Financial Performance & Guidance - Core FFO per Diluted Share was $0.33 for the first half of 2025 and $0.17 for Q2 2025[15] - Same Store NOI Growth was 4.4% year-to-date and 5.6% for Q2 2025[10, 15] - The company is targeting a Net Debt-to-EBITDA (Normalized) ratio of approximately 10.0x by year-end 2025 and below 9.0x by year-end 2026[33, 35, 37] - The company expects Same Store Revenue Growth between 2.2% and 2.7% for 2025[20] - The company expects Same Store NOI Growth between 2.0% and 2.8% for 2025[20] - The company expects Core FFO per Share between $0.63 and $0.64 for 2025, representing a growth of 5.0% to 6.7%[20] Portfolio & Operations - As of June 30, 2025, the company's portfolio consisted of 21 residential buildings with 7,491 apartment units[10] - The occupancy rate was 93.9% as of June 30, 2025[11] - The average age of the company's properties is 10 years[10] - The average household income per unit is $445,334[10] Capital Allocation & Debt Management - The company has sold or has under binding contract $448 million of non-strategic assets in 2025[28, 31] - The company amended its $500 million credit facility, consisting of a $300 million Revolver and a $200 million Term Loan[32]

Commercial Adoption - Novocure is driving global active patient growth in Non-Small Cell Lung Cancer (NSCLC) and pursuing reimbursement[1] - NSCLC CE Mark achieved, with launch underway in Germany[1] - NSCLC PMDA approval and launch in Japan[1] - In Q2, there were 121 global NSCLC prescriptions received[8] - 75 unique prescribers prescribed TTFields in Q2[8] - 55% of Q2 prescribers were new to TTFields therapy[8] - 93% of patients prescribed TTFields with ICI were previously treated with ICIs[8] - 76% of patients prescribed TTFields were for 2L or 3L use[8] Clinical Pipeline - PANOVA-3 data presented and published, submitted to FDA, CE Mark and PMDA[1, 13] - METIS submitted to FDA, clinical data published[1] - TRIDENT and PANOVA-4 patient follow up is ongoing, preparing for H1 2026 top-line data[1] Financial Performance - Net revenues for Q2 2025 were $158.8 million, compared to $150.4 million in Q2 2024[15] - Net loss for Q2 2025 was $40.1 million, compared to a net loss of $33.4 million in Q2 2024[15] - Cash, cash equivalents, and investments were $911.5 million[15] - Adjusted EBITDA for the three months ended June 30, 2025, was $(9.9) million, compared to $1.1 million for the same period in 2024[23]

Core Viewpoint - Ardagh Metal Packaging S.A. reported strong financial performance for Q2 2025, with significant revenue and Adjusted EBITDA growth, driven by robust volume growth in the Americas and resilience against macroeconomic uncertainties [1][3]. Financial Performance Review - Revenue for Q2 2025 reached $1,455 million, a 16% increase from $1,259 million in Q2 2024, with a 13% increase on a constant currency basis [2][6]. - Adjusted EBITDA for the quarter was $210 million, an 18% increase from $178 million in the same period last year, with a 16% increase at constant currency [2][7]. - Profit for the period was $5 million, compared to $2 million in Q2 2024 [2][22]. - Adjusted earnings per share rose to $0.08 from $0.06 year-over-year [2][22]. Regional Performance - In the Americas, revenue increased by 21% to $840 million, driven by favorable volume/mix effects and higher input costs passed to customers [8]. - Adjusted EBITDA in the Americas grew by 34% to $133 million, reflecting strong volume growth and reduced operational costs [9]. - In Europe, revenue increased by 9% to $615 million, with a 4% increase on a constant currency basis, while Adjusted EBITDA decreased by 3% to $77 million due to lower input cost recovery [10][11]. Guidance and Expectations - The company raised its full-year Adjusted EBITDA guidance to a range of $705-$725 million, reflecting improved performance and favorable currency movements [3][6]. - The expected total capital expenditure for 2025 remains unchanged at just over $200 million, with $70 million allocated for growth investments [3][6]. - The company maintains a strong liquidity position of $680 million as of June 30, 2025, with a net debt to Adjusted EBITDA ratio of 5.3x, down from 5.8x a year earlier [3][6].

