Q4 Investor Presentation Feb 2026 Disclosures Forward-Looking Statements This presentation may contain "forward-looking statements," which include information concerning Celanese Corporation's (the "Company") plans objectives, goals, strategies, future revenues, cash flow, financial performance, synergies, capital expenditures, deleveraging efforts, planned cost reductions, dividend policy, financing needs and other information that is not historical information. All forward-looking statements are based upo ...

The group said its board believes the planned fundraise will provide "additional liquidity" and result in the "optimal capital structure". Debenhams expects the fundraise to reduce its net debt to adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) ratio to less than 2x within FY27. Currently, its board is engaged in “advanced discussions” with the group’s lending syndicate, aimed at improving covenant terms and increasing financial flexibility for the ongoing turnaround an ...

Core Viewpoint - Baltic Horizon Capital AS is offering up to 169,147,497 new units of Baltic Horizon Fund to existing investors, with proceeds aimed at deleveraging the fund's portfolio and enhancing assets [1]. Offering Details - The offering is exclusively for existing investors, with a public offering arranged in Estonia and available to investors in other European Economic Area jurisdictions under specific exemptions [3]. - The offer period starts at 10:00 on 23 February 2026 and ends at 16:00 on 3 March 2026, with the possibility of extension by the company [4]. - The offer price per unit is set at EUR 0.1478, and subscriptions can only be made for whole units [6]. Subscription Process - Existing investors can subscribe for units based on their holdings as of 20 February 2026, multiplied by a coefficient of 1.1782, allowing for a maximum subscription of 1178 units for every 1000 units held [7]. - Investors must hold a securities account in the Estonian Register of Securities and authorize the blocking of the transaction amount until the offering is settled [8]. - A detailed subscription order form is required, specifying the investor's details and the number of units they wish to subscribe for [12]. Key Dates - Key dates for the offering include: - 23 February 2026: Commencement of the offer period - 3 March 2026: End of the offer period - On or about 4 March 2026: Announcement of allocation results - On or about 9 March 2026: Delivery of allocated units and start of trading on Nasdaq Tallinn [11].

Bitcoin (BTCUSD) was originally marketed as a non-correlated digital asset and a hedge against fiat debasement. However, market behavior now contradicts that thesis. Price action in the benchmark digital asset increasingly aligns with risk-on, growth-oriented assets, and not defensive hedges. Correlation analysis shows Bitcoin trading less like digital gold and more like a high-beta software equity. More News from Barchart Correlation Evidence: Bitcoin and IGV The strong correlation between Bitcoin and ...

Tsivin said the company’s strategy is to simplify, modernize, and integrate its legal software portfolio into a unified global operating platform. He emphasized plans to significantly reduce the number of product SKUs and converge toward global product lines, describing the target state as an integrated practice management platform with embedded workflow applications, API-enabled data and due diligence, and a unified customer experience.However, Tsivin said the company’s rapid acquisition-driven expansion o ...

Financial Data and Key Metrics Changes - Adjusted EBITDA margin reached 31%, the highest on record, while operating margin was 17%, representing the second strongest annual performance in the company's history [7] - Total revenue for 2025 was $5.4 billion, a 2% increase over 2024, excluding extraordinary non-recurring items [19] - Adjusted EBITDA for the full year reached $1.7 billion with a 31% margin, the highest margin in the company's history [20] - Full year operating income was $928 million, with a 17% margin, the second-best annual performance in the company's history [21] Business Line Data and Key Metrics Changes - Passenger revenue declined 4.4% year-over-year for the full year 2025, but increased by 4.3% year-over-year in the fourth quarter [13][14] - Premium revenue now represents approximately 42% of total revenues, nearly 17 points above pre-pandemic levels [10] - Premium unit revenue growth was 6 points above the main cabin on a year-over-year basis in the fourth quarter [15] Market Data and Key Metrics Changes - Demand strengthened in the second half of 2025, particularly in the last quarter, supported by improving traffic trends across both domestic and international markets [7] - The U.S. market saw passenger unit revenue up 5% year-over-year in the fourth quarter [14] - Corporate and high-income leisure segments continued to perform strongly, contributing to the overall revenue growth [10] Company Strategy and Development Direction - The company plans to grow capacity around 4% with a disciplined approach, focusing on resilient markets and prioritizing profitability [10] - Aeroméxico is selectively expanding its long-haul network, launching new routes to Barcelona and Paris [10] - The company aims to enhance customer experience through investments in technology and infrastructure, including a new app and improved check-in models [8][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate changes and capture opportunities, expecting to build on the momentum generated in the second half of 2025 [9] - The Mexican economy is expected to grow between 1.2% and 1.5% in 2026, which supports the company's growth expectations [24] - The company anticipates revenue growth in the range of 7.5%-9.5% for 2026, with adjusted EBITDA margins expected between 28.5% and 30.5% [24] Other Important Information - Aeroméxico was recognized as the world's most on-time airline for the second consecutive year [8] - The company returned over $200 million to shareholders through capital disbursements in 2025 [23] - Cash and cash equivalents totaled $1 billion as of December 31, with total liquidity standing at approximately $1.2 billion [23] Q&A Session Summary Question: Demand impacts related to FX and purchasing power dynamics in Mexico - Management noted that a stronger Mexican peso typically leads to increased demand for travel, with historical trends showing a quick response in bookings [29][31] Question: Opportunities for deleveraging the business - Management indicated that the main opportunity for deleveraging comes from the present value of leases, with expectations of lower leverage through higher EBITDA and amortization of lease debt [33][35] Question: Sale of MRO joint venture and its impact on P&L - The MRO facility was sold to a third party, resulting in a profit of $71 million in the P&L, with maintenance operations continuing under a commercial agreement [40][42] Question: Regulatory situation regarding U.S. routes from Mexico City - Management confirmed that new routes cannot be added until the U.S. government lifts restrictions, but noted that existing capacity has grown significantly in recent years [65] Question: Guidance assumptions for FX and jet fuel prices - The company assumes an average exchange rate of around 18.3 pesos per dollar and a fuel price of approximately $69 per barrel for guidance [58] Question: Premium revenue growth expectations - Management expects continued growth in premium revenue, driven by consumer demand for better experiences and improved sales strategies [79]

