Core Viewpoint - Ericsson aims to return cash to shareholders following the recent sale of its U.S.-based Iconectiv business and ongoing cost-cutting measures [1] Group 1 - The sale of the Iconectiv business is a strategic move to enhance shareholder value [1] - Continued cost-cutting measures are being implemented to improve financial performance [1]

Core Viewpoint - Ericsson plans to return 15 billion Swedish crowns ($1.7 billion) to investors through its first-ever share buyback program after exceeding quarterly earnings expectations, leading to a significant rise in its share price [1][3]. Financial Performance - The company reported adjusted earnings before interest and taxes of 12.26 billion crowns for Q4 2025, surpassing the average forecast of 10.09 billion crowns from analysts [2]. - Net sales for the fourth quarter reached 69.3 billion crowns, exceeding analysts' estimates of 66.6 billion crowns, driven by growth in Europe, the Middle East, and Africa, while North America remained stable [4]. Strategic Initiatives - Ericsson is implementing a deep restructuring program and has announced a job cut of 1,600 positions to enhance efficiency [3]. - The share buyback program is expected to commence after the first-quarter report and continue until 2027 [3]. - The annual dividend payout has been increased to 3 crowns per share from 2.85 crowns the previous year [3]. Market Position and Outlook - Ericsson, alongside Nokia, is positioned to regain market share in Europe following the European Commission's proposal to phase out high-risk suppliers in critical sectors [4]. - The finance head of Ericsson indicated that it is premature to assess the impact of EU proposals on market share, as such changes typically require time to materialize [5].

Financial Data and Key Metrics Changes - Revenue for the fourth quarter was $108.8 million, a slight decline from $111.5 million in the prior year quarter, reflecting ongoing challenges in commercial construction and residential demand due to high-interest rates [10][12] - Net income available to common shareholders decreased to $4.9 million or $0.09 per diluted share, down from $9 million or $0.16 per diluted share in the prior year quarter [13] - Consolidated adjusted EBITDA for the fourth quarter was $30.7 million, compared to $33.7 million in the same year-ago quarter, with an adjusted EBITDA margin of 28.2%, down from 30.2% [14] Business Line Data and Key Metrics Changes - U.S. Concrete Pumping segment revenue was $72.2 million, down from $74.5 million in the prior year quarter, with infrastructure projects contributing 24% of revenue [10][11] - U.S. Concrete Waste Management segment revenue increased by 8% to $21.3 million, driven by higher pan pickup volumes and pricing [11] - U.K. operations revenue declined to $15.3 million from $17.1 million, primarily due to volume-driven challenges in commercial construction [12] Market Data and Key Metrics Changes - The U.S. residential end market accounted for 29% of total revenue, with demand pressured by affordability constraints from high-interest rates [6][7] - In the U.K., commercial construction activity remains subdued, while infrastructure projects, particularly in energy and HS2 rail construction, show resilience [7][8] Company Strategy and Development Direction - The company plans to accelerate a $22 million investment in its fleet in anticipation of stricter NOx emission standards set to take effect in 2027, aiming to enhance competitive positioning [8][9] - The focus remains on maintaining financial flexibility, pursuing acquisitions, and investing in organic growth initiatives to deliver shareholder value [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential recovery in residential construction, expecting improvements as mortgage rates moderate [6][29] - The outlook for fiscal 2026 anticipates revenue between $390-$410 million and adjusted EBITDA between $90-$100 million, assuming no significant recovery in construction markets [15][16] Other Important Information - The company repurchased approximately 274,000 shares for $1.8 million during the fourth quarter, continuing its share buyback program initiated in 2022 [15] - The company completed an acquisition in Ireland, which is expected to contribute approximately $2 million in revenue and $500,000 in EBITDA [20][49] Q&A Session Summary Question: Drivers behind expected revenue growth in 2026 - Management indicated that revenue growth is expected to come from pricing improvements rather than significant volume increases, with larger projects contributing to this growth [24][25] Question: Margin pressure in 2026 - Management confirmed that margin pressure is primarily due to fleet utilization, with flat volume leading to a marginal decline in margin percentage [25][26] Question: Outlook for residential construction - Management noted that while residential construction has softened, there are signs of improvement expected in the coming year [29] Question: Growth outlook for U.K. and Eco-Pan segments - Management expressed confidence in the U.K. public sector work and anticipated high single-digit growth for Eco-Pan, despite challenges in the broader construction market [33][34] Question: CapEx requirements for upcoming regulations - Management stated that the accelerated CapEx will address most requirements related to upcoming emission regulations, minimizing future disruptions [38][39] Question: Status of delayed projects - Management indicated that while some office buildings have been shelved, many manufacturing projects are on hold pending tariff discussions, but they remain optimistic about ongoing projects in data centers and chip plants [50][51]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $108.8 million, a slight decline from $111.5 million in the prior year quarter, reflecting ongoing challenges in commercial construction and residential demand due to high-interest rates [10][11] - U.S. concrete pumping segment revenue was $72.2 million compared to $74.5 million in the prior year quarter, with infrastructure projects remaining a bright spot [10][11] - Consolidated Adjusted EBITDA for Q4 was $30.7 million, down from $33.7 million year-over-year, with an Adjusted EBITDA margin of 28.2% compared to 30.2% in the prior year [14] Business Line Data and Key Metrics Changes - U.S. concrete waste management services segment revenue increased 8% to $21.3 million, driven by higher pan pickup volumes and pricing momentum [11] - U.K. operations revenue decreased to $15.3 million from $17.1 million, primarily due to volume-driven declines in commercial construction activity [11] Market Data and Key Metrics Changes - U.S. concrete pumping revenue from infrastructure projects constituted 24% of total revenue, with commercial construction demand improving in key geographies [5][10] - The residential end market accounted for 29% of total revenue, with demand pressured by affordability constraints from higher interest rates [6][11] Company Strategy and Development Direction - The company plans to accelerate a $22 million investment in its U.S. concrete pumping and EcoPan fleet in anticipation of stricter NOx emission standards set to take effect in 2027 [8][9] - The focus remains on maintaining financial flexibility, pursuing acquisitions, and investing in organic growth initiatives to enhance shareholder value [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential recovery in construction activity, particularly in large-scale commercial projects such as data centers and semiconductor facilities [16][18] - The outlook for fiscal 2026 anticipates revenue between $390-$410 million and Adjusted EBITDA between $90-$100 million, assuming no significant recovery in construction markets [15][16] Other Important Information - The company repurchased approximately 274,000 shares for $1.8 million during Q4, continuing its share buyback program initiated in 2022 [15] - The company completed an acquisition in Ireland, which is expected to contribute to long-term growth despite being modest in size [19][41] Q&A Session Summary Question: Drivers behind expected revenue growth in 2026 - Management indicated that revenue growth is expected to come from pricing improvements rather than significant volume increases, with larger projects contributing to this growth [22] Question: Margin pressure in 2026 - Management confirmed that margin pressure is primarily due to fleet utilization, with flat volume leading to a marginal decline in margin percentage [23] Question: Outlook for residential construction - Management noted that while the residential market has softened, there are signs of stabilization and potential improvement in the near future [25] Question: Growth outlook for U.K. and EcoPan - Management expects strong public spending in the U.K. and anticipates EcoPan to achieve high single-digit to double-digit growth despite market challenges [30] Question: CapEx related to upcoming regulations - Management stated that the accelerated CapEx will address most requirements associated with the new regulations, avoiding potential disruptions [32] Question: Status of delayed projects - Management confirmed that while some office buildings and manufacturing projects have been shelved, there are still opportunities in data centers and chip plants [45]

