Core Viewpoint - Grant Thornton UK has appointed David Gartside as the new chief digital officer to lead a £500 million ($667.61 million) multi-year digital transformation program aimed at enhancing client service through technology and digital channels [1][2]. Group 1: Appointment and Role - David Gartside will join the Strategic Leadership Team and is tasked with setting and executing the company's digital direction [1]. - His responsibilities include digital innovation, enterprise-wide technology, and data strategy, focusing on AI, data analytics, automation, and modern platforms [2]. Group 2: Leadership and Experience - The CEO of Grant Thornton UK, Malcolm Gomersall, emphasized that Gartside's appointment is crucial for delivering the expected client experience [2]. - Gartside brings over 25 years of experience in senior technology roles, previously working at McKinsey & Company and Google [3][4]. Group 3: Vision and Future Plans - Gartside expressed enthusiasm for Grant Thornton's digital vision and aims to enhance digital capabilities that will drive the company's growth [4][5]. - He highlighted the transformative impact of technology on professional services and looks forward to collaborating with colleagues to implement these digital capabilities [5].

BofA Global Industrials Conference March 18, 2026 This presentation includes statements related to the expected future results of the company and are therefore forward-looking statements. Actual results may differ materially from those projections due to a wide range of risks and uncertainties, including those that are listed in our SEC filings. This presentation also contains non-GAAP financial information and reconciliations to GAAP are included in the appendix. All information should be read in conjuncti ...

PARIS — Kering has appointed Pierre Houlès chief digital, AI and IT officer, in the latest shakeup of its management ranks under chief executive officer Luca de Meo. De Meo, who prior to joining Kering last September was CEO of French car giant Renault Group, once again tapped a former colleague from the automotive industry as he seeks to streamline senior functions in his bid to turn around the ailing French luxury group. More from WWD Houlès joins from Renault, where he worked from 2016, leading the ca ...

Core Insights - Anheuser-Busch InBev (AB InBev) is making significant progress in its digital transformation, with the BEES platform becoming a vital source of incremental value [1][4] - The company is leveraging its digital ecosystem to enhance efficiency, scale benefits, and create new revenue streams, capturing 72% of its revenues through B2B digital platforms by 2025 [1][7] Digital Growth and Performance - The BEES platform's gross merchandise value (GMV) reached $52.5 billion in 2025, reflecting a 12% year-over-year growth, indicating strong demand and customer engagement [2][7] - The BEES Marketplace, which facilitates third-party product sales, experienced a 61% surge in GMV to $3.5 billion, enhancing margins and capital efficiency for AB InBev [2][4] Customer Engagement and Ecosystem - BEES enhances customer loyalty by integrating ordering, payments, and analytics into a single platform, improving convenience for small and medium retailers [3][4] - The data-driven ecosystem allows AB InBev to optimize pricing, promotions, and inventory, strengthening its revenue management capabilities [3] Long-term Growth Strategy - BEES is evolving into a scalable marketplace and monetization engine, contributing to a comprehensive digital flywheel alongside the company's growing direct-to-consumer (DTC) ecosystem, which generated $1.3 billion in revenues in 2025 [4] - The platform is positioned to drive higher revenues, better margins, and stronger customer relationships, making it a key component of AB InBev's long-term growth strategy [4] Stock Performance - AB InBev's shares have increased by 13% over the past three months, outperforming the industry and broader Consumer Staples sector [5] - The stock currently trades at a forward 12-month P/E ratio of 16.78X, which is above the industry average of 14.72X, indicating that investors may be anticipating stronger growth prospects [8]

Company Overview - Principal Financial Group, Inc. (PFG) is based in Des Moines, Iowa, and provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients, with a market cap of $18.7 billion [1]. Market Position - PFG is classified as a "large-cap stock" due to its market cap exceeding $10 billion, highlighting its size, influence, and dominance in the asset management industry [2]. Financial Performance - PFG's shares have declined 10.6% from their 52-week high of $97.88, reached on February 6, and have decreased 2.1% over the past three months, underperforming the Dow Jones Industrial Average's 1.5% drop during the same period [3]. - Over the past 52 weeks, PFG has gained 4.3%, which is below the Dow Jones Industrial Average's 12.7% increase. Year-to-date, PFG shares are down slightly, outperforming the Dow's 1.9% decline [5]. - Following the release of its Q4 results on February 9, PFG's shares fell 1.5%. The company reported adjusted EPS of $2.19, which was below the $2.23 expected by analysts. Management anticipates full-year adjusted EPS growth in the range of 9% to 12% [7]. Competitive Analysis - PFG has outperformed its rival, BlackRock, Inc. (BLK), which has seen a marginal increase over the past 52 weeks but a 10.4% decline year-to-date [8]. - Analysts remain cautious about PFG's prospects, with a consensus rating of "Hold" from 13 analysts and a mean price target of $94.73, suggesting an 8.4% premium to its current price levels [8].

