PresentationPaul David Jensen Good morning, ladies and gentlemen. And look, I'd like to thank you for joining us here today. I'd like to welcome our shareholders, analysts, partners and guests to the Bubs Australia Strategy Update Day. I'd like to begin by acknowledging the Wurundjeri people, the Bunurong people of the Kulin Nation, the Traditional Custodians of the land on which we meet today. We pay our respects to the Elders, past and present, and extend that respect to all Aboriginal and Torres Strait I ...

Core Viewpoint - The company anticipates earnings growth through 2026, driven by investments in Asian and Middle Eastern and North African markets [1] Group 1 - The company is focusing on expanding its presence in Asian markets [1] - The company is also investing in the Middle East and North Africa regions [1] - The expected earnings growth is a result of these strategic investments [1]

Core Insights - Home Depot, Inc. is acquiring Mingledorff's, Inc., a wholesale distributor of HVAC equipment, which will enhance its offerings for Pro customers and expand into HVAC distribution [1][2][4] Group 1: Acquisition Details - The acquisition involves Mingledorff's, which operates 42 locations across five southeastern U.S. states and serves both residential and commercial customers [1] - This strategic move is expected to significantly expand Home Depot's capabilities and service offerings in the HVAC sector, which is a new vertical for the company [2][3] - Mingledorff's brings a robust distribution infrastructure and a diversified product portfolio, complementing SRS Distribution's existing platform [3] Group 2: Market Impact - The HVAC distribution market is estimated to be a $100 billion addressable market, contributing to an overall total addressable market for Home Depot of approximately $1.2 trillion [3][8] - The acquisition is seen as a critical growth engine for SRS, enhancing its ability to provide comprehensive solutions across multiple product categories [4] Group 3: Financial Performance of Competitors - Lowe's reported fourth-quarter 2025 total sales of $20.6 billion, up from $18.6 billion year-over-year, with a 1.3% increase in comparable sales [5] - Floor & Decor's fourth-quarter 2025 net sales were $1,129.7 million, a 2% increase from the previous year, but comparable store sales declined by 4.8% [6] Group 4: Home Depot's Valuation and Earnings Estimates - Home Depot's shares have decreased by 8.6% over the past year, compared to a 14.6% decline in the industry [7] - The company has a forward price-to-earnings ratio of 24.43X, which is higher than the industry average of 21.79X [9] - The Zacks Consensus Estimate indicates year-over-year earnings growth of 2.3% for the current fiscal year and 8.8% for the next fiscal year [10]

Group 1 - The acquisition of Mingledorff's by Home Depot and SRS Distribution expands their total addressable market (TAM) by $100 billion [1] - This acquisition provides a solid foundation for future growth in the HVAC distribution vertical [1] - Home Depot's consolidation of the building products distribution landscape is expected to support long-term earnings power [1]

Core Insights - KeyBank is expanding its presence in the Southeast by launching a five-person Middle Market commercial banking team in Atlanta, reflecting the company's commitment to investing in top-tier talent and high-growth markets [1][2] Group 1: Expansion Strategy - The Atlanta team will focus on middle market companies with annual revenues ranging from $10 million to $1 billion, covering sectors such as manufacturing, distribution, professional services, healthcare, and technology [2] - This expansion follows successful launches of similar teams in Chicago, Southern California, and Overland Park, Kansas, indicating a strategic approach to penetrate key markets [2] Group 2: Leadership and Team Composition - Ryan Dixon, with extensive leadership experience from Fifth Third, will lead the new team, which is expected to significantly contribute to KeyBank's growth strategy in the Southeast [4] - The team includes seasoned professionals with diverse backgrounds, such as David Crowe, Bradley Sands, Kevin Zgonc, and Todd Sanders, who bring a wealth of experience in banking and financial services [7] Group 3: Market Positioning - KeyBank aims to leverage Atlanta's strong economic fundamentals and thriving middle market to enhance its competitive position, providing comprehensive banking services through its Commercial Banking, Wealth, and Capital Markets platforms [3] - The new team is designed to meet the evolving expectations of middle market leaders, offering capital markets access, treasury expertise, and M&A advisory capabilities [5] Group 4: Company Overview - KeyCorp, headquartered in Cleveland, Ohio, is one of the largest bank-based financial services companies in the U.S., with approximately $184 billion in assets as of December 31, 2025 [5][6] - KeyBank operates a network of around 950 branches and 1,200 ATMs, providing a wide range of financial services to individuals and businesses across 15 states [6]