Core Insights - West Fraser Timber Co. Ltd. reported a decline in demand for wood-based building products in Q2-25, particularly in the North America Engineered Wood Products (NA EWP) segment, due to lower-than-expected spring building activity and ongoing housing affordability challenges [3][4][12] - The company experienced a decrease in sales and earnings compared to Q1-25, with Q2-25 sales at $1.532 billion and a net loss of $24 million, or $0.38 per diluted share [5][10] - Adjusted EBITDA for Q2-25 was $84 million, down from $195 million in Q1-25, reflecting the impact of reduced demand and pricing pressures [5][10] Financial Performance - Q2-25 sales were $1.532 billion, an increase from $1.459 billion in Q1-25 [5] - Q2-25 earnings were a loss of $24 million compared to a profit of $42 million in Q1-25 [5] - Adjusted EBITDA for Q2-25 was $84 million, representing 6% of sales, down from $195 million in Q1-25 [10][41] Market and Demand Outlook - The U.S. housing market showed a seasonally adjusted annualized rate of 1.32 million housing starts in June 2025, with permits issued at 1.40 million units, indicating potential for future demand despite near-term uncertainties [14] - Long-term demand for wood products is expected to be supported by improved housing affordability, stabilization of inflation and interest rates, and an aging U.S. housing stock [13][15] - In Europe, demand for wood products is anticipated to grow in the long term, although near-term challenges persist due to geopolitical developments and inflationary pressures [15] Operational Adjustments - The company is taking steps to ensure operational flexibility and cost control in response to the current demand environment [4] - Capital expenditures in Q2-25 were $78 million, with expected total capital expenditures for 2025 projected to be between $400 million and $450 million [9][22] - The company has reduced its shipment targets for both SPF and SYP lumber due to slower demand and uncertainties related to tariffs [16][18] Segment Performance - Adjusted EBITDA for the Lumber segment was $15 million, while the NA EWP segment reported $68 million [10][42] - The Pulp & Paper segment experienced a slight loss with an Adjusted EBITDA of $(1) million [10][42] - The Europe EWP segment reported an Adjusted EBITDA of $2 million, indicating stable performance amidst market challenges [10][42]

Core Insights - Waste Connections reported strong second quarter results for 2025, with revenue of $2.407 billion, a 7.1% increase from $2.248 billion in the same period last year [2][6] - The company achieved a net income of $290.3 million, or $1.12 per diluted share, compared to $275.5 million, or $1.07 per diluted share, in the prior year [5][30] - Adjusted EBITDA for the quarter was $786.4 million, reflecting a 7.5% increase from $731.8 million in the previous year, with an adjusted EBITDA margin of 32.7% [3][6] Financial Performance - For the first half of 2025, revenue reached $4.635 billion, up from $4.321 billion in the same period last year [4][5] - Operating income for the first six months was $849.8 million, compared to $791.5 million in the prior year [4] - Adjusted net income for the first half was $626.2 million, or $2.42 per diluted share, compared to $588.7 million, or $2.28 per diluted share, in the previous year [7][30] Operational Highlights - The company experienced solid waste core pricing growth of 6.6%, contributing to margin expansion of approximately 70 basis points [1][6] - Employee retention and record low safety rates were noted as key factors driving performance [1][6] - Waste Connections completed approximately $200 million in annualized revenue from acquisitions, with a strong pipeline for further growth [1][6] Updated Outlook - The company maintains its full-year 2025 outlook, projecting approximately $9.45 billion in revenue and $3.12 billion in adjusted EBITDA, with an adjusted EBITDA margin of 33.0% [8][12] - Revenue growth is expected to be around 6%, with an adjusted EBITDA margin expansion of 50 basis points [1][8] - The outlook assumes no significant changes in the current economic environment or underlying trends [8][12]

