Financial Data and Key Metrics Changes - Stantec reported net revenue of CAD 1.6 billion for Q2 2025, an increase of 6.9% year-over-year, driven primarily by 4.8% organic growth [7][13] - Adjusted EBITDA grew by 15% with a margin of 17.8%, reflecting a 120 basis point increase compared to the previous year [8][14] - Adjusted EPS increased over 21% to CAD 1.36 compared to Q2 2024 [14] Business Line Data and Key Metrics Changes - The Energy and Resources business experienced high single-digit organic growth, while the Water segment achieved 12.4% organic growth [7][10] - In the U.S., net revenue increased by 5.7%, supported by 4.4% organic growth, with strong demand in mission-critical, science and technology, and civic sectors [8][10] - Canadian net revenue grew by 6.2%, with over 30% organic growth in the Water segment driven by major wastewater projects [10][11] Market Data and Key Metrics Changes - Global business delivered net revenue growth of 10.5% in Q2, with 4.3% organic and 3.6% acquisition growth [10] - The U.S. organic backlog increased by 9.8% year-over-year, indicating strong demand in water, energy, and data centers [20][31] - The UK, Australia, and New Zealand saw double-digit organic growth in the water business due to public sector investments [11] Company Strategy and Development Direction - Stantec aims to increase net revenue growth guidance for 2025 to 10% to 12%, up from the previous 7% to 10% [23] - The company is focused on strong project execution and operational excellence, with plans to continue pursuing acquisitions [27] - Stantec's strategic plan targets a 17% to 18% adjusted EBITDA margin, expected to be achieved a year early [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about accelerating organic growth in the U.S. for the second half of the year, despite some caution in the private sector [30][56] - The company noted that macro trends such as aging infrastructure and energy security continue to drive demand [26][90] - Management highlighted the importance of recent funding programs and infrastructure investments as supportive of future growth [89] Other Important Information - Stantec's contract backlog stood at CAD 7.9 billion, reflecting approximately twelve months of work, with year-over-year growth of nearly 10% [19] - The company completed several acquisitions, including Page, which is expected to enhance its capabilities in key growth sectors [5][18] Q&A Session Summary Question: Insights on U.S. Customers' Sentiment - Management noted some initial caution among U.S. customers but expects organic growth to accelerate in the second half of the year, particularly in water and energy sectors [30][31] Question: Integration of Recent Acquisitions - Integration of Ryan Hanley and Cosgrove is progressing well, with Page's integration planned for completion by the end of the year [34] Question: Margin Guidance and Contributors - Adjusted EBITDA margin guidance was increased to 17% to 17.4%, driven by strong project margins and lower administrative costs [41][42] Question: Water Segment Growth Drivers - Continued strength in the water business is attributed to ongoing projects in water treatment and wastewater treatment, with significant demand expected to persist [48][49] Question: U.S. Market Long-term Outlook - Management remains optimistic about the U.S. market, citing ongoing infrastructure investments and the potential for accelerated growth in the coming years [54][58] Question: Impact of Slower Growth on Pricing - No significant pricing pressure has been observed despite slower growth, with management confident in maintaining project margins [120][122] Question: M&A Landscape Update - The M&A environment is becoming increasingly active, with expectations for more assets to come to market in the near future [98]

Financial Performance - Sales increased by 47% year-over-year to $230.4 million in Q2 2025[9, 10, 14] - Adjusted EBITDA margin reached a record 55% in Q2 2025, compared to 50% in Q1 2025[3, 14, 16] - Attributable net income from continuing operations was $42.6 million, or $0.14 per share, a 100% increase year-over-year[14] - Free cash flow from ongoing operations was $57.4 million in Q2 2025[3, 14, 16] Liquidity and Cash Flow - The company's liquidity position is strong, with $537 million in total liquidity[3] - Net cash position of $215 million after debt[3, 25] - Cash position increased by $78 million to $387 million[25] Production and Operations - Gold production from continuing operations was 71,229 GEO in Q2 2025[3, 4] - Séguéla mine produced 38,186 ounces of gold in Q2 2025[4] - Lindero mine produced 23,550 ounces of gold in Q2 2025[4] Cost Metrics - Cash cost at Séguéla mine was $670/oz Au in Q2 2025[4] - All-in sustaining cost (AISC) at Séguéla mine was $1,634/oz Au in Q2 2025[4] - Consolidated AISC is guided between $1,670 and $1,765/GEO for 2025[32] Resource Expansion - Increased gold resources at Diamba Sud with 724 koz Indicated (53% increase) and 285 koz Inferred (93% increase)[3]

