Core Insights - Zalando's revenues increased by 26.5% in Q3, reaching 3.02 billion euros, while gross merchandise value (GMV) rose by 21.6% to 4.21 billion euros [1][2] - The company reported an 11.4% growth in revenues for the first nine months of 2025, totaling 11.82 billion euros [2] - The significant growth in Q3 is attributed to the acquisition of About You, with pro-forma revenue growth at 7.5% and GMV growth at 6.7% if About You had been included in the previous year's figures [3] Performance Metrics - Zalando's active customer base grew by 21.9% to 61.4 million, and total orders increased by 18.4% to 68.5 million [4] - The average basket size slightly increased from 61 euros to 61.80 euros, although the average orders per customer decreased from 4.9 to 4.8 [4] - Adjusted EBIT improved to 96 million euros in Q3, with an EBIT margin of 1.6% [5] Future Outlook - Zalando confirmed its previous guidance, expecting mid-single-digit growth for the second half of the year due to an uncertain economic climate [6] - Group revenues are projected to rise between 14% and 17% in 2025, but pro-forma revenue and GMV growth for the full year are expected to be between 4% and 7% [7] - Adjusted EBIT is anticipated to be between 550 million and 600 million euros [7]

Core Insights - WINFARM reported a consolidated revenue of €36.0 million for Q3 2025, marking a +2.6% increase compared to Q3 2024, and a total revenue of €110.5 million for the first nine months of 2025, reflecting a +5.1% growth year-over-year [3][10]. Revenue Breakdown - The Farming Supplies segment generated €31.2 million in Q3 2025, up +3.8%, primarily driven by a 9% increase in the nutrition range, which constitutes 37% of the segment's revenue [5]. - The Farming Production segment saw a decline to €3.9 million in Q3 2025, a decrease of -9.9%, although it recorded a +13.9% increase for the first nine months of 2025 [3][4]. - Other revenue sources increased by +27.7% in Q3 2025, reaching €0.9 million, and +17.2% for the first nine months, totaling €2.1 million [3]. Business Performance - The BTN de Haas subsidiary, acquired in 2021, experienced an 18% sales growth in Q3 2025, benefiting from the ramp-up of products under the Vital Concept brand and expanded geographical reach [6]. - The equine market reported an 11% revenue increase in Q3 2025, with nutrition products making up 63% of this segment's revenue [7]. - The Au Pré! subsidiary showed a strong upward trend with a 9% increase in Q3 2025 compared to Q2 2025 and a remarkable 49% increase compared to Q1 2025 [9]. Future Outlook - WINFARM confirmed its expectations for profitable growth in full-year 2025, supported by an improvement in EBITDA compared to 2024 [10]. - The company plans to continue optimizing costs while maintaining strict investment discipline and managing working capital rigorously to reduce debt gradually [11].

Core Viewpoint - Starbucks is selling a controlling stake in its Chinese business to Boyu Capital, forming a $4 billion joint venture, marking a strategic shift in its approach to the Chinese market, which is crucial for its growth outside the U.S. [2][3] Company Strategy - Under the joint venture, Boyu Capital will hold up to 60% and take operational control of nearly 8,000 Starbucks stores in China, while Starbucks retains a 40% stake and continues to own its brand and intellectual property [3][5] - The partnership is expected to enhance Starbucks' growth potential in China, particularly in smaller cities and emerging regions, with a shared vision to expand the store count to as many as 20,000 locations over time [10] Market Context - Starbucks' Chinese retail business is valued to exceed $13 billion, factoring in the sale proceeds, remaining equity stake, and anticipated licensing fees over the next decade [5] - The company faces increasing competition from domestic rival Luckin Coffee, which has surpassed Starbucks in store count with over 20,000 outlets [5][7] Operational Focus - Starbucks is undergoing a transformation plan aimed at reviving growth and profitability, focusing on simplifying operations, improving store efficiency, and enhancing service speed [6][9] - The company is investing in automation, supply chain modernization, and new store designs to drive traffic and increase average spending [8] Leadership Perspective - CEO Brian Niccol emphasized the importance of combining Starbucks' brand strength and coffee expertise with Boyu's local market knowledge to accelerate growth [4][10]

