Core Insights - Nasdaq demonstrated strong performance in 2025, achieving double-digit organic revenue growth and positive operating leverage, positioning the company well for 2026 [2] Financial Performance - Solutions revenue increased by 10% year-over-year, aligning with Nasdaq's growth target of 8% to 11% [2] - The company experienced healthy trading volumes, contributing positively to its financial results [2] Strategic Focus - Nasdaq is prioritizing solutions growth as it enters 2026, with a focus on identifying which business segments are exhibiting the most growth momentum [2] - Effective expense management and progress on deleveraging were highlighted as key components of Nasdaq's strategy [2]

Core Insights - PepsiCo Inc. has reached an agreement with activist investor Elliott Investment Management to streamline its product lineup by 20% and reduce prices, while also cutting its workforce to regain growth and investor confidence [1] - The company projects organic revenue growth of 2% to 4% for fiscal 2026, slightly above the average analyst estimate of 2.7% [2] - PepsiCo's stock has seen a decline of 4.2% year-to-date, contrasting with a 16% gain in the S&P 500 Index [3] Strategic Initiatives - CEO Ramon Laguarta stated that savings from increased productivity will be reinvested to lower prices on key brands, which is expected to boost sales volumes [4] - The company plans to introduce new products that are higher in fiber and protein, while also reducing artificial ingredients and sugar levels [4] - Analysts noted that while Elliott's involvement has heightened the urgency for PepsiCo to execute its strategy, the fundamental strategy was already in place prior to Elliott's engagement [5] Investor Engagement - Elliott Investment Management believes the new plan will enhance revenue and profit growth, and will continue to engage with PepsiCo moving forward [6]

Core Insights - Ferguson Enterprises Inc. reported strong financial results, achieving a net sales increase of 5.1% year-over-year, driven by organic revenue growth of 4.2% and acquisition growth of 1.0% [4][11] - The company is optimistic about its performance in calendar year 2025, expecting mid-single digit growth in net sales and maintaining a strong balance sheet while returning capital to shareholders [2][12] - Non-residential revenue grew by 12% during the quarter, significantly outperforming the residential market, which faced challenges [8][7] Financial Performance - For the quarter ended October 31, 2025, net sales reached $8.2 billion, up from $7.8 billion in the same period last year [4][37] - Gross margin improved to 30.7%, a 60 basis point increase from the previous year, while operating profit rose to $771 million, reflecting a 15.9% increase [5][37] - Diluted earnings per share increased by 23.9% to $2.90, compared to $2.34 in the prior year [6][37] Segment Analysis - In the U.S. market, net sales increased by 5.3%, with organic revenue growth of 4.4% and a 0.9% contribution from acquisitions [7][11] - The residential market, which constitutes about half of U.S. revenue, showed a decline of 1%, while non-residential markets saw a 12% increase, supported by large capital project activities [8][7] - In Canada, net sales grew by 2.2%, with organic growth of 0.7% and a 4.6% contribution from acquisitions, although the market remained subdued [10][11] Guidance and Future Outlook - The company updated its guidance for calendar year 2025, projecting mid-single digit growth in net sales and an adjusted operating margin of 9.4% to 9.6% [2][12] - Interest expenses are expected to be between $180 million and $200 million, with capital expenditures projected at approximately $300 million to $350 million [2][12] Capital Management - Ferguson completed share repurchases totaling $208 million during the quarter and has approximately $0.8 billion remaining under its current share repurchase program [12][13] - The company declared a quarterly dividend of $0.89, representing a 7% increase from the previous year, to be paid on February 27, 2026 [13][12] Financial Position - As of October 31, 2025, the net debt to adjusted EBITDA ratio was 1.1x, indicating a strong financial leverage position [12][26] - Total assets were reported at $17.7 billion, with total liabilities of $11.6 billion, resulting in stockholders' equity of $6.1 billion [38][37]