Financial Data and Key Metrics Changes - Revenue for the second quarter increased by 9% year over year, reaching $2,530,000,000, exceeding the high end of guidance [6][12] - EBITDA margins improved to 28.7%, up 300 basis points year over year, with EBITDA at $589,000,000 [7][12] - Earnings per share (EPS) rose by 36% year over year to $0.91 [8][12] - Free cash flow was strong at $344,000,000, enabling share repurchases and debt repayment [7][14] Business Segment Data and Key Metrics Changes - Engine products revenue increased by 13% to $1,056,000,000, with an EBITDA margin of 33% [17][18] - Forged Wheels segment maintained a strong EBITDA margin of 27.5%, despite a volume decline of 11% [8][22] - Fastening Systems revenue grew by 9% to $431,000,000, with an EBITDA margin of 29.2% [19] - Engineered Structures revenue increased by 5% to $290,000,000, with a significant EBITDA margin increase to 21.4% [20][21] Market Data and Key Metrics Changes - Commercial aerospace revenue grew by 8%, driven by demand for engine spares [10] - Defense aerospace revenue reached a record $352,000,000, up 21% [10] - Industrial and other markets saw a 17% increase, with oil and gas up 26% and IGT up 25% [11] - Commercial transportation revenue declined by 4% due to higher aluminum costs [10] Company Strategy and Development Direction - The company is focused on expanding capacity for turbine airfoils and IGT build-out during 2026 and 2027 [6] - Continued investment in capital expenditures, with approximately $220,000,000 invested in the first half of the year, primarily in the engines business [14] - The company anticipates strong growth in commercial aerospace and defense aerospace, with a cautious outlook on the commercial truck segment [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in free cash flow and announced a 20% increase in the quarterly dividend [7][17] - The company expects continued strength in commercial aerospace and defense markets, with a slight offset in commercial transportation [28] - Management highlighted the importance of maintaining healthy inventory levels and navigating potential destocking risks [99] Other Important Information - The company is reviewing new U.S. tax legislation related to R&D and CapEx expensing, expecting a modest free cash flow benefit in 2025 [22][23] - The company has a strong liquidity position with a cash balance of $546,000,000 and an undrawn revolver of $1,000,000,000 [15] Q&A Session Summary Question: Can you comment on the rationalization of products within structures? - Management indicated that most rationalization has already occurred, leading to improved margins and healthy revenue growth [34][36] Question: What is the timing of revenue contributions from engine expansions? - Management expects outputs from new plants to begin in the fourth quarter of the year, with significant contributions anticipated in 2026 and 2027 [46][48] Question: How does the defense business, particularly F-35, contribute to future growth? - Management noted that the spares business for F-35 is expected to exceed original equipment production, indicating strong future contributions [56][58] Question: What are the assumptions for production rates of key aircraft models? - Management provided updated assumptions for production rates, including an increase for the Boeing 737 MAX from 28 to 33 per month [65] Question: What is the outlook for pricing expectations next year? - Management expects consistent pricing increases, similar to previous years, as they renew long-term agreements [120] Question: Are there any concerns regarding inventory levels and destocking? - Management acknowledged the potential for destocking but emphasized that their underlying growth remains strong despite these challenges [98][100]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 increased by 9% year over year, reaching $2,530,000,000, exceeding guidance [5][11] - EBITDA margins improved to 28.7%, up 300 basis points year over year, with EBITDA at $589,000,000 [6][12] - Earnings per share (EPS) rose by 36% year over year to $0.91 [7][12] - Free cash flow was strong at $344,000,000, enabling share repurchases and debt repayment [6][12] Business Segment Data and Key Metrics Changes - Engine products revenue increased by 13% to $1,056,000,000, with EBITDA margin rising to 33% [17] - Fastening systems revenue grew by 9% to $431,000,000, with EBITDA margin at 29.2% [19] - Engineered structures revenue increased by 5% to $290,000,000, with EBITDA margin at 21.4% [20] - Forged wheels revenue decreased slightly, but EBITDA margin remained strong at 27.5% [21] Market Data and Key Metrics Changes - Commercial aerospace