Some voluntary and a few involuntary all primarily due to pricing. These cancellations will impact our revenue, but have little impact on profitability. We expect to be at the bottom end of our mid-single-digit range at 3% or 4% for Q1. This is unrelated to our core community management business which we believe will carry the division to mid-single-digit organic growth for the year. Moving on to FirstService Brands. Revenues for the quarter were down 3% in aggregate, and 7% organically, with organic growth ...

Core Insights - Vitrolife AB reported a significant decline in net income for the fourth quarter and full year, primarily due to an impairment charge of SEK 5,357 million [4][4][4] Fourth Quarter Summary - Sales amounted to SEK 891 million, reflecting a 7% decrease in SEK and a 6% organic growth in local currencies excluding discontinued business [4] - Regional sales performance showed a -1% change in EMEA, +9% in Americas, and +10% in APAC [4] - Product group sales growth in local currencies was +10% in Consumables, +6% in Technologies, and +1% in Genetics [4] - Gross margin decreased to 58.0% from 61.1% [4] - EBITDA was SEK 196 million, with an EBITDA margin of 22.0%, down from 35.1% [4] - Net income was reported at SEK -5,314 million, resulting in earnings per share of SEK -39.24 [4] - Operating cash flow for the quarter was SEK 160 million [4] Full Year Summary - Total sales for the year were SEK 3,440 million, a 5% decrease in SEK and a 4% organic growth in local currencies excluding discontinued business [4] - Regional sales performance included +5% in EMEA, +8% in Americas, and -1% in APAC [4] - Product group sales growth in local currencies was +8% in Consumables, +1% in Technologies, and +3% in Genetics [4] - Gross margin for the year decreased to 58.1% from 59.3% [4] - EBITDA for the year was SEK 949 million, with an EBITDA margin of 27.6%, down from 34.0% [4] - Net income for the year was SEK -5,013 million, resulting in earnings per share of SEK -37.01 [4] - Operating cash flow for the year was SEK 635 million [4] Dividend Proposal - The Board proposed a dividend of SEK 149 million, corresponding to SEK 1.10 per share, unchanged from the previous year [4]

Core Insights - Simmons First National is enhancing its executive leadership team under new CEO Jay Brogdon to strengthen its deposit network and customer relationships [1][2] - The bank is shifting its strategy from growth through acquisitions to focusing on organic growth by hiring top bankers and diversifying its loan portfolio [3][4] Leadership Changes - The bank has appointed new leaders for its consumer and wealth management division and commercial banking, along with an eight-member private banking team [2][7] - Brian Jackson has been hired as president of consumer and wealth management, while Jonathan Schneider will serve as president of commercial banking [6][7] Strategic Shift - Historically, Simmons has relied on acquisitions for growth, having acquired 14 banks in under a decade, but is now prioritizing organic growth [3][4] - The bank aims to expand its offerings beyond commercial real estate lending, which constitutes over 75% of its loan portfolio, to include treasury management and operating accounts [5] Market Context - The competitive environment for banks has intensified due to rising interest rates and recent bank failures, leading to increased competition for stable deposits [11] - Despite a growth strategy focused on acquisitions, Simmons has underperformed compared to peers, with its stock price down nearly 11% over the past year [13] Future Outlook - The bank's strategy to enhance its private banking unit and diversify its loan portfolio aligns with broader industry trends as banks seek to address economic challenges [10] - CEO Brogdon indicated that savings from the Better Bank initiative are funding investments in talent, which are expected to yield results in organic growth [14]

