Financial Data and Key Metrics Changes - Proportional toll revenue and EBITDA increased by 8%, driven by toll increases and favorable foreign exchange movements [21][25] - Free cash flow per security rose by 9% to $19.4 million, with a distribution of $0.20 related to 2024 performance [22][23] - Statutory net profit after tax decreased by 33% due to the impact of the French temporary supplemental tax (TST) [21][22] Business Line Data and Key Metrics Changes - Traffic at APRR increased by 2.4%, with light vehicle traffic reflecting low unemployment levels in France [25] - Heavy vehicle traffic at APRR grew by 0.7%, but was subdued due to weaker trade conditions [25] - Dulles Greenway experienced strong traffic growth of 8.2%, attributed to congestion on competing routes [27][20] Market Data and Key Metrics Changes - Traffic growth at Dulles Greenway has a compound average growth rate of 8.3% since 2021, indicating a strong operational performance [20] - Chicago Skyway saw a 2.8% decrease in traffic, while toll revenue increased by 3.4% due to an 8.3% rise in light vehicle tolls [26] Company Strategy and Development Direction - The company aims to unlock cash from Dulles Greenway, which is positioned in a fast-growing and affluent area [11] - Strategic partnerships, particularly in France with Eiffage, are being leveraged to enhance concession opportunities [7][12] - The company is focusing on maintaining its position in France and exploring growth opportunities in OECD countries without raising new equity [14][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of French motorway concessions, with major concessions set to expire between 2031 and 2036 [15][17] - The political and regulatory environment in France is complex, but the company is well-positioned to navigate these challenges [18] - Management remains optimistic about traffic growth, despite potential economic uncertainties in France [81] Other Important Information - The company has maintained its distribution guidance of $0.40 per security for 2025, supported by growing free cash flows [9][23] - A new Group Executive of People and Culture was appointed to enhance safety culture across the organization [10] Q&A Session Summary Question: Can you provide more details on the pivot in strategy to consider OECD opportunities without raising equity? - Management clarified that the strategy is a reintroduction of considering growth outside the existing portfolio, focusing on asset recycling, debt headroom, and capital-light options [39][40] Question: How is APRR managing its concession in relation to SANEF? - Management indicated that APRR is managing its concession consistently with other concessionaires and is engaged in discussions regarding future structures [44][45] Question: What is the status of the distribution and free cash flow coverage? - Management confirmed that the TST impacts the timing of cash flows, but they expect to be above the payout range for 2025, targeting growth in free cash flows [72][74] Question: How does the political situation in France affect the company? - Management noted that the political environment could delay the finance bill, impacting the timing of future concessions, but they are monitoring the situation closely [78][79] Question: What changes are being made for the 2025 rate case for Dulles Greenway? - Management highlighted the formation of a working group to engage stakeholders, which is expected to improve the submission process for the upcoming rate case [86]

Core Viewpoint - The company is adjusting its outlook due to market uncertainty but remains committed to long-term value creation through investments [1][5]. Financial Performance - Revenue for H1 2025 reached 1,947 MEUR, a 1% increase compared to last year, with a positive impact of 2 percentage points from 2024 acquisitions [4]. - Q2 2025 revenue was 988 MEUR, a 2% decrease compared to last year, also reflecting a 2 percentage point positive impact from acquisitions [4]. - EBITDA for H1 2025 was 450 MEUR, with a margin of 23.1%, down 1.2 percentage points from H1 2024 [4]. - Q2 2025 EBITDA was 227 MEUR, with a margin of 23.0%, down 2.1 percentage points from Q2 2024 [4]. - EBIT for H1 2025 decreased by 10% to 307 MEUR, with a margin of 15.8%, down 1.9 percentage points from H1 2024 [4]. - Q2 2025 EBIT decreased by 19% to 153 MEUR, with a margin of 15.5%, down 3.2 percentage points from Q2 2024 [4]. Market Conditions - The technical insulation business performed well, particularly in several European markets such as the UK, Spain, Italy, and Romania, while some markets, including the Nordics, experienced double-digit sales declines [3]. - The company expects full-year revenue to be at the same level as last year and EBIT margin to be below 16%, revised from previous expectations of low single-digit growth and around 16% margin [2][4]. Investments and Future Outlook - Investments totaled 187 MEUR in H1 2025, focusing on production capacity expansion in Romania, a new factory in North America, and digitalization efforts [4]. - The company plans to invest around 450 MEUR excluding acquisitions in the upcoming period [4]. - Despite near-term challenges, the company remains optimistic about future growth and will continue to invest in capacity expansion, decarbonization, and digitalization [5].