revenue grew by 8%, driven by demand for engine spares [9] - Defense aerospace revenue reached a record $352,000,000, up 21% [9] - Industrial and other markets saw a 17% increase, with oil and gas up 26% and IGT up 25% [10] - Commercial transportation revenue declined by 4% due to higher aluminum costs [9] Company Strategy and Development Direction - The company is focused on expanding capacity for turbine airfoils and IGT, with significant capital expenditures planned [5][13] - Continued investment in engine business is expected to drive future growth, particularly in commercial aerospace and IGT [13][30] - The company anticipates strong demand in commercial aerospace and defense sectors, with a cautious outlook on commercial transportation [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth in commercial aerospace and defense markets, supported by high backlogs and increasing production rates [24][25] - The company expects to maintain EBITDA margins above 28% and has raised full-year guidance for revenue and free cash flow [29][30] - Management remains vigilant regarding potential risks in the commercial truck market and ongoing inventory destocking in aerospace [81][96] Other Important Information - The company announced a 20% increase in quarterly dividends to $0.12 per share starting in August [6][12] - The balance sheet remains strong with a cash balance of $546,000,000 and a net debt to trailing EBITDA ratio of 1.3 times [14][12] Q&A Session Summary Question: Comments on product rationalization within structures - Management indicated that most rationalization has already occurred, leading to improved margins and healthy revenue growth [32][33] Question: Expectations for margins in structures for the second half - Management expects to maintain current margin levels, with a goal of EBITDA above 28% [34] Question: Update on engine expansions and profitability - Management detailed ongoing construction of new plants, with expected outputs in 2026 and 2027, and anticipates improved profitability as training costs decrease [43][47] Question: Contribution of F-35 in defense revenue - Management noted strong contributions from the F-35 program, with expectations for continued growth in spares business [53][55] Question: Inventory levels and destocking risks - Management acknowledged some destocking in the aerospace sector but indicated that overall growth remains positive [96] Question: Pricing expectations for the coming years - Management expects consistent pricing increases in line with previous years, maintaining a disciplined approach to long-term agreements [115] Question: Industrial policy and forging assets - Management confirmed the importance of their forging assets and indicated potential discussions with the DoD regarding upgrades [120] Question: Monitoring supply chain bottlenecks - Management highlighted the importance of engine production rates for narrow-body aircraft and the need for increased supply to meet demand [126]

Financial Data and Key Metrics Changes - VITAS net revenue was $396.2 million in Q2 2025, representing a 5.8% increase compared to the prior year period, driven by a 6.1% increase in days of care and a 4.2% increase in Medicare reimbursement rates [13][14] - Adjusted EBITDA excluding Medicare Cap totaled $66.8 million in the quarter, essentially flat with 2024, with an adjusted EBITDA margin of 16.2%, down 163 basis points from the prior year [16][17] - Roto Rooter revenue increased 6% in 2025 compared to the same period in 2024, falling short of internal expectations [8][9] Business Line Data and Key Metrics Changes - DITAS admissions totaled 17,545, a 1.2% improvement from the same period in 2024, with a 4.9% increase when excluding patient transfers to VITAS [5][6] - Roto Rooter branch residential revenue was $156.4 million, a 9% increase from the prior year, driven by a 16.9% increase in water restoration [20] - Roto Rooter adjusted EBITDA decreased by 18.7% to $48.6 million, with an adjusted EBITDA margin of 21.8%, reflecting inefficiencies in the labor force due to lower residential revenues [21][22] Market Data and Key Metrics Changes - Hospital-directed admissions increased by 9.1%, while home-based patient admissions declined by 6.2%, nursing home admissions declined by 2.9%, and assisted living facilities admissions declined by 1.4% compared to the prior year [6][10] - The consolidated Florida program is projected to end the 2025 Medicare cap year with a $19 million billing limitation, with management expecting no significant Medicare cap billing limitation for the 2026 cap year [6][7] Company Strategy and Development Direction - The company remains confident in the growth potential and strategic direction of both businesses despite underperformance in Q2 2025 [5][11] - VITAS is adjusting its patient mix in Florida to mitigate