On 5 May 2025, Schouw & Co. initiated a share buy-back programme as outlined in Company Announcement no. 20 of 2 May 2025. Under the programme, Schouw & Co. will acquire shares for up to DKK 120 million during the period 5 May to 31 December 2025. The buy-back will be structured in accordance with Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016 (“Safe Harbour” rules). Tr ...

Financial Data and Key Metrics Changes - Revenue for the third quarter was $2.3 billion, reflecting a 10.5% increase on a reported basis and an 8% increase on a like-for-like basis, indicating strong underlying growth across segments [13][14] - Net income decreased due to a $10 million loss in discontinued operations and an $8 million non-cash fair value charge, partially offset by $10 million in insurance proceeds and higher earnings from equity method investments [13][14] - Adjusted EBITDA decreased by $1.3 million, primarily due to declines in the fresh fruit segment, while adjusted net income decreased by $3 million [13][14] Business Line Data and Key Metrics Changes - Fresh fruit revenue increased by 11%, driven by higher volumes and pricing of bananas, pineapples, and plantains, but faced higher sourcing costs impacting Adjusted EBITDA [15][16] - Diversified EMA segment reported an 11% revenue increase, with Adjusted EBITDA rising by $10 million or 34%, supported by strong performances in Scandinavia, Spain, and the Netherlands [16] - Diversified Americas segment saw an 8% revenue increase, with Adjusted EBITDA up by $4 million or 46%, driven by strong performance in the southern hemisphere export business and North American market [16] Market Data and Key Metrics Changes - Demand for bananas remains robust in North American and European markets, contributing to tight supply and cost pressures [10] - The company is experiencing strong underlying growth in key markets, particularly in Spain and the Netherlands, with positive momentum continuing into the third quarter [10][11] Company Strategy and Development Direction - The company completed the sale of its non-core fresh vegetable division, enhancing capital allocation flexibility and focusing on core operations [5][6] - A $100 million share repurchase program was announced to enhance shareholder value, indicating a strategic approach to capital allocation [6][20] - The launch of the new Dole Collada Royale Pineapple represents a significant innovation, aimed at enhancing the tropical product portfolio and community support [7][8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic volatility and industry-specific factors affecting results, particularly in the banana supply chain [20] - The company expects full-year Adjusted EBITDA to be at the upper end of the targeted range of $380-$390 million, reflecting confidence in business momentum despite challenges [20] - Management remains optimistic about the long-term growth potential and strategic positioning within the sector [20][21] Other Important Information - Cash capital expenditure for the quarter was $20.9 million, with a reduction in full-year routine capital expenditure expectations to approximately $85 million [17][18] - The company declared an $8.50 dividend for the third quarter, to be paid in January [19] Q&A Session Summary Question: Outlook for the fourth quarter and cost pressures - Management highlighted challenges in forecasting due to macroeconomic volatility and specific headwinds in sourcing costs, particularly for bananas, impacting guidance for Q4 [24][25] Question: Updates on tariff exclusions for agricultural products - No new updates were provided regarding tariff exclusions, but management expressed confidence in the long-term resolution of tariff issues affecting tropical produce [27][28] Question: Insights on capital allocation and buyback program - The buyback program is part of a broader capital allocation strategy, allowing for flexibility in pursuing growth opportunities while maintaining a progressive dividend policy [37][39] Question: Status of annual contracting negotiations - Management indicated that negotiations are ongoing, with awareness of supply conditions among customers, and expressed optimism about future discussions [51][53] Question: Performance in diversified fresh produce - Management noted strong market positions in Europe and North America, with ongoing investments enhancing operational efficiency and customer offerings [55][57]