Q2 2025 Financial Performance - Total revenue was $521.3 million, a decrease of 3.1% compared to Q2 2024[28] - Net income was $22.4 million, or $0.50 per share on a diluted basis, up from $20.5 million, or $0.46 per share in Q2 2024[28] - Adjusted EBITDA increased 4.6% to $106.5 million, with an adjusted EBITDA margin of 20.4%, up 140 basis points versus Q2 2024[28] - Adjusted diluted EPS was $0.88, up 3.5% compared to Q2 2024[28] Segment Performance - Merchant Services revenue increased 2.9% to $101.4 million, with an adjusted EBITDA margin of 21.4%, up 190 basis points year-over-year[29, 31] - B2B Payments revenue increased 1.1% to $71.0 million, with an adjusted EBITDA margin of 22.0%, up 210 basis points year-over-year[32, 34] - Data Solutions revenue increased 18.1% to $67.8 million, with an adjusted EBITDA margin of 30.1%, up 260 basis points year-over-year[35, 37] - Print revenue decreased 9.0%, with an adjusted EBITDA margin of 32.2%, expanding 180 basis points year-over-year[45, 47] Balance Sheet and Cash Flow - Net debt was $1,444.6 million as of June 30, 2025, with a net debt to adjusted EBITDA ratio of 3.5x[49] - Free cash flow for the six months ended June 30, 2025, was $52.1 million, compared to $17.6 million for the same period in 2024[49] 2025 Guidance - Revenue is projected to be between $2.090 billion and $2.155 billion, representing a decline of 1% to an increase of 2%[52] - Adjusted EBITDA is expected to be between $415 million and $435 million, an increase of 2% to 7%[52] - Adjusted EPS is projected to be between $3.25 and $3.55, flat to an increase of 9%[52] - Free cash flow is expected to be between $130 million and $150 million, an increase of 30% to 50%[52]

Core Viewpoint - Alliance Entertainment has promoted Amanda Gnecco to Chief Financial Officer (CFO), effective immediately, reflecting her exceptional leadership and financial expertise [1][3][6] Company Overview - Alliance Entertainment is a premier distributor and fulfillment partner in the entertainment and pop culture collectibles industry, offering over 325,000 unique in-stock SKUs, including more than 57,300 exclusive titles across various media formats [7] - The company serves over 35,000 retail locations and powers e-commerce fulfillment for leading retailers, leveraging decades of operational expertise and exclusive licensing partnerships [7] Leadership Transition - Amanda Gnecco, previously the Chief Accounting Officer, has been instrumental in driving financial strategy and optimizing reporting processes since joining the company in 2018 [2][3] - Gnecco's promotion is seen as a strategic move to strengthen the executive team as the company continues to scale and innovate [6] Responsibilities of the New CFO - As CFO, Gnecco will oversee all financial operations, including strategic planning, investor relations, audit and SEC reporting, debt management, budgeting, and regulatory compliance [4][5] - She aims to enhance transparency with shareholders and support the company's long-term growth initiatives [5]

Core Viewpoint - Conagra Brands, Inc. reported contrasting performance in fiscal year 2025, with a focus on returning to volume growth in the first half and outlining strategies for long-term value creation in fiscal year 2026 [4][5]. Group 1: Fiscal Year 2025 Performance - The fiscal year 2025 was characterized by two distinct halves, with initial efforts aimed at regaining volume growth [5]. - The company made progress in the first half of fiscal 2025, indicating a positive trajectory [5]. Group 2: Future Outlook - The CEO provided insights into the near-term environment and the actions being taken to manage the business proactively for long-term value [4].

Core Viewpoint - Virtu Financial, Inc. is transferring its Class A Common Stock listing from Nasdaq to the New York Stock Exchange, effective June 17, 2025, which reflects the company's commitment to transparency and long-term value creation for shareholders [1][2][3]. Company Overview - Virtu Financial is a leading provider of global, multi-asset financial services, utilizing advanced technology to deliver liquidity and innovative trading solutions across various asset classes [4]. - The company offers a comprehensive product suite that includes execution, liquidity sourcing, analytics, and broker-neutral platforms, enabling clients to trade on hundreds of venues in over 50 countries [4]. Strategic Move - The transition to the NYSE is seen as a significant step in Virtu's journey, allowing the company to deepen relationships with investors and leverage the NYSE's platform for growth [3]. - The NYSE President highlighted Virtu's critical role in the price formation process within the U.S. capital markets, emphasizing the importance of the company as a liquidity provider [3].