Core Insights - Ermenegildo Zegna Group reported FY 2025 revenues of €1,917 million, a decrease of 1.5% YoY, but an increase of 1.1% on an organic basis, with Q4 revenues reaching €591 million, up 0.3% YoY and 4.6% organic [1][2][3] Revenue Analysis - FY 2025 revenues by brand: - ZEGNA brand: €1,181.6 million (+1.5% YoY, +4.7% organic) - Thom Browne: €268.5 million (-14.7% YoY, -12.2% organic) - TOM FORD FASHION: €317.1 million (+0.8% YoY, +3.1% organic) [1][2] - Q4 2025 revenues by brand: - ZEGNA brand: €361.7 million (+2.4% YoY, +7.4% organic) - Thom Browne: €91.1 million (-3.7% YoY, +1.4% organic) - TOM FORD FASHION: €98.3 million (-2.3% YoY, +1.5% organic) [1][2] Distribution Channel Performance - Direct-to-Consumer (DTC) revenues for FY 2025 were €1,449 million (+4.2% YoY, +7.9% organic), with Q4 showing +3.9% YoY and +9.6% organic growth [1][2] - Wholesale branded revenues for FY 2025 were €318.1 million (-20.9% YoY, -20.2% organic), with Q4 at €96.9 million (-12.9% YoY, -11.6% organic) [1][2] Geographic Revenue Breakdown - EMEA revenues for FY 2025: €683.8 million (+0.5% YoY, +1.4% organic), representing 36% of total revenues [1][2] - Americas revenues for FY 2025: €566.1 million (+7.9% YoY, +12.0% organic), representing 30% of total revenues [1][2] - Greater China revenues for FY 2025: €435.2 million (-14.6% YoY, -11.9% organic), representing 23% of total revenues [1][2] Leadership Changes - A new leadership structure was announced, effective January 1, 2026, with Ermenegildo "Gildo" Zegna as Group Executive Chairman and Gianluca Tagliabue as Group CEO, alongside Edoardo and Angelo Zegna as Co-CEOs of the ZEGNA brand [2][3]

Summary of ABB Q4'25 Results Conference Call Company Overview - **Company**: ABB - **Industry**: European Capital Goods Key Points Financial Performance - **Order Growth**: - Total orders increased by 32% year-over-year (yoy) to $10.316 billion, significantly exceeding company consensus and J.P. Morgan estimates (JPMe) of $8.529 billion and $8.492 billion respectively [1][7] - Electrification orders grew by 33% yoy, with a notable performance in data centers and US commercial buildings [1] - Automation orders surged by 41% yoy, driven by strong demand from machine builders and marine automation [1] - **Revenue Performance**: - Revenues reached $9.052 billion, beating JPMe and consensus estimates of $8.724 billion and $8.726 billion respectively, reflecting a 13% yoy increase [1][7] - Organic sales growth was reported at 9%, surpassing consensus expectations of 6% [1][7] - **Profitability Metrics**: - Operational EBITA margin stood at 17.6%, in line with consensus but slightly below JPMe expectations [1][7] - Net income for the quarter was $1.273 billion, a 29% increase from $987 million in Q4'24 [7] Market Dynamics - **Regional Performance**: - Orders in the Americas grew by 43%, with the US alone increasing by 57% [5] - Europe and Asia showed growth of 25% and 23% respectively, with China orders up by 25% [5] - **Sector Insights**: - Strong demand was noted in the data center segment and commercial buildings, while residential markets remained stable in the US and Europe but weak in China [5] - The underlying activity in utilities and land transport infrastructure remained robust [1] Strategic Initiatives - **Shareholder Returns**: - ABB announced a $2 billion share buyback program, exceeding the $1 billion expected by analysts [1] - A proposed dividend increase to CHF0.94 per share from CHF0.90 last year was also highlighted [5] Future Outlook - **Guidance for FY26**: - ABB expects a book-to-bill ratio of 1.06x and comparable revenue growth of 6-9% [6] - Operational EBITA margin is anticipated to slightly improve year-over-year [6] - **Consensus Adjustments**: - Analysts expect consensus estimates for organic sales growth to increase by a low-single-digit percentage based on ABB's guidance [6] Peer Implications - **Market Positioning**: - The strong performance in Electrification is seen as a positive indicator for peers such as Siemens, Schneider, and Legrand [6] - Positive trends in data centers and utilities are expected to benefit the wider electricals subgroup [6] Valuation - **Current Valuation Metrics**: - As of January 28, 2026, ABB's stock trades at 22.7x/20.6x EV/EBITA for 2026E/2027E [6] Risks and Considerations - **Investment Risks**: - Potential risks include underperformance in growth and margin compared to peers and the impact of expensive M&A activities [12] - Upside risks include stronger-than-expected growth and effective portfolio management leading to higher earnings [12] Conclusion - ABB's Q4'25 results indicate robust growth across multiple segments, with strong order intake and revenue performance. The company's strategic initiatives, including share buybacks and dividend increases, reflect a commitment to shareholder returns. The outlook for FY26 appears positive, with expectations for continued growth and margin improvement, positioning ABB favorably within the European capital goods sector.