Financial Data and Key Metrics Changes - Total revenues from property management in Q3 2025 were $26.9 million, down 9.8% year-over-year due to cost pressures and increased competition [10][13] - Sequentially, revenues improved by 14.4% compared to Q2 2025, benefiting from seasonal factors [10][13] - Gross profit for Q3 was $9.7 million, with margins slightly increasing by 10 basis points to 35.9% [13] - Adjusted EBITDA for the quarter was $980,000, or 3.6% of revenue, compared to $75,000, or 0.3% in the prior year [14] - GAAP net loss from continuing operations was $0.28 per diluted share, while consolidated adjusted EPS was a positive $0.08 per share [14] Business Line Data and Key Metrics Changes - The property management group is now the sole reportable segment following the divestiture of the professional division [4][7] - SG&A expenses for Q3 were $10.2 million, down from $11.3 million in the prior year, including strategic restructuring costs [13][14] Market Data and Key Metrics Changes - The company is facing cost pressures on property owners and management companies, contributing to revenue declines [10][13] - Increased competition in certain markets is impacting performance, but the company is leveraging market insights to refine its strategic roadmap [10][11] Company Strategy and Development Direction - The company is focused on three main directives post-divestiture: comprehensive business review, aggressive G&A cost reduction, and compensation structure evaluation [5][6] - A stock buyback plan of up to $5 million has been announced, reflecting confidence in the long-term strategy [5] - The company aims to capture a meaningful share of a growing $1 billion-plus addressable market through operational improvements and strategic initiatives [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that financial results may be noisy in the upcoming quarters due to the transition period [9] - There is optimism regarding revenue growth in 2026 compared to 2025, driven by strategic initiatives and market opportunities [11][12] - The company is investing in AI to enhance client engagement and improve operational efficiency [12] Other Important Information - A special cash dividend of $2 per share was declared, returning $22.4 million to shareholders [4] - The company has approximately $20 million in cash balances post-dividend payments [5] Q&A Session Summary Question: Discussion on the consultant's evaluation process - The consultant conducted surveys and interviews with clients and competitors, validating the addressable market and growth potential in the multifamily and commercial real estate sectors [16][17] Question: Outcomes of the research findings - The research provided insights into the addressable market, competitive positioning, and areas for future growth, aiding in strategic planning [17][19] Question: Learnings from the market evaluation - The study highlighted the evolving needs of client partners regarding talent acquisition and the importance of aligning with their internal teams [18][19]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated GAAP EPS of $0.24 per share and FFO per share of $0.48, with adjusted EPS increasing by 20% from $0.20 in Q3 2024 [21][22] - Adjusted EBITDA rose to $88.8 million, a 6.6% increase from $83.3 million in the prior year quarter [22][23] - The operating margin for safety and community facilities was 22.7%, down from 24.9% in the prior year quarter, but adjusted for startup losses, it was 24% [26] Business Line Data and Key Metrics Changes - Revenue from federal partners, primarily ICE and the U.S. Marshals Service, increased by 28% year-over-year, with ICE revenue up by $76.2 million or 54.6% [13] - Revenue from state partners increased by 3.6%, driven by new contracts with Montana and population increases in Georgia [13][14] - Total occupancy for safety and community segments was 76.7%, up 1.5 percentage points year-over-year [14] Market Data and Key Metrics Changes - Nationwide ICE detention populations reached historical highs of around 60,000, with a 37% increase in ICE populations in company facilities from the end of 2024 to Q3 2025 [8][9] - U.S. Marshals populations slightly declined to just over 6,300, but are expected to increase in 2026 due to anticipated enforcement activities [8][9] Company Strategy and Development Direction - The company is focused on activating idle facilities, with four new contracts expected to generate approximately $320 million in annual revenue once stabilized occupancy is reached [5][19] - The company plans to accelerate share repurchases, indicating a belief that current stock valuation does not reflect the cash flows of the business [11][33] - The company anticipates reaching a run rate EBITDA of at least $450 million once new facilities reach stabilized occupancy in 2026 [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future demand, citing ongoing conversations with state partners and the potential for additional contract awards [9][60] - The company noted that the pace of ICE admissions has remained stable, with expectations for increased