Core Insights - Restaurant Brands International Inc. (RBI) reported a consolidated system-wide sales growth of 5.8% in Q4 2025 and 5.3% for the full year 2025, with comparable sales increasing by 3.1% in Q4 [1][2] - The company achieved its 2025 targets for organic Adjusted Operating Income (AOI) growth and net leverage, returning approximately $1.1 billion of capital to shareholders while investing for growth [1][4] - CEO Josh Kobza highlighted the consistent execution from teams and franchisees, leading to a third consecutive year of roughly 8% organic AOI growth [1][3] Operational Highlights - System-wide sales for Q4 2025 reached $12.131 billion, up from $11.279 billion in Q4 2024, while total revenues for the year were $46.762 billion compared to $44.476 billion in 2024 [1][2] - Net restaurant growth was reported at 2.9% for Q4 and 2.9% for the full year, with a total system restaurant count of 33,041 at the end of 2025 [1][2] - Adjusted Operating Income for Q4 was $674 million, reflecting a 15.6% growth compared to Q4 2024, while the full year adjusted operating income was $2.584 billion, up 8.3% from 2024 [1][2] Financial Performance - Total revenues for Q4 2025 were $2.466 billion, an increase from $2.296 billion in Q4 2024, while full-year revenues rose to $9.434 billion from $8.406 billion [1][5] - Net income from continuing operations for Q4 was $274 million, down from $361 million in Q4 2024, with diluted earnings per share from continuing operations at $0.60 compared to $0.79 in the prior year [1][5] - The company declared a dividend of $0.65 per common share for Q1 2026, with an annual total dividend target of $2.60 per share for 2026 [1][4] Segment Performance - Tim Hortons (TH) reported system-wide sales growth of 2.7% in Q4 2025, while Burger King (BK) saw a 1.9% increase, and Popeyes (PLK) experienced a decline of 2.5% [2][3] - The International (INTL) segment achieved a system-wide sales growth of 11.9% in Q4, driven by strong performance from Burger King and Popeyes [3][4] - The Restaurant Holdings (RH) segment, which includes results from the Carrols acquisition, reported total revenues of $480 million in Q4 2025, up from $445 million in Q4 2024 [4][5] Future Outlook - For 2026, RBI expects consolidated capital expenditures of around $400 million and adjusted interest expense between $500 million and $520 million [4][5] - The company aims for long-term consolidated performance of 8%+ organic AOI growth and 3%+ comparable sales from 2024 to 2028 [4][5] - RBI continues to focus on refranchising efforts and enhancing operational efficiency across its brands [4][5]

Summary of Lazard Asset Management Conference Call Company Overview - **Company**: Lazard Asset Management - **AUM**: Approximately $265 billion [1] Key Points and Arguments Leadership Transition - **New CEO**: Chris Hogbin appointed as CEO of Lazard Asset Management in December [1] - **Experience**: Chris brings 30 years of global investment leadership, previously serving as global head of investments at AllianceBernstein [1] Strategic Vision - **Lazard 2030**: The vision set by group CEO Peter Orszag is a key attraction for Chris Hogbin [3] - **Strengths**: Lazard has strong investment and distribution capabilities, but there are areas for improvement [3][4] Priorities for Growth 1. **Delivering Investment Performance**: - Two-thirds of AUM is outperforming its stated benchmark, but there is room for improvement [7] - Appointment of a Chief Investment Officer, Eric Van Nostrand, to oversee portfolio managers and enhance performance [8][9] 2. **Growing the Business**: - Transition year with $8.5 billion of net inflows, excluding a significant client termination [11] - January saw nearly $3 billion in net inflows, indicating positive momentum [11] 3. **Capitalizing on Growth**: - Focus on improving margins without adding costs [12] - Need for operating leverage as the business grows [12] Strategic Business Mix - **Protect and Grow**: Focus on systematic equities, global listed infrastructure, and emerging markets [13] - **Invest and Enhance**: Investment in the investment team and new product development, including a move from 0 to $1 billion in active ETFs [14] - **White Space Opportunities**: - Expansion in public markets, private markets, and wealth management [15][16] M&A Considerations - Organic growth is preferred, but selective M&A may be necessary for expansion [17][20] - Focus on partnerships rather than large acquisitions in private markets [20] Institutional Investor Sentiment - Increasing skepticism among asset owners regarding U.S. market valuations, leading to diversification into international markets [25] - Two-thirds of managed assets are non-dollar denominated, indicating strong international exposure [26] Active ETF Business - Growth from 0 to 7 active ETFs with $1 billion AUM, indicating strong demand for successful strategies [35][36] - Future plans include expanding into Europe and innovating new ETFs [37] Margin Improvement - Current margins are below industry average, with no structural limitations to improvement [42][44] - Focus on growing existing products and rationalizing underperforming strategies [45][46] Distribution and Sales Strategy - Impressive distribution team performance with record gross sales of $55 billion [55] - Need for increased front-line personnel to enhance intermediary relationships [55][57] Wealth Management Opportunities - Wealth business in France is profitable and has growth potential; U.S. wealth business offers unique high-net-worth services [71][72] AI Integration - AI will be leveraged in investment processes, client experience, and operational efficiency [75][76] - Aim to automate routine tasks to allow analysts more time for strategic thinking [76] Closing Remarks - Confidence in Lazard's strengths and long-term growth vectors, contributing to the Lazard 2030 ambitions [78]