Financial Data and Key Metrics Changes - The company reported record earnings for 2025 at over $412 million, with diluted EPS hitting $6 per share, a 15% increase year-over-year [5][10] - The PPNR ROA was consistently above 2% for the year, with a full-year ROA of 1.54%, up from 1.38% in the previous year [6][10] - Tangible book value increased by $5.59 per share, or 14.5%, for the full year [11] Business Line Data and Key Metrics Changes - Net interest income increased by $7.3 million in the fourth quarter, or 12.2% annualized, with a full-year increase of $87.7 million, or 10.3% from 2024 [11][12] - Adjusted non-interest income decreased by $10.5 million in the fourth quarter, primarily due to seasonal declines in mortgage [15] - Total non-interest expense decreased by $11.5 million in the fourth quarter, driven by lower compensation costs [15] Market Data and Key Metrics Changes - The company experienced almost 6% growth in earning assets during the fourth quarter, with loans growing nearly 5% despite elevated payoffs in the CRE portfolio [7][8] - Non-interest bearing deposits represented 29% of total deposits, indicating strong core deposit growth [9][17] Company Strategy and Development Direction - The company is focused on capital returns and accretive growth to enhance shareholder value, with a strong emphasis on organic growth strategies [4][9] - The management highlighted the importance of maintaining a simple common stock capital structure and being opportunistic in share repurchases [7][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in 2026, citing strong pipelines and healthy economic indicators [8][20] - The company anticipates some margin compression due to deposit cost pressures but remains focused on core profitability and organic growth [12][31] Other Important Information - The company paid off all subordinated debt during 2025, simplifying its capital structure [6] - The efficiency ratio improved to 50% for the year, down from 53.2% the previous year [15] Q&A Session Summary Question: Insights on loan production and future payoffs - Management noted that elevated payoffs were typical for the fourth quarter and expect moderation in the first half of the year [20][22] Question: Impact of interest rates on loan production - Management believes that changes in interest rates could accelerate opportunities for loan production rather than causing significant payoffs [23] Question: Hiring strategy and talent management - The company is focused on upgrading talent without significantly increasing headcount, having hired 21 lenders but only netting an increase of 3 [25][26] Question: Margin expectations for the upcoming year - Management anticipates a potential margin decline of 5-10 basis points over the next few quarters due to deposit cost pressures [31] Question: Deposit trends and growth outlook - Management confirmed that while there was a decline in non-interest bearing deposits, they have seen a recovery and continue to focus on core deposit growth [46][48] Question: Provision build and unfunded commitments - The company is building reserves for unfunded commitments, which is seen as a positive signal for future loan growth [52][54]

Financial Data and Key Metrics Changes - The company reported a core return on assets (ROA) of 1.62% for the quarter and an adjusted ROA of 1.35% with an adjusted efficiency ratio of 64.45% [3][4] - Net interest income increased by 4.7% over the prior quarter, while adjusted non-interest income rose by 8.3% [17] - The tangible common equity (TCE) ratio improved to 8.72%, up from 8.24% in the prior quarter [25] Business Line Data and Key Metrics Changes - The retirement division generated total revenue of $17.3 million, a 4.6% increase over the prior quarter, driven by growth in asset and transaction-based fees [22] - The wealth management business saw revenues increase by 13.4% to $7.4 million, with end-of-quarter assets under management rising by 0.8% [24] - Core revenues from fee income grew by 7% year-over-year, maintaining over 40% of total revenues [9] Market Data and Key Metrics Changes - The company experienced a decline in loans by 1.3% over the previous quarter due to strategic downsizing of the loan portfolio [19] - Deposits decreased by 5%, primarily due to the calling in of broker deposits and other wholesale funding [20] - The loan-to-deposit ratio stood at 96.6%, with a deposit retention rate close to 95% since the acquisition of Home Federal [21] Company Strategy and Development Direction - The company aims for sustainable organic growth and a return to top-tier profitability, focusing on enhancing its commercial bank and improving returns [5][6] - A strategic entry into the mid-market commercial and industrial (C&I) space is expected to drive growth, with strong pipelines entering 2026 [7] - The company plans to double the number of wealth management advisors and invest in technology and AI to enhance scalability and improve margins [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic position and momentum as it enters 2026, highlighting strong core financial performance and successful execution of strategic initiatives [3][4] - The company anticipates loan growth in the mid-single digits and deposit growth in the low single digits for 2026, with a projected net interest margin of around 3.5% to 3.6% [26][27] - Management noted that the competitive environment for deposits is expected to remain strong, impacting net interest margin [79] Other Important Information - The company successfully converted its entire wealth business onto a new system, achieving 100% client retention [11] - The allowance for loan losses remained robust at 1.53% of total loans, with net recoveries reported [9] - The company has close to $2.8 billion in liquidity to support loan growth and other liquidity events [25] Q&A Session Summary Question: Balancing dynamics for 2026 regarding loan and deposit growth - Management aims to maintain a loan-to-deposit ratio around 95% to 96%, acknowledging potential seasonal fluctuations [34] Question: Insights on expenses and technology investments - Guidance includes team additions and variable costs related to technology investments [36][37] Question: Loan growth expectations and credit trimming - A significant portion of loan runoff was intentional, focusing on reducing marginal credits and enhancing C&I relationships [42] Question: Non-performing loans and resolution expectations - An increase in non-performing loans was related to a multifamily loan, with expectations for resolution in the first half of the year [45] Question: Margin trajectory and expectations for 2026 - Management expects gradual improvement in net interest margin, influenced by deposit flows [46] Question: Update on capital and acquisition opportunities - The company continues to explore potential acquisitions in the retirement and HSA space while prioritizing organic growth [54] Question: Competition in deposit pricing - The deposit market remains competitive, with rational pricing generally observed [79]