Core Insights - The company remains cautious in the current sales cycle, with reservations at 64%, down from 67% last year, but expects to achieve 93% to 96% occupancy and 2% to 3% rental growth [4][7][5] Sales and Marketing - Direct sales are consistent with last year, accounting for 8% of total beds sold, with proactive sales and marketing efforts noted [2] - Upcoming UCAS applications data is anticipated to show positive trends, with applications up 7% as of the October deadline [3] Financial Performance - Fourth-quarter valuations indicated slightly weaker rental growth and mixed yield movements, with USAF down 0.6% in the quarter but up 0.8% for the year [6][22] - The company announced a share buyback program of up to £100 million, reflecting confidence in long-term returns and focusing on shareholder value [10][5] Capital Allocation and Disposals - The company plans to transition to being a net seller, targeting £300 million to £400 million in disposals by 2026, while deferring or canceling some developments [7][12] - Surplus capital will be allocated to university partnerships and share buybacks, with annual capital investment expected to be around £150 million to £200 million [14][9] Market Conditions and University Partnerships - The company works with over 60 universities, with some institutions delaying or pausing renewals due to financial pressures [1][17] - Discussions with universities regarding rent levels indicate a rental growth of around 3% to 4% for multi-year agreements, with no significant pressure to reduce prices [18][19] Future Outlook - The company will provide further updates in late February and early April, with a more proactive approach to guidance than in the previous year [8] - Management expects a stable financing environment, with healthy lender appetite for purpose-built student accommodation [20]

