Core Insights - CLPS Incorporation has appointed Simon Chiang as the CEO of its subsidiary Qinson Credit Card Services Limited (QCC) to enhance its next-generation payment strategy [1] - Simon Chiang brings over 20 years of experience in banking technology and payments, having held senior positions at Citibank and First Data International [1] - Under Chiang's leadership, QCC aims to deliver secure and flexible payment infrastructure solutions to banks and financial institutions [1] Company Overview - QCC is focused on developing modular, API-driven payment and financial infrastructure solutions for banks, fintech companies, and regulated financial institutions globally [1] - CLPS Incorporation, established in 2005 and headquartered in Hong Kong, is involved in digital transformation across various sectors, including fintech and payment services [1] - The company operates in 10 countries with strategic hubs in Shanghai, Singapore, and California, aiming to empower traditional industries to evolve into data-driven ecosystems [1]

Financial Data and Key Metrics Changes - In 2025, the company generated a 12% return on invested capital, with adjusted EBITDA of $448 million and a free cash flow of $44 million [8][9] - For Q4 2025, adjusted EBITDA was $125 million with a margin of 14%, and free cash flow was $38 million [10][11] - Adjusted operating earnings for the full year were $3.54 per share [9] Business Line Data and Key Metrics Changes - Uncoated freesheet sales volume increased by 9% quarter-over-quarter in Q4 2025 [9] - Price and mix were unfavorable by $21 million in Q4, primarily due to lower paper prices in Europe and some Brazilian export markets [11] Market Data and Key Metrics Changes - The European industry supply and demand environment remains challenging, but there are signs of improvement as pulp prices began to rebound in Q4 2025 [12] - In North America, industry operating rates are improving, with a significant decline in imports throughout the second half of 2025 [13] Company Strategy and Development Direction - The company aims to achieve world-class standards in safety, employee engagement, customer centricity, operational excellence, cost leadership, and sustainability [4][5] - The flagship growth strategy focuses on investing in low-risk, high-return projects to strengthen uncoated freesheet capabilities and grow earnings and cash flow [25][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that 2025 and 2026 will be low points in free cash flow generation due to cyclical industry downturns and ongoing investments [26] - The company expects to generate over $300 million in annual free cash flow and over 15% returns on invested capital as industry conditions improve [26][70] Other Important Information - The company has discontinued providing full-year Adjusted EBITDA and free cash flow guidance to focus on long-term value creation [7] - Capital spending is expected to be $245 million in 2026, primarily for investments at the Eastover Mill [15] Q&A Session Summary Question: Update on operations in Europe and margin improvement - Management highlighted successful investments at the Saillat Mill to improve product mix and emphasized the need for market price improvements for margin recovery [31][32] Question: Investor interest in capital allocation - Management noted that there has been strong support from investors regarding capital allocation priorities, reaffirming their commitment to maintaining a strong balance sheet and returning cash to shareholders [36][37] Question: Impact of Lenzing's production scale-up on costs - Management confirmed that Lenzing's project will not impact fiber costs at Nymölla [47] Question: Share repurchase pause reasoning - The decision to pause share repurchases was based on anticipated capital intensity and cash requirements for 2026 [53][56] Question: Clarification on negative impacts for 2026 - Management confirmed that the $10 million charge is in addition to the previously mentioned $85 million negative impact, totaling $95 million for one-time costs [61]