The move strengthens the company's expansion plans in one of the world's fastest-growing cooling markets Sharp Business Systems (India) Pvt Ltd, the wholly-owned Indian arm of Japan's Over the next five years, the company aims to capture a 2-3 per cent share of the Indian air conditioner market, which is estimated to have crossed annual sales of 1 crore units mark, by expanding its product portfolio and strengthening its distribution network across the country. Under the partnership, Sharp's air condition ...

Achieved better-than-expected revenue and EPS in Q4 and are focused on driving progress against the company's action plan in the year ahead. Q4 Results Excl. 53rd Week Q4 FY25 Earnings FY25 Results | Total revenue | $11.1B/+5% | | --- | --- | | Diluted EPS | $13.26/–9% | | Total revenue excl. 53rd week | +7%1 | | Total comparable sales | +2%2 | Q4 FY25 Results | Total revenue | $3.6B/+1% | | --- | --- | | Diluted EPS | $5.01/–18% | | Total revenue excl. 53rd week | +6%1 | | Total comparable sales | +2%2 | F ...

Core Viewpoint - Zacks Investment Research has initiated coverage of Optical Cable Corporation (OCC) with an "Outperform" recommendation, indicating potential for the company to outperform the broader market as demand trends improve and operating leverage emerges [1] Company Overview - Optical Cable designs and manufactures fiber-optic and copper cabling and connectivity solutions for enterprise networks, data centers, and specialized environments, serving customers in approximately 50 countries [2] Demand and Revenue Growth - The investment case is centered on improving demand visibility and accelerating revenue growth, highlighted by a significant increase in order backlog, which reached approximately $10.4 million at the end of January 31, 2026, compared to $7.3 million in the prior quarter and $6.6 million in the year-ago period [3] - International sales increased roughly 18% year over year in the most recent quarter, significantly outpacing domestic trends, indicating growing traction for the company's products in global infrastructure markets [6] Strategic Partnerships - A collaboration with Lightera, established in July 2025, allows Optical Cable to combine product portfolios, broadening the range of fiber and connectivity solutions for enterprise and data infrastructure projects [4] Market Exposure - The company benefits from exposure to multiple infrastructure-related end markets, including enterprise networking, industrial environments, renewable energy projects, broadcast infrastructure, and military applications, providing resilience due to varying demand cycles across these industries [5] Valuation Perspective - The stock is currently trading at about 0.97 times trailing 12-month enterprise value to sales, in line with the Zacks Fiber Optics subindustry but below the broader technology sector and S&P 500, which trade at significantly higher multiples [9] - Shares are trading at approximately 4.3 times book value, again below sector averages [9]

