Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $809 million, with core revenue down 10% year-over-year, primarily due to lower volumes in North America and Europe [10][11] - Adjusted EBITDA was $44 million, or 5.5% of sales, reflecting a decline of about $38 million from the prior year, driven by price-cost pressures and unfavorable volume [12][13] - Negative free cash flow was reported for the quarter, with net debt leverage increasing to 7.4 times due to lower year-over-year EBITDA [11][12] Business Line Data and Key Metrics Changes - North America revenue declined 19% year-over-year, with adjusted EBITDA dropping to $38 million from $75 million in the same quarter last year, primarily due to lower volumes and operational inefficiencies [14][15] - Europe saw a 2% increase in revenue year-over-year, with adjusted EBITDA remaining roughly flat at $16 million, as productivity improvements offset lower volumes [15] Market Data and Key Metrics Changes - The market environment has deteriorated, with new construction and repair and remodel activity weakening further, particularly in Canada where housing starts are down more than 40% year-over-year [18] - Full-year demand for windows and doors in North America is now expected to decline in the high single digits, while demand for doors in Europe is anticipated to decrease in mid-single digits [19] Company Strategy and Development Direction - The company is undergoing a strategic review of its European business to strengthen its balance sheet and sharpen its strategic focus [6][8] - A headcount reduction of approximately 11% in North America is planned to align the cost structure with current market demand [6][27] - The company is simplifying its product portfolio by reducing approximately 30% of its SKUs to improve service levels and operational efficiency [36][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing price-cost headwinds and inflation in labor and materials, which have created short-term margin pressure [5][10] - The outlook for Q4 2025 has been adjusted to reflect a more typical seasonal pattern, with expectations of continued negative price-cost dynamics and soft market conditions [20][21] - Management remains focused on improving execution and strengthening operations to capture growth as market conditions improve [8][28] Other Important Information - The company maintains a strong liquidity position with approximately $100 million in cash and $400 million of revolver availability, with no debt maturities until December 2027 [8] - The annualized impact of tariffs on the business is estimated to be around $45 million, with some pushback on tariff-related pricing actions from larger customers [16][17] Q&A Session Summary Question: Share losses and recovery path - Management noted significant share loss last year with a Midwest retailer, which impacted Q3 results, and highlighted ongoing pricing challenges in North America [35] Question: Update on productivity and cost-saving efforts - Management expects about $150 million in savings from transformation initiatives, with roughly half rolling forward into 2026 [39][40] Question: Drivers of EBITDA expectations drop - The decline in EBITDA expectations is attributed to softer market conditions, operational challenges, and a failure to capture expected market share gains [51][52] Question: Contribution of Europe to full-year EBITDA guide - Approximately half of the consolidated EBITDA is expected to come from Europe, with improvements noted despite challenges in North America [55] Question: Liquidity and potential actions - Management confirmed no plans to draw on the revolver in Q4 and is exploring selective sale leaseback actions to enhance liquidity [64][65] Question: Sales trends and market dynamics - Management indicated that recent interest rate relief has not significantly impacted sales, with cautious consumer behavior continuing to affect demand [81]

Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with major cryptocurrencies like Bitcoin and Ethereum seeing substantial price drops, leading to widespread liquidations among traders [2][4][6]. Market Performance - Bitcoin's price fell to $107,070.9, down 3.14% in 24 hours and 6.99% over the past week, with a market capitalization of $2.14 trillion and a 24-hour trading volume of $43.85 billion [7]. - Ethereum's price decreased to $3,694.11, down 5.07% in 24 hours and 11.41% over the past week, with a market capitalization of $446.48 billion and a 24-hour trading volume of $32.83 billion [7]. - Other cryptocurrencies such as BNB, Dogecoin, and Cardano also experienced declines exceeding 5% [6]. Liquidation Data - Approximately 180,000 traders were liquidated in the past 24 hours, with a total liquidation amount of $482 million, including $430 million from long positions and $55.94 million from short positions [8]. - The largest single liquidation occurred in Hyperliquid-BTC [8]. Market Sentiment - The market sentiment remains cautious due to regulatory uncertainties and overall market weakness, leading to a divergence in ETF fund flows, which exacerbates pessimism in the crypto market [9]. - Recent data shows that Ethereum ETFs saw a significant drop in net inflows, from $5.2 billion in July to only $600 million in October, indicating a lack of new institutional capital entering the market [9]. Future Outlook - The cryptocurrency market may continue to face pressure if liquidity remains constrained and token unlocks proceed without hindrance, with market capitalization potentially approaching a support level of $3.5 trillion [9]. - Positive factors such as clearer regulatory policies or improvements in macroeconomic conditions could alter this trend [9]. - In times of market panic, token unlocks may exacerbate volatility as holders rush to sell before prices decline further [10].

Group 1 - Bosch announced a reduction of approximately 13,000 jobs in its automotive division to address a cost gap of about €2.5 billion [2][4] - The layoffs will primarily affect roles in management, sales, research and development, and production, while the total global workforce will remain at 418,000 employees by the end of 2024 [4] - The company attributes the job cuts to multiple external factors, including a slowdown in the global and European vehicle markets, increased competition from companies like Tesla and BYD, and additional costs from tariffs imposed by the U.S. on EU goods [4][5] Group 2 - Bosch's automotive division, particularly the smart mobility segment, is facing a structural cost gap of approximately €2.5 billion annually due to a prolonged downturn in the automotive market and regulatory challenges [5] - The company highlighted that the penetration rates of advanced technologies such as electric vehicles and autonomous driving are significantly lagging, contributing to the ongoing structural transformation and competitive pressures in the global automotive industry [5]

Core Viewpoint - Bonny Holdings (01906) anticipates a significant decline in profit for the half-year ending June 30, 2025, projecting a profit attributable to shareholders of no more than RMB 1.5 million, which represents a decrease of over 70% compared to approximately RMB 5.3 million for the half-year ending June 30, 2024 [1] Financial Performance - The company expects total revenue for the reporting period to be approximately RMB 110 million to RMB 120 million, a decrease of about 23.6% to 16.6% compared to approximately RMB 143.9 million in the same period last year [1] Business Challenges - The board attributes the decline in profit to ongoing international trade disputes, a sluggish market, and cautious consumer spending, which have led to a decrease in revenue from both original design manufacturing and self-owned brand businesses [1]

Core Viewpoint - The Governor of the Bank of England, Andrew Bailey, anticipates that market weakness will further expand in the coming years [1] Group 1 - The Bank of England is projecting a continued deterioration in market conditions over the next few years [1]