Financial Data and Key Metrics Changes - In 2025, the company generated a 12% return on invested capital, with adjusted EBITDA of $448 million and a free cash flow of $44 million [8][9] - For Q4 2025, adjusted EBITDA was $125 million with a margin of 14%, and free cash flow was $38 million [10][11] - The company maintained a strong financial position with a net debt to adjusted EBITDA ratio of 1.6 times [8] Business Line Data and Key Metrics Changes - Uncoated freesheet sales volume increased by 9% quarter-over-quarter in Q4 2025 [9] - Price and mix were unfavorable by $21 million in Q4, primarily due to lower paper prices in Europe and some Brazilian export markets [11] - Volume increased by $18 million, largely driven by Latin America and North America [11] Market Data and Key Metrics Changes - The European industry supply and demand environment remains challenging, but there are signs of improvement as pulp prices began to rebound in Q4 2025 [12] - In Latin America, demand is transitioning from the seasonally strong fourth quarter to the weaker first quarter, negatively impacting geographic mix [12] - North American industry operating rates are improving, with significant declines in imports throughout the second half of 2025 [14] Company Strategy and Development Direction - The company aims to achieve world-class standards in safety, employee engagement, customer centricity, operational excellence, cost leadership, and sustainability [4][5] - The focus remains on disciplined capital allocation and long-term value creation, with a commitment to attract high-quality, long-term shareholders [7][26] - The flagship growth strategy involves investing in low-risk, high-return projects to strengthen uncoated freesheet capabilities [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that 2025 and 2026 will be low points in free cash flow generation due to cyclical industry downturns and ongoing investments [25] - The company expects to generate over $300 million in annual free cash flow and over 15% returns on invested capital as industry conditions improve [26][72] - Management is focused on a Lean transformation to enhance customer-centricity and operational efficiency [49][71] Other Important Information - The company has discontinued providing full-year Adjusted EBITDA and free cash flow guidance to align external communications with long-term management goals [7] - Capital spending is expected to be $245 million in 2026, primarily for investments at the Eastover Mill [15] Q&A Session Summary Question: Update on operations in Europe and margin improvement - Management highlighted successful investments at the Saillat Mill to improve product mix and emphasized the need for market price improvements for margin recovery [30][32] Question: Investor discussions on capital allocation - Management noted that there has been strong support from investors regarding capital allocation priorities, reaffirming their commitment to maintaining a strong balance sheet and returning cash to shareholders [36][37] Question: Nymölla's long-term fit in the business - Management views Nymölla as a good fit due to its focus on uncoated freesheet and attractive product mix, despite current challenges [39][40] Question: Impact of Lenzing's production scale-up on fiber costs - Management confirmed that Lenzing's project will not impact fiber costs at Neenah [47] Question: Share repurchase pause rationale - Management explained that the decision to pause share repurchases was based on anticipated capital intensity and cash flow requirements for 2026 [53][56]

Financial Data and Key Metrics Changes - In 2025, the company generated $448 million in adjusted EBITDA with a 13% margin, and free cash flow was $44 million [8][9] - For Q4 2025, adjusted EBITDA was $125 million with a margin of 14%, and free cash flow was $38 million [10][11] - The net debt to adjusted EBITDA ratio was 1.6 times, indicating a strong financial position [8] Business Line Data and Key Metrics Changes - Uncoated freesheet sales volume increased by 9% quarter-over-quarter in Q4 2025 [9] - Price and mix were unfavorable by $21 million in Q4, primarily due to lower paper prices in Europe and Brazilian export markets [11] - Volume increased by $18 million, largely driven by Latin America and North America [11] Market Data and Key Metrics Changes - The European industry supply and demand environment remains challenging, but there are signs of improvement as pulp prices began to rebound in Q4 2025 [12] - In North America, industry operating rates are improving, with a significant decline in imports throughout the second half of 2025 [13] - The company communicated paper price increases to customers in various regions, expecting realization to begin in Q2 2026 [12][13] Company Strategy and Development Direction - The company aims to achieve world-class excellence in safety, employee engagement, customer centricity, operational excellence, cost leadership, and sustainability [4][5] - The flagship growth strategy focuses on investing in low-risk, high-return projects to strengthen uncoated freesheet capabilities [25] - The company plans to maintain a strong balance sheet while returning cash to shareholders and reinvesting in the business [26] Management's Comments on Operating Environment and Future Outlook - Management anticipates 2026 will be a transition year, with expected negative adjusted EBITDA impacts in North America due to lower sales volume and one-time outage costs [19][20] - The company expects to generate over $300 million in free cash flow and greater than 15% returns on invested capital as industry conditions improve [27][72] - Management emphasized the importance of long-term value creation and disciplined capital allocation [26][72] Other Important Information - The company discontinued providing full-year adjusted EBITDA and free cash flow guidance to focus on long-term value creation [6][7] - Capital spending outlook for 2026 is expected to be $245 million, primarily for investments at the Eastover Mill [14] Q&A Session Summary Question: Update on operations in Europe and potential margin improvement - Management highlighted successful investments at the Saillat Mill to improve product mix and emphasized the need for market price improvements for margin recovery [30][33] Question: Investor interest in capital allocation - Management noted that there has been strong support from investors regarding capital allocation priorities and reaffirmed their commitment to maintaining a strong balance sheet [36][38] Question: Nymölla's long-term fit - Management acknowledged the challenges faced by Nymölla but emphasized its strategic importance and potential for improvement as wood costs begin to decrease [41][42] Question: Impact of Lenzing's production scale-up on fiber costs - Management confirmed that Lenzing's project would not impact fiber costs at Neenah [48] Question: Share repurchase pause - Management explained the decision to pause share repurchases was due to anticipated capital intensity and cash flow requirements for 2026 [55][58]