Medicare cap issues, which may cause some disruption in operating metrics but positions the company for long-term growth [11][12] - Roto Rooter is focusing on improving its competitive advantages and is optimistic about returning to a steadier growth trajectory [11][12] Management's Comments on Operating Environment and Future Outlook - Management noted that the weak admissions in April and May were influenced by external factors affecting consumer confidence and spending [10][11] - The company is optimistic about the overall prospects for both businesses, with VITAS management actively reviewing expenses to offset lower EBITDA margins [17][21] - Management expects to update assumptions regarding rates and the overall outlook for the 2026 Medicare cap year in the third quarter earnings release [7][26] Other Important Information - The company estimates $28.2 million in Medicare cap billing limitations for calendar 2025, with no limitations expected in the fourth quarter related to the Florida combined program [26] - Roto Rooter is forecasted to have a revenue increase of 1.25% to 1.75% in 2025 compared to 2024, with an adjusted EBITDA margin expected to be 23.5% to 24.5% [27] Q&A Session Summary Question: What measures are being taken to avoid Medicare cap issues in 2026? - Management emphasized hospital admissions and the moderation of the patient mix bubble created by the Community Access Program as key levers to avoid cap issues [31][32] Question: What is the outlook for admissions and revenue growth? - Management indicated that while admissions were slightly below expectations, they are confident in achieving a higher mix of short-stay patients moving forward [70][72] Question: How are local management issues affecting Roto Rooter's recovery? - Management stated that past local management issues have been resolved, and the focus is now on improving conversion rates and addressing market challenges [51][56] Question: What is the impact of the recent tax rate changes? - The effective tax rate decline was attributed to accounting factors related to stock option exercises, which are not expected to persist [67][68] Question: Is there a change in the company's acquisition strategy? - The company remains open to acquisitions at the right valuation and location, with no change in overall strategy despite current challenges [100][102]

Second Quarter 2025 Financial Results July 29, 2025 Forward-Looking Statements This presentation contains forward-looking statements that reflect the Company's current views with respect to future events and financial performance. You can identify forward-looking statements by the fact that they do not relate strictly to current or historic facts. Forward-looking statements are identified by the use of the words "aim," "believe," "expect," "anticipate," "intend," "estimate," "project," "outlook," "forecast" ...

Core Insights - Howmet Aerospace Inc. (HWM) raised its 2025 adjusted earnings per share (EPS) outlook to $3.36-$3.44, up from $3.13-$3.21, following a strong first-quarter performance, indicating confidence in operational execution and favorable aerospace market conditions [1][2][9] Financial Performance - The company reported an adjusted EPS of 86 cents in Q1 2025, reflecting a 51% increase year-over-year, attributed to strong cost discipline, favorable product pricing, and reduced interest expenses [2][9] - HWM's adjusted EBITDA margin for Q1 was 28.8%, an increase of 480 basis points, driven by pricing strength and productivity gains [3] - The Fastening Systems and Engineered Structures segments saw adjusted EBITDA margin expansions of 710 and 720 basis points, respectively [3] Market Dynamics - Revenues from the commercial aerospace market increased by 9% year-over-year in Q1, while revenues from the defense aerospace market surged by 19% [4] - Sustained demand in aerospace markets and improving margins position HWM favorably to meet its 2025 goals, despite challenges in the commercial transportation market [5] Peer Comparison - RTX Corporation reported adjusted earnings of $1.47 per share in Q1 2025, a 9.7% improvement from the previous year, with a 2025 EPS expectation of $6.00-$6.15 [6] - GE Aerospace delivered adjusted earnings of $1.49 per share in Q1 2025, a 60% year-over-year increase, with a 2025 EPS forecast of $5.10-$5.45 [7] Stock Performance - HWM shares have surged by 102.1% over the past year, significantly outperforming the industry growth of 13.7% [8] - The company is currently trading at a forward price-to-earnings ratio of 44.91X, above the industry average of 26.42X [11]