Core Insights - GXO Logistics Inc. identifies North America as a significant opportunity for organic growth, with expectations for revenue and margin expansion driven primarily by the U.S. market in 2026 and beyond [1] - The company reported a 7.9% increase in quarterly revenue, reaching $3.5 billion, compared to $3.25 billion in the same period last year [3] - Adjusted earnings per share for the fourth quarter were 87 cents, surpassing Wall Street expectations of 83 cents per share [4] North American Market Focus - CEO Patrick Kelleher emphasized that North America is a primary focus for the company, with a total addressable market of approximately $250 billion [1] - The company acknowledges being underrepresented in North America compared to its presence in the U.K. and Europe, expressing confidence in growth potential [2] Performance and Projections - North American performance in Q4 was stronger than that of parts of Europe, with a conservative outlook for 2026 assuming flat volumes across existing operations [5] - The company has secured $774 million in incremental revenue for 2026 and has a global pipeline of $2.5 billion, indicating growth momentum in strategic sectors [6] Strategic Initiatives - Newly appointed North America leader Michael Jacobs is reallocating resources towards solution design, sales, and digital marketing to enhance pipeline conversion in the U.S. [7]

Financial Data and Key Metrics Changes - Revenue for the fourth quarter was reported at $466.7 million, a 6.6% increase year-over-year [9] - Year-over-year revenue growth exceeded 7%, with significant free cash flow generated [4] - Net income and diluted earnings per share were reported at $31.2 million and $0.44 per share, including an $8.3 million benefit related to tax treatment [11] - Cash flow from operations was reported at $17.4 million, adjusted to $36.4 million after accounting for a decrease in payroll accrual [11] Business Line Data and Key Metrics Changes - Environmental services segment revenues were reported at $210.8 million with a margin of 12.6% [9] - Dietary services segment revenues were reported at $255.9 million with a margin of 7.2% [9] - Cost of services was reported at $394.6 million, or 84.6%, with a goal to manage it in the 86% range for 2026 [9][10] Market Data and Key Metrics Changes - The company anticipates mid-single-digit revenue growth for 2026, supported by strong industry fundamentals and demographic trends [5][7] - The first baby boomers will turn 80 in 2026, increasing demand for long-term and post-acute care services [5] Company Strategy and Development Direction - The top three strategic priorities for 2026 include driving growth through management development, managing costs through operational execution, and optimizing cash flow [7] - The company plans to repurchase $75 million of common stock over the next 12 months, following the completion of a $50 million share repurchase plan [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the administration's focus on rationalizing regulations to better align with the needs of vulnerable populations [7] - The company is well-positioned to capitalize on opportunities in the market, with a robust business model and strong balance sheet [45] Other Important Information - The company ended the year with cash and marketable securities of $203.9 million, and an undrawn credit facility of $300 million [14] - The effective tax rate for 2026 is expected to be approximately 25% [11] Q&A Session Summary Question: Revenue upside opportunity in the nursing home sector - Management highlighted that growth is largely execution-based, with a robust sales pipeline and strong demand for services [19] Question: Margin expectations for 2026 - Margins are expected to continue improving due to strong service execution and operational efficiencies [21][22] Question: Split of campus services revenue - Campus services revenue is split evenly between the CSG brand and Meriwether Godsey, with expectations for accelerated organic growth [26][27] Question: Cash from operations trajectory for 2026 - Management expects cash from operations to approximate net income, with consistent margins and revenue growth [29] Question: Balancing share buybacks with M&A opportunities - The company is confident in its liquidity position, allowing for simultaneous focus on organic growth, M&A, and share buybacks [30][31] Question: New business additions for 2026 - Management anticipates continued organic growth driven by execution and a robust pipeline, with timing of new business adds being fluid [36][39] Question: Performance across different facility types - Service execution has remained consistent across all service segments and facility types, with expectations for continued strong performance [41]

