Core Insights - The company reported Q3 sales of CHF 1.7 billion, reflecting a 6% organic growth compared to Q3 2024, driven by sustainability and digital trust initiatives, along with contributions from bolt-on acquisitions [2]. Group 1: Sales Performance - Q3 sales reached CHF 1.7 billion, marking a 6% increase on an organic basis compared to the same quarter last year [2]. - The growth is primarily attributed to the company's focus on sustainability and digital trust as key value drivers [2]. - The company completed 5 additional bolt-on acquisitions in Q3, contributing significantly to overall growth [2]. Group 2: Strategic Acquisitions - The acquisition of Applied Technical Services (ATS) was announced in July, with the closing expected by year-end, aimed at enhancing the company's presence in North America [3]. - The ATS acquisition is anticipated to provide complementary expertise and cross-selling opportunities [3]. Group 3: Outlook - The company confirmed its initial outlook for the full year despite facing strong foreign exchange fluctuations throughout the year [3].

Core Insights - Majid Al Futtaim Lifestyle is focusing on regional expansion through digital growth, omnichannel innovation, and stronger brand partnerships, highlighted by the collaboration with Abercrombie & Fitch Co. and the launch of dedicated e-commerce platforms in Saudi Arabia and Qatar [2][5][26] - The company is leveraging data, technology, and cultural relevance to redefine modern retail in the Middle East, particularly in response to evolving consumer expectations [3][10] Expansion and Partnerships - The expanded partnership with Abercrombie & Fitch Co. marks a significant milestone in Majid Al Futtaim's long-term retail strategy, emphasizing sustainable growth and trust built over 16 years [5][26] - The launch of dedicated e-commerce platforms for Abercrombie & Fitch and Hollister in Saudi Arabia and Qatar is a natural progression in the company's omnichannel strategy, integrating physical retail with digital convenience [6][26] Omnichannel Strategy - Majid Al Futtaim views online and offline channels as a connected ecosystem, aiming to provide a seamless customer journey across various platforms [11][15] - The company has seen a revenue uplift of over 10% within the first year of launching e-commerce platforms for lululemon, demonstrating the effectiveness of their omnichannel approach [12] Consumer Insights and Personalization - Advanced analytics are used to understand customer behavior at both market and individual store levels, allowing for tailored product assortments that reflect local preferences [8][20] - Personalization is central to the customer experience, with the SHARE loyalty program and analytics capabilities enabling the company to create relevant and rewarding experiences [17][18] Cultural Relevance and Brand Localization - Majid Al Futtaim ensures that global brands resonate with regional consumers by balancing global identity with local relevance, utilizing data-driven insights to tailor marketing and experiences [19][22] - The introduction of culturally relevant products, such as Abercrombie & Fitch's first Arabic logo, exemplifies the company's commitment to connecting with local audiences [9][21] Future Growth Opportunities - The company has an ambitious development pipeline focused on expanding its presence in high-growth categories and deepening the performance of existing brands [23][24] - Saudi Arabia remains a key strategic market, with plans for further expansion into Diriyah Square and the introduction of new global brands to enhance the existing portfolio [24][25][26]

Financial Performance - Data center revenue increased by 9% year-over-year[6] - Record CFFO (Core Funds From Operations) per share of $1.89[6] - Total bookings reached $201 million at 100% share[6] - The company expects Core FFO per Share to be between $7.32 and $7.38[36] Capacity and Development - In-place IT capacity is approximately 2,890 MW[9] - Future development capacity is greater than 5 GW[11] - 52% of the future development capacity is in blocks greater than 100 MW[11] Bookings and Renewals - $85 million in bookings from 0-1MW + Interconnection (IX), representing 52% of total 3Q bookings[12] - Signed renewals represent $192 million of annualized rental revenue[27] - Renewal spreads for >1 MW increased by 19.9% (GAAP) and 17.5% (Cash)[27] Sustainability - The company has contracted 1.7 GW of renewable energy[16] - $7.2 billion in aggregate principal amount of green bonds issued[16]