Core Insights - TWFG, Inc. reported a total revenue increase of 21.3% year-over-year for Q3 2025, reaching $64.1 million, driven by strong organic growth and improved market conditions [1][6][14] - The company achieved a net income of $9.6 million for the quarter, reflecting a net income margin of 15.0%, up from 13.0% in the previous year [10][11] - Adjusted EBITDA rose 44.7% to $17.0 million, with an adjusted EBITDA margin of 26.5%, indicating effective cost management and operational scalability [11][14] Financial Performance - Total Written Premiums increased by 16.9% to $467.7 million compared to $400.1 million in the same period last year, supported by acquisitions and expansion efforts [5][6] - Organic Revenue Growth Rate for the quarter was 10.2%, driven by new business production and improved retention levels [8][40] - Adjusted Net Income increased by 55.3% to $13.0 million, with an adjusted net income margin of 20.2% [10][11] Operational Highlights - The company added eight new retail locations and 370 independent agents to its MGA platform during the quarter, enhancing its distribution capabilities [3][4] - TWFG's diversified distribution platform, which includes independent agency operations and proprietary MGA programs, continues to perform well amid stabilizing pricing trends in the insurance market [4][5] - The company anticipates continued double-digit organic growth and accretive M&A activity throughout 2026, supported by favorable market conditions [14][17] Market Conditions - The personal and commercial lines markets are normalizing, leading to improved retention rates and stronger client demand [3][4] - The company is experiencing enhanced carrier capacity, which positions it well for sustained, profitable growth [3][4]

Core Insights - Ambac Financial Group, Inc. reported a significant organic revenue growth of 40% in its Insurance Distribution segment, contributing to an overall revenue increase of 80% to $43 million for the quarter compared to $24 million in Q3'24 [1] Financial Performance - The Insurance Distribution segment recorded a net loss to shareholders of $5 million for the quarter, an improvement from a net loss of $7 million in Q3'24 [2] - Adjusted EBITDA for the Insurance Distribution segment surged by 272% to $10 million, up from $2.4 million in Q3'24, while adjusted EBITDA to shareholders increased by 183% to $6 million from $2.1 million [2] - Total revenues from continuing operations dipped by 5% to $67 million in Q3'25, down from $70 million in Q3'24, primarily due to reduced earned premiums at Everspan and the impact of previous gains [3][4] - Everspan's gross and net premiums written decreased by 16% and 46%, respectively, totaling $97.1 million and $18 million compared to $115 million and $32.7 million in Q3'24 [4] - The net loss to shareholders from continuing operations increased by $14 million to $32 million in Q3'25, compared to $18 million last year [4] Expense Analysis - Total expenses rose by 9% to $99 million in Q3'25 from $91 million the previous year, driven by increases in G&A expenses, intangible amortization, and interest expenses related to acquisitions [5] - G&A expenses included costs associated with exiting the financial guarantee business and the acquisition of ArmadaCare, which offset lower nominal losses and acquisition expenses at Everspan [6] Strategic Developments - Adjusted EBITDA from continuing operations to Ambac shareholders was a loss of $3 million in Q3'25, compared to a gain of $2 million last year, influenced by lower adjusted EBITDA at Everspan and expenses related to M&A and legacy litigation [7] - The company repurchased 3.1 million shares in October at an average price of $8.48, representing 6.7% of shares outstanding [8] - The CEO emphasized the focus on growth and profitability in specialty P&C businesses following the sale of the legacy financial guarantee business, highlighting strong performance in the insurance distribution segment [8] - The company anticipates improved combined ratios for Everspan as it scales between 2026 and 2027 and is optimistic about future prospects, reinforced by share repurchases [9] - Ambac expanded its partnership with Pivix and announced the launch of 1889 Specialty, a new MGA venture, indicating strategic growth initiatives [9]

Core Insights - JCDecaux SE reported a Q3 2025 revenue of €926.1 million, reflecting a -2.3% decrease compared to Q3 2024, with organic growth down by -0.9% [6][12][20] - The company secured a significant contract for exclusive advertising at Brussels Airport, effective January 1, 2026, which had 23.6 million passengers in 2024 [3][4] - Digital Out-of-Home (DOOH) revenue grew by +6.1%, now representing 41.8% of total revenue, with programmatic revenue increasing by +12.3% [6][12] Revenue Breakdown - Street Furniture revenue decreased by -2.5% to €456.9 million, with a -1.1% decline in organic growth, primarily due to a high comparison base from 2024 [14][15] - Transport revenue slightly decreased by -0.4% to €345.5 million, but showed a +1.7% organic growth driven by North America and Rest of the World [17] - Billboard revenue fell by -6.8% to €123.7 million, with a -6.9% decline in organic growth, largely affected by a strong comparison base in France [18] Future Outlook - For Q4 2025, the company anticipates organic revenue growth to be around flat, with advertising revenue expected to increase by approximately +1% [20][9] - The macroeconomic environment remains challenging, particularly with no expected improvement in trading conditions in China [20][9]