Core Insights - Metaplanet's stock has surged by 15% on the Tokyo Stock Exchange, coinciding with Bitcoin's price recovery to $92,500 [1][2] - The company plans to buy back shares worth $150 million, although it has not executed any buybacks yet [3][4] - Metaplanet holds 35,102 Bitcoins, making it Asia's largest corporate BTC holder [3] Financial Performance - The company reported a remarkable 568% BTC yield during Q4 2025, despite the quarter being described as dull [5] - Metaplanet's market net asset value (mNAV) is currently at 1.11, indicating a healthy valuation relative to its Bitcoin holdings [6] - The stock has recovered nearly 38% since mid-November after experiencing a significant drop of nearly 80% from its peak [7] Strategic Initiatives - Metaplanet is focused on a disciplined capital allocation strategy aimed at further Bitcoin accumulation, with a goal of reaching 100,000 BTC by the end of 2026 [8] - The company secured a $130 million loan in November 2025 to facilitate additional BTC purchases [4] - The share buyback program is intended to enhance capital efficiency and prevent the mNAV from falling below 1.0x [6]

Core Viewpoint - NB Private Equity Partners (NBPE) reported its monthly NAV estimate as of 30 November 2025, highlighting a total NAV of $1.2 billion and a total return of 4.0% year-to-date [1][2]. NAV Highlights - The NAV total return (TR) for NBPE was 4.0% year-to-date, 4.1% over one year, 9.5% over three years, 59.2% over five years, and 164.9% over ten years [3]. - The MSCI World TR showed significantly higher returns, with 20.6% year-to-date and 223.3% over ten years [3]. - The share price TR was 4.3% year-to-date and 235.1% over ten years, indicating strong performance compared to the FTSE All-Share TR [3]. Portfolio Update - The NAV performance was primarily driven by private company valuations, with a total of $157 million in realizations received year-to-date and $23 million deployed in new investments [4][5]. - The NAV per share was reported at $27.67 (£20.88), with a total return of 0.5% for the month [6]. - Approximately 92% of the valuation information was based on Q3 private company data, with private investments appreciating by 1.3% on a constant currency basis [6]. Share Buybacks - In November 2025, approximately 695,000 shares were repurchased at a weighted average discount of 24%, resulting in an NAV per share accretion of approximately $0.12 [11]. - Year-to-date, NBPE has repurchased around 2.9 million shares for $57 million at a weighted average discount of 26%, contributing to an NAV accretion of approximately $0.48 per share [11]. Investment Opportunities - NBPE has a strong pipeline of investment opportunities, particularly in mid-life co-investments and co-underwrite opportunities, supported by $289 million in total liquidity as of 30 November 2025 [8][9]. - The liquidity comprises $79 million in cash and liquid investments, along with a $210 million undrawn credit line [9]. Portfolio Composition - As of 30 November 2025, 78% of the portfolio was invested in North America, while 22% was in Europe [13]. - The industry distribution of the portfolio includes 20% in Tech, Media & Telecom, 19% in Consumer/E-commerce, and 19% in Industrials/Industrial Technology [13].

Core Viewpoint - BASF SE has been actively conducting a share buyback program, with a total of 6,481,675 shares repurchased from November 3, 2025, to December 12, 2025, indicating a strategic move to enhance shareholder value [2][4]. Share Buyback Details - From December 8, 2025, to December 12, 2025, BASF SE repurchased 938,051 shares as part of its ongoing share buyback initiative [2]. - The daily repurchase volumes and corresponding volume-weighted average share prices are detailed, showing fluctuations in share prices across different trading venues [3]. - The shares are being purchased through a bank commissioned by BASF SE, primarily on the Frankfurt Stock Exchange (Xetra) and other trading platforms [4].

Core Insights - Lululemon Athletica Inc. reported better-than-expected third-quarter results, with earnings of $2.59 per share, surpassing analyst estimates by 14.15% [1] - The company raised its full-year guidance for fiscal 2025, projecting GAAP EPS between $12.92 and $13.02 and revenue between $10.96 billion and $11.05 billion [2] Financial Performance - Quarterly revenue reached $2.57 billion, exceeding the Street estimate of $2.48 billion and showing an increase from $2.4 billion in the same period last year [1] - The company’s stock rose 10.7% to $207.01 in pre-market trading following the earnings announcement [2] Guidance and Strategic Moves - Lululemon announced a CEO succession plan and authorized an increase to its share buyback program [2] - Analysts adjusted their price targets for Lululemon post-earnings, with B of A Securities raising it from $185 to $220, Telsey Advisory Group from $200 to $215, and Jefferies from $120 to $170 [3]

Core Viewpoint - GE Vernova has announced a significant increase in its quarterly dividend and share repurchase authorization, indicating strong financial health and commitment to returning value to shareholders [1] Dividend Announcement - The Board of Directors declared a quarterly dividend of $0.50 per share, which is double the previous dividend of $0.25 per share [1] - This dividend will be payable on February 2, 2026, to shareholders of record as of January 5, 2026 [1] Share Repurchase Authorization - The Board has approved an increase in share repurchase authorization to $10 billion, up from the prior authorization of $6 billion [1] - GE Vernova has already utilized $3.3 billion of the current authorization [1]