Paysafe (PSFE) Conference Summary - June 10, 2025 Company Overview - Paysafe generates approximately $1.7 billion in revenue, with a revenue split of about 55% from merchant solutions and 45% from digital wallet services [3][4] - The digital wallet segment primarily serves consumers, with products like Skrill and eCash facilitating transactions in gambling and gaming [4][5] - The merchant solutions segment focuses on traditional merchant acquiring, with a significant presence in North America [4][6] Core Business Segments Digital Wallet - The wallet business includes solutions for cash-to-digital transactions, such as Pago Effectivo in Latin America [5][51] - The company has evolved its wallet solutions to include bank account funding options, enhancing its distribution capabilities [5] Merchant Solutions - The merchant solutions segment has been built through acquisitions, including notable names like iPayment [6] - The business model includes both direct sales and independent sales organizations (ISOs) [7] Market Trends and Consumer Behavior - Consumer spending trends have remained stable, with no significant changes in transaction sizes or purchasing behaviors noted [9][10] - The demand environment for merchants has also been stable, with efforts to reduce sales cycle times [12][13] Strategic Partnerships - A new partnership with Fiserv, particularly with Clover, aims to enhance product offerings and customer stickiness [15][16] - The partnership is expected to provide access to Fiserv's customer base, enhancing the business wallet solution [16][17] Growth Projections - The company anticipates organic growth of 8% to 10% in the second half of 2025, driven by effective enterprise sales efforts and new product introductions [19][20] - The focus on small and medium-sized businesses (SMBs) is being refined to optimize lead generation and marketing strategies [20][33] Product Initiatives and Market Expansion - New product launches, such as the Hago Effectiva Wallet, are expected to contribute to revenue growth, although significant impacts may not be seen until 2026 [23][49] - The company is exploring opportunities in Latin America, which currently accounts for about 7% of revenue but is expected to grow faster than other regions [51][52] Financial Performance and Margins - The gross profit profile of the wallet business is significantly higher than that of the merchant solutions segment, impacting overall profitability [26] - The company aims to maintain an EBITDA margin of around 30% by the end of the year, despite some noise from divestitures [28][66] Investment Priorities - Key investment priorities include building product capabilities, driving double-digit revenue from recently launched products, and reducing debt levels [60][61] - The focus remains on achieving operating leverage and controlling operating expenses while continuing to grow high-margin product lines [61][62] Conclusion - Paysafe is positioned for continued organic growth, with a strong emphasis on optimizing its sales force and product offerings [66] - The company is focused on leveraging partnerships and expanding into new markets, particularly in Latin America, to drive future growth [50][52]

Financial Data and Key Metrics Changes - The company reported a record high order intake backlog of €1,800,000,000, an increase of 7.6% compared to €1,769,000,000 in the first quarter of the previous year [4] - Order intake grew by 1.5% to €271,000,000 from €267,000,000 in the previous year [4] - Marginality increased from 15.4% in Q1 2024 to 16% in Q1 2025 [5] - Revenues grew by 5% from €313,000,000 to €329,000,000, exceeding market growth expectations of approximately 4.2% [5][29] - EBITDA reached €53,000,000 with a margin of 16% compared to 15.4% in the previous year [24] Business Line Data and Key Metrics Changes - The made-to-measure yacht segment saw significant growth, now representing 49% of order intake, up from 37% last year [16] - The composite yacht segment remained flat, reflecting a softer U.S. season due to economic uncertainties [15] - The superyacht segment is performing well, with new orders filling slots until 2029 [17] Market Data and Key Metrics Changes - The U.S. market showed strong demand for made-to-measure yachts, while the composite yacht segment faced challenges [35][39] - The Middle East market experienced tough comparisons due to a strong performance in Q1 2024 [18] - The Americas reported a 150% increase in the made-to-measure segment [20] Company Strategy and Development Direction - The company is focusing on expanding its made-to-measure segment and investing in new models, including revamping the Itama brand [11] - The strategy includes maintaining a balanced presence across 71 countries to mitigate risks associated with market fluctuations [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the U.S. market, indicating a return to normalcy after a period of uncertainty [40][59] - The company expects sustainable mid-range single-digit growth for 2025, with net revenues projected between €1,220,000,000 and €1,240,000,000 [29] Other