Core Insights - Incyte Corporation is a U.S.-based biopharmaceutical company focusing on oncology and inflammation therapeutics with a market cap of US$16,227 million [1] Group 1: Company Overview - Incyte specializes in the discovery, development, and commercialization of therapeutics globally [1] - Key products include Jakafi (ruxolitinib) for certain blood cancers and Opzelura for dermatological conditions [1] Group 2: Performance Metrics - The company achieved a Profitable Growth rank of 1, improving from the prior period's 10th rank, indicating World Class performance among 350 large Health Care companies worldwide [5] - Profitability rank improved to 2 from 9, reflecting World Class performance compared to peers [5] - Growth rank of 1 also improved from the prior period's 10th rank, showcasing World Class performance compared to peers [5]

Core Insights - Marimekko's net sales and operating profit increased in the third quarter of 2025, with net sales reaching EUR 50.8 million, an 8% increase from EUR 47.2 million in the same period of 2024 [7][11] - The company expects net sales for 2025 to grow from EUR 182.6 million in 2024, with a comparable operating profit margin estimated at 16-19% [4][18] Financial Performance - In Q3 2025, net sales increased by 8% to EUR 50.8 million, driven by a 15% rise in wholesale sales [7][11] - Operating profit for Q3 improved to EUR 12.5 million, a 13% increase from EUR 11.1 million in Q3 2024, with a comparable operating profit of EUR 12.7 million [6][12] - For the January-September period, net sales grew by 5% to EUR 134.8 million, with operating profit rising to EUR 23.1 million [7][13] Market and Sales Insights - International sales accounted for 46% of total net sales in Q3 2025, with both wholesale and retail sales contributing to the growth [6][7] - The company reported a 3% increase in net sales in Finland, supported by positive retail sales development [7][13] - Marimekko's brand sales outside Finland decreased by 16% in Q3 2025 compared to the previous year [8] Strategic Developments - The company is focusing on expanding its international presence, particularly in Asia, with plans to open 10-15 new stores in 2025 [20][21] - Marimekko launched a French-language online store in August 2025, ahead of the opening of its first Paris flagship store [17] - The company continues to invest in its brand and customer community through various events and exhibitions, including the "Field of Flowers" exhibition [14][15] Future Outlook - The company anticipates challenges in 2025 due to uncertainties in the global economy, including geopolitical tensions and consumer behavior [18][19] - Licensing income is expected to be significantly lower in 2025 compared to the previous year, impacting overall net sales [22] - Fixed costs are projected to rise in 2025, influenced by general cost inflation and increased marketing expenses [23]

