Financial Data and Key Metrics Changes - Expro reported quarterly revenue of $411 million and EBITDA of $94 million, representing a 22.8% margin, with adjusted free cash flow of $46 million, or 11% of revenue, marking the highest in the company's history [4][24][23] - EBITDA margin increased by approximately 50 basis points from the previous quarter and 270 basis points year-over-year [23] - The company raised its annual guidance for EBITDA and free cash flow for 2025, expecting adjusted EBITDA between $350 million and $360 million and adjusted free cash flow between $110 million and $120 million [25][24] Business Line Data and Key Metrics Changes - North and Latin America (NLA) revenue was $151 million, up $8 million quarter-over-quarter, driven by higher well construction and flow management revenue [27] - Europe and Sub-Saharan Africa (ESA) revenue decreased by $7 million to $126 million, primarily due to lower well flow management and subsea well access revenue [28] - Middle East and North Africa (MENA) revenue was $86 million, slightly lower than Q2, with an EBITDA margin of 35%, down 100 basis points from the prior quarter [28] - Asia-Pacific (APAC) revenue was $49 million, a decrease of $8 million, with an EBITDA margin of 21%, down 500 basis points from the prior quarter [29] Market Data and Key Metrics Changes - Expro's backlog stands at $2.3 billion, providing solid revenue visibility and reflecting a diverse portfolio across regions [6] - The company anticipates that upstream investments will remain largely flat globally in 2026, with pockets of growth in international markets, particularly in offshore projects in Latin America, the Middle East, and West Africa [8][10] Company Strategy and Development Direction - Expro's strategy focuses on maximizing free cash flow through operational efficiency, disciplined capital allocation, and targeted acquisitions [20][21] - The company aims to expand its wallet share with existing customers and enhance service offerings to drive profitability [12] - Expro is committed to technology leadership, investing in digitalization and artificial intelligence to deliver innovative solutions [13][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Expro's ability to deliver resilient performance despite a softer commodity market backdrop, with expectations for a strong fourth quarter [33][34] - The company anticipates continued growth in free cash flow generation in 2026, supported by ongoing cost efficiencies and the maturation of its production solutions business [35] Other Important Information - Expro repurchased around 2 million shares for approximately $25 million, achieving its annual target of $40 million ahead of schedule [5] - The company completed a $22 million voluntary prepayment of its revolving credit facility, reducing the outstanding balance [25] Q&A Session Summary Question: What are the drivers for margin expansion in 2026 despite flat to slightly lower revenue? - Management indicated that the full-year effect of the Drive25 initiative, internationalization of recent acquisitions, and rollout of new technologies will contribute to margin expansion [37][38] Question: What factors are contributing to expected softness in the first half of 2026? - Management noted cautious sentiment among customers due to commodity pricing and geopolitical factors, along with typical seasonal slowdowns in the northern hemisphere [51][52] Question: How will share repurchases be managed for the rest of the year? - Management stated that they will continue to evaluate opportunities for share repurchases in line with their capital allocation framework [42][43] Question: What types of services are included in the production solutions opportunity? - Management explained that production solutions involve optimizing existing infrastructure and providing modular enhancements, primarily in the Middle East, West Africa, and South America [60][61] Question: How will the geographic mix impact margins moving into 2026? - Management highlighted that growth in high-margin regions like the Middle East could significantly influence overall margin performance, depending on the mix of activities [71][72]

Core Insights - As of September 30, 2025, Savencia Fromage & Dairy Group reported a slight decline in net sales by 1% compared to 2024, primarily due to a 4% unfavorable currency impact from South American currency devaluations, while organic growth remained resilient at +2.8% [4][3] Financial Performance - Net sales amounted to €5,033 million, down from €5,082 million in the previous year, reflecting a -1.0% change [2] - Cheese Products generated sales of €2,861 million, a decrease of 0.6% from €2,879 million, with organic growth at +0.5% [2][5] - Other Dairy Products saw sales of €2,353 million, down by 1.2% from €2,380 million, but achieved an organic growth of 5.6% [2][6] Market Context - The dairy economy is characterized by record milk prices in the third quarter, particularly in France, amidst a volatile geopolitical and economic environment [7] - The Group's structural effect of 0.3% growth is attributed to the integration of Ugalait since July 2, 2024 [4] Strategic Initiatives - Savencia is focused on adapting and investing in its various businesses to respond to market uncertainties, emphasizing product quality and team dedication [8] - The company is committed to decarbonization, aiming for a -1.5°C trajectory by 2035 and "Net Zero by 2050," with ongoing energy efficiency programs [10]