enforcement activity [41] - Management acknowledged challenges related to startup activities for new contracts but emphasized the importance of these contracts for future growth [43][30] Other Important Information - The company has five idle facilities containing approximately 7,000 beds, with ongoing discussions about potential future activations [10][60] - The company plans to spend $60-$65 million on maintenance capital expenditures in 2025, unchanged from prior guidance [32] Q&A Session Summary Question: Thoughts on ICE detention pace and government shutdown impact - Management indicated that the pace of admissions and activity in facilities has remained stable, with some increase in transportation demands [39][40] Question: Guidance and updated occupancy projections - Updated guidance reflects startup activities and new contracts, resulting in some operating losses but viewed positively as it includes new contracts [43][44] Question: Share repurchase strategy and leverage goals - Management confirmed plans to be more aggressive with share repurchases, considering current stock price and expected cash flow growth [46][47] Question: Future activations and state demand - Management confirmed ongoing discussions with state partners for potential bed utilization beyond ICE contracts [60][61] Question: Staffing issues and wage trends - Management reported strong hiring experiences and favorable wage trends, with no significant concerns regarding staffing [56]

Financial Data and Key Metrics Changes - Third quarter revenue was $400 million, and adjusted EBITDA was $95 million, both exceeding guidance provided in July [5][12] - Year-over-year revenue growth for the third quarter was 6%, while adjusted EBITDA increased by 3% [12] - Net income for the third quarter was $34 million, resulting in earnings per share of $0.23, with adjusted net income at $37 million and adjusted earnings per share of $0.25, a 14% increase compared to Q3 of the prior year [12][18] Business Line Data and Key Metrics Changes - New enrollments in Mexico increased by 2% on a reported basis or 4% excluding campus closures, while total enrollment volume increased by 4% [13] - In Peru, new enrollments surged by 21% for the third quarter, driven by strong growth in fully online programs for working adults [14][15] - Adjusted EBITDA for Mexico increased by 25% in the third quarter, while Peru's adjusted EBITDA declined by 2% due to timing of expenses [13][16] Market Data and Key Metrics Changes - Peru's economy is projected to grow approximately 3% in 2025, supported by robust domestic demand and low inflation [8] - Mexico's government has maintained fiscal discipline and advanced industrial modernization, contributing to a stable economic environment [8][9] Company Strategy and Development Direction - The company plans to open two new campuses in Monterrey, Mexico, and Lima, Peru, marking the first new campus launches since 2019 [6] - The company has identified numerous other cities in Mexico and Peru for potential development over the next several years [6] - An increase in the stock repurchase program by $150 million reflects the company's disciplined capital allocation strategy [7][17] Management's Comments on Operating Environment and Future Outlook - Management noted a resilient business model despite a softer macroeconomic environment [5] - The company expects an increase in economic activity in the second half of 2026 following trade negotiations [9] - Full year 2025 guidance was increased, projecting revenue growth of 7% to 8% and adjusted EBITDA growth of 13% to 14% [18][19] Other Important Information - The company ended September with $241 million in cash and $102 million in gross debt, resulting in a net cash position of $139 million [17] - The company has returned over $3 billion of capital to shareholders since 2019 through share repurchases and dividends [17] Q&A Session Summary Question: Revenue strength in Peru amidst calendar timing - Management highlighted strong consumer sentiment and a catch-up on deferred demand from last year, with pricing in line with inflation [22][23] Question: New enrollment growth in Mexico - Management clarified that the majority of enrollment growth in the third quarter was driven by traditional undergraduate students aged 18 to 24 [24][25] Question: Contribution from new campuses in Mexico - Management indicated that 4% growth excluding campus closures included a 1% contribution from new campus launches, with 3% from same-store growth [27] Question: Impact of pricing mix on average revenue per student - Management noted that the mix impact could be upwards of 2% as the company aggressively targets the fully online working adult segment [28]