Market Sentiment & Flows - Fundamentals are key to attracting more flows in the crypto market [1] - The market needs flows to sustain its momentum [1] - Institutional investment is currently supporting the market while retail participation is low [1] Investment Strategy - Focus on promoting crypto tokens with real cash flows, verifiable financials, and a sustainable path [1] - The return to fundamentals appeals to both left curve (buybacks) and right curve (revenue, P/E, DCF ratios) investors [1] Industry Outlook - The emphasis on fundamentals is a healthy development for the crypto industry [1] - The industry aims to sustain the positive momentum [1]

Market Focus - Fundamentals are expected to drive significant institutional investment flows into the crypto market [1] - The industry should prioritize promoting crypto tokens with tangible cash flows, verifiable financials, and sustainable business models [1] - A focus on fundamentals benefits both value-oriented ('left curve') and growth-oriented ('right curve') investors [1] Investment Strategy - For value investors, the focus is on metrics like buybacks [1] - For growth investors, key metrics include annual revenue, P/E ratios, and DCF ratios [1] Industry Outlook - A return to fundamentals is considered a positive development for the crypto industry [1]

Core Insights - Volvo Cars reported earnings per share of $0.18, exceeding the estimated $0.10, indicating effective cost-saving measures [2][6] - The company's stock surged with an intraday gain of up to 41%, marking its best performance since going public four years ago [3][6] - Despite revenue of approximately $9.15 billion being below the estimated $10.74 billion, investor confidence remains strong due to strategic initiatives [2][4] Financial Performance - Operating income for the July-September period reached 6.4 billion Swedish kronor (approximately $680 million), surpassing analysts' expectations and improving from 5.8 billion kronor the previous year [4][6] - The ongoing cost-saving program, valued at 18 billion kronor, significantly contributed to the improved operating income [4] - The company has a high price-to-earnings (P/E) ratio of approximately 166.13, while the price-to-sales ratio stands at 0.18, indicating a low market valuation of sales relative to stock price [5]

[Music] [Applause] [Music] Growing up in Hungary, I spent a lot of time at my grandparents house. And one night, we were watching a movie which became a core moment in my life. And I think partially it even brought me to this stage tonight.I'm pretty sure you all know this movie. So, let me give you a clue. In this movie, there is a famous floating wooden door in the ocean, on top of which there was famously enough space for the melee to scoot on top.So maybe he did not have to die in the freezing ocean. Ok ...