Core Points - XCF Global, Inc. has signed a 15-year exclusive license with New Rise Australia to deploy its modular renewable fuel platform across Australia [1] - The agreement targets the development of three renewable fuel production facilities [1] - XCF will receive a 12.5% equity stake in New Rise Australia, along with licensing fees and one board seat [1] - This formalizes a Memorandum of Understanding from June 2025 and initiates the first regional platform under XCF's international expansion strategy [1] - XCF is focused on decarbonizing the aviation industry through Sustainable Aviation Fuel (SAF) [1]

Core Thesis - Brookfield Corporation is viewed positively due to its diversified asset base and strong growth potential, with a current share price of $45.20 and a market cap of $104 billion [1][2]. Group 1: Business Overview - Brookfield Corporation operates in various sectors including renewable energy, infrastructure, private credit, real estate, and insurance/retirement solutions, benefiting from a dual engine of asset management and long-term asset ownership [2]. - The company has a global presence with assets such as data centers, transmission networks, toll roads, pipelines, ports, and renewable farms, aligning with trends like decarbonization and the global energy transition [2]. Group 2: Financial Performance - Brookfield's renewable energy portfolio and infrastructure projects generate stable, inflation-linked cash flows, contributing to consistent value creation under CEO Bruce Flatt, with 22% annualized returns over the past five years [3]. - The company produces approximately $5 billion in distributable earnings annually, supported by a robust balance sheet and recurring cash flow generation [4]. Group 3: Growth Projections - Management targets a 25% annualized growth to $13.5 billion by 2029, suggesting a fair value per share of $140 by 2030, while the stock currently trades at a ~30% discount to its sum-of-the-parts valuation [5]. - Even with conservative estimates, the target price of $84 for 2029 implies ~16% annualized returns from the current price of $43 [5].

Core Insights - Plug Power Inc. has successfully deployed its GenDrive hydrogen fuel cell systems and GenFuel hydrogen infrastructure at Floor & Decor's distribution center in Frederickson, WA, marking a significant step in zero-emission material handling solutions for the retail sector [1][4] Group 1: Deployment Details - The Frederickson facility is equipped with a complete hydrogen ecosystem, powering 77 pieces of material handling equipment with a 10,000-gallon liquid hydrogen storage tank, vaporizers, compressors, and a high-capacity dispensing system [2] - The hydrogen fuel cell technology is expected to eliminate over 400 metric tons of CO₂e emissions annually, equivalent to avoiding the burning of approximately 45,000 gallons of gasoline [3] Group 2: Environmental Impact - The system produces only water vapor as a byproduct, which is captured and reused for facility operations, generating about 300 liters (approximately 80 gallons) of water per day for recapture [3] Group 3: Strategic Implications - This partnership demonstrates the reliability and performance of Plug's GenDrive systems in retail distribution environments and supports Floor & Decor's operational efficiency goals [4] - The success at the Frederickson site may lead to expanded hydrogen infrastructure, enhancing energy resilience during power outages and grid instability, while also allowing for scalability as operations grow [4] Group 4: Company Overview - Plug Power is a leader in the hydrogen economy, providing a fully integrated ecosystem that includes production, storage, delivery, and power generation [5] - The company has deployed over 72,000 fuel cell systems and 275 fueling stations, and is the largest user of liquid hydrogen, with operational hydrogen plants in Georgia, Tennessee, and Louisiana capable of producing 40 tons per day [6]