Financial Data and Key Metrics Changes - The company reported adjusted net income attributable to UHS of $5.69 per share, a 53% increase from Q3 2024 [5][12] - Revenue growth for Q3 2025 was 13.4% year-over-year [5] - The midpoint of 2025 adjusted EPS guidance was increased by 6% to $21.80 per diluted share from $20.50 [7] Business Line Data and Key Metrics Changes - In the acute care segment, same facility adjusted admissions increased by 2.0% year-over-year, with net revenues increasing by 12.8% [13][15] - Behavioral health segment same-facility net revenues increased by 9.3% on a reported basis, driven by a 7.9% increase in revenue per adjusted patient day [16] - Operating expenses per adjusted admission in acute care increased by 4.0% year-over-year, while same-facility EBITDA margin increased by 190 basis points to 15.8% [15] Market Data and Key Metrics Changes - The company recognized approximately $90 million of net benefit from the District of Columbia Supplemental Medicaid Program during Q3 2025 [12][19] - The projected full-year net benefit from various approved Medicaid programs for 2025 is $1.3 billion [19] Company Strategy and Development Direction - The company is focusing on expanding its outpatient services, with 45 outpatient access points and plans to open 10 step-in programs this year [9][10] - The next acute care hospital opening is scheduled for spring 2026 in Palm Beach Gardens, Florida, with significant community interest [8] - The company aims to prioritize excess free cash flow for share buybacks and dividends in the absence of compelling acquisition opportunities [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for the Cedar Hill facility due to community support and demand for services [7][8] - The company expects further volume improvements in the behavioral health segment, targeting 2%-3% growth in adjusted patient days [17][64] - Management noted that while labor tightness persists, hiring trends have improved steadily throughout the year [17][52] Other Important Information - The company has repurchased approximately 36% of its outstanding shares since 2019 and paid approximately $340 million in dividends [18] - The Board of Directors authorized a new $1.5 billion increase to the stock repurchase program, bringing total authorization to $1.759 billion [18] Q&A Session Summary Question: Update on pending Medicaid approvals in Florida and Nevada - Management estimates a potential $47 million annual benefit from Florida and approximately $30 million from Nevada, pending CMS approval [24] Question: 2025 guidance increase breakdown - The guidance increase is primarily due to $140 million of increased DPP, with $90 million recorded in Q3 and $25 million expected in Q4, offset by malpractice reserve increases and legal settlements [31] Question: Performance of West Henderson and Cedar Hill - West Henderson has been performing well with positive EBITDA since opening, while Cedar Hill is expected to break even in Q4 and improve in 2026 [40][41] Question: Trends in surgical volumes - Outpatient surgical trends increased slightly, with cardiology services performing particularly well [45][94] Question: Behavioral health supply-demand dynamics - Management noted labor scarcity in some markets but believes that increased focus on outpatient services will help capture more demand [52][76] Question: Capital allocation and leverage ratios - The company intends to continue share repurchases and is comfortable with current leverage ratios, prioritizing investments with compelling returns [100][66]

Core Insights - BV Financial, Inc. (BVFL) shares increased by 13.9% following the earnings report for Q3 2025, outperforming the S&P 500's 1.4% growth during the same period [1] - The company reported a net income of $0.41 per share for Q3 2025, an increase from $0.35 per share a year earlier [1] Financial Performance - Net interest income rose slightly to $9.4 million from $9.3 million, while net income for Q3 2025 was $3.7 million, down from $3.8 million in the prior year [2] - Non-GAAP adjusted net income increased by 7.3% to $4.4 million from $4.1 million, primarily due to normalized equity plan expenses [2] Key Business Metrics - Net loans increased by $8.6 million, or 1.2%, to $737.9 million as of September 30, 2025, and deposits rose by 1.9% to $663.8 million [3] - Total assets decreased slightly to $909.4 million from $911.8 million at year-end 2024 [3] Profitability Ratios - Return on average assets (ROAA) decreased to 1.65% from 1.7% in Q3 2024, while return on average equity (ROAE) improved to 7.8% from 7.3% [4] - The net interest margin narrowed to 4.4% from 4.5% due to rising deposit costs, although higher yields on interest-earning assets provided some offset [4] Expense Management - Noninterest income remained stable at $0.68 million