Company Highlights - Churchill Downs Incorporated (CDI) reported record net revenue of $934.4 million for Q2 2025, an increase of $43.7 million or 5% compared to Q2 2024 [6] - Net income attributable to CDI was $216.9 million, up $7.6 million or 4% year-over-year [6] - Diluted earnings per share (EPS) increased to $2.99 from $2.79 in the prior year [6] - Adjusted EBITDA reached an all-time high of $450.9 million, up $6.1 million or 1% from the previous year [6] Segment Results Live and Historical Racing - Revenue for this segment was $540.9 million in Q2 2025, up from $490.2 million in Q2 2024, reflecting a $50.7 million increase [5] - Adjusted EBITDA for Live and Historical Racing increased to $296.5 million from $279.2 million [5] Wagering Services and Solutions - Revenue increased to $168.4 million in Q2 2025 from $159.9 million in Q2 2024, a rise of $8.5 million [9] - Adjusted EBITDA for this segment rose to $48.0 million from $46.2 million [9] Gaming - Revenue decreased to $266.3 million in Q2 2025 from $274.4 million in Q2 2024, a decline of $8.1 million [11] - Adjusted EBITDA for Gaming fell to $127.3 million from $140.7 million [11] All Other - Revenue increased to $2.3 million in Q2 2025 from $1.9 million in Q2 2024 [13] - Adjusted EBITDA improved slightly to -$20.9 million from -$21.3 million [13] Capital Management - The company repurchased 2,565,964 shares at a total cost of $250.4 million during Q2 2025 [14] - As of June 30, 2025, approximately $184.2 million of repurchase authority remained under the 2025 Stock Repurchase Program [14] Subsequent Events - CDI announced the acquisition of 90% of Casino Salem in New Hampshire for $180 million, which will include the development of a charitable gaming and entertainment destination [16] - A new $500 million stock repurchase program was approved by the Board of Directors on July 22, 2025 [17] Financial Position - As of June 30, 2025, total assets were $7,375.7 million, up from $7,275.9 million at the end of 2024 [33] - Total liabilities increased to $6,311.6 million from $6,172.6 million [33]

Financial Performance - Matador achieved record quarterly oil equivalent production of 209,013 BOE/d in Q2 2025[8, 14] - The company's leverage ratio stood at 096x as of June 30, 2025[26] - Adjusted Free Cash Flow for Q2 2025 was $1327 million[46, 90] - Matador bought back 11 million shares in Q2 2025 at an average repurchase price of $4037, representing approximately 1% of shares outstanding[31] Capital Expenditure and Efficiency - Q2 2025 D/C/E CapEx was $3453 million, $15 million less than the midpoint of guidance[14] - Q2 2025 Midstream CapEx was $562 million, $4 million less than the low end of guidance[14] - Drilling and Completion Cost decreased to $825 per completed lateral foot in Q2 2025[20] Production and Guidance - Oil production guidance for Q3 2025 is 1165 to 1180 MBbl/d, and natural gas production is 4920 to 4980 MMcf/d[62] - Total production guidance for Q3 2025 is 1985 to 2010 MBOE/d[62] - The company expects to turn to sales 135 gross (1063 net) operated horizontal wells in 2025, with an average completed lateral length of approximately 10,300 feet[60, 64] Midstream Operations - San Mateo's Adjusted EBITDA for 2025 is estimated at $285 million[70] - The Marlan Plant expansion was completed on time and on budget in May 2025, with a gas processing capacity of 720 MMcf per day and a water disposal capacity of 475,000 Bbl per day[23]