Financial Data and Key Metrics Changes - Kimco Realty achieved NAREIT FFO per share growth of 6.7% in 2025, making it one of the few shopping center REITs to exceed 5% FFO growth in 2024 and 6% in 2025 [7] - For the fourth quarter, FFO was $294.3 million, or $0.44 per diluted share, representing a 4.8% increase compared to the prior year [27] - Full-year FFO was approximately $1.2 billion or $1.76 per diluted share, reflecting a 6.7% per share increase compared to 2024 [27][28] Business Line Data and Key Metrics Changes - The overall portfolio occupancy reached 96.4%, matching an all-time high, with a new leasing volume of 1.2 million sq ft, the highest in over a decade [8] - Same-site NOI growth was reported at 3% for the full year, supported by sustained demand for space and consistent rent growth [28] - The signed but not open (SNO) pipeline reached a record 390 basis points, representing $73 million of future annual base rent, a 30% increase from the previous year [16] Market Data and Key Metrics Changes - The shopping center sector is experiencing strong demand with limited new supply, which is expected to support occupancy and same-site NOI growth [10] - The tenant credit profile is reported to be the strongest in several years, with a low credit loss of 74 basis points for the full year [28][60] Company Strategy and Development Direction - Kimco's strategy for 2026 focuses on proactive capital recycling, enhancing long-term growth, and optimizing operational efficiency through a streamlined organizational structure [11][13] - The company plans to sell assets at attractive private market cap rates and reinvest proceeds into higher return opportunities, including share repurchases [12][25] - A significant emphasis is placed on modernizing operations and leveraging technology to drive efficiencies and improve cash flow [71][74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strength of the shopping center sector, citing resilient consumer demand and a robust pipeline of deals [10][35] - The company anticipates healthy earnings progression in 2026, with an initial FFO per share range of $1.80-$1.84, reflecting a growth of 2.3%-4.5% over 2025 [31] - Management noted that the first quarter of 2026 may see seasonal softness, but they do not expect it to materially impact overall performance [32] Other Important Information - Kimco received an A3 unsecured debt rating from Moody's, placing it among a select group of REITs with A-minus ratings across major agencies [30] - The company plans to implement a commercial paper program as part of its financing strategy [30] - A leadership transition is occurring with the retirement of the Chief Accounting Officer, ensuring continuity with an experienced successor [36] Q&A Session Summary Question: Potential for a special dividend and balancing earnings growth - Management acknowledged the potential for a special dividend if gains cannot be shielded through tax strategies, emphasizing the focus on closing the valuation gap between public and private markets [39][41] Question: Capital allocation priorities and opportunities - Management highlighted leasing as the top priority, followed by redevelopment and structured investments, with a focus on maximizing returns and leveraging existing relationships [43][45] Question: Tenant health and performance trends - Management reported improved tenant credit quality, with notable retailers taking proactive steps to enhance their business strategies, indicating a positive outlook for tenant health [59][60] Question: Same-store NOI guidance components - Management explained that the first quarter would be challenging due to prior year comparisons, but they remain confident in the overall guidance based on the SNO pipeline [64][65] Question: Realignment to national leadership and operational efficiency - Management discussed the transition from a regional to a national structure to enhance efficiency and streamline decision-making processes, aiming for improved execution and cost savings [68][71]

