Core Viewpoint - TC Energy Corporation has extended its financial outlook through 2028, projecting a 5% to 7% annual growth in comparable EBITDA, supported by strong North American energy fundamentals and a robust project pipeline [1][13]. Financial Highlights - Comparable earnings for Q3 2025 were $0.8 billion or $0.77 per share, down from $0.9 billion or $0.86 per share in Q3 2024 [4][7]. - Net income attributable to common shares was $0.8 billion or $0.78 per share, compared to $1.3 billion or $1.29 per share in Q3 2024 [4][5]. - Comparable EBITDA for Q3 2025 was $2.7 billion, an increase from $2.4 billion in Q3 2024 [4][5]. - The 2025 outlook for comparable EBITDA is projected to be between $10.8 billion and $11.0 billion [4][13]. - A quarterly dividend of $0.85 per common share has been declared for the quarter ending December 31, 2025 [14]. Operational Highlights - Year-to-date, TC Energy has placed approximately $8 billion of assets into service on time and under budget [11]. - Canadian Natural Gas Pipelines deliveries averaged 23.0 Bcf/d, a 2% increase compared to Q3 2024 [4]. - U.S. Natural Gas Pipelines daily average flows were 26.3 Bcf/d, consistent with Q3 2024 [4]. - Deliveries to LNG facilities averaged 3.7 Bcf/d, a 15% increase compared to Q3 2024, setting a new daily record of 4.0 Bcf on August 7, 2025 [4]. Project Highlights - Over the past 12 months, TC Energy has sanctioned over $5 billion in new growth projects, including $0.7 billion in the third quarter [1][12]. - The projects are expected to deliver a weighted average build-multiple of approximately 5.9 times and are backed by 20-year take-or-pay or cost-of-service contracts [1][12]. - Significant projects include the TCO Connector and Midwest Connector, designed to provide approximately 0.6 Bcf/d of capacity for new natural gas-fired power generation [11][12]. Strategic Outlook - The company expects 2026 comparable EBITDA to be between $11.6 billion and $11.8 billion, reflecting a 6% to 8% year-over-year growth [4][13]. - The 2025 to 2028 outlook includes an expected comparable EBITDA range of $12.6 billion to $13.1 billion, indicating a compounded annual growth rate of 5% to 7% [13]. - TC Energy's strategy focuses on executing a selective portfolio of growth projects while maintaining financial strength and maximizing asset value [13].

Financial Performance & Outlook - The company narrows its net sales guidance for 2025 to a range of $540 million to $550 million, reflecting a 7% year-over-year growth at the midpoint[26] - Adjusted EBITDA guidance is narrowed to $92 million to $98 million, indicating a 19% year-over-year growth at the midpoint[26] - Capital expenditures guidance is revised to $22 million to $24 million, reflecting project efficiencies and timing shifts[26] - Net sales for the three fiscal quarters ended September 27, 2025, reached $445962 thousand, with an Adjusted EBITDA of $89354 thousand and an Adjusted EBITDA margin of 200%[41] - Net debt leverage ratio as of September 27, 2025, is 23, with a net debt of $210555 thousand and LTM Adjusted EBITDA of $92976 thousand[44] Market Position & Growth Strategy - The company holds the number one share in every subcategory in which it competes[9] - The company has approximately 50% share of the fiberglass category in North America[10] - Fiberglass constitutes 23% of total pool installs, marking a 600 bps increase[11] - Replacement sales account for 51% of liners and covers[13] - The company is expanding its share in the Sand States through new dealer sign-ups, presence in Master Planned Communities, and aligning products with demand[18][19][20] Market Dynamics - The company forecasts new U S pool starts in 2025 to be flat to slightly down compared to 2024 levels[25][29]

BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE SEPTEMBER 2, 2025 This presentation contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows, that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from any future results, performance, or achievements expressed or implied by those forward-looking statements. Users should understand that the risks, uncertainties, factors, and assumptions listed and dis ...

