q3 2025 [24] - Hero Wars: Dominion Era accounted for 30% of game revenue in Q3 2024, increasing to 34% in Q3 2025 [24]

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Fourth Quarter Fiscal 2025 Earnings Teleconference November 21, 2025 Joseph C. Bartolacci President and Chief Executive Officer Steven F. Nicola Chief Financial Officer and Treasurer www.matw.com | Nasdaq: MATW DISCLAIMER Any forward-looking statements contained in this presentation are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, belie ...