Core Viewpoint - KH Group Plc has successfully sold its 58.3% stake in Indoor Group, achieving its strategic goal to exit this investment in 2025, while also establishing financing arrangements related to the sale [1][2][5]. Group 1: Transaction Details - The transaction involved a nominal purchase price for the shares sold to a company controlled by Indoor Group's CEO, Kati Kivimäki [1][2]. - Indoor Group has been valued at an enterprise value of EUR 26 million, factoring in its interest-bearing net debt, excluding lease liabilities [2]. - KH Group repaid EUR 2.0 million of Indoor Group's debt to the financing bank and forgave receivables totaling EUR 3.5 million, which included a prior write-down of EUR 2.4 million [2]. Group 2: Financial Impact - KH Group will incur a total loss of EUR 3.3 million in its financial results for 2025 after accounting for transaction-related costs [4]. - The transaction does not affect KH Group's profit guidance for 2025 regarding its continuing operations [4]. Group 3: Strategic Implications - The sale allows KH Group to focus on its core businesses, specifically in earth-moving machinery and rescue vehicles, thereby opening new opportunities for development [5]. - The company's negotiating position for future financing has significantly improved, enabling better resource allocation towards core business development [6]. - Indoor Group's operational continuity is expected to be supported by its new ownership structure, with the CEO being a significant stakeholder [6].

Summary of L.B. Foster Company Conference Call - September 18, 2025 Company Overview - **Company Name**: L.B. Foster Company (Ticker: FSTR) - **Industry**: Building Products, Infrastructure Solutions, Rail Technologies - **Headquarters**: Pittsburgh, Pennsylvania - **History**: Founded 123 years ago, with 90% of sales in North America [3][4] Core Business Segments - **Rail Technologies and Services**: Includes Rail Products, Global Friction Management, and technology services [7][8] - **Infrastructure Solutions**: Focus on precast concrete and steel products, particularly in the eastern and southeastern U.S. [9][10] Financial Performance - **Revenue Growth**: Reported a 2% year-over-year increase in sales for the most recent quarter, marking the first organic sales growth in five quarters [13][14] - **Margin Improvement**: Achieved a 540 basis point improvement in margins since 2021, with reported EBITDA up 51% year-over-year in the second quarter [14][17] - **Cash Flow**: Strong cash flow performance with a capital-light business model, targeting leverage of 1 to 1.5 times debt/EBITDA [20][22] Strategic Focus - **Portfolio Management**: Emphasis on simplifying the business and focusing on high-margin products, with a significant reduction in SG&A expenses [14][17] - **Growth Opportunities**: Identified growth in Global Friction Management (42% growth), Total Track Monitoring (273% growth), and Precast Concrete (119% growth) [11][12] - **Government Funding**: Anticipated benefits from the Infrastructure Investment and Jobs Act (IIJA) and CRISI Grants, with 30% of IIJA funds already spent [25][39] Market Dynamics - **Rail Industry Consolidation**: Potential mergers among major railroads (Union Pacific and Norfolk Southern) could enhance demand for L.B. Foster's products, particularly in efficiency and safety [30][32] - **Infrastructure Demand**: Increased focus on infrastructure development driven by demographic shifts and government spending [41][42] Key Metrics - **Book-to-Bill Ratio**: Strong order intake in the rail business, indicating a growing backlog and improving profitability mix [21] - **Valuation**: Currently trading at approximately eight times EBITDA, with a cash flow yield around 7% [22] Conclusion - **Outlook**: Positive growth expected in the second half of the year, with a projected 43% growth in backlog and continued focus on cash generation and strategic investments [27][28]