Victory Capital Conference Call Summary Company Overview - **Company**: Victory Capital (NasdaqGS: VCTR) - **AUM**: Ended 2025 with $317 billion in Assets Under Management (AUM) [2][7] Key Drivers and Strategies 1. **Amundi Pioneer Acquisition Integration**: - 90% of planned $110 million in net expense synergies completed, with $97 million achieved [7][8] - Focus on completing integration and enhancing distribution platform [7][8] 2. **Distribution Platform Development**: - Expansion of international distribution channels, with positive net flows since acquiring Pioneer [8][9] - Launched five UCITS, including three legacy Victory products, and started selling U.S.-listed ETFs [8][33] 3. **M&A Activity**: - Actively pursuing acquisitions, targeting firms with AUM between $50 billion and $200 billion [9][12] - Emphasis on acquiring sizable platforms similar to the Pioneer acquisition [9][12] Market Sentiment and Challenges 1. **Industry Sentiment**: - Smaller asset managers face challenges in maintaining independence due to distribution and operational costs [22][24] - Increasing trend of firms considering acquisitions or being acquired [26] 2. **Client Segmentation**: - Focus on growing in retirement, insurance, and RIA channels [29][30] - International markets, particularly Asia and Europe, seen as significant growth opportunities [56][58] Product Development and Performance Metrics 1. **Investment Performance**: - Monitoring investment performance as a key metric for success post-acquisition [37] - Positive net flows and strong product demand since Pioneer acquisition [38] 2. **Growth Areas**: - Strong growth anticipated in VictoryShares (ETF business) and fixed income products [41][42] - Development of model portfolios and tax-efficient products planned for 2026 [65][70] Financial Performance and Projections 1. **Margins**: - Current margin guidance at 49%, with recent quarters exceeding 52% [73] - Focus on scalable technology to maintain margins [74] 2. **AUM Growth Target**: - Long-term goal of reaching $1 trillion in AUM, primarily through M&A [75][77] - Expectation of low single-digit organic growth alongside larger acquisitions [77] Capital Allocation Strategy 1. **Prioritization of Acquisitions**: - Primary use of capital will be for acquisitions, followed by stock buybacks [89][92] - Commitment to maintaining and increasing dividends [92] Future Outlook 1. **Industry Trends**: - Anticipation of consolidation within the asset management industry, with larger firms likely to succeed [94][95] - Importance of operational efficiency and technological investment highlighted for future competitiveness [96] 2. **Market Positioning**: - Victory Capital aims to be a trillion-dollar manager with a diverse product offering, including public markets, private markets, and international products [80][81]