Core Insights - Rock Tech Lithium Inc. has announced a significant milestone in the development of the Guben Lithium Converter, with a revised CapEx estimate of approximately €680 million, down from €730 million, reflecting a reduction of about €50 million (approximately 6.9%) [1][4] - The company has also modeled a 23% reduction in operating expenditures (OpEx), which is expected to enhance the project's competitiveness in the international lithium market [2][7] CapEx and OpEx Summary - The CapEx reduction is attributed to targeted optimizations across various project components, resulting in gross savings of approximately €62 million, partially offset by €12 million in increased costs, leading to a net reduction of €50 million [3][5] - The OpEx reduction is projected to decrease from approximately €5,033 to €3,878 euros per tonne of lithium hydroxide, significantly lowering production costs and improving competitiveness [7] Project Optimizations - Specific areas of cost savings include: - Optimized plant design adjustments expected to save approximately €22 million [5] - Adjusted storage capacities leading to a saving of €7 million [5] - Process optimizations anticipated to save an additional €14 million [5] - Updated supplier estimates resulting in potential savings of around €16 million [5] - Contingency expenses adjusted to save €3 million [5] - Further optimizations are planned, particularly focusing on owner's costs and external costs, with expectations of additional savings [6] Strategic Collaborations - Rock Tech has signed a non-binding memorandum of understanding (MoU) with Sichuan Calciner Technology (SCT) for potential engineering collaboration, which could enhance the project's efficiency and cost-effectiveness [4][8] - SCT is recognized for its expertise in lithium refining and has previously designed and built over 60 lithium converter trains globally [9] Project Overview - The Guben Lithium Converter aims to produce 24,000 tonnes of battery-grade lithium hydroxide annually, sufficient to supply batteries for approximately 500,000 electric vehicles per year [11][12] - The project is strategically located to strengthen Europe's battery supply chain and is recognized as a strategic initiative under the EU's Critical Raw Materials Act [14][16]

Financial Data and Key Metrics Changes - Financial year 2025 was a strong year for the company, with a return of 20.6% on capital employed and an underlying margin of 53% on EBITDA [24][25] - The company paid $5.6 billion in dividends, marking over $100 billion returned to shareholders over the past decade [25][18] - The effective tax rate was approximately 45%, contributing nearly $10 billion in taxes and royalties to fund public services [24] Business Line Data and Key Metrics Changes - Record production was achieved at Western Australia Iron Ore, maintaining its position as the lowest-cost major iron ore producer for six consecutive years [24] - Overall copper production increased by 28% over the past three years, representing the largest absolute growth among major miners globally [24] - 45% of the company's EBITDA now comes from copper, more than double the percentage from five years ago [25] Market Data and Key Metrics Changes - The company is pursuing growth in copper and potash, with significant investments in projects like the Jansen potash project in Canada and the Resolution Copper project in Arizona [26][25] - The Argentinian government has introduced incentives for large investments, which could benefit the company [27] - The company is facing challenges in Queensland due to high royalties, impacting profitability in its coal division [46][48] Company Strategy and Development Direction - The company aims for high-quality growth that drives value, focusing on a mix of assets and commodities that are attractive for the future [15][23] - There is a commitment to decarbonization, with a target of a 30% reduction in carbon footprint by 2030 [79] - The company emphasizes the importance of competitive tax policies to attract global investment [40][46] Management's Comments on Operating Environment and Future Outlook - The management highlighted the growing demand for sustainable commodities due to urbanization and shifts in energy sources [23] - There is a recognition of the need for nations to create favorable conditions for investment to enhance economic development and national security [16] - The company is optimistic about its future, citing a strong pipeline of growth projects and a commitment to operational excellence [29][19] Other Important Information - The company achieved gender balance within its global employee base, reflecting its commitment to inclusivity [21] - The management is focused on creating social value and building community trust as part of its operational strategy [17][18] Q&A Session Summary Question: Impact of a turnover tax on BHP and the mining industry - The Chair acknowledged the proposal for a net cash flow tax and emphasized the need for competitive tax policies to attract investment [40] Question: Conversations with the Queensland government regarding coal taxes - The Chair noted that the company is paying significantly more in royalties than it generates in profit, indicating unsustainable tax settings [46][48] Question: Status of iron ore sales and currency used - The Chair confirmed that about 10% of sales are conducted in currencies other than US dollars, primarily in RMB for portside sales in China [56][59] Question: Operational performance and dividend payment dates - The Chair explained that variations in dividend payment dates are linked to the timing of financial results announcements [72] Question: Environmental sustainability and koala habitat protection - The Chair assured that the company is committed to environmental sustainability and has set targets for reducing its carbon footprint [79][80] Question: Update on the Samarco dam failure compensation - The Chair provided an update, stating that 98% of community resettlement cases are finalized and approximately $5.6 billion has been paid in compensation [86]

The UK should scale back its 2030 electricity decarbonization goal in favor of a cost-focused, gradual strategy, says Tony Blair Institute report https://t.co/KmeN0ouWtF ...