Financial Data and Key Metrics Changes - Kimco Realty achieved NAREIT FFO per share growth of 6.7% in 2025, making it one of the few shopping center REITs to exceed 5% FFO growth in 2024 and 6% in 2025 [7] - For the fourth quarter, FFO was $294.3 million, or $0.44 per diluted share, representing a 4.8% increase compared to the prior year [27] - Full year FFO was approximately $1.2 billion or $1.76 per diluted share, reflecting a 6.7% per share increase compared to 2024 [27][28] Business Line Data and Key Metrics Changes - The overall portfolio occupancy reached 96.4%, matching an all-time high, with a new leasing volume of 1.2 million sq ft, the highest in over a decade [8] - Same-site NOI growth was 3% for the full year, supported by sustained demand for space and consistent rent growth [28] - The signed but not open pipeline reached a record 390 basis points, representing $73 million of future annual base rent, a 30% increase from the previous year [16] Market Data and Key Metrics Changes - The shopping center sector is experiencing limited new supply, which, combined with resilient consumer demand, is expected to push occupancy and same-site NOI higher [10] - Tenant credit profiles are reported to be stronger than in previous years, with a credit loss of 74 basis points for the full year [28][60] Company Strategy and Development Direction - Kimco's strategy for 2026 focuses on proactive capital recycling, selling lower growth assets at attractive private market cap rates, and reinvesting in higher return opportunities [12][25] - The company plans to modernize its operating platform to enhance efficiency and cash flow, targeting a reduction of $3 million in G&A expenses while investing in personnel and technology [13][71] - The company aims to close the valuation gap between its public market valuation and private market pricing, with a focus on disciplined execution and capital allocation [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strength of the shopping center sector, with expectations for healthy earnings progression in 2026 [31][35] - The company anticipates same-property NOI growth of 2.5%-3.5% for 2026, with the first quarter expected to be the lowest point due to prior year comparisons [31][32] - Management highlighted the importance of tenant retention, with 87% of expiring annual base rent already resolved for the first half of 2026 [19] Other Important Information - Kimco received a credit rating upgrade to A-minus from Moody's, reflecting its disciplined approach to the balance sheet [7] - The company plans to establish a commercial paper program to enhance its financing strategy [30] - A leadership transition is occurring with the retirement of the Chief Accounting Officer, ensuring continuity and expertise within the team [36] Q&A Session Summary Question: Discussion on potential special dividend and balancing earnings growth - Management indicated that a special dividend may be necessary if gains cannot be shielded through 1031 exchanges, but the focus remains on closing the valuation gap between public and private valuations [39][41] Question: Insights on capital allocation priorities - Management emphasized that leasing remains the top priority, followed by redevelopment opportunities and structured investments, with a focus on achieving double-digit returns [44][46] Question: Tenant health and performance trends - Management reported improved tenant credit quality, with notable retailers restructuring successfully and a strong demand for space within the portfolio [60][61] Question: Same-store NOI guidance components - Management acknowledged that the first quarter will be challenging due to prior year bankruptcies but remains confident in the overall guidance based on the signed not occupied pipeline [64][65] Question: Realignment to national leadership and operational efficiency - The restructuring aims to streamline operations and enhance efficiency, with a focus on leveraging technology and improving workflows [68][71]

Core Viewpoint - SPIE, a European leader in multi-technical services, has acquired INVIZO s.r.o., a Slovak company specializing in building security systems and smart technical solutions, enhancing its service portfolio in Slovakia [1][5]. Group 1: Acquisition Details - The acquisition is executed by SPIE Elektrovod, a subsidiary of SPIE Central Europe, which is a leading provider of engineering and technical services for high-voltage energy infrastructure [4]. - INVIZO s.r.o. was established in 1997 and is recognized for its expertise in designing, implementing, integrating, and maintaining security systems, including electronic fire protection, access control, CCTV, and intrusion detection [2][3]. Group 2: Financial Performance - In 2024, INVIZO generated revenues of approximately €7 million and employs over 80 professionals with strong engineering and technical expertise [3]. Group 3: Strategic Implications - The acquisition allows SPIE to expand its technical services beyond energy infrastructure in Slovakia, offering more integrated solutions to clients and strengthening its market position [5]. - INVIZO's integration into SPIE Group is expected to enhance its capacity to undertake more complex projects and provide long-term stability and development opportunities for its employees [5]. Group 4: Company Overview - SPIE Group achieved consolidated revenues of €9.9 billion and consolidated EBITA of €712 million in 2024, with a workforce of 55,000 employees committed to energy transition and digital transformation [6].