Second Quarter Fiscal 2026 Results November 6, 2025 © 2025 Haemonetics Corporation Q2 Fiscal 2026 Conference Call Detail Conference call will take place at 8:00 a.m. ET on November 6, 2025, and can be accessed via live webcast: Link or teleconference: Link The financial release, accompanying slides, and a replay of the conference call (beginning at 11:00 AM ET) are available online at www.haemonetics.com. Conference call speakers: Chris Simon President & CEO James D'Arecca EVP, Chief Financial Officer Olga ...

Core Insights - Aon plc reported third-quarter 2025 adjusted earnings of $3.05 per share, exceeding the Zacks Consensus Estimate by 5.5%, with a 12% increase year-over-year [1][10] - Total revenues rose 7% year-over-year to $4 billion, surpassing the consensus mark by 1.4%, driven by new business growth and strong retention rates [1][10] - Organic revenue growth was recorded at 7% [1] Financial Performance - Total operating expenses increased 3% year-over-year to $3.2 billion, influenced by organic revenue growth and increased intangible asset amortization [3] - Adjusted operating income advanced 15% year-over-year to $1.1 billion, beating estimates by 1.9%, with an adjusted operating margin of 26.3%, improving by 170 basis points [4] Segmental Performance - **Risk Capital**: - Commercial Risk Solutions saw organic revenues grow 7% year-over-year to $2 billion, exceeding the Zacks Consensus Estimate by 1.1% [5] - Reinsurance Solutions experienced an 8% organic revenue increase to $537 million, surpassing the consensus mark of $531.4 million [6] - **Human Capital**: - Health Solutions reported a 6% organic revenue growth, with revenues of $935 million, beating the Zacks Consensus Estimate of $927.4 million [7] - Wealth Solutions improved by 5% year-over-year, with revenues growing 8% to $540 million, exceeding the consensus mark of $524.4 million [8] Financial Position - As of September 30, 2025, Aon had cash and cash equivalents of $1.1 billion, a 0.9% increase from the end of 2024, and total assets of $51.6 billion, up from $49 billion [9] - Long-term debt decreased to $15.1 billion from $16.3 billion at the end of 2024, while cash flow from operations rose to $1.1 billion, up from $1 billion a year ago [11] Capital Deployment - Aon repurchased 0.7 million class A ordinary shares for approximately $250 million in the third quarter, with a remaining capacity of around $1.6 billion under its repurchase authorization [12] Forward Guidance - Aon expects mid-single-digit or higher organic revenue growth for 2025 and beyond, with anticipated expansion in adjusted operating margin and strong growth in adjusted EPS [13] - The Aon United Restructuring program is projected to achieve total annual run-rate savings of approximately $350 million by the end of 2026 [14]