compared to $0.7 million a year ago, while non-interest expenses increased to $5.9 million from $5.5 million due to higher compensation costs [5] - Management is focused on tightening expenses outside of compensation to maintain asset quality metrics despite increased costs [6] Credit Quality - Non-performing assets decreased to $3.5 million from $4.2 million at year-end 2024, with a $1 million recovery in the provision for credit losses [7] - The allowance for credit losses now covers 233.5% of non-performing loans, up from 212.5% at year-end 2024, indicating enhanced credit reserves [7] Influencing Factors - Mixed results were influenced by a slight increase in net interest income due to rising loan balances and stronger yields, offset by increased deposit costs and compensation-related expenses [8] - The yield on loans increased to 6.2% from 6.1%, and overall yields on interest-earning assets rose to 5.9% from 5.86% [8] Operating Efficiency - Operating efficiency metrics declined, with the efficiency ratio rising to 58.6% from 54.7% in the prior year's quarter [9] - Non-interest expenses as a percentage of average assets increased to 2.6% from 2.5% [9] Strategic Developments - BV Financial received a non-objection from the Federal Reserve Bank of Richmond to initiate a new stock repurchase program, allowing the repurchase of up to 10% of outstanding shares [10] - During Q3, the company repurchased 782,324 shares at an average price of $16.14, totaling approximately $12.6 million, reflecting management's confidence in the company's financial health [11]

Core Points - Bang & Olufsen initiated a share buyback programme on 15 August 2025 to hedge its share-based long-term incentive programmes in compliance with EU regulations [1] - The share buyback programme is set to run from 15 August 2025 to 14 August 2026, with a maximum buyback amount of DKK 65 million [2] Transaction Summary - As of the period from 29 September to 3 October 2025, Bang & Olufsen has repurchased a total of 109,500 shares at an average price of DKK 13.13, amounting to a transaction value of DKK 1,438,221.30 [3] - Cumulatively, under the share buyback programme, Bang & Olufsen has repurchased 867,329 shares at an average price of DKK 14.36, with a total transaction value of DKK 12,455,027.09 [3] - Following these transactions, Bang & Olufsen holds a total of 2,722,964 own shares, representing 1.85% of the total share capital and voting rights [3]

Group 1 - Eimskip has purchased a total of 129,680 shares under its buy-back program, with a total purchase price of ISK 45,353,000 [1][2] - Prior to the buy-back transactions, Eimskip held 1,725,320 shares, and after the transactions, it holds 1,855,000 shares, representing 1.12% of the issued shares [2] - The buy-back program allows for the acquisition of up to 2,250,000 shares, with a maximum total purchase price not exceeding ISK 750,000,000, and is effective for 18 months following the Annual General Meeting held on 27 March 2025 [1][2] Group 2 - The execution of the buy-back program must comply with the Act on Public Limited Companies, No. 2/1995, and relevant EU regulations on market abuse [3] - The buy-back program will be implemented in accordance with the Icelandic Act on Measures Against Market Abuse No. 60/2021 [3]

Core Points - Eimskip's shareholders approved a share buy-back program allowing the company to repurchase up to 10% of its issued shares, valid for 18 months from the Annual General Meeting on 27 March 2025 [1] - The Board of Directors has initiated a buy-back program to reduce share capital and fulfill obligations related to the stock option plan, with a maximum of 2,250,000 shares to be acquired at a total cost not exceeding ISK 750,000,000 [2] - The purchase price for shares will not exceed the last independent trade price or the highest independent bid on Nasdaq Iceland at the time of transaction [3] Buy-Back Program Details - The buy-back program will be managed by ACRO verðbréf hf., which will independently execute purchases and determine transaction timing [4] - The buy-back will utilize a reverse tender offer through a Dutch auction method, allowing all shareholders to submit offers to sell their shares [4] - Eimskip reserves the right to accept or reject any offers in whole or in part [4] Compliance and Execution - The buy-back program must comply with the Act on Public Limited Companies, EU regulations on market abuse, and the Icelandic Act on Measures Against Market Abuse [5] - Offers to sell shares must be submitted to ACRO verðbréf hf. by 08:30 on 30 September 2025, with results announced by 09:30 the same day [6] - Settlement of accepted offers will occur on 2 October 2025, with Eimskip holding 1,725,320 treasury shares prior to the buy-back program [6]