Summary of Alimentation Couche-Tard 2026 Investor Day Company Overview - Alimentation Couche-Tard operates nearly 17,300 locations worldwide and employs approximately 150,000 team members, making it a leading destination for convenience and mobility [2][4] Strategic Growth Plans - The company plans to open over 100 new stores across North America this year, with over 1,000 new locations in the pipeline for future development [3] - The Fresh Food Fast program has gained momentum, with over 6,000 stores globally offering meal deals that are popular in North America [4] Customer Engagement and Loyalty - The Inner Circle loyalty program has surpassed 12.5 million members in the U.S., while the Extra 2.0 program is being rolled out in Europe [5] - The company sold 15.4 billion gallons of fuel last year, emphasizing its role in fueling customer journeys [4] Supply Chain and Operational Improvements - Three new U.S. distribution centers are being established to support 1,600 stores, enhancing delivery speed and reliability [7] - The RELEX inventory platform is being implemented to improve accuracy and reduce spoilage, with plans for rollout in North America [7] Employee Engagement and Culture - Couche-Tard has been recognized as an exceptional workplace by Gallup for four consecutive years, highlighting the importance of its one-team culture [8] Challenges and Learnings - The company faced unexpected consumer softness and inflationary pressures, which impacted the execution of its "10 For The Win" strategy [20] - Category changes and food execution complexities were identified as areas needing improvement [21] Successes and Achievements - Improved core operating metrics and people metrics have been noted, with a disciplined approach to network growth [22] - Digital transformation efforts have advanced significantly, positioning the company ahead in this area [23] Vision and Future Strategy - The new vision is to become the world's favorite stop for people on the go, adapting to changing consumer behaviors and preferences [46] - The strategy focuses on long-term profitable growth, emphasizing core business areas such as fuel, nicotine, and thirst [57] Financial Performance and Market Position - The company aims to grow organically, with a focus on increasing traffic to its stores [58] - Positive trends in traffic and market share in core categories have been observed, with a commitment to maintaining competitive fuel margins [71] Customer Promise and Values - The company emphasizes convenience, speed, and efficiency as key customer expectations, with ongoing investments in technology to enhance customer readiness [51] - Core values include humility, customer obsession, and a decentralized operating model that empowers local teams [27][28] Conclusion - Alimentation Couche-Tard is committed to leveraging its scale and operational excellence to drive growth and enhance customer experiences, while continuously adapting to market changes and consumer needs [64]

Core Insights - Atos has successfully completed its first full cycle of UEFA Men's National Team Football competitions, including the UEFA Futsal EURO™ 2026, showcasing its commitment to UEFA and the growth of futsal globally [1][3][4] Company Overview - Atos is a global leader in AI-driven digital transformation, with approximately 63,000 employees and annual revenue of around €8 billion, operating in 61 countries [7] - The company has maintained a dedicated Sports and Major Events division for over 30 years, providing innovative solutions for prestigious competitions [5] Industry Growth - Futsal is experiencing rapid growth, now played in over 100 countries with approximately 12 million players, indicating a significant increase in popularity and market size [2] Operational Excellence - Atos provided end-to-end IT support for UEFA Futsal EURO™ 2026, ensuring seamless digital and onsite operations with zero major incidents over a three-year cycle [3][4] - The services delivered included accreditation management, local infrastructure, network oversight, and business user support across UEFA teams [6] Strategic Partnerships - Atos has been UEFA's Official IT Partner for National Team Football since late 2022 and has a long-standing relationship with the Olympic and Paralympic Movements since 1992 [5][7] - The company recently became CONMEBOL's Official Innovation Partner, focusing on South American football's domestic-club competitions [7]

Financial Data and Key Metrics Changes - Adjusted EBITDA grew 61% year-over-year to $12 million, driven by consistent execution and disciplined cost management [3][10] - Total cash costs declined by $17 million over the prior year, contributing to improved operating efficiency [11] - Adjusted EBITDA margin improved to 9.4% from 5.3% in the prior year [12] Business Line Data and Key Metrics Changes - Digital subscription revenue reached $23 million from 609,000 digital-only subscribers, reflecting a 5% growth [10] - Total digital revenue for Q1 was over $70 million, representing over 54% of total revenue, with a 330 basis points year-over-year improvement in digital revenue mix [11] - Revenue from the Amplified Digital Agency grew at a 5% annual rate over the last three years, indicating strong digital advertising growth [14][15] Market Data and Key Metrics Changes - The company operates in 72 markets across the U.S., positioning itself as a leading provider of local news and advertising [8] - Digital revenue is projected to reach approximately 90% of total revenue by fiscal 2030, reflecting a significant shift from print to digital [15][16] Company Strategy and Development Direction - The company is focused on a three-pillar digital growth strategy, emphasizing digital subscription growth and digital advertising [4][5] - A recent $50 million equity investment has strengthened the balance sheet and improved liquidity, allowing for future investments in digital transformation [3][6] - The company aims to enhance operational efficiency while reducing legacy costs, positioning itself for sustainable long-term growth [17] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed the outlook for fiscal 2026, expecting mid-single digits Adjusted EBITDA growth [19] - The partnership with Hudl is expected to enhance local sports coverage and community engagement, aligning with the company's mission [20] - Management expressed confidence in the company's ability to achieve long-term sustainability through digital revenue growth and effective cost management [16][24] Other Important Information - The company has identified $26 million in non-core assets for potential monetization, contributing to future debt reduction [18] - The termination of the defined benefit pension plan has eliminated future cost uncertainties [18] Q&A Session Summary - No questions were received from web participants during the Q&A session [22][23]