Financial Data and Key Metrics Changes - The company achieved record steel shipments of 3,600,000 tons in Q3 2025, with revenues of $4,800,000,000 and adjusted EBITDA of $664,000,000, reflecting strong operational execution despite market headwinds [7][11] - Earnings per diluted share were reported at $2.74, with operating income from steel operations increasing by 30% sequentially to $498,000,000 [11][12] - Cash flow from operations was robust at $723,000,000, with liquidity exceeding $2,200,000,000 at the end of September [15][16] Business Line Data and Key Metrics Changes - Steel operations saw a significant increase in operating income driven by record shipments and metal spread expansion, with average scrap costs declining by $27 per ton [12][13] - The metals recycling operations reported operating income of $32,000,000, significantly higher than the previous quarter, supported by strong domestic steel demand [13][21] - Steel fabrication operations achieved operating income of $107,000,000, a 15% increase from the second quarter, with a backlog extending through 2026 [13][20] Market Data and Key Metrics Changes - The domestic steel industry operated at a production utilization rate of 78%, while the company's mills operated at a higher rate of 88%, reflecting strong demand and operational efficiency [23] - Coated flat rolled steel volume and pricing compressed due to an inventory overhang from imports, but prices are expected to improve as the market stabilizes [24][26] - The company anticipates that steel prices have bottomed out and will see upward movement in 2026, supported by recent trade rulings and tariffs [24][29] Company Strategy and Development Direction - The company is focused on transformational growth initiatives, including decarbonization efforts and expanding its aluminum operations, which are expected to achieve monthly EBITDA breakeven in Q4 2025 [15][18] - The strategic capital allocation prioritizes high-return growth opportunities while maintaining a strong dividend profile and share repurchase program [16][32] - The company aims to leverage its competitive advantages in metals recycling and aluminum to enhance earnings potential and market share [22][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding steel demand and pricing dynamics, citing ongoing onshoring activity and infrastructure spending as key drivers [29][44] - The company is well-positioned to benefit from favorable trade policies and a growing domestic manufacturing base, which is expected to support steel consumption [42][43] - Management highlighted the importance of safety and operational excellence as foundational to the company's success and future growth [10][45] Other Important Information - The company has repurchased $661,000,000 of its common stock in 2025, representing 3.4% of outstanding shares, while maintaining investment-grade ratings [15][16] - The aluminum operations are expected to contribute significantly to the company's earnings, with a projected through-cycle EBITDA contribution of over $1,400,000,000 from recent investments [44][107] Q&A Session Summary Question: Can you discuss the aluminum rolling mill and its impact on commercial activities? - Management noted that accelerated qualifications for can sheet products have opened doors for negotiating longer-term contracts, with expectations for a favorable product mix in 2026 [52][54] Question: What is the expected exit run rate for the aluminum operations? - Management confirmed expectations for EBITDA breakeven in Q4 2025, with ongoing certification processes impacting costs but not altering the overall positive outlook [58][59] Question: What are the capital allocation priorities for next year? - The company plans to maintain a balanced cash allocation strategy, with potential increases in dividends and continued share repurchases, while exploring organic growth opportunities [64][66] Question: How is the company positioned in the rail market? - Management indicated a commitment to the rail market, anticipating growth and improved product quality, while maintaining a stable mix in structural shipments [84][85] Question: What is the outlook for the flat rolled steel business? - Management expressed optimism for the Sinton facility, expecting improved performance as inventory overhang diminishes and market conditions stabilize [90][96]

Core Viewpoint - GE Vernova (GEV) has shown significant stock performance, rising 79% year-to-date and 113% over the past 12 months, driven by a shift towards electrification and strong demand for its products and services [1]. Group 1: Stock Performance and Market Context - Despite a strong year, GEV stock has plateaued over the past three months, with attention now on the upcoming Q3 earnings report scheduled for October 22, which could act as a catalyst for renewed stock momentum [2]. - The company is positioned to benefit from increased investments in electrification and decarbonization infrastructure projects as energy demand continues to rise [3]. Group 2: Financial Health and Earnings Outlook - GEV's fundamentals appear strong ahead of the earnings report, with a 14-day Relative Strength Index (RSI) at 43.98, indicating potential for stock growth if results exceed expectations [4]. - The company recorded $12.4 billion in new orders in the previous quarter, approximately 1.4 times its quarterly revenue, indicating robust order trends and a growing backlog [5]. Group 3: Backlog and Order Trends - The backlog has reached $129 billion in the second quarter, with contributions from both Power and Electrification segments, and the quality of the backlog remains solid due to higher pricing and disciplined contract underwriting [6]. - Within the Power segment, orders surged 44% in the second quarter, primarily driven by Gas Power equipment, with expectations of continued momentum in Q3 due to growing demand for aeroderivative technology [7].