Core Insights - Assystem S.A. reported consolidated revenue of €656.6 million for 2025, reflecting a 7.4% increase compared to 2024, with organic growth at 4.5% driven by strong international performance [1][5]. Revenue Breakdown - **Overall Group Performance**: The group's revenue increased from €611.3 million in 2024 to €656.6 million in 2025, marking a 7.4% rise. Organic growth was 4.5%, with a positive impact of 4.2% from changes in the scope of consolidation and a negative currency effect of 1.3% [2][5]. - **France Segment**: Revenue in France grew to €387.8 million in 2025 from €380.9 million in 2024, representing a 1.8% organic growth. France accounted for 59% of total consolidated revenue in 2025, down from 62% in 2024 [6][5]. - **International Segment**: International revenue surged by 16.7% to €268.8 million in 2025, with 8.9% organic growth. This segment now represents 41% of total consolidated revenue, up from 38% in 2024. The positive impact from the consolidation of Mactech Energy Group was 11.3%, while the currency effect was negative at 3.6% [8][5]. Quarterly Performance - **Q4 2025 Results**: Assystem's consolidated revenue for Q4 2025 was €172.5 million, up from €165.9 million in Q4 2024, indicating a total growth of 4.0%. This included a 2.2% organic increase, a 4.7% positive impact from the consolidation of Mactech, and a negative currency effect of 2.8% [4][10]. - **Q4 France Revenue**: In Q4 2025, revenue from France rose by 1.0% to €103.0 million compared to €102.0 million in Q4 2024, reflecting stable performance despite challenges in the nuclear sector [7][10]. - **Q4 International Revenue**: Revenue from international operations increased by 8.7% to €69.5 million in Q4 2025, with organic growth at 3.9%. The positive impact from scope changes was 12.1%, while the currency effect was a negative 7.3% [10][4]. Strategic Insights - Assystem's nuclear activities constituted 77% of total annual consolidated revenue in 2025, highlighting the company's strong position in the nuclear engineering sector [5]. - The integration of Mactech Energy Group has been smooth, contributing positively to the international segment's growth, particularly in the UK, which now accounts for 25% of total consolidated revenue [9][8].

Core Viewpoint - Greif aims to double its market capitalization and share price by adopting a holistic approach to business value creation, focusing on strategic changes and operational efficiency [1][3]. Business Performance - Greif reported net sales of $994.8 million for the first quarter of its fiscal year, reflecting a 2.2% decline due to broader economic conditions [2]. - The company is optimistic about exceeding last year's performance, with expectations of growth if market conditions improve [3]. Strategic Changes - Under CEO Ole Rosgaard, Greif has undergone significant restructuring, including divestitures, closures, and workforce reductions, to enhance operational efficiency [3][10]. - The company plans to sell its timberland, which has generated approximately $9 million in EBITDA annually, to reduce debt and save on interest costs [4][5]. Market Positioning - Greif seeks to redefine its identity beyond being perceived as a paper company, aiming to be a leader in premium packaging [6][12]. - The company faces competition from larger containerboard firms and recognizes the need to adapt to a shrinking customer base [7][8]. Organizational Structure - Greif has restructured its strategic business units (SBUs) to focus on manufacturing technologies rather than regional operations, enhancing depth in product expertise [14][15]. - A new commercial function has been established to streamline sales efforts across the entire product portfolio, improving customer engagement [16]. Economic Outlook - The company operates in a challenging recessionary environment, with no immediate signs of recovery anticipated in 2026 [17][18]. - Greif is focused on long-term strategies rather than short-term responses to economic fluctuations, emphasizing sustainable growth [21][23]. Employee Engagement - Despite workforce reductions, Greif has received recognition for employee engagement and is committed to transparent communication regarding strategic changes [24][26]. - The leadership emphasizes the importance of maintaining morale and respect for employees during transitions [25]. Future Prospects - Greif is excited about the potential for growth and operational readiness, likening the company to a finely tuned machine [27][28].