Company Overview - PTT Exploration and Production Public Company Limited is a Thailand-based petroleum exploration and production (E&P) company operating in approximately 30 countries, including Algeria, Australia, Canada, Indonesia, and New Zealand [1] - The company's exploration and production operations account for over 90% of its revenue [1] Performance Metrics - The company's Profitable Growth rank is 4, which is a decline from the previous period's 3rd rank, indicating a below-average performance compared to 290 large energy companies worldwide [4] - The Profitability rank is 3, which is better than its Growth rank of 6, but has decreased from the prior period's 2nd rank, showing above-average performance compared to peers [4] - The Growth rank of 6 has also declined from the previous period's 4th rank, indicating below-average performance compared to peers [4]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported sales of EUR 12.4 billion, representing a 7% increase compared to the previous year [4] - Business EPS reached EUR 2.91, reflecting a robust growth of EUR 0.19 or 13% compared to Q3 2024 [15] - The gross margin increased by 2.3 percentage points this quarter, driven by an improved product mix and productivity gains [13] Business Line Data and Key Metrics Changes - Pharmaceutical sales grew by 7% at constant exchange rates, primarily driven by immunology and recent launches [13] - New product launches contributed EUR 1.8 billion in sales this quarter, accounting for 15% of total sales [6] - Dupixent sales reached EUR 4 billion for the first time, with a 26% growth this quarter [7][15] Market Data and Key Metrics Changes - Vaccine sales were EUR 3.4 billion, reflecting a decrease due to competitive price pressure and lower flu immunization rates in the U.S. [8] - Outside the U.S., Dupixent sales grew by 21%, exceeding EUR 1 billion in the quarter [8] - Beyfortus sales increased by 20% this quarter, now available in 40 countries [9] Company Strategy and Development Direction - The company aims to improve access to treatments and lower prices for patients, as demonstrated by the expansion of its patient affordability program for insulins [5][11] - The focus remains on innovation in respiratory vaccines and expanding the commercial portfolio with new product launches [10][11] - The company is committed to maintaining a balanced capital allocation policy, focusing on organic growth, selective acquisitions, and progressive dividends [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook for the remainder of the year and reiterated full-year sales guidance [4] - The company anticipates continued growth momentum, with expectations for high single-digit sales growth and low double-digit business EPS growth at constant exchange rates for the full year [15][16] - Management acknowledged challenges in the vaccine segment but remains committed to innovation and improving patient access [10][11] Other Important Information - The company has achieved a milestone of treating 1 million patients for non-communicable diseases across low and middle-income countries since 2021 [11] - The company has completed acquisitions of Drensbios DR0201, Vigil Neuroscience, and Blueprint, with associated costs factored into guidance [15] Q&A Session Summary Question: Update on Poly-SPMS regulatory debate and confidence in resolving FDA questions - Management confirmed ongoing conversations with the FDA and submitted data sets, looking forward to the PDUFA date of December 28 [32] Question: Update on U.S. policy conversations - Management stated that dialogues with the U.S. government have been ongoing and focused on demonstrating the value the company can bring [38] Question: Q4 ordering trends for Beyfortus - Management confirmed expectations for Q4 performance to be similar to Q3, with a focus on increasing vaccination coverage rates in the U.S. [42][44] Question: Insights on Dupixent's COPD development and gross to net dynamics - Management highlighted strong growth in COPD and indicated that gross to net dynamics are monitored and included in long-term guidance [81] Question: Timing dynamics around riliprubart and other programs under review - Management indicated that timelines for riliprubart are being updated and that data from various studies will be presented at relevant scientific congresses [62] Question: Potential for product acquisitions and vaccine trends - Management acknowledged the success of Dupixent and indicated a cautious approach to M&A, while also addressing concerns about vaccine fatigue [90]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported sales of €12.4 billion, representing a 7% increase compared to the previous year [4] - The business gross margin increased by 2.3 percentage points, driven by an improved product mix and productivity gains [13] - Business EPS reached €2.91, reflecting a robust growth of €0.19 or 13% compared to Q3 2024 [15] Business Line Data and Key Metrics Changes - Pharmaceutical sales grew by 7% at constant exchange rates, primarily driven by immunology and recent launches [13] - New launches contributed €1.8 billion in sales, accounting for 15% of total sales, with Dupixent sales growing by 26% this quarter [6][13] - Vaccine sales were €3.4 billion, down from the previous year due to competitive price pressure and lower flu immunization rates [8] Market Data and Key Metrics Changes - Sales outside the U.S. grew by 21%, exceeding €1 billion in the quarter [8] - Dupixent sales in the U.S. surpassed €3 billion, maintaining leadership in both new and total prescriptions across established indications [7] Company Strategy and Development Direction - The company aims to improve access to treatments and lower prices for patients, as demonstrated by the expansion of its patient affordability program for insulins [5][11] - The company is focused on advancing its innovative pipeline, with multiple regulatory submissions and approvals expected in the coming years [18][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook for the remainder of the year and reiterated full-year 2025 sales guidance [4] - The company anticipates maintaining strong earnings momentum with 9% sales growth and low double-digit business EPS growth at constant exchange rates [15][16] Other Important Information - The company has completed acquisitions of Drensbios DR0201, Vigil Neuroscience, and Blueprint Medicines, which are factored into the guidance [15] - The company is committed to capital allocation across organic growth, selective acquisitions, dividends, and opportunistic share buybacks [17] Q&A Session Summary Question: Update on Poly-SPMS regulatory debate and confidence in resolving FDA questions - Management confirmed ongoing conversations with the FDA and looks forward to the PDUFA date of December 28 [31] Question: Update on U.S. policy conversations - Management stated that dialogues with the U.S. government have been ongoing and focused on demonstrating the value the company can bring [38] Question: Q4 ordering trends for Bayfortis - Management confirmed expectations for Q4 to be in line with Q3 performance and emphasized efforts to increase vaccination coverage rates [42][45] Question: 2027 guidance and potential levers to mitigate EBIT gap - Management acknowledged a significant R&D reimbursement decrease in 2027 but expressed confidence in maintaining profitability despite the gap [50][52] Question: Update on relipiravir and timing dynamics - Management indicated that patient recruitment is affecting timelines for CIDP studies, with results expected in the future [62] Question: Dupixent development around COPD and gross to net dynamics - Management highlighted strong growth in COPD and discussed the impact of payer groups on gross to net dynamics [81]