Core Viewpoint - Sea Limited has shown significant recovery and growth, with its stock price increasing by 400% since early 2024, although it remains 58% below its 2021 peak [1][2]. Company Performance - Sea Limited experienced a substantial boom during the pandemic, driven by its mobile gaming, e-commerce, and digital payments sectors, reaching stock prices in the high $300s [3]. - The company faced challenges post-pandemic due to rising inflation and interest rates, leading to a decline in its popular game "Free Fire," which significantly impacted profitability across its other business segments [4]. - A strategic pivot towards profitability involved cutting marketing expenses and increasing seller fees, resulting in the company achieving profits for the first time in Q4 2022 [5]. Financial Metrics - In Q1 2025, Sea Limited reported a revenue growth of 29.6% and an impressive EBITDA growth of 135.9%, with adjusted EBITDA reaching $264 million [6]. - The company generated approximately $1.1 billion in revenue last quarter, with $545 million contributing directly to EBITDA, indicating nearly 50% incremental EBITDA margins [7]. Business Strategy - Sea has focused on enhancing its e-commerce operations by investing in fast delivery and reducing costs, positioning itself as a low-cost provider in the region [9]. - The digital payments and unsecured loans segment has also expanded, with the rebranded "Monee" growing its offerings beyond the Shopee platform [10]. Digital Entertainment Recovery - Garena, Sea's digital entertainment division, has seen a recovery in "Free Fire" bookings, which increased to $775 million in Q1 2025, nearing pre-pandemic levels [12]. - The introduction of new features, such as an anime integration with Naruto, reflects a long-term strategy to maintain "Free Fire" as a consistent revenue stream [12]. Market Outlook - Sea Limited's current market cap stands at $92 billion, with a valuation of 5.4 times sales and 60 times this year's earnings estimates, suggesting a premium valuation for a high-quality company [13]. - The Southeast Asia e-commerce market is projected to grow at a 14% annualized rate through 2030, providing a favorable growth environment for Sea [14]. - As profitability stabilizes, there is potential for Sea to re-enter previously targeted markets, which could further enhance growth prospects [15].

Core Insights - GoPro has launched a new special edition of its HERO13 Black camera, the HERO13 Black Ultra Wide Edition, aimed at enhancing first-person video capture with a significantly expanded field of view [1] Product Features - The HERO13 Black Ultra Wide Edition is priced at $479.99 and features an Ultra Wide Lens Mod that provides a 177-degree field of view, expanding width by 36% and height by 48% compared to the standard lens [2] - The Ultra Wide Lens Mod offers features such as unbreakable HyperSmooth stabilization for video modes up to 4K60, Horizon Lock for 360-degree rotation stability, and a scratch-resistant, hydrophobic lens coating [3] - The Ultra Wide Lens Mod is part of GoPro's HB-Series Lens lineup, which includes other specialty lenses like the Anamorphic Lens Mod, Macro Lens Mod, and a 4-pack ND Filter Set [4] Financial Performance - In the first quarter of 2025, GoPro reported a non-GAAP loss per share of 12 cents, which is an improvement from a loss of $2.11 per share in the same quarter last year, and better than the Zacks Consensus Estimate of a loss of 13 cents [6] - The company generated revenues of $134.3 million, a decrease of 13.6% year over year, attributed to lower accessory sales and increased price promotions, although this was partially offset by growth in subscription and service revenues [6][7] Strategic Focus - GoPro's first-quarter results indicate a strategic focus on operational efficiency and long-term growth, with a reduction in operating expenses year over year and an increase in subscription ARPU, reflecting improved revenue quality [7] - The company is diversifying its supply chain to better adapt to changing market conditions [7] Market Position - GoPro currently holds a Zacks Rank 2 (Buy), but its shares have declined by 49.2% over the past six months, contrasting with a 31.9% growth in the Audio Video Production industry [8]