Industry Overview - The AI infrastructure sector is rapidly evolving, expected to grow significantly due to digital transformation initiatives, AI-powered IoT ecosystem proliferation, and AI data center expansion driven by high-performance computing and cloud networking demand [1][2] - The AI infrastructure market was valued at $72.02 billion in 2025, with a projected compound annual growth rate of 23.05% from 2025 to 2034 [2] Company Analysis: Arista Networks Inc. (ANET) - Arista is poised to benefit from the growth in the AI ecosystem and increased spending on AI infrastructure by hyperscalers, with enterprises adopting generative AI, IoT, cloud computing, and 5G technologies [3] - The company has introduced XPO liquid-cooled optical modules with a capacity of 12.8 Tbps, significantly enhancing data transfer capabilities in large-scale data centers [4] - Arista faces competition from Cisco and Hewlett Packard Enterprise (HPE), which have strong positions in the data center networking market [5] - Rising competition and the need to enhance product offerings are increasing operating expenses, while memory shortages and rising silicon fabrication costs are straining margins [6][20] Company Analysis: Celestica, Inc. (CLS) - Celestica is experiencing strong momentum in the AI data center market, driven by a comprehensive portfolio and partnerships with hyperscalers like Microsoft, Amazon, and Google [8][10] - The company is focusing on high-performance computing infrastructure and has entered collaborations with Advanced Micro Devices and Broadcom to develop next-generation AI platforms [10] - Celestica's diverse customer base across multiple industries provides a competitive advantage, while its global supply chain network helps mitigate geopolitical risks and procurement delays [11][12][13] - The Zacks Consensus Estimate for Celestica's full-year sales implies a year-over-year growth of 51.16%, with EPS growth of 72.5% [14] Performance Comparison - Over the past year, Celestica's stock has gained 194.8%, while Arista's stock has increased by 59.1% [16] - Celestica's shares trade at a forward price/earnings ratio of 28.13, which is lower than Arista's 37.04, indicating a more attractive valuation [17] Investment Outlook - Celestica holds a Zacks Rank 2 (Buy), while Arista has a Zacks Rank 3 (Hold), suggesting that Celestica is currently a better investment option [19][22]

Core Insights - Flagstar Bank is enhancing its technology leadership team as part of its digital transformation strategy to improve competitive positioning, customer experience, and sustainable growth [1][2] Group 1: Technology Leadership Expansion - The bank has appointed five senior leaders to its technology team, reporting to Chief Technology Officer Jason Pope, with expertise in product operating model transformation, cybersecurity, site reliability engineering, AI, and cloud services [2] - This new leadership is expected to support the next phase of the Simple and Sophisticated ("S2") platform, which aims to replace three legacy banking environments with a unified technology foundation [3] Group 2: S2 Platform and Strategic Initiatives - The S2 platform integrates customer data across various banking operations, enabling real-time customer insights and AI-driven capabilities, which will enhance operational efficiency and risk management [4] - The S2 initiative is part of Flagstar Bank's 2025–2027 strategic plan, focusing on regional banking strength and risk management, with a commitment of $90 million for technology modernization [5] Group 3: Broader Industry Context - Other financial institutions, such as F.N.B. Corporation and U.S. Bancorp, are also investing in technology to align with evolving business strategies and drive long-term growth [7] - F.N.B. has expanded its digital capabilities with new business loan products and improved efficiency through AI and data analytics, while U.S. Bancorp has introduced AI-driven tools for cash forecasting and established a new organization for digital assets [8][9]

Economic Growth and AI Impact - AI and related information processing equipment contributed 0.97 percentage points to economic growth in the first nine months of 2025, surpassing the growth impact seen during the dot-com boom in 2000 [4] - The integration of AI into operations is expected to drive significant investment well into 2026 and beyond, according to researchers from the St. Louis Fed [5] Executive Compensation Trends - More than half of U.S. companies are planning to reduce employee compensation to allocate capital for AI investments, with 54% expected to cut compensation and 26% planning layoffs by the end of 2025 [6] - Compensation reductions are affecting not just base salaries but also raises, benefits, bonuses, and equity awards [7] Rise of Technology and HR Roles - The number of top executives in law-related roles at Russell 3000 companies increased by 21% from 2021 to 2025 [7] - Chief Technology Officers (CTOs) and Chief Human Resource Officers (CHROs) have seen significant pay increases and prominence, with their presence among the highest-paid executives rising by 61% and 55%, respectively, from 2021 to 2025 [8] - The growth in CHRO and CTO roles indicates that talent, culture, and digital capability are now considered enterprise risks rather than mere support functions [8]