Financial Data and Key Metrics Changes - In Q3 2025, Sanofi reported sales of €12.4 billion, a 7% increase compared to the previous year [5][17] - Dupixent achieved quarterly sales of €4 billion for the first time, reflecting a 26% growth [8][17] - Business EPS reached €2.91, a robust growth of $0.19 or 13% compared to Q3 2024 [20] - The gross margin increased by 2.3 percentage points, driven by improved product mix and productivity gains [18][20] Business Line Data and Key Metrics Changes - New product launches contributed €1.8 billion in sales, growing over 40% and representing 15% of total sales [6][17] - Vaccine sales were €3.4 billion, reflecting competitive price pressure and lower flu immunization rates [11][17] - Dupixent's sales outside the U.S. grew by 21%, exceeding €1 billion in the quarter [10][17] Market Data and Key Metrics Changes - In the U.S., Dupixent sales surpassed €3 billion, maintaining leadership in both new and total prescriptions [9][10] - The vaccine business faced challenges due to lower flu vaccination rates and competitive pricing, particularly in Germany [11][17] Company Strategy and Development Direction - Sanofi aims to improve access to treatments and lower prices for patients, exemplified by the expansion of its patient affordability program for insulins [6][15] - The company is focused on advancing its innovative pipeline, with multiple regulatory submissions and approvals expected in the coming years [24][36] - Sanofi's capital allocation policy emphasizes investing in organic growth, pursuing selective acquisitions, and maintaining progressive dividends [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook for the remainder of the year, reiterating full-year sales guidance [5][20] - The company is navigating competitive pressures in the vaccine market while continuing to innovate in respiratory virus protection [13][14] - Management highlighted the importance of ongoing dialogue with U.S. policymakers to enhance treatment access [6][44] Other Important Information - Sanofi has treated over 1 million patients for noncommunicable diseases in low and middle-income countries since 2021 [15] - The company is expanding its Insulin's Value Savings Program in the U.S. to ensure affordability for patients [15] Q&A Session Summary Question: Update on TOLI SMS regulatory debates and confidence in resolving FDA questions - Management confirmed ongoing discussions with the FDA and submitted datasets, looking forward to the PDUFA date of December 28 [40] Question: Updates on U.S. administration conversations regarding policy - Management stated that dialogues with the U.S. government have been ongoing, focusing on demonstrating the value of their treatments [44] Question: Impact of inventory carryover on Q4 orders and competition - Management confirmed expectations for Q4 to be similar in performance to Q3, with a focus on increasing vaccination coverage rates [50][51] Question: Insights on Dupixent's gross margin and COPD launch - Management noted strong growth from various sources, including foundational indications and new launches, with Dupixent's gross margin benefiting from improved manufacturing processes [90][91] Question: Future M&A strategy and vaccine trends - Management emphasized the importance of strategic fit and scientific differentiation in potential acquisitions, while also addressing vaccine fatigue trends [108]

Company Overview - PT Astra Agro Lestari Tbk is a subsidiary of Astra International and is one of the largest oil palm players in Indonesia with nearly 40 years of operational experience [1] - The company operates oil palm plantations across Sumatra, Kalimantan, and Sulawesi, covering a total area of approximately 285,000 hectares [1] Performance Metrics - The company achieved a Profitable Growth rank of 4, an improvement from the previous period's rank of 6, indicating above-average performance compared to 540 large consumer staples companies globally [5] - The Profitability rank improved to 5 from the prior period's 6, reflecting average performance relative to peers [5] - The Growth rank increased to 2 from the previous period's 3, showcasing world-class performance compared to industry peers [5]