Core Insights - Hilton Worldwide Holdings Inc. reported strong second-quarter 2025 results, with earnings and revenues exceeding the Zacks Consensus Estimate, showing year-over-year growth [1][3][8] Financial Performance - Adjusted earnings per share (EPS) for Q2 2025 were $2.20, surpassing the consensus estimate of $2.04, and up from $1.91 in the same quarter last year [3][8] - Total revenues reached $3.14 billion, beating the consensus mark of $3.08 billion, and reflecting a 6.3% increase year-over-year [3][8] - Adjusted EBITDA was reported at $1 billion, a 9.9% increase from the previous year, exceeding the estimate of $958.7 million [5][8] Revenue Streams - Franchise and licensing fees improved to $745 million from $689 million year-over-year, aligning with estimates [3] - Base and other management fees rose to $97 million from $93 million, while incentive management fees increased by 10.3% to $75 million [4] RevPAR and Occupancy - System-wide comparable RevPAR declined by 0.5% year-over-year on a currency-neutral basis, attributed to occupancy declines [5][8] - The company anticipates stronger RevPAR performance in the future due to improving travel demand and limited industry supply growth [2] Development and Expansion - Hilton added 221 hotels in Q2 2025, contributing 26,100 rooms and achieving net room growth of 22,600 [9][11] - The development pipeline includes 3,636 hotels representing 510,600 rooms across 128 countries, with expected net unit growth of 6-7% for 2025 [11] Future Outlook - For Q3 2025, Hilton projects net income between $453-$467 million and adjusted EBITDA between $935 million and $955 million, with adjusted EPS expected to be between $1.98 and $2.04 [12] - For the full year 2025, net income is estimated to be in the range of $1.64-$1.68 billion, with adjusted EBITDA between $3.65 billion and $3.71 billion [13][14]

Financial Performance & Outlook - Q2 2025 revenue increased by 30% year-over-year, but constant currency revenue decreased by 02%[88] - Gross margin improved to 325%, a 330 basis point increase compared to the previous year[88] - Adjusted EBITDA improved by $74 million year-over-year to $(36) million[88] - The company reaffirmed its 2025 Adjusted EBITDA outlook of $5 million to $15 million[20] - Capital expenditures for 2025 are expected to be approximately $20 million[20] Regional Performance - Europe & International segment revenue increased by 57% in constant currency[45] - Europe & International segment Adjusted EBITDA was 21% of revenue[45] - North America segment revenue was $63 million in Q2 2025[76] - Greater China foodservice revenue increased by 12% in H1[86] Strategic Initiatives - The company is undertaking a strategic review of its Greater China business[19] - The company is focused on aggressively pursuing cost efficiencies, aiming for a 10% year-over-year reduction in COGS per liter in H1[25] - The company is rolling out a refreshed playbook to ignite positive category momentum in more markets[18]

Core Insights - Greenway Greenhouse Cannabis Corporation reported a significant 71% increase in annual revenue for the year ended March 31, 2025, reaching CAD 8,948,943, with a remarkable 107% growth in the fourth quarter [1][5] - The average selling price of cannabis rose by 40% year-over-year to CAD 1.32 per gram, with the fourth quarter average at CAD 1.46 per gram, indicating strong brand strength and premium product positioning [1][5] - The company transitioned from a cash burn to generating net cash of CAD 1.8 million from operating activities, marking a pivotal shift in financial health [1][5] Financial Performance - The total grams sold during the fiscal year amounted to 6,803,628, reflecting a 23% increase year-over-year [5] - Adjusted EBITDA for the year was CAD 1,181,419, a significant improvement from a negative adjusted EBITDA of CAD 624,391 in the previous year [5][7] - The company achieved a net income of CAD 202,729 in the fourth quarter, showcasing a turnaround in profitability [5] Operational Metrics - The average cash cost per gram sold was CAD 0.83, with a reduced cost of CAD 0.73 in the fourth quarter, indicating improved operational efficiency [5] - Working capital, excluding amounts due to related parties, increased to CAD 3,997,814 as of March 31, 2025, compared to CAD 3,283,911 the previous year [5] - The cash balance rose by CAD 1,612,088 to CAD 3,142,898 over the fiscal year, reflecting enhanced liquidity [5]