Imagine living in a place where one moment the land is dry and cracked with extreme heat and where the trees and plants struggle to survive. The next moment, weeks after, extreme torrential rain comes without warning. Flooding homes, washing away roads, and those same dry fields become swampland.I grew up in Guyana coastland, nestled between the great Atlantic Ocean and the vast Amazon rainforest, where I experienced these extreme climate events firsthand, which became more frequent, more intense over time. ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 grew by 6% year-over-year, reaching $208 million, which is at the upper end of guidance [3][12] - Year-to-date global volumes are up over 3% compared to the previous year, despite Q3 volumes being below expectations [3][4] - The company expects full-year adjusted EBITDA to be in the range of $720 to $735 million based on current FX rates [12] Business Segment Data and Key Metrics Changes - In Europe, Q3 revenue increased by 9% to $625 million, with a 2% growth in shipments driven by energy drinks and other fast-growing categories [4][6] - Adjusted EBITDA in Europe for Q3 increased by 4% to $82 million, but decreased by 4% on a constant currency basis due to input cost recovery challenges [5][6] - In the Americas, Q3 revenue rose by 8% to $803 million, with adjusted EBITDA also increasing by 8% to $126 million, supported by lower operational costs [6][7] Market Data and Key Metrics Changes - North America shipments increased by 1% in Q3, with year-to-date shipments up by 5% [7][8] - In Brazil, Q3 beverage can shipments decreased by 17% due to a weak industry backdrop, but year-to-date shipments are down only 1% [8][9] - The company anticipates a modest impact on Q4 performance in North America if supply chain conditions remain stable [8] Company Strategy and Development Direction - The company is progressing its sustainability agenda, targeting a 10% annual reduction in Scope 1 and 2 emissions and a 14% reduction in Scope 3 emissions by 2024 [4] - The company expects to see a transition year in 2026, with growth anticipated in 2027 due to contracted additional filling locations and ongoing market growth [8][24] - The company is focusing on flexibility in production to better target growth categories and minimize reliance on the beer segment [62] Management's Comments on Operating Environment and Future Outlook - Management noted that while demand elasticity is not currently significant, there are risks for 2026 due to potential increases in aluminum costs [16][17] - The outlook for 2026 is cautious, with expectations of low single-digit growth in North America and Brazil, while Europe is expected to grow at 3% to 4% [17][51] - Management expressed optimism about the beverage can's growth potential in Europe, citing underpenetration relative to other geographies [33] Other Important Information - The company ended the quarter with over $600 million in liquidity and a net leverage ratio of 5.2 times adjusted EBITDA [10] - The company announced a quarterly ordinary dividend of $0.10 per share [11] Q&A Session Summary Question: Can you discuss the effects of demand elasticity and aluminum pricing? - Management indicated that there is not a significant impact from demand elasticity at this point, but risks exist for 2026 due to potential aluminum cost increases [16] Question: What is the outlook for North America growth in 2026? - Management expects North America to grow at 1% to 2%, reflecting caution regarding inflation in can pricing [17] Question: How is the company addressing the transition to smaller formats in Europe? - The company is undertaking projects to convert lines for greater flexibility and agility in production to capture growth in faster-growing categories [62] Question: What are the expectations for beer consumption trends in Europe? - Management believes it is too early to call a secular shift in beer consumption but acknowledges a poor year and expects strategies to reverse this trend in 2026 [70] Question: How will aluminum conversion costs impact operations next year? - Management does not expect major savings but anticipates a moderation of headwinds from aluminum costs compared to the previous year [72]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 grew by 6% year-over-year, reaching $208 million, which is at the upper end of guidance [3][12] - Year-to-date global volumes are up over 3% compared to the previous year, despite Q3 volumes being below expectations [3][4] - The net leverage ratio improved to 5.2x, a decline of 0.4x from Q2 2024, reflecting adjusted EBITDA growth [10] Business Segment Data and Key Metrics Changes - In Europe, Q3 revenue increased by 9% to $625 million, with adjusted EBITDA rising by 4% to $82 million [4][5] - In the Americas, Q3 revenue increased by 8% to $803 million, with adjusted EBITDA also increasing by 8% to $126 million [6][7] - Brazil's beverage can shipments decreased by 17% in Q3 due to a weak industry backdrop, but year-to-date shipments are down only 1% [8][9] Market Data and Key Metrics Changes - European shipments grew by 2% in Q3, driven by energy drinks and other fast-growing categories, despite weakness in the beer category [4][5] - North American shipments increased by 1% in Q3, with year-to-date shipments up by 5% [7][8] - The Brazilian market is expected to return to growth in 2026, with full-year shipments anticipated to be broadly in line with the prior year [9] Company Strategy and Development Direction - The company is focused on sustainability, aiming for a 10% annual reduction in Scope 1 and 2 emissions and a 14% reduction in Scope 3 emissions by 2024 [4] - The company anticipates a transition year in 2026 for North America, with expected industry growth of low single-digit percentages [8][24] - The company is investing in flexibility for production lines to better adapt to market dynamics and changing consumer preferences [63] Management's Comments on Operating Environment and Future Outlook - Management noted that while Q3 was weaker than expected, they remain optimistic about Q4 performance, particularly in North America [8][12] - The company expects to see earnings growth in 2026 over 2025, driven by operational cost savings and improved market conditions [51][52] - Management highlighted that the beer category in Europe had a poor year but does not expect this to be a long-term trend [70][72] Other Important Information - The company announced a quarterly ordinary dividend of $0.10 per share [11] - Full-year adjusted EBITDA guidance has been upgraded to a range of $720 million to $735 million [12] Q&A Session Summary Question: Can you discuss the effects of demand elasticity and aluminum pricing? - Management indicated that there is currently not a significant impact from demand elasticity, but there may be risks in 2026 as hedges roll off [16][17] Question: What is the outlook for North America in 2026? - Management expects North America to grow at a market level of 1%-2% in 2026, with some softness anticipated due to contract resets [17][24] Question: How is the company addressing growth in Europe? - Management stated that Europe remains a tight market, and they are planning projects to improve capacity and flexibility [27][28] Question: What are the expectations for aluminum costs and their impact? - Management noted that while there are no major savings expected, the step-up in costs from this year will moderate significantly [72] Question: How is the company managing supply chain issues? - Management expressed optimism about resolving supply chain issues and does not foresee risks to industry volumes from metal supply in 2026 [65][66]