Important Information - The company plans to complete its CapEx plan with investments expected to be below €90,000,000 for 2025 [26] - The net financial position remains positive with €55,000,000 in net cash [27] Q&A Session Summary Question: Current U.S. Market Environment - Management discussed the strong demand for made-to-measure yachts and the challenges faced by the composite yacht segment due to economic uncertainties [35][39] Question: Guidance on Order Intake for 2025 - Management expects order inflow to be slightly better than the previous year, with a conservative outlook for the superyacht segment due to production capacity constraints [45] Question: Net Working Capital Expectations - Management anticipates normalization of working capital in the second quarter, expecting to end the year with a high single-digit ratio [46] Question: Current Trading in April and Early May - Management noted a significant recovery in market conditions globally, with increased inquiries and negotiations [65] Question: Progress on Ravenna Facility - The CapEx plan for the Ravenna facility is nearly complete, with a utilization rate over 90% [67] Question: M&A Pipeline - Management confirmed they are entering a due diligence process for a potential acquisition [69]

Financial Data and Key Metrics Changes - The company has adjusted its top line estimate for the year, reflecting a demand outlook that aligns with category dynamics and consumer behavior [14][15] - Gross margin contraction is expected in the second quarter, with a stabilization anticipated in the back half of the year [16][40] Business Line Data and Key Metrics Changes - The company is experiencing a rapid acceleration in consumer interest in health and wellness brands within the ready-to-eat cereal category, indicating a positive trend for the business [7][12] - The Kashi relaunch and campaigns across mainstream brands are part of the strategy to capitalize on this trend [9][12] Market Data and Key Metrics Changes - In the U.S., there has been a sequential improvement of about 80 basis points in both sales and volume, indicating a stable backdrop for executing the company's strategy [20][21] - The company is focusing on a stable top line growth of minus 1% to plus 1%, which is essential for delivering long-term margin growth [22] Company Strategy and Development Direction - The company is committed to a strategic reallocation of investments to enhance returns and align with consumer preferences, particularly in health and wellness [28][30] - The long-term guidance includes a target of 500 basis points of EBITDA margin expansion by the end of 2026, primarily through gross margin improvements [42][47] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in the current operating environment but expresses confidence in the strategic priorities and actions being taken to drive business value [65] - The company believes that the current consumer sentiment, focusing on value and health, presents a long-term tailwind for the cereal category [54] Other Important Information - The company is enhancing its marketing strategies and product offerings, including a multi-brand fiber campaign and the relaunch of Special K products [58][59] - There is an ongoing effort to optimize the cost structure and enhance efficiencies in distribution and manufacturing [48][49] Q&A Session Summary Question: What drove the recent acceleration in consumer interest in health and wellness brands? - Management believes the acceleration is a continuation of a trend, driven by consumer focus on value and health, and they are prepared to capitalize on this [11][12] Question: What is the expected gross margin contraction in the second quarter? - Management indicated that the largest impact will be in Q2 as they adjust their manufacturing plan, with expectations for stabilization in the back half of the year [15][16] Question: How does the company define a stable backdrop for sales growth? - The company sees the current category performance as consistent with planning assumptions, allowing for stable top line growth in the range of minus 1% to plus 1% [20][22] Question: How confident is the company in returning to market share performance in line with the category? - Management stated that improvements will be sequential throughout the year, with distribution gains and strategic investments expected to contribute positively [33][35] Question: What is the plan for Special K to stabilize its performance? - Management is focusing on stronger health claims and product relaunches to leverage the brand's health credentials and respond to consumer trends [56][58] Question: How will the company respond to emerging protein-forward brands? - Management indicated a dual approach of enhancing existing brand marketing while also considering acquisitions of smaller brands [60][62]