Financial Data and Key Metrics Changes - Revenue increased by 21% to $56.7 million, driven by strong performance across end markets [4][15] - Adjusted EBITDA rose by 50% to $6 million, with an adjusted EBITDA margin of 10.7% [4][18] - Net income for the quarter was $0.25 per diluted share, and adjusted net income was $0.31 per diluted share [18] - Gross profit increased by 15% to $13.5 million, with a gross margin of 23.8% [16] Business Line Data and Key Metrics Changes - Sales to the defense market increased by $8.3 million, driven by project milestones and growth in existing programs [15] - Sales to the energy and process market increased by $2.1 million, or 13%, reflecting strength in aftermarket sales [15] - Aftermarket sales to energy and process and defense markets were $10.8 million, up 11% year-over-year [16] Market Data and Key Metrics Changes - Book-to-bill ratio was 1.3x, with backlog reaching a record $515.6 million, up 34% year-over-year [5][20] - Approximately 85% of backlog is attributable to the defense market, providing stability [20] - The company expects 35%-40% of backlog to convert to revenue over the next 12 months [5][20] Company Strategy and Development Direction - The acquisition of XDot Bearing Technologies enhances competitive positioning in high-speed rotating machinery [6] - FlackTek acquisition adds a third core technology platform, expected to bring advanced materials and processing capabilities [7][10] - The company is focused on organic investments and disciplined expansion to support long-term growth [14] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand in defense and energy markets, despite some slowing in large CapEx purchases due to macroeconomic factors [13][14] - The company remains confident in achieving long-term objectives of 8%-10% organic revenue growth and low to mid-teen adjusted EBITDA margins by fiscal 2027 [24] - Management emphasized disciplined execution and ongoing investments to enhance capabilities and customer relationships [14][15] Other Important Information - The company completed significant facility expansions, including a new Navy manufacturing facility and renovations in Colorado [12][13] - The integration of FlackTek is progressing well, with expectations for enhanced revenue visibility and customer retention [11] Q&A Session Summary Question: Demand in defense and CapEx plans - Management indicated that they are not surprised by the magnitude of CapEx increases and will continue to invest at a rate of 7%-10% of revenue [26][28] Question: M&A strategy and future acquisitions - Management stated that they will focus on investing in existing platforms but may consider additional acquisitions in the future [29][30] Question: Pursuing new work from the Navy - Management highlighted the applicability of their core competencies in pursuing new opportunities within the Navy [31][33] Question: Growth in existing defense programs - Management confirmed that they are winning additional scope on current projects through successful execution [37][39] Question: Book-to-bill ratio outlook - Management clarified that the long-term target of 1.1 for book-to-bill is not meant as guidance for fiscal 2026, as current performance exceeds this target [40][42] Question: Material receipts impact on gross margin - Management noted that material receipts are expected to normalize in future quarters, impacting gross margin [63][64] Question: Testing facilities activity - Management reported that the testing facilities are currently booked for specific programs, with ongoing discussions for future opportunities [73][75]

Core Viewpoint - AllianceBernstein Holding L.P. demonstrated strong financial performance in its latest earnings report, surpassing revenue and earnings estimates while managing a significant amount of assets despite facing net outflows [1][2][6] Financial Performance - The company reported an earnings per share (EPS) of $0.96, exceeding the estimated $0.92 [1][6] - Revenue was approximately $957.3 million, slightly above the forecast of $956.1 million [2][6] - The GAAP diluted net income was $0.90 per unit, with an adjusted diluted net income of $0.96 per unit [2] Assets Under Management - AllianceBernstein closed the year with a record $867 billion in assets under management [3][6] Net Outflows - The company faced $9.4 billion in net outflows, primarily due to $22.5 billion in net redemptions [4][6] Growth Areas - Despite the outflows, the company achieved targeted organic growth in areas such as ultra-high-net-worth, insurance, separately managed accounts (SMAs), active ETFs, and private markets [4] Financial Metrics - The company has a price-to-earnings (P/E) ratio of approximately 14.80, a price-to-sales ratio of about 12.84, and an enterprise value to sales ratio of 12.84 [5] - The enterprise value to operating cash flow ratio is around 12.73, and the earnings yield is approximately 6.76% [5]

Core Insights - The Savencia Fromage & Dairy Group experienced a net sales decrease of 2.6% in 2025 compared to 2024, primarily due to a significant unfavorable exchange rate impact of 4.3% linked to the devaluation of South American currencies, despite an organic growth of 1.6% driven by Other Dairy Products [2][3]. Financial Performance - As of December 31, 2025, total sales amounted to €6,957 million, down from €7,140 million in 2024 [2]. - Cheese Products sales were €4,017 million, reflecting a slight decline of 1.0% from €4,055 million in 2024, with organic growth remaining at 0.0% [2]. - Other Dairy Products recorded organic growth of 3.7%, driven by positive momentum in international markets and specialty ingredients development [4]. Market Conditions - The dairy economy in 2025 faced high inflation and record milk prices, particularly in France, leading to significant demand volatility and adjustments in product pricing [3]. - The consumption environment remained fragile in France and Europe, contributing to a decline in volumes for Cheese Products despite stable net sales [4]. CSR Commitments - In 2025, the Group committed to defining new CSR commitments for the next decade, integrating CSR into its core strategy and performance [6]. - The Group received the ECOVADIS silver medal and SBTi validation for its decarbonization trajectory, aiming for Net Zero by 2050 [6].