Core Insights - Mondelez International, Inc. (MDLZ) reported third-quarter 2025 results with a year-over-year revenue increase, surpassing the Zacks Consensus Estimate, but a decline in adjusted earnings year over year, although still beating consensus expectations [1][12] Financial Performance - Net revenues rose 5.9% year over year to $9,744 million, exceeding the Zacks Consensus Estimate of $9,737 million, driven by organic net revenue growth, positive foreign currency impacts, and additional revenues from the acquisition of Evirth [4] - Adjusted earnings were 73 cents per share, a decrease of 24.2% on a constant-currency basis, but above the Zacks Consensus Estimate of 72 cents, primarily due to operating declines offset by lower taxes and fewer shares outstanding [5][12] - Organic net revenues grew 3.4% year over year, with pricing contributing 8.0 percentage points, while volume/mix had a negative impact of 4.6 percentage points [6] Market Segmentation - Revenues from emerging markets increased 9.9% to $3.88 billion, with organic growth of 7.1%, supported by favorable pricing actions [7] - Revenues from developed markets rose 3.3% to $5.86 billion, with organic growth of 1.2%, driven by strong pricing execution [7] - Regionally, North America saw a revenue decline of 0.4%, while Latin America, Asia, the Middle East and Africa, and Europe experienced growth of 2.8%, 9%, and 10.6% respectively [8] Cost and Margin Analysis - Adjusted gross profit decreased by $796 million at constant currency, with the adjusted gross margin declining by 1,010 basis points to 30.4%, primarily due to higher raw material and transportation costs [9] - Adjusted operating income fell by $582 million at constant currency, with the adjusted operating income margin declining by 690 basis points to 12%, driven by higher input cost inflation [10] Future Outlook - The company updated its 2025 outlook to reflect a more cautious stance, expecting organic net revenue growth of 4% or higher, down from the previous 5% estimate, and a projected 15% decline in adjusted EPS on a constant-currency basis [2][17] - Management anticipates free cash flow of more than $3 billion for 2025, with $2.12 billion in net cash from operating activities reported for the three months ended September 30, 2025 [13][17]

Financial Data and Key Metrics Changes - Total company operational sales grew 19% in Q3 2025, while organic sales increased by 15%, exceeding the guidance range of 12% to 14% [6][22] - Adjusted EPS for Q3 2025 was $0.75, reflecting a 19% growth and surpassing the guidance range of $0.70 to $0.72 [6][22] - Adjusted operating margin for Q3 was 28%, with an adjusted gross margin of 71%, showing a 60 basis point improvement year-over-year [23][6] Business Line Data and Key Metrics Changes - Urology sales grew 27% operationally and 5% organically, driven by international business and Global Stone Management [9] - Endoscopy experienced a 9% growth, with double-digit growth in key products [10] - Neuromodulation sales increased by 9%, supported by strong performance in the brain franchise [10] - Peripheral interventions sales grew 16% operationally and 6% organically, with low single-digit growth in arterial due to pricing pressures in China [11] Market Data and Key Metrics Changes - U.S. operational sales grew 27%, with strong performance across cardiovascular businesses, endoscopy, and neuromodulation [7] - Europe, Middle East, and Africa (EMEA) saw a 2% decline operationally due to specific headwinds, while Asia-Pacific grew 17% operationally [7][8] - China experienced mid-teens growth, driven by strong performance in electrophysiology and the recent approval of the Watchman Flex Pro device [8][9] Company Strategy and Development Direction - The company is focused on sustaining above-market growth, with a full-year 2025 organic growth guidance of approximately 15.5% [6][25] - The acquisition of Nalu Medical is expected to expand the company's portfolio into a new pain adjacency, complementing its existing strengths [11][81] - The company aims to achieve 10% plus average organic revenue growth from 2026 to 2028, along with annual adjusted operating margin expansion [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth despite challenges, with a focus on innovation and clinical evidence generation [20][39] - The company does not anticipate procedural pull-forwards due to external pressures, maintaining consistent procedural demand [38] - Management remains optimistic about the growth potential in the electrophysiology and Watchman markets, projecting a 20% CAGR over the long-range plan [33][48] Other Important Information - The company faced a $30 million backorder due to an ERP system upgrade, impacting various business lines but expected to improve in Q4 [7][75] - The company maintains a strong cash position with $1.275 billion on hand and a gross debt leverage ratio of 2.0 times [24] Q&A Session Summary Question: Is Watchman a key growth driver? - Management confirmed that Watchman is a significant growth driver, with expectations of continued market expansion and strong adoption rates [32][34] Question: What is the outlook for the China market? - Management indicated strong growth in China, with expectations for continued double-digit growth despite pricing pressures [39][40] Question: How will the new product cycle impact CRM growth? - Management expressed confidence in the upcoming Denali platform and Empower leadless pacemaker, anticipating improved growth in the CRM segment [85][86] Question: What are the drivers for growth outside EP and Watchman? - Management highlighted strong performance in neuromodulation, endoscopy, and the potential of the Nalu acquisition to enhance growth in the pain management segment [60][61]