Financial Data and Key Metrics Changes - Nature's Sunshine reported net sales of $123.8 million for Q4 2025, a 5% increase from $118.2 million in Q4 2024, marking the strongest fourth quarter in company history [5][6] - Full year 2025 net sales reached $480.1 million, a 6% increase from $454.4 million in 2024, exceeding the high end of guidance [6][7] - Adjusted EBITDA for Q4 increased 16% to $11.9 million compared to $10.3 million in the prior year, driven by growth in net sales and improved gross margin [17] - GAAP net income for Q4 was $4.1 million or $0.23 per diluted share, compared to a loss of $0.3 million or $0.2 per diluted share in the year-ago quarter [16] Business Line Data and Key Metrics Changes - North America sales grew 6% year-over-year to $37.4 million in Q4, with digital sales increasing 47% compared to the prior year [7][8] - In Asia-Pacific, sales declined 1% year-over-year to $55.7 million, with strong performance in China and Japan, where sales increased 35% and 21% respectively [10][11] - European sales increased 18% year-over-year to $25.2 million, driven by 23% growth in Eastern Europe [13] Market Data and Key Metrics Changes - Digital subscriptions accounted for 47% of revenue in Q4, with TikTok auto-ship reaching 25% of TikTok revenue [9] - Subscription auto-ship in Japan accounted for nearly half of all sales, while in China it surged to 18% of revenue [11] Company Strategy and Development Direction - The company aims to grow to $1 billion in sales with improved profitability, focusing on digital expansion, geographic growth, and product innovation [22][23] - Key strategic initiatives include deeper penetration in core markets, exploring retail channels, and leveraging supply chain efficiencies [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about strong consumer demand and the effectiveness of digital initiatives, despite potential macroeconomic uncertainties [30][31] - The company anticipates mid-single-digit revenue growth in North America and Europe for 2026, with full-year net sales expected between $500 million and $515 million [19][20] Other Important Information - The gross margin increased to 72.5%, reflecting ongoing margin improvement initiatives [14] - The company has a clean balance sheet with $93.9 million in cash and no debt, positioning it well for future investments [17][18] Q&A Session Summary Question: Outlook for 2026 and EBITDA range - The wider EBITDA range reflects uncertainties around tariffs and inflation, with investments expected to yield benefits in future years [25][27] Question: Consumer demand trends in early 2026 - Strong consumer demand continues, with no signs of decline from Q4 trends [30][31] Question: Addressable market and growth strategy - The market for health supplements is growing, with opportunities for both organic growth and M&A to reach $1 billion in sales [39][41] Question: Digital growth and customer acquisition - Digital channels are synergistic, with customer acquisition through platforms like TikTok leading to increased sales across multiple channels [48][49]

Core Viewpoint - Tulikivi Corporation reported a significant decline in net sales and profitability for the financial year 2025, attributed to economic uncertainty and lower demand in the construction sector, while strategic projects are progressing as planned. Financial Performance - The Tulikivi Group's net sales were EUR 29.5 million for the review period, down from EUR 33.3 million in the previous year, representing an 11.4% decrease [4] - The comparable operating profit was EUR -0.1 million, a decline from EUR 2.1 million, indicating a 105.3% decrease [4] - The operating profit for the review period was EUR -0.6 million, compared to EUR 2.1 million in the previous year, marking a 126.8% decline [4] - Profit before tax was EUR -1.3 million, down from EUR 1.4 million, reflecting a 190.1% decrease [4] - The total comprehensive income for the period was EUR -1.1 million, compared to EUR 1.2 million, a 193.6% decline [4] Operational Highlights - The equity ratio at the end of the review period was 48.6%, down from 51.9% [3] - Order books stood at EUR 2.6 million, a decrease from EUR 2.8 million [3] - The company recorded EUR 0.4 million in non-recurring expenses for the financial year, primarily related to the winding down of its Russian subsidiary [2] Market and Strategic Developments - The Suomussalmi talc project is progressing well, with key achievements including advancements in environmental permit applications and enrichment test runs [12] - The company is expanding its sales and distribution network in Central Europe, aiming to increase the number of fireplace export dealer locations from 330 to 500 by the end of 2026 [10] - The sauna business is also seeing growth, with the launch of the new Kevo electric sauna heater collection and preparations for sales in North America [11] Management Commentary - The Managing Director noted that lower net sales in the fourth quarter were due to economic uncertainty causing consumers to delay renovation and construction projects [5] - Poor profitability was attributed to lower productivity in quarrying and production, along with a slower recovery in demand for fireplaces [6]