FOURTH QUARTER AND FULL YEAR, DECEMBER 31, 2025 Cautionary Statement Regarding Forward-Looking Statements This Supplemental Information contains forward-looking information within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of certain securities laws including Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securitie ...

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Financial Data and Key Metrics Changes - The company reported a return on average assets of 1.20%, up from 1.04% in the third quarter, and a return on average common equity of 11.27%, an increase from 10.14% [7] - The efficiency ratio improved to 55.5 from 58.1 in the third quarter and 61.8 a year ago [7] - Net income available for common shareholders for the fourth quarter was $209.5 million or $2.74 per share, a 16.1% increase from the third quarter [7] - For the full year, the company earned $684.6 million or $9.29 per share [8] Business Line Data and Key Metrics Changes - Fourth quarter net interest income totaled $522.5 million, a 10% increase from the third quarter, driven by double-digit growth in loans and demand deposit accounts (DDAs) [8] - Trust and securities processing income increased by $4.5 million or 5.1% linked-quarter, driven by new business activities from fund services and private wealth teams [9] - The company experienced a 13% linked-quarter annualized growth in average loans and a 5.6% growth in average deposits [9] Market Data and Key Metrics Changes - The company reported a total net charge-off rate of 13 basis points for the fourth quarter, with total non-performing loans at $145 million, or 37 basis points of loans [10] - The company’s criticized loan levels improved by 9.1% from the prior quarter [10] - Industry-wide non-performing loans for banks reported so far were a median of 55 basis points [10] Company Strategy and Development Direction - The company aims to prioritize organic growth while being open to tuck-in acquisitions that make financial and strategic sense [12][13] - The management emphasized a strong focus on maintaining asset quality metrics while expanding in newly acquired markets [12][15] - The company is cautious about M&A transactions that could dilute its culture or business model, particularly avoiding deals that would approach the $100 billion mark [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to continue delivering strong performance and profitability, citing a robust pipeline for loan growth [10][12] - The company expects to achieve positive operating leverage in 2026, despite anticipated lower contractual purchase accounting accretion benefits [21] - Management remains optimistic about the growth opportunities in newly acquired markets and the overall economic environment [15] Other Important Information - The effective tax rate for the fourth quarter was 20.3%, with an expectation of 20%-22% for 2026 [25][26] - The company reported a common equity Tier One ratio of 10.96%, a 26 basis point increase from September [12] Q&A Session Summary Question: Can you provide more detail on the drivers of commercial loan growth in the quarter? - Management noted strong performance across all markets and verticals, with 50% of growth coming from new customer acquisition and market share gains [33][34] Question: Can you discuss the contributions from Heartland to growth? - Management indicated that it is still early to assess Heartland's contributions, but positive signs are expected as integration progresses [35] Question: Can you touch on the NPL increase and timeline for working through acquired credits? - Management clarified that the increase was specific to one fully secured credit and expressed confidence in maintaining historical charge-off norms [36][37] Question: How should we think about average DDA growth quarter over quarter? - Management anticipates a slight pickup in DDA growth, driven by new client acquisitions and seasonal trends [44] Question: Are all cost savings realized, and where are incremental dollars being invested? - Management confirmed that all identified cost savings have been realized and emphasized disciplined investment in sales activities [56][58] Question: What is the expected growth rate for the trust and securities processing line? - Management highlighted strong momentum in the fund services business, particularly in the alternative investment space, but did not provide specific guidance [60] Question: How do you view the loan-to-deposit ratio? - Management stated that the focus is on building a strong deposit base, allowing loan growth to follow naturally without a specific target for the loan-to-deposit ratio [119][120]