Financial Data and Key Metrics Changes - Net revenue increased by 2.2% year-over-year to $1.23 billion from $1.2 billion, primarily due to volume growth and pricing improvement in seafood and meat poultry [10][4] - Gross profit rose by 1.2% to $207.6 million, with gross profit margin slightly decreasing to 16.9% from 17.1% [10][11] - Adjusted EBITDA increased by 6.9% to $45 million compared to $42 million in the previous year [11][12] - Net loss attributable to HF Foods improved to $38.8 million from a loss of $48.5 million in 2024 [11][12] - Adjusted net income increased by 20.9% to $16.9 million compared to $14 million in the prior year [12] Business Line Data and Key Metrics Changes - Volume growth was noted in seafood and meat poultry, while other categories experienced volume decreases [10] - Distribution, selling, and administrative expenses increased by $3.7 million to $201.8 million, primarily due to increases in depreciation and non-recurring transformation expenses [11] Market Data and Key Metrics Changes - The company operates in a $50 billion addressable market, with HF Foods being the largest player in the Asian specialty space in the U.S. [9] - The company anticipates low single-digit growth in both top line and bottom line for 2026, similar to 2025 [7] Company Strategy and Development Direction - The company is focused on a long-term transformation plan that includes sales operations consolidation, digital infrastructure upgrades, and facility renovations [4][5] - M&A remains a core pillar of the growth strategy, with a focus on expanding geographic footprint and enhancing product capabilities [8][9] - The company aims to drive organic growth through cross-selling opportunities and operational efficiencies [8][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds in the food service industry due to tariff pressures and lower foot traffic but expressed confidence in the company's long-term growth strategy [4][8] - The company is optimistic about M&A opportunities and believes it is well-positioned to capture growth in the coming years [9][15] Other Important Information - The company completed the full ERP implementation across all distribution centers, which is expected to enhance operational efficiencies [5][14] - Renovations at the Charlotte location are nearing completion, with operations expected to begin in Q2 2026 [6] Q&A Session Summary Question: Opportunities for Incremental Organic Growth - Management highlighted cross-selling opportunities in the Southeast, particularly with the new facility in Atlanta, and noted ongoing ramp-up phases [18][19] Question: February Traffic Year-over-Year Change - Management indicated that promotional campaigns with strategic vendors have positively impacted traffic and volume in Q1 compared to 2025 [22][23] Question: IEEPA Tariffs and Refunds - Management stated it is too early to estimate potential refunds from tariffs and is assessing the situation closely [24][25]

Financial Data and Key Metrics Changes - Net revenue increased by 2.2% year-over-year to $1.23 billion from $1.2 billion, driven by volume growth and pricing improvement in seafood and meat poultry [5][12] - Gross profit rose by 1.2% to $207.6 million, with gross profit margin slightly decreasing to 16.9% from 17.1% [12][14] - Adjusted EBITDA increased by 6.9% to $45 million compared to $42 million in the previous year [13][14] - Net loss attributable to HF Foods improved to $38.8 million from a loss of $48.5 million in 2024 [14] Business Line Data and Key Metrics Changes - Volume growth was noted in seafood and meat poultry, while other categories experienced volume decreases [12] - Distribution, selling, and administrative expenses increased by $3.7 million to $201.8 million, primarily due to higher depreciation and transformation expenses [13] Market Data and Key Metrics Changes - The company operates in a $50 billion addressable market, with HF Foods being the largest player in the Asian specialty space in the U.S. [11] - The company anticipates low single-digit growth for 2026, similar to 2025, for both adjusted EBITDA and gross profit [9] Company Strategy and Development Direction - The company is focused on a long-term transformation plan that includes sales operations consolidation, digital infrastructure upgrades, and facility renovations [5][6] - M&A remains a core pillar of the growth strategy, with a focus on expanding geographic footprint and enhancing product capabilities [10][11] - The company aims to leverage cross-selling opportunities and improve operational efficiency to drive organic growth [10][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds in the food service industry due to tariff pressures and lower foot traffic but expressed confidence in the long-term growth strategy [5][10] - The company is committed to disciplined execution and maintaining prudent capital deployment while pursuing tuck-in M&A opportunities [16][17] Other Important Information - The company completed its ERP implementation across all distribution centers, which is expected to enhance operational efficiencies [6][15] - Renovation of the Charlotte location is nearing completion, with operations expected to begin in Q2 2026 [7] Q&A Session Summary Question: Opportunities for Incremental Organic Growth - Management highlighted cross-selling opportunities in the Southeast, particularly with the new facility in Atlanta, and noted a ramp-up phase for volume [20][21] Question: February Traffic Year-over-Year Change - Management indicated that promotional campaigns initiated in late 2025 have positively impacted traffic and volume in Q1 2026 compared to 2025 [24][25] Question: IEEPA Tariffs and Refunds - Management stated it is too early to estimate potential refunds from tariffs and is assessing the situation closely [26][27]