Core Viewpoint - The article emphasizes the importance of conducting thorough research and due diligence before making investment decisions, particularly in the context of undercovered stocks in Brazil and Latin America [1]. Group 1: Company Research - The focus is on stocks that are often undercovered, with a primary emphasis on Brazil and Latin America, while also occasionally addressing global large-cap stocks [1]. - The analyst contributes regularly to platforms like TipRanks and has a history of contributions to TheStreet, indicating a commitment to providing insights on lesser-known investment opportunities [1]. Group 2: Analyst's Position - The analyst has no current stock, option, or derivative positions in any of the companies mentioned, nor plans to initiate any such positions in the near future [2]. - The article reflects the analyst's personal opinions and is not influenced by compensation from companies mentioned, ensuring an unbiased perspective [2].

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Core Insights - The company has completed a multi-year restructuring plan, achieving approximately $70 million in sustainable EBIT benefits at a lower execution cost than initially expected [1] - The divestiture of the Aerospace business in Q3 2025 is a key catalyst for deleveraging, enabling the company to retire commercial paper and aim for a 2x leverage target [1] - Residential end markets, which account for about half of total revenue, are experiencing a multi-year depression with demand significantly below historical averages [1] Industry Dynamics - Bedding performance shows a divergence, with strong domestic trade rod and wire demand contrasted by weak mattress-related volumes due to specific customer financial distress [1] - The automotive sector faces challenges from Chinese EV exports affecting European OEMs and inflationary pressures in North America as manufacturers try to recover tariff-related costs [1] Strategic Focus - The company is shifting its strategic focus towards 'offense' by promoting semi-finished product growth, such as Eco-Base, and expanding specialty foam competencies to diversify its customer base [1] - There is a prioritization of regional production alignment, highlighted by the establishment of a new facility in Vietnam to support customers relocating furniture production to Southeast Asia [1]

Financial Data and Key Metrics Changes - TELUS achieved record free cash flow of CAD 2.2 billion for the full year 2025, representing an increase of 11% over 2024, exceeding the annual target [8][9] - Adjusted EBITDA, including health, increased by 3.1% for 2025, demonstrating disciplined execution and focus on cost efficiency [8] - The net debt to EBITDA ratio improved to 3.4x at the end of 2025, with expectations to reach approximately 3.3x or lower by the end of 2026 [19][26] Business Line Data and Key Metrics Changes - In the fourth quarter, TELUS achieved total telecom customer net additions of 377,000, with wireless driving strong net additions of 337,000 [9][10] - The company reported record connected device net additions of 716,000 for the full year, with mobile phone net additions of 207,000 and fixed net additions of 158,000 [6][7] - TELUS Health's operating revenues and adjusted EBITDA grew by 13% and 10% respectively, attributed to the acquisition of Workplace Options and organic growth [24] Market Data and Key Metrics Changes - TELUS led the industry with 1.1 million full mobile and fixed customer net additions in 2025, marking the fourth consecutive year of surpassing 1 million combined customer additions [6][7] - The company reported industry-leading postpaid mobile phone churn of 0.97% for the full year, marking the twelfth consecutive year below the 1% threshold [8] Company Strategy and Development Direction - TELUS is focused on amplifying profitable revenue expansion while maintaining a strong emphasis on cost efficiencies [19][20] - The company plans to leverage its superior portfolio of bundled products and services to differentiate itself from competitors and create shareholder value [11][12] - TELUS aims to achieve double-digit EBITDA growth from TELUS Digital and TELUS Health in 2026, with a focus on new product development and improving churn rates [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering sustained profitable growth, supported by a robust asset mix and diversified business portfolio [28] - The company anticipates consolidated service revenue and adjusted EBITDA growth of up to 4% in 2026, alongside a free cash flow target of approximately CAD 2.45 billion [19][27] - Management highlighted the importance of maintaining healthy industry economics and brand differentiation amidst competitive pressures [34][35] Other Important Information - Darren Entwistle announced his retirement effective June 30, 2026, with Victor Dodig set to succeed him as CEO [3][4] - The company is exploring strategic investment opportunities for TELUS Health and TELUS Agriculture, alongside monetization of real estate and copper assets [18][19] Q&A Session Summary Question: Current wireless environment and TELUS strategy - Management acknowledged the competitive environment and emphasized the importance of maintaining brand differentiation to avoid a detrimental race to the bottom [34][35] Question: ARPU growth expectations - Management indicated that the improvement in ARPU is organic and reflects a reestablishment of premium offerings, with expectations for continued growth [40][41] Question: Guidance for revenue and EBITDA growth - Management outlined three key growth areas: telecom, TELUS Digital, and TELUS Health, with expectations for double-digit EBITDA growth from both digital and health segments [49][50] Question: Changes in CEO and capital allocation - Management assured continuity in growth initiatives and capital allocation strategies despite the leadership transition [67] Question: Sovereign AI strategy and chip ownership - Management confirmed that the chip strategy is included in guidance and emphasized the cost efficiency of leveraging existing data centers for Sovereign AI initiatives [88][94]